olivLaw · European equity research
Eni S.p.A. ENI.MI
Italy · Euronext Milan · ISIN IT0003132476 · Vertical: Listed companies from Italy
Eni is an integrated oil and gas company active in exploration, production, liquefied natural gas and refining, with major operations in Europe, Africa and the Middle East. Its relevance now comes from new projects in Norway, Angola, Congo and Egypt that strengthen production and LNG liquefaction capacity.
At the close of 05 Nov 2026, Eni S.p.A. (ENI.MI) stock was 25.36 EUR (−0.72% on the day), with market capitalisation 84.8 bn EUR, P/E 32.5 on diluted EPS of 0.78 EUR over the last 12 months, dividend yield 4.14%, beta 0.06, 52-week range 15.60–27.65 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 24.88 – 27.51
- in the lower half of the band · %B 0.18 · band width 10.0%
- SMA 50 / 200
- 24.84 / 22.66
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.37 / 0.57
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.1% | −0.6% | +5.7 pp | — |
| 3 months | +8.4% | −4.2% | +12.5 pp | — |
| 6 months | +13.3% | +4.3% | +8.9 pp | — |
| Year to date | +57.1% | +7.5% | +49.6 pp | — |
| 1 year | +58.8% | +9.9% | +48.9 pp | −6.1% |
| 3 years | +64.6% | +49.8% | +14.8 pp | +7.7% |
| 5 years | +100.1% | +42.8% | +57.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 4-quarter history (min 3.4, median 13.9, max 20.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 132.5 bn | 93.7 bn | 88.8 bn | 82.2 bn |
| Revenue YoY | unavailable | −29.3% | −5.2% | −7.5% |
| Net income | 13.9 bn | 4.8 bn | 2.6 bn | 2.6 bn |
| Net income YoY | unavailable | −65.6% | −45.0% | −0.6% |
| Diluted EPS | 3.95 | 1.40 | 0.78 | 0.78 |
| Diluted EPS YoY | unavailable | −64.6% | −44.3% | 0.0% |
| net % | 10.5% | 5.1% | 3.0% | 3.2% |
| Free cash flow | 9.8 bn | 6.4 bn | 5.1 bn | 4.6 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.1 bn EUR
- Financial debt
- 25.1 bn EUR
- Net debt
- 17.0 bn EUR
- Equity
- 52.8 bn EUR
- Total assets
- 137.1 bn EUR
- Debt / equity
- 0.47x
- Current ratio
- unavailable
- ROE
- 4.8%
- ROA
- 1.8%
- FCF margin
- 5.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 132.5 bn | 93.7 bn | 88.8 bn | 82.2 bn | esef· 24 Mar 2026verified |
| Operating income | 17.5 bn | 8.3 bn | 5.2 bn | 5.0 bn | esef· 24 Mar 2026verified |
| Depreciation & amortisation | 7.2 bn | 7.5 bn | 7.6 bn | 7.3 bn | esef· 24 Mar 2026verified |
| EBITDA | 24.7 bn ≈ | 15.7 bn ≈ | 12.8 bn ≈ | 12.4 bn ≈ | esef· 24 Mar 2026derived |
| Interest expense | 9.3 bn | 8.1 bn | 9.0 bn | 8.2 bn | esef· 24 Mar 2026verified |
| Pre-tax income | 22.0 bn | 10.2 bn | 6.5 bn | 5.8 bn | esef· 24 Mar 2026verified |
| Income tax | 8.1 bn | 5.4 bn | 3.7 bn | 3.0 bn | esef· 24 Mar 2026verified |
| Net income | 13.9 bn | 4.8 bn | 2.6 bn | 2.6 bn | esef· 24 Mar 2026verified |
| Diluted EPS | 3.95 | 1.40 | 0.78 | 0.78 | esef· 24 Mar 2026verified |
| Dividend per share | — | — | 1.00 | 1.05 | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 10.2 bn | 8.2 bn | 8.1 bn | esef· 24 Mar 2026verified |
| Receivables | — | 16.6 bn | 16.9 bn | 12.4 bn | esef· 24 Mar 2026verified |
| Inventories | — | 6.2 bn | 6.3 bn | 5.1 bn | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | — | 56.3 bn | 59.9 bn | 50.5 bn | esef· 24 Mar 2026verified |
| Total assets | — | 142.6 bn | 146.9 bn | 137.1 bn | esef· 24 Mar 2026verified |
| Accounts payable | — | 20.7 bn | 22.1 bn | 20.3 bn | esef· 24 Mar 2026verified |
| Short-term debt | — | 4.1 bn | 4.2 bn | 4.9 bn | esef· 24 Mar 2026verified |
| Long-term debt | — | 21.7 bn | 21.6 bn | 20.1 bn | esef· 24 Mar 2026verified |
| Total liabilities | — | 89.0 bn | 91.3 bn | 84.3 bn | esef· 24 Mar 2026verified |
| Equity | 55.2 bn | 53.6 bn | 55.6 bn | 52.8 bn | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 3.5 bn | 3.4 bn | 3.3 bn | 3.3 bn | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 17.5 bn | 15.1 bn | 13.1 bn | 13.3 bn | esef· 24 Mar 2026verified |
| Capex | 7.7 bn | 8.7 bn | 8.0 bn | 8.7 bn | esef· 24 Mar 2026verified |
| Free cash flow | 9.8 bn ≈ | 6.4 bn ≈ | 5.1 bn ≈ | 4.6 bn ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -7.0 bn | -9.4 bn | -9.8 bn | -9.3 bn | esef· 24 Mar 2026verified |
| Financing cash flow | -8.5 bn | -5.7 bn | -5.4 bn | -3.6 bn | esef· 24 Mar 2026verified |
