Terna SpA (MIL:TRN) EBIT: €1,953 Mil (TTM As of Mar. 2026)

What is Terna SpA EBIT?

Terna SpA MIL:TRN +0.54% 84 EBIT is €1,953 Mil as of Mar. 2026. GuruFocus rates MIL:TRN with a GF Score™ of 84/100 and a GF Value™ of €9.85 (Fairly Valued). The stock has 3 warning signs investors should review.

Terna SpA's earnings before interest and taxes (EBIT) for the three months ended in Mar. 2026 was €450 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2026 was €1,953 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Terna SpA's annualized ROC % for the quarter that ended in Mar. 2026 was 4.98%. Terna SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.26%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Terna SpA's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 5.83%.

Terna SpA (MIL:TRN) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Terna SpA's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	1799.2 * ( 1 - 31.08% )	/	( (26112.4	+	23731.9)	/ 2 )
=	1240.00864	/	24922.15
=	4.98 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	29982.8	-	4419.6	-	( 2574.8	-	max(0, 6733	-	6183.8	+	2574.8	))
=	26112.4

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	24819	-	1780	-	( 0	-	max(0, 1780	-	1087.1	+	0	))
=	23731.9

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Terna SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1799.2	/	( ( (21665.1 + max(-1691.5, 0))	+	(21881.7 + max(-692.9, 0)) )	/	2 )
=	1799.2	/	( ( 21665.1	+	21881.7 )	/	2 )
=	1799.2	/	21773.4
=	8.26 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3075.6	+	127.7	+	201.7)	-	(4419.6	+	0	+	676.9)
=	-1691.5

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1060.1	+	0	+	27)	-	(1780	+	0	+	0)
=	-692.9

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Terna SpA's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Mar. 2026 )
	=	1953.1	/	33477.665
	=	5.83 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Terna SpA EBIT Related Terms

Terna SpA EBIT Historical Data

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The historical data trend for Terna SpA's EBIT can be seen below:

Terna SpA EBIT Chart

Terna SpA Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

EBIT

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1,213.60

1,347.30

1,431.80

1,780.30

1,882.40

Terna SpA Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
EBIT	Get a 7-Day Free Trial															432.80	533.90	434.80	534.60	449.80

MIL:TRN vs NEE, SO, DUK: EBIT Comparison

For the Utilities - Regulated Electric subindustry, Terna SpA's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Terna SpA EV-to-EBIT vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Terna SpA's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Terna SpA's EV-to-EBIT falls into.

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84GF Score

Terna SpA MIL:TRN

EBIT is just one metric. See GF Score™, valuation, warning signs, and more.

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Terna SpA EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €1,953 Mil.

Frequently Asked Questions Learn more about EBIT →

What does a EBIT of €1,953 Mil mean?

Terna SpA (MIL:TRN) has a EBIT of €1,953 Mil as of Mar. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Terna SpA.

Is Terna SpA's EBIT too high?

Terna SpA's current EBIT is €1,953 Mil. Overall, Terna SpA has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Terna SpA's EBIT compare to NEE and SO?

Terna SpA's EBIT of €1,953 Mil can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good EBIT for an Utilities - Regulated company?

A good EBIT depends on the Utilities - Regulated industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high EBIT mean?

A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Terna SpA. Terna SpA's current EBIT is €1,953 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Terna SpA stock overvalued right now?

Based on GuruFocus' analysis, Terna SpA (MIL:TRN) is currently considered Fairly Valued. The stock's GF Value™ is €9.85, compared to a current price of €10.22 — trading 3.8% above its estimated fair value. The current EBIT is €1,953 Mil. Terna SpA's overall GF Score™ is 84/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is EBIT calculated?

EBIT is calculated from a company's financial statements. For Terna SpA (MIL:TRN), the current EBIT is €1,953 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Terna SpA (MIL:TRN) Overvalued in 2026?

Based on GuruFocus' analysis, Terna SpA stock appears to be overvalued. The current stock price of €10.22 is trading 3.8% above its estimated GF Value™ of €9.85. GuruFocus considers Terna SpA to be Fairly Valued.

Key valuation signals for MIL:TRN:

EBIT: €1,953 Mil
GF Value™: €9.85 vs. price of €10.22 (3.8% above fair value)
GF Score™: 84/100 with 3 warning signs

No single metric tells the full story. See the MIL:TRN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Terna SpA Business Description

Industry Utilities Utilities - Regulated

Comparable Companies MIL:EVISO MIL:DEA MIL:INC NEE SO DUK LSE:NG.AEP D ETR XEL EXC XMAD:ELE BOM:532555 PEG ED WEC PCG XPRA:CEZ AEE

Other Exchanges TEZNY:USA TERRF:USA TRNm:UK 0LBM:UK UEI:Germany TRN:Austria

Address Viale Egidio Galbani 70, Rome, ITA, 00156

Website https://www.terna.it

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.

84GF Score

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EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€10.22

Price

€9.85

GF Value

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