Saipem S.p.A.

SAPMF

Oil & Gas Equipment & Services · Energy

Price

$5.00

+0.00 (+0.00%)

Market Cap

$9.70B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+917.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 197.5M (2021) → 2.01B (2025)

Saipem is an Italian company that builds and installs large infrastructure for the oil and gas industry. Its main services include drilling for oil and gas, laying underwater pipelines, and constructing offshore platforms and onshore facilities. Customers are mostly big energy companies like ENI, Saudi Aramco, and other national oil companies around the world.

Saipem earns money by winning large engineering and construction contracts, typically worth hundreds of millions of dollars each. It operates globally, with major projects in the Middle East, Africa, Central Asia, and Europe, and generates roughly $14 billion in annual revenue. Its competitive edge comes from owning specialized vessels and drilling equipment that few rivals can match, but the business is exposed to project execution risk — cost overruns on fixed-price contracts have hurt profits in the past. The key growth driver is rising offshore energy investment, particularly in deepwater projects, as energy companies expand production capacity.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+2.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$36M/ year

↑ Rising (+5% vs prior year)

0.2% of revenue

Below sector average (1%)

R&D investment increasing — building for the future

Insider Activity

35.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$1.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Saipem S.p.A. is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

28.3%

Modest — 28.3% gross margin

Operating Margin

4.5%

Thin — 4.5% operating margin

ROCE

5.9%

Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+3.3%

Slow sales growth (3.3% YoY)

EPS YoY

-6.3%

Earnings shrinking (-6.3% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

481%

Turns 481% of profit into real cash

FCF Margin

7.9%

Modest free cash flow (7.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.3x

Pricey — P/E 31.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+16.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.3 → 15.3)

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Dividends

Dividend Yield

3.86%

Moderate income — 3.86% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

N/A

Data not available

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