| Share repurchases | 2.4 bn | 1.8 bn | 2.0 bn | 1.9 bn | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 32 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 84.8 bn EUR
Key indicators
Coverage and freshness
Score by group
- Growth0
- Returns32
- Balance sheet19
- Valuation40
- Quality56
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.91 – 67.27 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)37.99 – 67.27 (Mid 48.67)WACC 7.5% · starting FCFF 11.5 bn EUR · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -26.3%
- Peers: EV/EBITDA15.79 – 29.84 (Mid 25.05)7 companies used · median multiple 8.1x · quartiles 5.6x – 9.4xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/E4.91 – 17.82 (Mid 10.34)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)14.28 – 19.47 (Mid 16.48)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Unattractive profile · Score 32/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.9% | 43 (vs peers) | 11% |
| Net margin · Quality | 3.2% | 33 (vs peers) | 7% |
| FCF conversion · Quality | 177.5% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -14.7% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -41.8% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.4x | 30 (vs peers) | 11% |
| Interest coverage · Balance sheet | 0.6x | 0 (on a fixed band) | 7% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 32.5x | 14 (vs peers) | 11% |
| EV/EBITDA · Valuation | 8.2x | 43 (vs peers) | 11% |
| FCF yield · Valuation | 5.5% | 68 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.2% | 32 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns· partial32/100 · 1/2 factors with a value
- Valuation40/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENI S.P.A. (ENI.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 82.2 bn EUR in 2025; YoY growth -7.5%; net margin 3.2%; ROE 5.2%; net debt/EBITDA 1.4x.
The estimated value range is 15.04–24.66 EUR per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 20.76 EUR, the price of 25.36 EUR leaves a potential of -18.1% (value / price − 1) and a margin of safety of -22.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 32/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 177.5%
What contradicts it
- Revenue CAGR 3Y: -14.7%
- EPS CAGR 3Y: -41.8%
- Net debt / EBITDA: 1.4x
- Interest coverage: 0.6x
- P/E (TTM): 32.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Current ratio, Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENI.MIEni S.p.a. | 84.8 bn | 32.5 | 5.2% | 3.2% | −7.5% | +57% / +67% |
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for ENI.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.56 Total return -44% · Per year -44% | 24.09 Total return -2% · Per year -2% | 36.45 Total return 47% · Per year 47% |
| 3 years | 10.76 Total return -52% · Per year -22% | 21.74 Total return -6% · Per year -2% | 36.45 Total return 54% · Per year 16% |
| 5 years | 8.55 Total return -57% · Per year -16% | 19.62 Total return -9% · Per year -2% | 36.45 Total return 61% · Per year 10% |
- Exit P/E± 5.43
- Net margin± 3.80
- Annual revenue growth± 3.44
- Annual dilution± 0.32
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Eni is an integrated oil and gas company active in exploration, production, liquefied natural gas and refining, with major operations in Europe, Africa and the Middle East. Its relevance now comes from new projects in Norway, Angola, Congo and Egypt that strengthen production and LNG liquefaction capacity 1.
SWOT
Strengths
- Diversified production portfolio across several regions and integrated capability from exploration to LNG.
- Solid partnerships with state companies and international operators that ease access to new licences.
- Operating experience in complex offshore projects such as Johan Castberg and Agogo.
Weaknesses
- Dependence on several countries with high political and regulatory risk can affect production predictability.
- Many assets operate under PSAs, which limits the share of production that stays with the company.
- Partial stake sales reduce exposure to discoveries but can also lower future value.
Opportunities
- Monetising discoveries in the Eastern Mediterranean through existing infrastructure in Egypt.
- Expanding LNG capacity if demand for liquefied gas grows in European and African markets.
- Developing renewable and carbon capture projects, such as Ravenna CCS.
