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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 69.3GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
4.3%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, AleAnna, Inc. (ANNA) receives a "Hold" rating with a composite score of 48.8/100, ranked #439 out of 4446 stocks. Key factor scores: Quality 69/100, Value 46/100, Momentum 43/100. This is quantitative analysis only — not investment advice.
AleAnna, Inc. (ANNA) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does AleAnna, Inc. Do?
AleAnna, Inc. is an energy company focused on natural gas exploration and production, as well as renewable natural gas (RNG) solutions. They are headquartered in Dallas, Texas and Rome, Italy. AleAnna, Inc. (ANNA) is classified as a small-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Marco Brun. With a market capitalization of $346M, ANNA is one of the notable companies in the Financials sector.
AleAnna, Inc. (ANNA) Stock Rating — Hold (April 2026)
As of April 2026, AleAnna, Inc. receives a Hold rating with a composite score of 48.8/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.ANNA ranks #439 out of 4,446 stocks in our coverage universe. Within the Financials sector, AleAnna, Inc. ranks #124 of 900 stocks, placing it in the top quartile of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
ANNA Stock Price and 52-Week Range
AleAnna, Inc. (ANNA) currently trades at $9.00. The stock gained $1.74 (24.0%) in the most recent trading session. The 52-week high for ANNA is $18.30, which means the stock is currently trading -50.8% from its annual peak. The 52-week low is $2.31, putting the stock 289.6% above its annual trough. Recent trading volume was 4.0M shares, reflecting moderate market activity.
Is ANNA Overvalued or Undervalued? — Valuation Analysis
AleAnna, Inc. (ANNA) carries a value factor score of 46/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 115.91x, compared to the Financials sector average of 14.78x — a premium of 684%. The price-to-book ratio stands at 5.03x, versus the sector average of 1.19x. The price-to-sales ratio is 18.57x, compared to 0.89x for the average Financials stock. On an enterprise value basis, ANNA trades at 137.24x EV/EBITDA, versus 3.26x for the sector.
Overall, ANNA's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
AleAnna, Inc. Profitability — ROE, Margins, and Quality Score
AleAnna, Inc. (ANNA) earns a quality factor score of 69/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 4.3%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 2.5% versus the sector average of 1.3%.
On a margin basis, AleAnna, Inc. reports gross margins of 100.0%. The operating margin is -181.0% (sector: 21.8%). Net profit margin stands at -155.2%, versus 17.8% for the average Financials stock. The overall profitability profile is adequate, though there may be room for margin expansion.
ANNA Debt, Balance Sheet, and Financial Health
AleAnna, Inc. has a debt-to-equity ratio of 73.0%, compared to the Financials sector average of 118.5%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.93x, suggesting adequate working capital coverage.
ANNA has a beta of -1.42, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for AleAnna, Inc. is 32/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
AleAnna, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, AleAnna, Inc. reported revenue of $16M and earnings per share (EPS) of $0.04. Net income for the quarter was $3M. Gross margin was 100.0%. Operating income came in at $2M.
In FY 2025, AleAnna, Inc. reported revenue of $25M and earnings per share (EPS) of $0.04. Net income for the quarter was $3M. Revenue grew 1663.0% year-over-year compared to FY 2024. Operating income came in at $3M.
In Q3 2025, AleAnna, Inc. reported revenue of $11M and earnings per share (EPS) of $0.08. Net income for the quarter was $5M. Operating income came in at $6M.
In Q2 2025, AleAnna, Inc. reported revenue of $4M and earnings per share (EPS) of $0.01. Net income for the quarter was $644,663. Operating income came in at $583,303.
Over the past 8 quarters, AleAnna, Inc. has demonstrated a growth trajectory, with revenue expanding from $0 to $16M. Investors analyzing ANNA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
ANNA Dividend Yield and Income Analysis
AleAnna, Inc. (ANNA) does not currently pay a dividend. This is common among smaller companies in the Trading industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
ANNA Momentum and Technical Analysis Profile
AleAnna, Inc. (ANNA) has a momentum factor score of 43/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 47/100 reflects moderate short selling activity.
ANNA vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing ANNA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ANNA vs S&P 500 (SPY) comparison to assess how AleAnna, Inc. stacks up against the broader market across all factor dimensions.
ANNA Next Earnings Date
No upcoming earnings date has been announced for AleAnna, Inc. (ANNA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy ANNA? — Investment Thesis Summary
AleAnna, Inc. presents a balanced picture with arguments on both sides. The quality score of 69/100 indicates above-average profitability and business fundamentals. High volatility (stability score 32/100) increases portfolio risk.
In summary, AleAnna, Inc. (ANNA) earns a Hold rating with a composite score of 48.8/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ANNA stock.
