Saipem S.p.A.

SAPMY

Oil & Gas Equipment & Services · Energy

Price

$0.96

-0.03 (-3.03%)

Market Cap

$9.31B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+1086.8% over 4y

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

Diluted shares outstanding: 940.3M (2021) → 11.16B (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 offshore and onshore, and constructing pipelines and processing facilities. Customers are typically major energy companies like ENI, Saudi Aramco, and other national oil companies around the world.

Saipem earns money by winning large engineering and construction contracts, which can last several years. It operates globally, with a strong presence in the Middle East, Africa, Central Asia, and Europe, and employs roughly 30,000 people. The company's competitive edge comes from its specialized fleet of offshore vessels and deep technical expertise in complex, remote projects — assets that are expensive and difficult for rivals to replicate. The main risk is that its thin operating margins leave little room for error on large fixed-price contracts, where cost overruns can quickly erase profits.

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

YoY Growth Rate

EPS data limited

R&D Spend

$35M/ year

→ Flat (+5% vs prior year)

0.2% of revenue

Below sector average (1%)

Steady R&D investment year-over-year

Insider Activity

35.0%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

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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

+44.9%

Earnings growing fast (44.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

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)

8.1x

Attractive valuation — P/E 8.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

3.74%

Moderate income — 3.74% yield

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

Dividend Growth

-79.8%

Dividend cut (-79.8% YoY) — warning sign

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