Think of Enterprise Value as the theoretical takeover price. It is more comprehensive than market capitalization (Market Cap), which only includes common equity. Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash, cash equivalents, and marketable securities.
EV-to-EBIT is calculated as Enterprise Value divided by its EBIT. As of today, Terna SpA's Enterprise Value is €33,518 Mil.
Terna SpA's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 was €1,953 Mil. Therefore, Terna SpA's EV-to-EBIT ratio for today is 17.16.
EV-to-EBITDA is calculated as Enterprise Value divided by its EBITDA. As of today, Terna SpA's Enterprise Value is €33,518 Mil.
Terna SpA's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was €2,928 Mil. Therefore, Terna SpA's EV-to-EBITDA ratio for today is 11.45.
EV-to-Revenue is calculated as Enterprise Value divided by its Revenue. As of today, Terna SpA's Enterprise Value is €33,518 Mil.
Terna SpA's Revenue for the trailing twelve months (TTM) ended in Mar. 2026 was €4,059 Mil. Therefore, Terna SpA's EV-to-Revenue ratio for today is 8.26.
EV-to-FCF is calculated as Enterprise Value divided by its Free Cash Flow. As of today, Terna SpA's Enterprise Value is €33,518 Mil.
Terna SpA's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was €-768 Mil. Therefore, Terna SpA's EV-to-FCF ratio for today is -43.67.
*** Please note that the current Enterprise Value is calculated using the current market capitalization and the most recently available financial data. If key financial fields—Long-Term Debt & Capital Lease Obligation and Short-Term Debt & Capital Lease Obligation—are recorded as null in the latest reporting period, our data vendor will default to using data from the prior period with valid entries.
Terna SpA (MIL:TRN) Enterprise Value Explanation
When an investor buy a company, the investor needs to pay not only the common shares, he/she also needs to pay the shareholders of Preferred Stocks. He also assumes the debt of the company, and receives the cash on the company's balance sheet.
If a company has more cash than debt, the investor actually pays less than the Market Cap because he immediately owns the cash once the transaction goes through.
The market value of Preferred Stock needs to be added to the market value of common stocks in the calculation of Enterprise Value.
For the companies with the same Market Cap, the smaller the Enterprise Value is, the cheaper the company is.
Enterprise Value can be negative when the company's net cash is more than its Market Cap. In this case the investor is basically getting the company for free and get paid for that.
1. EV-to-EBIT is calculated as Enterprise Value divided by its EBIT.
Terna SpA's current Enterprise Value is €33,518 Mil.
Terna SpA's 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.
2. EV-to-EBITDA is calculated as Enterprise Value divided by its EBITDA.
Terna SpA's current Enterprise Value is €33,518 Mil.
Terna SpA's EBITDA 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 €2,928 Mil.
Terna SpA's current Enterprise Value is €33,518 Mil.
Terna SpA's Revenue 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 €4,059 Mil.
Terna SpA's current Enterprise Value is €33,518 Mil.
Terna SpA's Cash Flow from Operations 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 €2,528 Mil.
Terna SpA's current Enterprise Value is €33,518 Mil.
Terna SpA's Free Cash Flow 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 €-768 Mil.
* 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 Enterprise Value Related Terms
Terna SpA Enterprise Value Historical Data
* Premium members only.
The historical data trend for Terna SpA's Enterprise Value can be seen below:
* 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.
MIL:TRN vs NEE, SO, DUK: Enterprise Value Comparison
For the Utilities - Regulated Electric subindustry, Terna SpA's Enterprise Value, along with its competitors' market caps and Enterprise Value 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 Enterprise Value vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Terna SpA's Enterprise Value distribution charts can be found below:
* The bar in red indicates where Terna SpA's Enterprise Value falls into.
Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash, cash equivalents, and marketable securities.
Terna SpA's Enterprise Value for the fiscal year that ended in Dec. 2025 is calculated as
* 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 (MIL:TRN) has a Enterprise Value of €33,518 Mil as of Jul. 01, 2026. Enterprise value equals the sum of market cap, debt and preferred shares less cash and equivalents. View historical data on Terna SpA and its competitors.
Is Terna SpA's Enterprise Value too high?
Terna SpA's current Enterprise Value is €33,518 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 Enterprise Value compare to NEE and SO?
Terna SpA's Enterprise Value of €33,518 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 Enterprise Value for an Utilities - Regulated company?
A good Enterprise Value depends on the Utilities - Regulated industry context. However, Enterprise Value 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 Enterprise Value mean?
A high Enterprise Value can signal that a stock is expensive relative to its fundamentals. Enterprise value equals the sum of market cap, debt and preferred shares less cash and equivalents. View historical data on Terna SpA and its competitors. Terna SpA's current Enterprise Value is €33,518 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 €9.86, compared to a current price of €10.24 — trading 3.9% above its estimated fair value. The current Enterprise Value is €33,518 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 Enterprise Value calculated?
Enterprise Value is calculated from a company's financial statements. For Terna SpA (MIL:TRN), the current Enterprise Value is €33,518 Mil as of Jul. 01, 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 €10.24 is trading 3.9% above its estimated GF Value™ of €9.86.
GuruFocus considers Terna SpA to be Fairly Valued.
Key valuation signals for MIL:TRN:
Enterprise Value: €33,518 Mil
GF Value™: €9.86 vs. price of €10.24 (3.9% above fair value)
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 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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