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Terna Valuation Multiples
Discover revenue and EBITDA valuation multiples for Terna and similar public comparables like CLP Group, CMS Energy, Sabesp, NiSource and more.
Terna Overview
About Terna
Terna SpA is an electricity transmission system operator that owns virtually all of the Italian National Transmission Grid. With a monopoly under an Italian government license, Terna transmits and dispatches electricity throughout the country. It is also responsible for the planning, construction, and maintenance of the nation's electrical grid. Terna segments its operations into its Regulated Activities, Non-Regulated Activities, and International Activities. The company generates the vast majority of its revenue from charging transmission fees as a part of its Regulated Activities. Under its Non-Regulated Activities, Terna mainly produces and sells electricity transformers. The company has also made efforts to expand its operations into Italy's neighboring countries and North Africa.
Founded
1999
HQ
Employees
6.4K
Website
Sectors
Financials (LTM)
EV
$38B
Terna Financials
Terna reported last 12-month revenue of $5B and EBITDA of $3B.
In the same LTM period, Terna generated $3B in EBITDA and $1B in net income.
Revenue (LTM)
Terna P&L
In the most recent fiscal year, Terna reported revenue of $4B and EBITDA of $3B.
Terna expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $5B | XXX | $4B | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 68% | XXX | 73% | XXX | XXX | XXX |
| EBIT Margin | 44% | XXX | 46% | XXX | XXX | XXX |
| Net Profit | $1B | XXX | $1B | XXX | XXX | XXX |
| Net Margin | 27% | XXX | 29% | XXX | XXX | XXX |
| Net Debt | — | — | $14B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Terna Stock Performance
Terna has current market cap of $24B, and enterprise value of $38B.
Market Cap Evolution
Terna's stock price is $11.99.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $38B | $24B | 0.0% | XXX | XXX | XXX | $0.62 |
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Start Free TrialTerna Valuation Multiples
Terna trades at 7.9x EV/Revenue multiple, and 11.7x EV/EBITDA.
EV / Revenue (LTM)
Terna Financial Valuation Multiples
As of April 20, 2026, Terna has market cap of $24B and EV of $38B.
Equity research analysts estimate Terna's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Terna has a P/E ratio of 18.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $24B | XXX | $24B | XXX | XXX | XXX |
| EV (current) | $38B | XXX | $38B | XXX | XXX | XXX |
| EV/Revenue | 7.9x | XXX | 8.9x | XXX | XXX | XXX |
| EV/EBITDA | 11.7x | XXX | 12.2x | XXX | XXX | XXX |
| EV/EBIT | 18.0x | XXX | 19.4x | XXX | XXX | XXX |
| P/E | 18.7x | XXX | 19.2x | XXX | XXX | XXX |
| EV/FCF | (26.9x) | XXX | (28.0x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Terna Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Terna Margins & Growth Rates
Terna's revenue in the last 12 month grew by 10%.
Terna's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.4M for the same period.
Terna's rule of 40 is 77% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Terna's rule of X is 94% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Terna Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 10% | XXX | 8% | XXX | XXX | XXX |
| EBITDA Margin | 68% | XXX | 73% | XXX | XXX | XXX |
| EBITDA Growth | 8% | XXX | 2% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 77% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 94% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.7M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 1% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 54% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Terna Public Comps
See public comps and valuation multiples for other Utilities comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Terna | XXX | XXX | XXX | XXX | XXX | XXX |
| CLP Group | XXX | XXX | XXX | XXX | XXX | XXX |
| CMS Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Sabesp | XXX | XXX | XXX | XXX | XXX | XXX |
| NiSource | XXX | XXX | XXX | XXX | XXX | XXX |
| Verbund | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Terna M&A Activity
Terna acquired XXX companies to date.
Last acquisition by Terna was on XXXXXXXX, XXXXX. Terna acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Terna
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialTerna Investment Activity
Terna invested in XXX companies to date.
Terna made its latest investment on XXXXXXXX, XXXXX. Terna invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Terna
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Terna
| When was Terna founded? | Terna was founded in 1999. |
| Where is Terna headquartered? | Terna is headquartered in Italy. |
| How many employees does Terna have? | As of today, Terna has over 6K employees. |
| Who is the CEO of Terna? | Terna's CEO is Giuseppina Di Foggia. |
| Is Terna publicly listed? | Yes, Terna is a public company listed on Borsa Italiana. |
| What is the stock symbol of Terna? | Terna trades under TRN ticker. |
| When did Terna go public? | Terna went public in 2004. |
| Who are competitors of Terna? | Terna main competitors are CLP Group, CMS Energy, Sabesp, NiSource. |
| What is the current market cap of Terna? | Terna's current market cap is $24B. |
| What is the current revenue of Terna? | Terna's last 12 months revenue is $5B. |
| What is the current revenue growth of Terna? | Terna revenue growth (NTM/LTM) is 10%. |
| What is the current EV/Revenue multiple of Terna? | Current revenue multiple of Terna is 7.9x. |
| Is Terna profitable? | Yes, Terna is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Terna? | Terna's last 12 months EBITDA is $3B. |
| What is Terna's EBITDA margin? | Terna's last 12 months EBITDA margin is 68%. |
| What is the current EV/EBITDA multiple of Terna? | Current EBITDA multiple of Terna is 11.7x. |
| What is the current FCF of Terna? | Terna's last 12 months FCF is ($1B). |
| What is Terna's FCF margin? | Terna's last 12 months FCF margin is (29%). |
| What is the current EV/FCF multiple of Terna? | Current FCF multiple of Terna is (26.9x). |
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