Terna SpAMIL:TRN -0.39%84 Pretax Margin % is 40.78% as of Mar. 2026, which is 7% below its 10-year median of 43.86. GuruFocus rates MIL:TRN with a GF Score™ of 84/100 and a GF Value™ of €9.86 (Fairly Valued). The stock has 3 warning signs investors should review. Among 503 Utilities - Regulated companies, Terna SpA ranks better than 93.04% on this metric.
Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. Terna SpA's Pre-Tax Income for the
three
months ended in Mar. 2026 was €403 Mil. Terna SpA's Revenue for the
three
months ended in Mar. 2026 was €989 Mil. Therefore, Terna SpA's pretax margin for the quarter that ended in Mar. 2026 was 40.78%.
The historical rank and industry rank for Terna SpA's Pretax Margin % or its related term are showing as below:
MIL:TRN'
s Pretax Margin % Range Over the Past 10 Years
Min: 39.54 Med: 43.86 Max: 46.54
Current: 39.85
MIL:TRN's Pretax Margin % is ranked better than 93.04% of 503
companies
in the Utilities - Regulated industry
Industry Median: 12.07
vs MIL:TRN: 39.85
Terna SpA (MIL:TRN) Pretax Margin % Explanation
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
Terna SpA Pretax Margin % Related Terms
Terna SpA Pretax Margin % Historical Data
* Premium members only.
The historical data trend for Terna SpA's Pretax 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: Pretax Margin % Comparison
For the Utilities - Regulated Electric subindustry, Terna SpA's Pretax Margin %, along with its competitors' market caps and Pretax 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 Pretax Margin % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Terna SpA's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where Terna SpA's Pretax 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.
Terna SpA (MIL:TRN) has a Pretax Margin % of 40.78% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Terna SpA and its competitors. This is near median its historical median of 43.86. Over the past decade, Terna SpA's Pretax Margin % has ranged from 39.54 to 46.54. According to the industry distribution chart, Terna SpA ranks #35 out of 503 companies in the Utilities - Regulated industry, placing it in the top 7%.
Is Terna SpA's Pretax Margin % too high?
Terna SpA's current Pretax Margin % of 40.78% is near median its 10-year median of 43.86. Over the past 10 years, this metric has ranged from a low of 39.54 to a high of 46.54. The Utilities - Regulated industry median Pretax Margin % is 12.07. Terna SpA's value of 40.78% is 237.9% above this industry median. Based on the distribution chart, Terna SpA ranks #35 out of 503 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 Pretax Margin % compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Terna SpA ranks #35 out of 503 companies for Pretax Margin %. This places Terna SpA in the top 7% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 12.07. Terna SpA's value of 40.78% is 237.9% above this benchmark. Historically, Terna SpA's own Pretax Margin % has ranged from 39.54 to 46.54 over the past decade. While the company's 10-year median is 43.86 vs. the industry median of 12.07, 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 Pretax Margin % for an Utilities - Regulated company?
The median Pretax Margin % among Utilities - Regulated companies is 12.07, based on 503 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Terna SpA's current Pretax Margin % of 40.78% is 237.9% 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 Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Terna SpA and its competitors. For the Utilities - Regulated industry, the median Pretax Margin % is 12.07 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Terna SpA's current Pretax Margin % is 40.78%, which is near median its own 10-year median of 43.86. 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 €9.86, compared to a current price of €10.24 — trading 3.9% above its estimated fair value. The current Pretax Margin % is 40.78%, which is near median its 10-year median of 43.86 and 237.9% above the Utilities - Regulated industry median of 12.07. 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 Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For Terna SpA (MIL:TRN), the current Pretax Margin % is 40.78% 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 €10.24 is trading 3.9% above its estimated GF Value™ of €9.86.
GuruFocus considers Terna SpA to be Fairly Valued.
Key valuation signals for MIL:TRN:
Pretax Margin %: 40.78% (near median its 10-year median of 43.86)
GF Value™: €9.86 vs. price of €10.24 (3.9% above fair value)
Industry Position: 237.9% above the Utilities - Regulated median (#35 of 503)
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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