Saipem SpAWBO:SPM3 +1.90%44 Gross Margin % is 20.44% as of Mar. 2026, which is 6% above its 10-year median of 19.36. GuruFocus rates WBO:SPM3 with a GF Score™ of 44/100 and a GF Value™ of €2.49 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 867 Oil & Gas companies, Saipem SpA ranks worse than 56.52% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. Saipem SpA's Gross Profit for the
three
months ended in Mar. 2026 was €721 Mil. Saipem SpA's Revenue for the
three
months ended in Mar. 2026 was €3,528 Mil. Therefore, Saipem SpA's Gross Margin % for the quarter that ended in Mar. 2026 was 20.44%.
The historical rank and industry rank for Saipem SpA's Gross Margin % or its related term are showing as below:
WBO:SPM3'
s Gross Margin % Range Over the Past 10 Years
Min: -8.19 Med: 19.36 Max: 24.76
Current: 21.8
During the past 13 years, the highestGross Margin % of Saipem SpA was 24.76%. The lowest was -8.19%. And the median was 19.36%.
WBO:SPM3's Gross Margin % is ranked worse than 56.52% of 867
companies
in the Oil & Gas industry
Industry Median: 25.7
vs WBO:SPM3: 21.80
Saipem SpA had a gross margin of 20.44% for the quarter that ended in Mar. 2026 => Competition eroding margins
The 5-Year average Growth Rate of Gross Margin for Saipem SpA was 0.00% per year.
Saipem SpA (WBO:SPM3) 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
Saipem SpA had a gross margin of 20.44% for the quarter that ended in Mar. 2026 => Competition eroding margins
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.
Saipem SpA Gross Margin % Related Terms
Saipem SpA Gross Margin % Historical Data
* Premium members only.
The historical data trend for Saipem 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.
WBO:SPM3 vs SLB, BKR, HAL: Gross Margin % Comparison
For the Oil & Gas Equipment & Services subindustry, Saipem 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.
Saipem SpA Gross Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Saipem SpA's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Saipem 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.
Saipem SpA (WBO:SPM3) has a Gross Margin % of 20.44% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Saipem SpA and its competitors. This is near median its historical median of 19.36. According to the industry distribution chart, Saipem SpA ranks #490 out of 867 companies in the Oil & Gas industry, placing it in the top 56.5%.
Is Saipem SpA's Gross Margin % too high?
Saipem SpA's current Gross Margin % of 20.44% is near median its 10-year median of 19.36. The Oil & Gas industry median Gross Margin % is 25.70. Saipem SpA's value of 20.44% is 20.5% below this industry median. Based on the distribution chart, Saipem SpA ranks #490 out of 867 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Saipem SpA has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Saipem SpA's Gross Margin % compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Saipem SpA ranks #490 out of 867 companies for Gross Margin %. This places Saipem SpA in the lower half of its industry. The industry median Gross Margin % is 25.70. Saipem SpA's value of 20.44% is 20.5% below this benchmark. While the company's 10-year median is 19.36 vs. the industry median of 25.70, Saipem SpA has consistently been below 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 Oil & Gas company?
The median Gross Margin % among Oil & Gas companies is 25.70, based on 867 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. Saipem SpA's current Gross Margin % of 20.44% is 20.5% below 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 Saipem SpA and its competitors. For the Oil & Gas industry, the median Gross Margin % is 25.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Saipem SpA's current Gross Margin % is 20.44%, which is near median its own 10-year median of 19.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saipem SpA stock overvalued right now?
Based on GuruFocus' analysis, Saipem SpA (WBO:SPM3) is currently considered Significantly Overvalued. The stock's GF Value™ is €2.49, compared to a current price of €4.55 — trading 82.8% above its estimated fair value. The current Gross Margin % is 20.44%, which is near median its 10-year median of 19.36 and 20.5% below the Oil & Gas industry median of 25.70. Saipem SpA's overall GF Score™ is 44/100 with 8 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 Saipem SpA (WBO:SPM3), the current Gross Margin % is 20.44% 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 Saipem SpA (WBO:SPM3) Overvalued in 2026?
Based on GuruFocus' analysis, Saipem SpA stock appears to be overvalued.
The current stock price of €4.55 is trading 82.8% above its estimated GF Value™ of €2.49.
GuruFocus considers Saipem SpA to be Significantly Overvalued.
Key valuation signals for WBO:SPM3:
Gross Margin %: 20.44% (near median its 10-year median of 19.36)
GF Value™: €2.49 vs. price of €4.55 (82.8% above fair value)
Industry Position: 20.5% below the Oil & Gas median (#490 of 867)
No single metric tells the full story. See the WBO:SPM3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Saipem SpA specializes in engineering and construction of projects for the energy and infrastructure sectors, offshore and onshore. The company operates through Asset-Based Services, Offshore Drilling, and Energy Carriers segments. Key revenue is generated from Asset-Based Services, which includes the Offshore Engineering & Construction and Offshore Wind activities. The Energy Carriers segment includes the Onshore Engineering & Construction, Sustainable Infrastructures, and Robotics & Industrialized Solutions activities. Its revenue by geographical segment includes Italy, Rest of Europe, CSI, Rest of Asia, etc.
44GF Score
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