olivLaw · European equity research
EnQuest PLC ENQ.L
United Kingdom · London Stock Exchange · ISIN GB00B635TG28 · Vertical: Listed companies from United Kingdom
EnQuest is a North Sea operator that has specialised in offshore decommissioning alongside oil and gas production in the North Sea, Malaysia and other South East Asian countries. In 2025 the company finished well abandonment at Heather and Thistle, which shows how important this segment is becoming. The balance sheet remains heavily indebted, and the return to shareholders fell sharply from the prior year.
At the close of 05 Nov 2026, EnQuest PLC (ENQ.L) stock was 0.27 GBP (−3.41% on the day), with beta -0.23, 52-week range 0.10–0.32 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.0
- weak (30–45)
- Bollinger (20, 2)
- 0.28 – 0.33
- below the lower band · %B -0.15 · band width 18.7%
- SMA 50 / 200
- 0.28 / 0.22
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.01
- 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 | −1.8% | −0.6% | −1.2 pp | — |
| 3 months | +18.5% | −4.2% | +22.7 pp | — |
| 6 months | +49.4% | +4.3% | +45.1 pp | — |
| Year to date | +153.8% | +7.5% | +146.3 pp | — |
| 1 year | +130.7% | +9.9% | +120.8 pp | +6.7% |
| 3 years | +67.0% | +49.8% | +17.1 pp | +24.8% |
| 5 years | +11.9% | +42.8% | −31.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -30.8 m | 93.8 m | 1.6 m |
| Net income YoY | unavailable | unavailable | −98.3% |
| Diluted EPS | -0.02 | 0.05 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | −98.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 612.5 m | 258.5 m | 187.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 268.8 m USD
- Financial debt
- 707.5 m USD
- Net debt
- 438.6 m USD
- Equity
- 528.1 m USD
- Total assets
- 3.6 bn USD
- Debt / equity
- 1.34x
- Current ratio
- 0.72x
- ROE
- 0.3%
- ROA
- 0.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 946.8 m | 787.4 m | 837.5 m | esef· 29 Apr 2026verified |
| Gross profit | 540.7 m | 393.3 m | 280.8 m | esef· 29 Apr 2026verified |
| Operating income | 397.4 m | 311.5 m | 648.8 m | esef· 29 Apr 2026verified |
| Interest expense | 172.1 m | 159.4 m | 164.6 m | esef· 29 Apr 2026verified |
| Pre-tax income | 231.8 m | 166.6 m | 493.4 m | esef· 29 Apr 2026verified |
| Income tax | 262.6 m | 72.8 m | 491.9 m | esef· 29 Apr 2026verified |
| Net income | -30.8 m | 93.8 m | 1.6 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.02 | 0.05 | 0.00 | esef· 29 Apr 2026verified |
| Dividend per share | — | 0.00 | — | esef· 29 Apr 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 313.6 m | 280.2 m | 268.8 m | esef· 29 Apr 2026verified |
| Receivables | 225.5 m | 231.0 m | 245.5 m | esef· 29 Apr 2026verified |
| Inventories | 84.8 m | 49.0 m | 32.8 m | esef· 29 Apr 2026verified |
| Current assets | 739.9 m | 562.6 m | 609.7 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 2.3 bn | 2.3 bn | 2.4 bn | esef· 29 Apr 2026verified |
| Goodwill | 134.4 m | 134.4 m | 139.5 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 18.3 m | 20.6 m | 24.6 m | esef· 29 Apr 2026verified |
| Total assets | 3.8 bn | 3.6 bn | 3.6 bn | esef· 29 Apr 2026verified |
| Accounts payable | 347.4 m | 414.4 m | 454.7 m | esef· 29 Apr 2026verified |
| Short-term debt | 27.4 m | 43.4 m | 69.3 m | esef· 29 Apr 2026verified |
| Long-term debt | 747.8 m | 621.4 m | 638.2 m | esef· 29 Apr 2026verified |
| Current liabilities | 846.7 m | 703.8 m | 851.6 m | esef· 29 Apr 2026verified |
| Total liabilities | 3.3 bn | 3.0 bn | 3.1 bn | esef· 29 Apr 2026verified |
| Equity | 456.7 m | 542.5 m | 528.1 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 1.9 bn | 1.9 bn | — | esef· 29 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 754.2 m | 507.6 m | 362.7 m | esef· 29 Apr 2026verified |
| Capex | 141.7 m | 249.2 m | 175.0 m | esef· 29 Apr 2026verified |
| Free cash flow | 612.5 m ≈ | 258.5 m ≈ | 187.7 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -262.7 m | -182.4 m | -194.2 m | esef· 29 Apr 2026verified |
| Financing cash flow | -478.6 m | -352.9 m | -193.0 m | esef· 29 Apr 2026verified |
| Dividends paid | — | 0 | 15.3 m | esef· 29 Apr 2026verified |
| Share repurchases | 0 | 9.0 m | 0 | esef· 29 Apr 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
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
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: 0.01 – 0.02 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.01 – 0.02 (Mid 0.02)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 57.6% | 100 (vs peers) | 33% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 12,016.6% | 100 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 38 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 8.2% | 100 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
ENQUEST PLC (ENQ.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 0.3%.
