Reviewed listing: NASDAQ:ANNA · Analysis dated Oct 22, 2026
How does the company make money?
AleAnna develops and operates natural gas and renewable energy projects in Italy. The Nasdaq stock ANNA is the Class A share of a US holding company. Other shareholders also hold stakes in its operating companies.
What supports the business?
As the Longanesi gas field ramped up, first-half revenue rose from 4.675 to 19.559 million USD. Operating cash flow turned positive at 7.087 million USD.
What could improve?
Additional production and successful new fields could increase the surplus. Construction costs, gas prices, taxes, and the claims of other shareholders must be taken into account.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
2.35 USD value the latest Class A share count at around 96.2 million USD. My mid-range earnings model is 1.05 USD. The price assumes that, after investments and payments to other entitled parties, significantly more money will remain for shareholders than it has recently.
What is the main risk?
The company is highly dependent on one gas field and the European gas price. 27.373 million USD in contingent seller payments, ongoing development costs and the minority ownership structure limit the benefit of the group's cash balance for Class A shareholders.
What is the overall assessment?
AleAnna has significantly increased gas production and operating cash flow. However, after development investments, seller claims, and minority interests, the reliable surplus remaining for public shareholders has so far been too small to conservatively justify 2.35 USD.
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