Threats
- Stricter rules on methane and carbon emissions could raise operating costs.
- Political instability in Libya and other operating countries can delay projects.
- Changes in oil and gas prices can affect the returns on new investments.
Risks
- Regulatory and licensing riskmedium
Legislative changes in host countries, such as the annulment of PiTESAI in Italy, can alter deadlines and operating conditions.
- Geopolitical risk in North Africahigh
Operations in Libya and Algeria are exposed to political instability and security issues, which can delay project timelines.
- Project execution riskmedium
Large offshore projects, such as NGC and Greater PAJ, depend on installation and partner approvals, with potential for delay.
- Environmental and methane riskmedium
Requirements to quantify and reduce methane emissions can raise compliance costs at operating sites.
- Divestment and portfolio risklow
Stake sales, if postponed or not completed, can change the financing structure of projects.
Investment thesis
What would need to be true (bull case)
- If new discoveries in Norway, Angola and the Eastern Mediterranean reach production at the announced levels, the upstream portfolio could grow significantly.
- LNG capacity, including the stake in Damietta, could provide a solid position if demand for liquefied gas stays high.
- The partial stake sale programme could release capital for new investments if transactions close on schedule.
What would break the thesis
- If oil and gas prices fall, returns on new projects could come in below expectations.
- Delays in regulatory approvals or asset sales could postpone expected production and cash flows.
- Geopolitical tensions in operating regions can raise security costs and reduce predictability.
What to watch
- Start of production at the Agogo and NGC projects in Angola2026
- Completion of the 25% Congo FLNG stake sale to Vitol2026
- Final investment decision for the Cronos project in Cyprus2026
- Exploration results from offshore block O1 in Libyanext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Exploration and production is carried out under concession regimes, mainly in Western countries, and through Production Sharing Agreements (PSA), mainly in Africa, the Middle East and the Far East 1. Eni pays royalties and income taxes under each country's rules, and contract duration varies by area 1. In 2025 new production started at Johan Castberg and Balder-X in Norway and at Agogo in Angola 1.
The company is reorganising its upstream portfolio through partial stake sales, anticipating the monetisation of discoveries, for example the sale of a 30% stake in Baleine to Vitol in Côte d’Ivoire 1. Stakes in Vår Energi and other companies are managed separately and influence consolidated production 1.
Local development is part of the operating model: education, health and agricultural programmes in Italy, Egypt, Libya, Angola and Congo, carried out with local institutions and international organisations 1.
Segments
Exploration and production (upstream)
The upstream segment covers concessions and PSAs in Italy, Norway, the United Kingdom, Algeria, Egypt, Libya, Tunisia, Angola, Congo and Côte d’Ivoire 1. In Norway, five commercial discoveries were made in 2025, and Johan Castberg has an expected production plateau of 220 thousand barrels per day 1.
Market context
Upstream activity depends on oil and gas prices, exploration costs and licensing conditions in each country, factors that vary widely between regions 1. Demand for liquefied natural gas is an important outlet for gas discovered in Africa and the Eastern Mediterranean 1.
European and African markets are the most relevant for new projects, and partnerships with state companies such as Sonatrach in Algeria or SOCAR in Côte d’Ivoire are part of the market strategy 1.
Trends
- Discoveries in Africa and the Mediterraneantailwind
Recent discoveries in Angola, Côte d’Ivoire and Cyprus, and access to existing infrastructure in Egypt, expand the resource base for production and LNG 1.
- Methane regulationheadwind
The EU regulation on methane emissions reduction in the energy sector requires extensive quantification and monitoring at operating sites in Italy 1.
- Local energy transitionmixed
Projects such as Ravenna CCS, the CEO Oyo renewables centre and photovoltaic installations in Tunisia show a move towards diversification 1.
- Licensing policy in Italymixed
The 2024 annulment of PiTESAI restored the original regime for mining titles, allowing ten exploration permits to be reassigned in 2025 1.
Competitive position
Eni competes in the global oil and gas market with other integrated companies and national companies, especially for exploration licences and LNG contracts 1. Access to licences depends on tender processes and relationships with granting states 1.
Where Eni operates through partnerships, competition also shows in negotiating stakes and asset sales, such as those to Vitol or SOCAR 1.
- TotalEnergies
European integrated competitor, active in LNG and upstream projects in Africa and the Middle East, with a portfolio similar to Eni's.
- Shell
British integrated company present in Norway and in joint projects with Eni in Basilicata, making it both competitor and partner.
- Equinor
Norwegian state company with intense activity in the Barents Sea and North Sea, in direct competition for Norwegian licences.
- Vitol
Energy asset trader and investor that bought stakes in Eni projects in Congo and Côte d’Ivoire, acting as both partner and competitor for assets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Eni S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.