The estimated value range is 0.01–0.02 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 57.6%
- FCF conversion: 12,016.6%
- Payout ratio (FCF): 8.2%
What contradicts it
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for ENQ.L 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
Scenarios are not available. input data missing
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
EnQuest is a North Sea operator that has specialised in offshore decommissioning alongside oil and gas production in the North Sea, Malaysia and other South East Asian countries. In 2025 the company finished well abandonment at Heather and Thistle, which shows how important this segment is becoming. The balance sheet remains heavily indebted, and the return to shareholders fell sharply from the prior year 1.
SWOT
Strengths
- Proven decommissioning experience and performance ahead of industry benchmarks are clear strengths, as the company reports 1.
- The Sullom Voe Terminal with high uptime gives a stable operating base for several fields 1.
- A geographic portfolio spanning the North Sea, Malaysia and other countries reduces dependence on a single region 1.
Weaknesses
Opportunities
Risks
- High debthigh
Gross and net debt have risen, which could limit the company's ability to fund new projects if revenue falls 1.
- Dependence on oil priceshigh
Revenue depends on the Brent price, and hedges cover only part of future production 1.
- Currency riskmedium
Most costs are in currencies other than the functional currency, and swings can affect pre-tax profit 1.
- Execution of decommissioning projectsmedium
Platform removal operations are complex, and delays or incidents could bring extra costs 1.
- Environmental requirementslow
Targets to cut emissions and end routine flaring by 2030 require considerable investment 1.
Investment thesis
What would need to be true (bull case)
- If decommissioning remains a growing segment, the expertise shown at Heather and Thistle could attract new contracts and steady margins.
- Full control over Magnus could boost cash flow once debt falls.
- Veri Energy projects could generate new revenue if they reach final investment decision.
What would break the thesis
- If the oil price falls, revenue and cash flow could fall short of expectations, and the debt could become harder to manage.
- Profit attributable to shareholders nearly disappeared in 2025, which could reduce investor interest.
- Decarbonisation and renewable projects could consume capital before generating revenue.
What to watch
- Lift of the Thistle topsides and start of the heavy-lift campaignsfirst half of 2026
- Trend in net debt and the ratio to adjusted EBITDAnext annual report
- Final investment decision on the Shetland onshore wind project2026
- Progress of CO2 storage licences CS013 and CS014 with the NSTA2026
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
EnQuest PLC is a British oil and gas company with production, development and decommissioning activities in the North Sea, as well as in Malaysia, Indonesia, Brunei and Vietnam 1. It also operates the Sullom Voe Terminal on Shetland, which provides midstream services to its fields. A stated goal is to extend activity through decarbonisation and renewable energy projects run by its subsidiary Veri Energy 1.
Segments
Decommissioning
In 2025 the company completed well abandonment at Heather and Thistle, and the 15,300 tonne Heather topsides were removed in a single lift 1. The report states that performance was 20-25% below the industry benchmark, an area where EnQuest could apply this experience to other projects 1.
Market context
The North Sea decommissioning market is growing as more fields reach the end of their working life, and operators with proven experience can win contracts. EnQuest revenues remain tied to the Brent oil price, and the company has protected part of its production with floor-price instruments 1.
Sales in currencies other than the dollar were 17% of the total in 2025, and costs in other currencies were 98%, which exposes the company to exchange rate swings 1. North Sea operators face increasingly strict decarbonisation requirements that affect operating costs 1.
Trends
- Decommissioning of ageing fieldstailwind
Many North Sea fields are reaching the end of their life, which increases demand for operators able to carry out well abandonment and platform removal 1.
- Decarbonisation and emission cutsmixed
The UK energy transition regulator requires emission cuts, and projects such as the new stabilisation facilities at Sullom Voe could be needed to meet these targets 1.
- Oil price volatilityheadwind
Revenue and profit depend on the Brent price, and a fall could reduce cash flow, although the company has hedges in place 1.
- Wind energy and e-fuelstailwind
If the Veri Energy wind and e-methanol projects reach final investment decision, they could open new revenue sources beyond oil 1.
Competitive position
EnQuest competes with other independent operators and larger North Sea companies for field acquisitions and decommissioning contracts. Its stated advantage lies in in-house experience and costs below the basin average 1.
In South East Asia the company competes with national and international operators for production licences. Geographic diversification reduces reliance on one region but spreads resources thinly 1.
- Harbour Energy
British North Sea oil and gas operator with production and decommissioning activity in the same area.
- Serica Energy
British North Sea exploration and production company with interests concentrated in mature fields.
- Ithaca Energy
Independent North Sea operator competing for assets and decommissioning projects.
- Petronas
Malaysian national oil company present in the same South East Asian production areas.
News & filings
In the press
- EnQuest H1 Earnings Call HighlightsYahoo Finance — News · 03 Sept 2026 · EN
- EnQuest is interested in buying BP’s North Sea assets, CEO tells CNBCCNBC — Top News · 03 Sept 2026 · EN
- EnQuest Bets $833 Million on Malaysia's Offshore OilOil Price · 10 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / EnQuest PLC · 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.