Italgas SpAMIL:IG -1.66%78 3-Year ROIIC % is 5.36 as of Dec. 2025, which is at its 10-year median of 5.36. GuruFocus rates MIL:IG with a GF Score™ of 78/100 and a GF Value™ of €8.05 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 478 Utilities - Regulated companies, Italgas SpA ranks better than 56.49% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Italgas SpA's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 5.36%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Italgas SpA's 3-Year ROIIC % or its related term are showing as below:
MIL:IG's 3-Year ROIIC % is ranked better than 56.49% of 478
companies
in the Utilities - Regulated industry
Industry Median: 3.99
vs MIL:IG: 5.36
Italgas SpA (MIL:IG) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Italgas SpA 3-Year ROIIC % Related Terms
Italgas SpA 3-Year ROIIC % Historical Data
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The historical data trend for Italgas SpA's 3-Year ROIIC % 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.
For the Utilities - Regulated Gas subindustry, Italgas SpA's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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.
Italgas SpA 3-Year ROIIC % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Italgas SpA's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Italgas SpA's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Italgas SpA (MIL:IG) has a 3-Year ROIIC % of 5.36 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Italgas SpA and its competitors. This is near median its historical median of 5.36. Over the past decade, Italgas SpA's 3-Year ROIIC % has ranged from 3.89 to 208.06. According to the industry distribution chart, Italgas SpA ranks #208 out of 478 companies in the Utilities - Regulated industry, placing it in the top 43.5%.
Is Italgas SpA's 3-Year ROIIC % too high?
Italgas SpA's current 3-Year ROIIC % of 5.36 is near median its 10-year median of 5.36. Over the past 10 years, this metric has ranged from a low of 3.89 to a high of 208.06. The Utilities - Regulated industry median 3-Year ROIIC % is 3.99. Italgas SpA's value of 5.36 is 34.3% above this industry median. Based on the distribution chart, Italgas SpA ranks #208 out of 478 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Italgas SpA has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Italgas SpA's 3-Year ROIIC % compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Italgas SpA ranks #208 out of 478 companies for 3-Year ROIIC %. This puts Italgas SpA in the upper half of its industry. The industry median 3-Year ROIIC % is 3.99. Italgas SpA's value of 5.36 is 34.3% above this benchmark. Historically, Italgas SpA's own 3-Year ROIIC % has ranged from 3.89 to 208.06 over the past decade. While the company's 10-year median is 5.36 vs. the industry median of 3.99, Italgas 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 3-Year ROIIC % for an Utilities - Regulated company?
The median 3-Year ROIIC % among Utilities - Regulated companies is 3.99, based on 478 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Italgas SpA's current 3-Year ROIIC % of 5.36 is 34.3% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Italgas SpA and its competitors. For the Utilities - Regulated industry, the median 3-Year ROIIC % is 3.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Italgas SpA's current 3-Year ROIIC % is 5.36, which is near median its own 10-year median of 5.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Italgas SpA stock overvalued right now?
Based on GuruFocus' analysis, Italgas SpA (MIL:IG) is currently considered Modestly Overvalued. The stock's GF Value™ is €8.05, compared to a current price of €10.08 — trading 25.2% above its estimated fair value. The current 3-Year ROIIC % is 5.36, which is near median its 10-year median of 5.36 and 34.3% above the Utilities - Regulated industry median of 3.99. Italgas SpA's overall GF Score™ is 78/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Italgas SpA (MIL:IG), the current 3-Year ROIIC % is 5.36 as of Dec. 2025. 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 Italgas SpA (MIL:IG) Overvalued in 2026?
Based on GuruFocus' analysis, Italgas SpA stock appears to be overvalued.
The current stock price of €10.08 is trading 25.2% above its estimated GF Value™ of €8.05.
GuruFocus considers Italgas SpA to be Modestly Overvalued.
Key valuation signals for MIL:IG:
3-Year ROIIC %: 5.36 (near median its 10-year median of 5.36)
GF Value™: €8.05 vs. price of €10.08 (25.2% above fair value)
Industry Position: 34.3% above the Utilities - Regulated median (#208 of 478)
No single metric tells the full story. See the MIL:IG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Italgas SpA is an Italy-based company engaged in the business of natural gas distribution. The distribution service consists of transporting gas through local pipeline networks, from points of delivery at the reduction and measurement stations interconnected with the transport networks up to the final delivery points to customers. In addition, the company is also engaged in metering activities, which consist of determining, gathering, making available, and archiving metering data on natural gas withdrawn over the distribution networks. It derives a majority of its revenue from natural gas distribution activity. The other activities of the company are the distribution and sale of water and providing technical, engineering, IT assistance, and other services.
78GF Score
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