Maire Tecnimont S.p.A. (MAIRE) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Maire Tecnimont S.p.A. €18.56, price €12.19, upside +52.3%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €2.01 – €16.52 · fair‑value band €12.59 – €31.68 · the €12.19 price screens below the €18.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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MAIRE S.p.A. engages in the provision of solutions in the field of green chemistry and energy transition technologies. The company operates through two segments, Integrated E&C Solutions and Sustainable Technology Solutions.
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MAIRE S.p.A. engages in the provision of solutions in the field of green chemistry and energy transition technologies. The company operates through two segments, Integrated E&C Solutions and Sustainable Technology Solutions. The Integrated E&C Solutions segment offers services and solutions for a low-carbon future, such as feed, engineering services, procurement and construction, as well as the upgrading and revamping of existing assets through its network of engineering hubs and operating centers. The Sustainable Technology Solutions provides technology solutions, including technology licensing, process design package basic engineering design, proprietary equipment and catalysts, digital solutions, and selected specialty solutions. It also offers nitrogen, hydrogen and circular carbon, fuels and chemical, polymer solutions. MAIRE S.p.A. was formerly known as Maire Tecnimont S.p.A. and changed its name to Maire S.p.A. in April 2024. The company is headquartered in Milan, Italy. Maire S.p.A. operates as a subsidiary of Glv Capital S.P.A.
Stock analysis
Maire Tecnimont S.p.A. (MAIRE) currently trades at €12.19, while our model-based Fair Value estimate is €18.56, implying the stock looks roughly 34.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €30.62 per share, and 21 of the 26 models we run sit above the €12.19 price.
Bear case: the Dividend Discount group reads lowest at €5.57, and 5 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €12.59 (bear) to €31.68 (bull), the price of €12.19 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Maire Tecnimont S.p.A. reported revenue of €7.0B in FY2025 versus €2.8B in FY2021, a compound +25.1%/yr. Reported net income was €260M in FY2025, compounding +33.0%/yr from FY2021.
Key figures
Market cap €4.0B · P/E ratio 14.9 · P/S ratio 0.56 · EPS (TTM) €0.8200 · Dividend yield 4.8% · Net margin 3.7% · Return on equity 40.8% · Return on assets (EBIT) 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 52%, MAIRE screens cheaper than that median.
Fair Value models
Bear €12.59Fair Value €18.56Bull €31.68
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.1792 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.7%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+41.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.5%
Dividend (yield on the price)4.8%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 6%
2025 sits 109% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +6.2% a year for the price.
News mood ⓘNews mood, the average tone of recent news (18 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Engineering & Construction · 822 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside+54% · Top 25%
Profitability
Return on equity (TTM)49% · Top 25%
Return on assets3% · Above median
Net margin (TTM)4% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth10% · Above median
Dividend yield (TTM)4.8% · Top 25%
Balance sheet
Debt / equity0.93× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is Maire Tecnimont S.p.A. (MAIRE) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €18.56 versus a price of €12.19, about +52% upside (undervalued).
What is the fair value of MAIRE?
Our model-based fair value for Maire Tecnimont S.p.A. is €18.56 (as of Sep 23, 2026), built from audited fundamentals. The current price: €12.19.
What is the quality score of MAIRE?
Maire Tecnimont S.p.A. has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Maire Tecnimont S.p.A. (MAIRE)?
Our model-based price target is the fair value of €18.56 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario €12.59, optimistic scenario €31.68. It is a calculation from audited fundamentals, not an analyst target.
What is the Maire Tecnimont S.p.A. stock forecast for 2026?
Our models put fair value at €18.56, about +52% upside versus a price of €12.19 (undervalued). Cautious scenario €12.59, optimistic scenario €31.68. The calculation is refreshed regularly with new filings.
What is the revenue of Maire Tecnimont S.p.A. (MAIRE)?
Maire Tecnimont S.p.A. reported trailing-twelve-month revenue of about €7.2B (latest available figure, as of Sep 23, 2026).
Does Maire Tecnimont S.p.A. pay a dividend?
Maire Tecnimont S.p.A. currently shows a dividend yield of about 4.80% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Maire Tecnimont S.p.A. (MAIRE)?
For today's price to be fair in a discounted-cash-flow model, Maire Tecnimont S.p.A. would have to grow free cash flow by +8.5 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +25.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of MAIRE use?
Our models discount Maire Tecnimont S.p.A. at 12.0 %: a base by market capitalisation (mid), damped by beta 1.00, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Maire Tecnimont S.p.A. that is +8.5 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Maire Tecnimont S.p.A. (MAIRE) delivered so far?
