Naturgy Energy Group SA (NTGY) Fair Value & Analysis
Utilities · ES · Market cap €26.7B · ISIN ES0116870314
What is Naturgy Energy Group SA really worth?
A solid business, currently priced close to our fair value of €31.58.
Strengths
Risks
Fair value as of: Aug 30, 2026
From 24 valuation models · updated 6 days ago
Share price +3.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide (€18.13 to €47.64). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range €17.13 – €29.98 · fair‑value band €18.13 – €47.64 · the €29.74 price screens below the €31.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Naturgy Energy Group SA (NTGY) currently trades at €29.74, while our model-based Fair Value estimate is €31.58, implying the stock looks roughly 5.8% fairly valued today. The Quality Score stands at 55/100 (solid quality), in the Utilities sector. Bull case: the Multiples group reads highest at a median of €39.31 per share, and 11 of the 24 models we run sit above the €29.74 price. Bear case: the Asset-Based group reads lowest at €6.76, and 13 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Naturgy Energy Group SA generated revenue of €19.1B at a net margin of 10.7%. Revenue declined 6.9% year over year. It earns a return on equity of 22.0%. Net debt stands at €13.5B. Fundamentals as of Aug 30, 2026
Our scenario range runs from €18.13 (bear case) to €47.64 (bull case); at €29.74, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −24% fair-value upside, at 6%, NTGY screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €1.51 per share, which is 4.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Multiples (€39.31) versus Asset-Based (€6.76). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 52 · Market factors (momentum, volatility) 72
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Naturgy Energy Group, S.A., together with its subsidiaries, engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas. It operates through Distribution Networks and Energy Markets segments.
Full company description
Naturgy Energy Group, S.A., together with its subsidiaries, engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas. It operates through Distribution Networks and Energy Markets segments. The company is involved in the regulated gas and electricity distribution; management of transport infrastructure; trade and shipping of liquefied natural gas; supply, procurement, and management of other gas infrastructure; and management of gas pipeline. It also manages conventional thermal generation facilities; facilities and generation projects using wind energy, mini hydro, solar and cogeneration, as well as hydroelectric power; photovoltaic generation projects; and renewable electricity generation projects. In addition, the company is involved in renewable gas projects, such as biomethane and green hydrogen; supply of gas, electricity and services to end customers. It operates in Spain, Australia, the United States, Argentina, Brazil, Chile, Mexico, Panama, the rest of Latin America, and the rest of Europe. The company was formerly known as Gas Natural SDG, S.A. and changed its name to Naturgy Energy Group, S.A. in June 2018. Naturgy Energy Group, S.A. was incorporated in 1843 and is based in Madrid, Spain.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Naturgy Energy Group SA reported revenue of €19.5B in FY2025 versus €22.1B in FY2021, a compound −3.2%/yr. Reported net income was €2.0B in FY2025, compounding +13.6%/yr from FY2021.
of which total revenue −2.1 % · buybacks/dilution +0.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Utilities - Regulated Gas · 105 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Atmos Energy Corporation ATO | $166.65 | $85.67 | −49% |
| NiSource Inc NI | $40.96 | $28.59 | −30% |
| Uniper SE UN0 | €47.45 | €48.32 | +2% |
| The Hong Kong and China Gas Company 0003 | HK$7.31 | HK$4.79 | −34% |
| GAIL (India) Limited GAIL | ₹171.10 | ₹130.21 | −24% |
| Italgas S.p.A IG | €8.67 | €8.63 | −1% |
| Adani Total Gas Limited ATGL | ₹654.05 | ₹101.36 | −85% |
| ENN Natural Gas Co 600803 | ¥17.51 | ¥25.71 | +47% |
| UGI Corporation UGI | $38.01 | $26.72 | −30% |
| Southwest Gas Holdings SWX | $88.69 | $70.67 | −20% |
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