Snam SpASNMRF 69 Return-on-Tangible-Equity is 20.09% as of Mar. 2026, which is 9% above its 10-year median of 18.51. GuruFocus rates SNMRF with a GF Score™ of 69/100 and a GF Value™ of $5.58 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 496 Utilities - Regulated companies, Snam SpA ranks better than 68.75% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Snam SpA's annualized net income for the quarter that ended in Mar. 2026 was $1,734 Mil. Snam SpA's average shareholder tangible equity for the quarter that ended in Mar. 2026 was $8,632 Mil. Therefore, Snam SpA's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 20.09%.
The historical rank and industry rank for Snam SpA's Return-on-Tangible-Equity or its related term are showing as below:
SNMRF'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 11.02 Med: 18.51 Max: 26.29
Current: 16.6
During the past 13 years, Snam SpA's highest Return-on-Tangible-Equity was 26.29%. The lowest was 11.02%. And the median was 18.51%.
SNMRF's Return-on-Tangible-Equity is ranked better than 68.75% of 496
companies
in the Utilities - Regulated industry
Industry Median: 10.935
vs SNMRF: 16.60
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Snam SpA Return-on-Tangible-Equity Related Terms
Snam SpA Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Snam SpA's Return-on-Tangible-Equity 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.
SNMRF vs ATO, NI, UGI: Return-on-Tangible-Equity Comparison
For the Utilities - Regulated Gas subindustry, Snam SpA's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Snam SpA's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Snam SpA's Return-on-Tangible-Equity 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 20.09% mean?
Snam SpA (SNMRF) has a Return-on-Tangible-Equity of 20.09% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Snam SpA and its competitors. This is near median its historical median of 18.51. Over the past decade, Snam SpA's Return-on-Tangible-Equity has ranged from 11.02 to 26.29. According to the industry distribution chart, Snam SpA ranks #155 out of 496 companies in the Utilities - Regulated industry, placing it in the top 31.2%.
Is Snam SpA's Return-on-Tangible-Equity too high?
Snam SpA's current Return-on-Tangible-Equity of 20.09% is near median its 10-year median of 18.51. Over the past 10 years, this metric has ranged from a low of 11.02 to a high of 26.29. The Utilities - Regulated industry median Return-on-Tangible-Equity is 10.94. Snam SpA's value of 20.09% is 83.7% above this industry median. Based on the distribution chart, Snam SpA ranks #155 out of 496 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Snam SpA has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Snam SpA's Return-on-Tangible-Equity compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Snam SpA ranks #155 out of 496 companies for Return-on-Tangible-Equity. This puts Snam SpA in the upper half of its industry. The industry median Return-on-Tangible-Equity is 10.94. Snam SpA's value of 20.09% is 83.7% above this benchmark. Historically, Snam SpA's own Return-on-Tangible-Equity has ranged from 11.02 to 26.29 over the past decade. While the company's 10-year median is 18.51 vs. the industry median of 10.94, 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 Return-on-Tangible-Equity for an Utilities - Regulated company?
The median Return-on-Tangible-Equity among Utilities - Regulated companies is 10.94, based on 496 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Snam SpA's current Return-on-Tangible-Equity of 20.09% is 83.7% 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Snam SpA and its competitors. For the Utilities - Regulated industry, the median Return-on-Tangible-Equity is 10.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Snam SpA's current Return-on-Tangible-Equity is 20.09%, which is near median its own 10-year median of 18.51. 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?
Based on GuruFocus' analysis, Snam SpA (SNMRF) is currently considered Significantly Overvalued. The stock's GF Value™ is $5.58, compared to a current price of $7.37 — trading 32% above its estimated fair value. The current Return-on-Tangible-Equity is 20.09%, which is near median its 10-year median of 18.51 and 83.7% above the Utilities - Regulated industry median of 10.94. 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 Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Snam SpA (SNMRF), the current Return-on-Tangible-Equity is 20.09% 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 (SNMRF) Overvalued in 2026?
Based on GuruFocus' analysis, Snam SpA stock appears to be overvalued.
The current stock price of $7.37 is trading 32% above its estimated GF Value™ of $5.58.
GuruFocus considers Snam SpA to be Significantly Overvalued.
Key valuation signals for SNMRF:
Return-on-Tangible-Equity: 20.09% (near median its 10-year median of 18.51)
GF Value™: $5.58 vs. price of $7.37 (32% above fair value)
Industry Position: 83.7% above the Utilities - Regulated median (#155 of 496)
No single metric tells the full story. See the SNMRF 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
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