Over the past 4 years revenue at Maire Tecnimont S.p.A. grew +25.1 % a year. The price currently implies +8.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Maire Tecnimont S.p.A. (MAIRE) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Maire Tecnimont S.p.A. (+8.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Maire Tecnimont S.p.A. (MAIRE)?
The free-cash-flow yield on the price is 6.56 %: that much free cash flow Maire Tecnimont S.p.A. produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Maire Tecnimont S.p.A. (MAIRE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Maire Tecnimont S.p.A. it is €18.56 per share (as of Sep 23, 2026), against a price of €12.19. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Maire Tecnimont S.p.A. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MAIRE trades below its calculated fair value: price €12.19, fair value €18.56, a gap of about +52% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MAIRE?
No. The price is what the market pays today (€12.19); the fair value is what the company's own numbers justify (€18.56). For Maire Tecnimont S.p.A. the two are €6.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Maire Tecnimont S.p.A. worth?
The market values Maire Tecnimont S.p.A. at about €4.0B (market capitalisation, as of Sep 23, 2026). Per share that is €12.19; our models calculate a fair value of €18.56 per share.
What do the bullish and bearish scenarios say about MAIRE?
Our models span a range for Maire Tecnimont S.p.A.: cautious scenario €12.59, base €18.56, optimistic €31.68 per share (as of Sep 23, 2026, price €12.19). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MAIRE?
Maire Tecnimont S.p.A. trades at a price-to-earnings ratio of 14.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €18.56 is built from several models across several years. Other multiples: PEG 6.3, P/B 6.3, P/S 0.6, EV/EBITDA 8.0.
What is the PEG ratio of MAIRE?
The PEG ratio of Maire Tecnimont S.p.A. is 6.33 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Maire Tecnimont S.p.A. (MAIRE)?
Balance-sheet figures for Maire Tecnimont S.p.A. (as of Sep 23, 2026): return on equity 48.8%, debt of 0.93 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is MAIRE from its 52-week high?
Maire Tecnimont S.p.A. trades at €12.19, about 27% below its 52-week high of €16.80 and 18% above the low of €10.29 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €18.56 is for.
Which stocks are comparable to Maire Tecnimont S.p.A.?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Maire Tecnimont S.p.A. stock attractive at the current price?
The data as of Sep 23, 2026: price €12.19, calculated fair value €18.56 (+52%), Quality Score 60/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MAIRE calculated?
We run Maire Tecnimont S.p.A. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €18.56, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Maire Tecnimont S.p.A. currently trades 52 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Maire Tecnimont S.p.A. (MAIRE)?
The closing price on Sep 23, 2026 was €12.19. Our model-based fair value is €18.56, about +52% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Maire Tecnimont S.p.A. right now?
The price is below even our cautious bear case (€12.59). The market is more pessimistic than our downside scenario. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€12.59 to €31.68) leaves room in how you read the outcome.
Key figures of Maire Tecnimont S.p.A.
How large is the market capitalisation of Maire Tecnimont S.p.A. (MAIRE)?
The market capitalisation of Maire Tecnimont S.p.A. is €4.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Maire Tecnimont S.p.A. (MAIRE)?
The price-to-sales ratio of Maire Tecnimont S.p.A. is 0.56 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Maire Tecnimont S.p.A. (MAIRE)?
Earnings per share at Maire Tecnimont S.p.A. are €0.8200 (price ÷ EPS = P/E 14.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Maire Tecnimont S.p.A. (MAIRE)?
The dividend yield of Maire Tecnimont S.p.A. is 4.8% (payout 71.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Maire Tecnimont S.p.A. (MAIRE)?
The net margin of Maire Tecnimont S.p.A. is 3.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Maire Tecnimont S.p.A. (MAIRE)?
The return on equity (ROE) of Maire Tecnimont S.p.A. is 40.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Maire Tecnimont S.p.A. (MAIRE)?
On an EBIT basis the return on assets of Maire Tecnimont S.p.A. is 4.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Maire Tecnimont S.p.A. (MAIRE)?
The operating margin of Maire Tecnimont S.p.A. is 5.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Maire Tecnimont S.p.A. (MAIRE)?
Revenue at Maire Tecnimont S.p.A. is growing +7.5% versus a year earlier (3y avg +26.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Maire Tecnimont S.p.A. (MAIRE)?
Earnings per share at Maire Tecnimont S.p.A. are growing +11.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Maire Tecnimont S.p.A. (MAIRE) carry?
The net debt of Maire Tecnimont S.p.A. is €6.1M (fiscal year 2022, ≈ 0.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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