Saipem S.p.A. (SPM.MI) stock analysis

In our weekly check, Saipem S.p.A. is graded C (A to F). Of 23 checks on debt, profit, cash flow and trend: 14 pass, warnings: 6, red flags: 3.

About Saipem S.p.A.

Saipem S.p.A. is an Energy company (Oil & Gas Equipment & Services) based in Italy, listed on MIL as SPM.MI.

What our checks show for SPM.MI

Red flags

• The net margin is only 1.7%: little room if costs rise.
• The dividend takes 248% of profit: little cushion if profit falls.
• The stock has fallen as much as 100% from a peak. Would you have held through that?

Warning signs

• Net debt is 0.6x a year of EBITDA (debt/equity 1.29). That limits room in a downturn and raises refinancing risk.
• Analysts expect only about 0.6% a year of growth in revenue.
• Earnings per share fell 5.1% a year over the last 3 years.
• The price swings a lot: 35.8% annual volatility. Expect large ups and downs.
• The stock is still below its previous peak.
• Beta 1.55: the stock usually moves more than the market, both up and down.

Strengths

• The net margin rose by 39.5 points over 5 years, to 1.7%.
• The gross margin is 35.8% and has risen by 43.6 points: pricing power is holding.
• Operating cash flow is 5.63x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 44.6% a year over the next years.
• Analysts expect the net margin to improve by 2.7 points from today's 1.7%.
• Revenue grew 16.2% a year over the last 3 years.

Next earnings report: 2026-11-18

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GTT.PA · NOV · WFRD · 7277.KL · TE.PA · SBMO.AS

Questions

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

In our weekly check, Saipem S.p.A. is graded C (A to F). Of 23 checks on debt, profit, cash flow and trend: 14 pass, warnings: 6, red flags: 3. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of SPM.MI stock?

This week's biggest flags for Saipem S.p.A.: Thin margins, Dividend stretched, Deep past fall. In total 9 of 23 checks show a warning or a red flag.

What does Saipem S.p.A. do?

Saipem S.p.A. is an Energy company (Oil & Gas Equipment & Services) based in Italy, listed on MIL as SPM.MI.

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

The next earnings report is expected on 2026-11-18. 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

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