A2A S.p.A. (A2A.MI) stock analysis

In our weekly check, A2A S.p.A. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 16 pass, warnings: 4, red flags: 5.

About A2A S.p.A.

A2A S.p.A. is an Utilities company (Diversified Utilities) based in Italy, listed on MIL as A2A.MI.

What our checks show for A2A.MI

Red flags

• The gross margin fell by 11.8 points, to 8.2%: costs are rising faster than prices.
• Analysts expect revenue to shrink about 2% a year.
• Revenue fell 12.8% a year over the last 3 years.
• The net margin is only 4.5%: little room if costs rise.
• The stock has fallen as much as 91% from a peak. Would you have held through that?

Warning signs

• Net debt is 2.7x a year of EBITDA (debt/equity 1.25). That limits room in a downturn and raises refinancing risk.
• Free cash flow is only 2.9% of revenue.
• The stock is still below its previous peak.
• Return on capital (ROCE) is only 7.9%.

Strengths

• Operating cash flow is 2.46x net profit: the profit arrives as real cash.
• Earnings per share grew 18.6% a year over the last 3 years.
• Net profit grew 19.2% a year over the last 3 years.
• The price is 11.1 times earnings (P/E), reasonable for its growth.
• Actively traded: about 7.7 million shares a day.
• Pay in shares is only 0% of free cash flow.

Next earnings report: 2026-11-10

Similar companies

MTLN.L · HER.MI · AES · AQN · QEWS.QA · BIP

Questions

What grade does A2A S.p.A. (A2A.MI) have?

In our weekly check, A2A S.p.A. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 16 pass, warnings: 4, red flags: 5. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of A2A.MI stock?

This week's biggest flags for A2A S.p.A.: Gross margin falling, Weak revenue forecast, Weak revenue growth. In total 9 of 25 checks show a warning or a red flag.

What does A2A S.p.A. do?

A2A S.p.A. is an Utilities company (Diversified Utilities) based in Italy, listed on MIL as A2A.MI.

When does A2A S.p.A. report earnings next?

The next earnings report is expected on 2026-11-10. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-31

Open the full analysis