Terna SpA (MIL:TRN) Moat Score: 6/10 (As of Jul. 06, 2026)


MIL:TRN Terna SpA MIL:TRN
84 GF Score
Price €10.30
GF Value €9.88
Valuation Fairly Valued
! 3 Warning Signs
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What is Terna SpA Moat Score?

Terna SpA MIL:TRN +0.83% 84 Moat Score is 6 as of Jul. 06, 2026. GuruFocus rates MIL:TRN with a GF Score™ of 84/100 and a GF Value™ of €9.88 (Fairly Valued). The stock has 3 warning signs investors should review. Among 546 Utilities - Regulated companies, Terna SpA ranks better than 93.04% on this metric.

Terna SpA has the Moat Score of 6, which implies that the company might have Narrow Moat - Strong narrow moat, clearly distinguishable but not wide.

Terna SpA has Narrow Moat: Terna SpA benefits from significant regulatory barriers and a strong distribution network in the energy sector. Its durable cost advantages and market leadership in Italy provide a strong narrow moat, though not wide due to regional limitations.

Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more.

The company's Moat Score is based on these criteria:

1. Market leadership and sustainable market share
2. Network effects and significant customer switching costs
3. Valuable intellectual property and patents
4. Strong brand strength and deep customer loyalty
5. Durable cost advantages (e.g., economies of scale, proprietary technology)
6. Significant regulatory barriers and exclusive licenses
7. Superior distribution network
8. Strong and sustainable pricing power
9. Consistent and impactful innovation and R&D capabilities

Based on the research, GuruFocus believes Terna SpA might have Narrow Moat - Strong narrow moat, clearly distinguishable but not wide.

Terna SpA  (MIL:TRN) Moat Score Explanation

The Moat Score ranges from 0 to 10, with 10 as the highest. GuruFocus divided Moat Score into following 8 categories:

Moat Score Moat Level
10Wide Moat - Exceptionally dominant and durable wide moat
8 - 9Wide Moat - Clear and robust wide moat
7Wide Moat - Entry-level wide moat, clearly possessing durable advantages
6Narrow Moat - Strong narrow moat, clearly distinguishable but not wide
5Narrow Moat - Solid narrow moat
4Narrow Moat - Discernible but modest moat
1 - 3No Moat - Very weak/transient advantages
0No Moat - No discernible moat

Terna SpA Moat Score Related Terms

MIL:TRN vs NEE, SO, DUK: Moat Score Comparison

For the Utilities - Regulated Electric subindustry, Terna SpA's Moat Score, along with its competitors' market caps and Moat Score 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 Moat Score vs Utilities - Regulated Industry

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

* The bar in red indicates where Terna SpA's Moat Score falls into.


MIL:TRN
84GF Score
Terna SpA MIL:TRN
Moat Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Frequently Asked Questions Learn more about Moat Score →
What does a Moat Score of 6 mean?
Terna SpA (MIL:TRN) has a Moat Score of 6 as of Jul. 06, 2026. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. According to the industry distribution chart, Terna SpA ranks #38 out of 546 companies in the Utilities - Regulated industry, placing it in the top 7%.
Is Terna SpA's Moat Score too high?
Terna SpA's current Moat Score is 6. Based on the distribution chart, Terna SpA ranks #38 out of 546 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 Moat Score compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Terna SpA ranks #38 out of 546 companies for Moat Score. This places Terna SpA in the top 7% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Moat Score for an Utilities - Regulated company?
A good Moat Score depends on the Utilities - Regulated industry context. However, Moat Score 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 Moat Score mean?
A high Moat Score can signal that a stock is expensive relative to its fundamentals. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. Terna SpA's current Moat Score is 6. 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 €9.88, compared to a current price of €10.30 — trading 4.3% above its estimated fair value. The current Moat Score is 6. 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 Moat Score calculated?
Moat Score is calculated from a company's financial statements. For Terna SpA (MIL:TRN), the current Moat Score is 6 as of Jul. 06, 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 €10.30 is trading 4.3% above its estimated GF Value™ of €9.88. GuruFocus considers Terna SpA to be Fairly Valued.

Key valuation signals for MIL:TRN:

  • Moat Score: 6
  • GF Value™: €9.88 vs. price of €10.30 (4.3% 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

Address Viale Egidio Galbani 70, Rome, ITA, 00156
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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Moat Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€10.30
Price
€9.88
GF Value