Terna SpAMIL:TRN +0.15%84 Gross Margin % is 89.96% as of Mar. 2026, which is 2% below its 10-year median of 91.79. 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. Among 491 Utilities - Regulated companies, Terna SpA ranks better than 96.74% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. Terna SpA's Gross Profit for the
three
months ended in Mar. 2026 was €889 Mil. Terna SpA's Revenue for the
three
months ended in Mar. 2026 was €989 Mil. Therefore, Terna SpA's Gross Margin % for the quarter that ended in Mar. 2026 was 89.96%.
The historical rank and industry rank for Terna SpA's Gross Margin % or its related term are showing as below:
MIL:TRN'
s Gross Margin % Range Over the Past 10 Years
Min: 90.93 Med: 91.79 Max: 96.53
Current: 91.93
During the past 13 years, the highestGross Margin % of Terna SpA was 96.53%. The lowest was 90.93%. And the median was 91.79%.
MIL:TRN's Gross Margin % is ranked better than 96.74% of 491
companies
in the Utilities - Regulated industry
Industry Median: 30.95
vs MIL:TRN: 91.93
Terna SpA had a gross margin of 89.96% for the quarter that ended in Mar. 2026 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for Terna SpA was -0.40% per year.
Terna SpA (MIL:TRN) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Terna SpA had a gross margin of 89.96% for the quarter that ended in Mar. 2026 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Terna SpA Gross Margin % Related Terms
Terna SpA Gross Margin % Historical Data
* Premium members only.
The historical data trend for Terna SpA's Gross Margin % 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: Gross Margin % Comparison
For the Utilities - Regulated Electric subindustry, Terna SpA's Gross Margin %, along with its competitors' market caps and Gross Margin % 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 Gross Margin % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Terna SpA's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Terna SpA's Gross Margin % falls into.
* 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Terna SpA (MIL:TRN) has a Gross Margin % of 89.96% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Terna SpA and its competitors. This is near median its historical median of 91.79. Over the past decade, Terna SpA's Gross Margin % has ranged from 90.93 to 96.53. According to the industry distribution chart, Terna SpA ranks #16 out of 491 companies in the Utilities - Regulated industry, placing it in the top 3.3%.
Is Terna SpA's Gross Margin % too high?
Terna SpA's current Gross Margin % of 89.96% is near median its 10-year median of 91.79. Over the past 10 years, this metric has ranged from a low of 90.93 to a high of 96.53. The Utilities - Regulated industry median Gross Margin % is 30.95. Terna SpA's value of 89.96% is 190.7% above this industry median. Based on the distribution chart, Terna SpA ranks #16 out of 491 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. 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 Gross Margin % compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Terna SpA ranks #16 out of 491 companies for Gross Margin %. This places Terna SpA in the top 3% of its industry — outperforming the majority of peers. The industry median Gross Margin % is 30.95. Terna SpA's value of 89.96% is 190.7% above this benchmark. Historically, Terna SpA's own Gross Margin % has ranged from 90.93 to 96.53 over the past decade. While the company's 10-year median is 91.79 vs. the industry median of 30.95, Terna SpA has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for an Utilities - Regulated company?
The median Gross Margin % among Utilities - Regulated companies is 30.95, based on 491 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Terna SpA's current Gross Margin % of 89.96% is 190.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Terna SpA and its competitors. For the Utilities - Regulated industry, the median Gross Margin % is 30.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Terna SpA's current Gross Margin % is 89.96%, which is near median its own 10-year median of 91.79. 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 €10.28 — trading 4.4% above its estimated fair value. The current Gross Margin % is 89.96%, which is near median its 10-year median of 91.79 and 190.7% above the Utilities - Regulated industry median of 30.95. 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 Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Terna SpA (MIL:TRN), the current Gross Margin % is 89.96% 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 €10.28 is trading 4.4% above its estimated GF Value™ of €9.85.
GuruFocus considers Terna SpA to be Fairly Valued.
Key valuation signals for MIL:TRN:
Gross Margin %: 89.96% (near median its 10-year median of 91.79)
GF Value™: €9.85 vs. price of €10.28 (4.4% above fair value)
Industry Position: 190.7% above the Utilities - Regulated median (#16 of 491)
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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