Snam SpAMEX:SRGS N 69 Operating Margin % is 48.25% as of Mar. 2026, which is 4% below its 10-year median of 50.50. GuruFocus rates MEX:SRGS N with a GF Score™ of 69/100 and a GF Value™ of MXN66.28. The stock has 10 warning signs investors should review. Among 499 Utilities - Regulated companies, Snam SpA ranks better than 96.19% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Snam SpA's Operating Income for the
three
months ended in Mar. 2026 was MXN10,048 Mil. Snam SpA's Revenue for the
three
months ended in Mar. 2026 was MXN20,826 Mil. Therefore, Snam SpA's Operating Margin % for the quarter that ended in Mar. 2026 was 48.25%.
Good Sign:
Snam SpA operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for Snam SpA's Operating Margin % or its related term are showing as below:
MEX:SRGS N'
s Operating Margin % Range Over the Past 10 Years
Min: 34.94 Med: 50.5 Max: 54.63
Current: 49.06
MEX:SRGS N's Operating Margin % is ranked better than 96.19% of 499
companies
in the Utilities - Regulated industry
Industry Median: 14.97
vs MEX:SRGS N: 49.06
Snam SpA's 5-Year Average Operating Margin % Growth Rate was 0.40% per year.
Snam SpA's Operating Income for the
three
months ended in Mar. 2026 was MXN10,048 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was MXN40,514 Mil.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Snam SpA Operating Margin % Related Terms
Snam SpA Operating Margin % Historical Data
* Premium members only.
The historical data trend for Snam SpA's Operating 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.
MEX:SRGS N vs ATO, NI, UGI: Operating Margin % Comparison
For the Utilities - Regulated Gas subindustry, Snam SpA's Operating Margin %, along with its competitors' market caps and Operating 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.
Snam SpA Operating Margin % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Snam SpA's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Snam SpA's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Snam SpA's Operating Margin % 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.
Snam SpA (MEX:SRGS N) has a Operating Margin % of 48.25% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Snam SpA and its competitors. This is near median its historical median of 50.50. Over the past decade, Snam SpA's Operating Margin % has ranged from 34.94 to 54.63. According to the industry distribution chart, Snam SpA ranks #19 out of 499 companies in the Utilities - Regulated industry, placing it in the top 3.8%.
Is Snam SpA's Operating Margin % too high?
Snam SpA's current Operating Margin % of 48.25% is near median its 10-year median of 50.50. Over the past 10 years, this metric has ranged from a low of 34.94 to a high of 54.63. The Utilities - Regulated industry median Operating Margin % is 14.97. Snam SpA's value of 48.25% is 222.3% above this industry median. Based on the distribution chart, Snam SpA ranks #19 out of 499 companies in the Utilities - Regulated industry, which is in the top quartile — a strong position relative to peers. Overall, Snam SpA has a GF Score™ of 69/100, reflecting its overall financial health beyond just this single metric.
How does Snam SpA's Operating Margin % compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Snam SpA ranks #19 out of 499 companies for Operating Margin %. This places Snam SpA in the top 4% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 14.97. Snam SpA's value of 48.25% is 222.3% above this benchmark. Historically, Snam SpA's own Operating Margin % has ranged from 34.94 to 54.63 over the past decade. While the company's 10-year median is 50.50 vs. the industry median of 14.97, Snam 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 Operating Margin % for an Utilities - Regulated company?
The median Operating Margin % among Utilities - Regulated companies is 14.97, based on 499 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Snam SpA's current Operating Margin % of 48.25% is 222.3% 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 Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Snam SpA and its competitors. For the Utilities - Regulated industry, the median Operating Margin % is 14.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Snam SpA's current Operating Margin % is 48.25%, which is near median its own 10-year median of 50.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Snam SpA stock overvalued right now?
Snam SpA (MEX:SRGS N) has a current Operating Margin % of 48.25%. The stock's GF Value™ is MXN66.28, compared to a current price of MXN86.11 — trading 29.9% above its estimated fair value. The current Operating Margin % is 48.25%, which is near median its 10-year median of 50.50 and 222.3% above the Utilities - Regulated industry median of 14.97. Snam SpA's overall GF Score™ is 69/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Snam SpA (MEX:SRGS N), the current Operating Margin % is 48.25% 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 Snam SpA (MEX:SRGS N) Overvalued in 2026?
Based on GuruFocus' analysis, Snam SpA stock appears to be overvalued.
The current stock price of MXN86.11 is trading 29.9% above its estimated GF Value™ of MXN66.28.
Key valuation signals for MEX:SRGS N:
Operating Margin %: 48.25% (near median its 10-year median of 50.50)
GF Value™: MXN66.28 vs. price of MXN86.11 (29.9% above fair value)
Industry Position: 222.3% above the Utilities - Regulated median (#19 of 499)
No single metric tells the full story. See the MEX:SRGS N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Snam operates a network of about 38,000 kilometers of natural gas pipelines in Italy and abroad. It also holds 17% of European gas storage capacity and 18.1 billion cubic meters of LNG regasification capacity. Snam is investing in hydrogen, biofuels, carbon capture and storage, and energy efficiencies to prepare for the energy transition. Snam became independent from Eni in 2012 after the latter sold its stake to Cassa Depositi e Prestiti, a financial institution controlled by the Ministry of Economy and Finance.
69GF Score
Get the complete analysis for MEX:SRGS N
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