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Institutional Research Dossier
AleAnna, Inc. (ANNA) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on AleAnna, Inc. (ANNA). While the company's recent revenue and net income surge in Q3 FY2025 is encouraging, the historical volatility in financial performance and the lack of consistent profitability raise concerns about the sustainability of this growth. The high P/E ratio compared to the sector average suggests that the market has priced in significant future growth, which may not materialize given the company's limited operating history and the inherent risks associated with the energy sector.
The primary driver of our Hold rating is the uncertainty surrounding AleAnna's long-term business model and its ability to generate consistent free cash flow. While the company's focus on renewable natural gas (RNG) presents a compelling growth opportunity, the lack of detailed information on their specific projects and the competitive landscape make it difficult to assess their competitive positioning. Investors should remain cautious and monitor the company's progress in executing its growth strategy and achieving sustainable profitability.
Business Strategy & Overview
AleAnna, Inc. operates within the energy sector, focusing on both traditional natural gas exploration and production, and the burgeoning renewable natural gas (RNG) market. This dual approach suggests a strategy aimed at capitalizing on existing energy infrastructure while simultaneously positioning the company for a future increasingly focused on sustainable energy sources. The company's headquarters in both Dallas, Texas, and Rome, Italy, indicate a potential focus on both the North American and European energy markets, each with its own regulatory landscape and market dynamics.
The shift towards RNG solutions is a key element of AleAnna's strategy. RNG, derived from sources like landfills, wastewater treatment plants, and agricultural waste, offers a lower-carbon alternative to traditional natural gas. This aligns with growing global demand for cleaner energy sources and stricter environmental regulations. However, the RNG market is still relatively nascent, and success depends on factors such as securing feedstock sources, developing efficient conversion technologies, and navigating complex regulatory frameworks.
Given the limited data available, it's challenging to fully assess AleAnna's specific competitive advantages within the RNG space. Key success factors would include securing long-term contracts for feedstock, developing proprietary or cost-effective conversion technologies, and establishing strong relationships with utilities and other end-users. Without more granular information on their project pipeline and technological capabilities, it's difficult to determine their ability to compete effectively against larger, more established players in the renewable energy sector.
The company's historical financials reveal a volatile revenue stream, with significant fluctuations from year to year and quarter to quarter. The recent surge in revenue in Q3 FY2025 is a positive sign, but it remains to be seen whether this represents a sustainable trend or a one-time event. The company's ability to consistently generate revenue and achieve profitability will be crucial for its long-term success.
Execution Benchmarks audit
Gross Margin
Core pricing power
100.0%
Sector: 0.0%
+Infinity% VS SCTR
Economic Moat Analysis
Assessing AleAnna's economic moat is challenging given the limited information available. Based on the data, it is difficult to definitively conclude that the company possesses a sustainable competitive advantage. The energy sector, particularly the natural gas and RNG markets, is highly competitive, and barriers to entry can vary depending on the specific segment and geographic region.
In the traditional natural gas exploration and production segment, scale and access to resources are often key determinants of competitive advantage. Without information on AleAnna's reserves, production costs, and infrastructure, it's difficult to assess their ability to compete effectively against larger, more established players. In the RNG market, potential sources of competitive advantage include proprietary technology, access to low-cost feedstock, and strong relationships with utilities and other end-users.
The company's focus on RNG could potentially create a narrow moat if they can develop a differentiated technology or secure exclusive access to feedstock sources. However, the RNG market is still relatively new, and the competitive landscape is evolving rapidly. It's unclear whether AleAnna has the resources and expertise to establish a sustainable competitive advantage in this space.
The absence of consistent profitability and free cash flow generation further weakens the case for a strong economic moat. A company with a durable competitive advantage should be able to generate consistent profits and cash flow over time. AleAnna's volatile financial performance suggests that it may lack the pricing power and cost advantages necessary to sustain a wide or even narrow moat.
Given the limited data and the competitive nature of the energy sector, we believe that AleAnna currently possesses, at best, a narrow moat. This assessment is based on the potential for differentiation in the RNG market, but it is contingent on the company's ability to execute its strategy effectively and establish a sustainable competitive advantage.
Financial Health & Profitability
AleAnna's financial health presents a mixed picture. The company's recent revenue surge in Q3 FY2025, reaching $11.22 million, and the corresponding net income of $5.32 million, are positive developments. However, these results must be viewed in the context of the company's historical financial performance, which has been characterized by volatility and periods of significant losses.
The company's operating margin has fluctuated dramatically, ranging from -1,024.8% in FY2024 to 51.0% in Q3 FY2025. This volatility suggests that the company's profitability is highly sensitive to changes in revenue and operating expenses. The negative operating margins in prior periods indicate that the company was struggling to cover its operating costs, raising concerns about its long-term sustainability.
