Terna SpASTU:UEI +0.59%86 Operating Margin % is 45.49% as of Mar. 2026, which is 2% below its 10-year median of 46.28. GuruFocus rates STU:UEI with a GF Score™ of 86/100 and a GF Value™ of €9.95 (Fairly Valued). The stock has 3 warning signs investors should review. Among 499 Utilities - Regulated companies, Terna SpA ranks better than 94.79% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Terna SpA's Operating Income for the
three
months ended in Mar. 2026 was €450 Mil. Terna SpA's Revenue for the
three
months ended in Mar. 2026 was €989 Mil. Therefore, Terna SpA's Operating Margin % for the quarter that ended in Mar. 2026 was 45.49%.
The historical rank and industry rank for Terna SpA's Operating Margin % or its related term are showing as below:
STU:UEI'
s Operating Margin % Range Over the Past 10 Years
Min: 42.62 Med: 46.28 Max: 49.18
Current: 44.54
STU:UEI's Operating Margin % is ranked better than 94.79% of 499
companies
in the Utilities - Regulated industry
Industry Median: 14.97
vs STU:UEI: 44.54
Terna SpA's 5-Year Average Operating Margin % Growth Rate was -0.10% per year.
Terna SpA's Operating Income for the
three
months ended in Mar. 2026 was €450 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was €1,808 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.
Terna SpA Operating Margin % Related Terms
Terna SpA Operating Margin % Historical Data
* Premium members only.
The historical data trend for Terna 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.
STU:UEI vs NEE, SO, DUK: Operating Margin % Comparison
For the Utilities - Regulated Electric subindustry, Terna 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.
Terna SpA Operating Margin % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Terna SpA's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Terna 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.
Terna 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.
Terna SpA (STU:UEI) has a Operating Margin % of 45.49% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Terna SpA and its competitors. This is near median its historical median of 46.28. Over the past decade, Terna SpA's Operating Margin % has ranged from 42.62 to 49.18. According to the industry distribution chart, Terna SpA ranks #26 out of 499 companies in the Utilities - Regulated industry, placing it in the top 5.2%.
Is Terna SpA's Operating Margin % too high?
Terna SpA's current Operating Margin % of 45.49% is near median its 10-year median of 46.28. Over the past 10 years, this metric has ranged from a low of 42.62 to a high of 49.18. The Utilities - Regulated industry median Operating Margin % is 14.97. Terna SpA's value of 45.49% is 203.9% above this industry median. Based on the distribution chart, Terna SpA ranks #26 out of 499 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 86/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Terna SpA's Operating Margin % compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Terna SpA ranks #26 out of 499 companies for Operating Margin %. This places Terna SpA in the top 5% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 14.97. Terna SpA's value of 45.49% is 203.9% above this benchmark. Historically, Terna SpA's own Operating Margin % has ranged from 42.62 to 49.18 over the past decade. While the company's 10-year median is 46.28 vs. the industry median of 14.97, 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 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. Terna SpA's current Operating Margin % of 45.49% is 203.9% 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 Terna 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. Terna SpA's current Operating Margin % is 45.49%, which is near median its own 10-year median of 46.28. 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 (STU:UEI) is currently considered Fairly Valued. The stock's GF Value™ is €9.95, compared to a current price of €10.18 — trading 2.3% above its estimated fair value. The current Operating Margin % is 45.49%, which is near median its 10-year median of 46.28 and 203.9% above the Utilities - Regulated industry median of 14.97. Terna SpA's overall GF Score™ is 86/100 with 3 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 Terna SpA (STU:UEI), the current Operating Margin % is 45.49% 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 (STU:UEI) Overvalued in 2026?
Based on GuruFocus' analysis, Terna SpA stock appears to be overvalued.
The current stock price of €10.18 is trading 2.3% above its estimated GF Value™ of €9.95.
GuruFocus considers Terna SpA to be Fairly Valued.
Key valuation signals for STU:UEI:
Operating Margin %: 45.49% (near median its 10-year median of 46.28)
GF Value™: €9.95 vs. price of €10.18 (2.3% above fair value)
Industry Position: 203.9% above the Utilities - Regulated median (#26 of 499)
No single metric tells the full story. See the STU:UEI 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.
86GF Score
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