The company's current ratio of 2.00 indicates a healthy level of liquidity, suggesting that it has sufficient current assets to cover its current liabilities. However, the absence of data on total cash and total debt makes it difficult to fully assess the company's balance sheet strength. The debt-to-equity ratio of 72.00 is lower than the sector average of 115.00, which could be viewed as a positive sign. However, without knowing the absolute levels of debt and equity, it's difficult to draw definitive conclusions.
Compared to the sector, AleAnna's ROE of 4.4% is significantly lower than the sector average of 8.5%. This suggests that the company is not generating as much profit from its equity as its peers. The company's gross margin of 100.0% is unusually high and warrants further investigation. It's possible that this figure is distorted by the company's revenue recognition policies or the nature of its business activities.
The lack of free cash flow data is a significant concern. A company's ability to generate free cash flow is a key indicator of its financial health and its ability to fund future growth. The absence of this data makes it difficult to assess the company's long-term financial sustainability.
Valuation Assessment
AleAnna's valuation is difficult to assess definitively due to the limited financial data and the company's volatile historical performance. The company's P/E ratio of 88.4x is significantly higher than the sector average of 15.5x, suggesting that the market has priced in significant future growth. However, given the company's inconsistent profitability and the inherent risks associated with the energy sector, this high P/E ratio may be unsustainable.
The company's EV/EBITDA ratio of 11.4x is also higher than the sector average of 3.5x, further indicating that the stock is relatively expensive compared to its peers. This premium valuation may be justified if the company can consistently generate strong revenue growth and improve its profitability. However, investors should be cautious about paying a high multiple for a company with a limited operating history and a volatile financial performance.
The absence of free cash flow data makes it impossible to calculate a free cash flow yield, which is a key valuation metric for many investors. Without this data, it's difficult to assess the company's ability to generate cash flow for its shareholders.
Given the high P/E and EV/EBITDA ratios, and the lack of free cash flow data, we believe that AleAnna's stock is currently overvalued. The market appears to be pricing in significant future growth, which may not materialize given the company's limited operating history and the competitive nature of the energy sector. Investors should exercise caution and consider the risks associated with investing in a high-growth company with a volatile financial performance.
Risk & Uncertainty
AleAnna faces several key risks that could impact its future performance. One of the most significant risks is the volatility of energy prices. Fluctuations in natural gas prices and RNG prices could significantly impact the company's revenue and profitability. The energy sector is also subject to regulatory changes, which could increase compliance costs and impact the company's ability to operate profitably.
Competition is another significant risk. The natural gas and RNG markets are highly competitive, and AleAnna faces competition from larger, more established players with greater resources and expertise. The company's ability to compete effectively will depend on its ability to differentiate its products and services, secure long-term contracts, and manage its costs effectively.
The company's reliance on specific projects or customers could also pose a risk. If the company is heavily dependent on a small number of projects or customers, the loss of one or more of these could significantly impact its revenue and profitability. The lack of detailed information on the company's project pipeline and customer base makes it difficult to assess the magnitude of this risk.
The company's limited operating history and volatile financial performance also raise concerns about its ability to execute its growth strategy effectively. The company's management team may lack the experience and expertise necessary to navigate the challenges of the energy sector and achieve sustainable profitability. The absence of free cash flow generation is a significant concern, as it limits the company's ability to fund future growth and weather economic downturns.
Bulls Say / Bears Say
The Bull Case
BULL VIEWAleAnna's focus on renewable natural gas (RNG) positions it to benefit from the growing demand for cleaner energy sources and stricter environmental regulations, driving significant revenue growth.
BULL VIEWThe company's recent surge in revenue and net income demonstrates its ability to execute its growth strategy and achieve profitability, justifying its premium valuation.
BULL VIEWAleAnna's strategic location in both North America and Europe allows it to capitalize on diverse energy markets and regulatory environments, providing a competitive advantage.
The Bear Case
BEAR VIEWAleAnna's high P/E ratio and EV/EBITDA multiple are unsustainable given its volatile financial performance and limited operating history, making it significantly overvalued.
BEAR VIEWThe company's lack of consistent free cash flow generation raises concerns about its long-term financial sustainability and its ability to fund future growth without diluting shareholders.
BEAR VIEWThe competitive landscape in the natural gas and RNG markets is intense, and AleAnna lacks the scale and resources to effectively compete against larger, more established players.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score ANNA and 4,400+ other equities.
AleAnna, Inc. exhibits a 1776% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
2.5%
Sector: 1.3%
Gross Margin
Pricing power and cost efficiency
100.0%
Sector: 0.0%
Operating Margin
Core business profitability
-181.0%
Sector: 21.8%
Net Margin
Bottom-line profitability
-155.2%
Sector: 17.8%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
