Eni S.p.A.

Oil & Gas Integrated · Energy

Price

$49.77

+1.73 (+3.60%)

Market Cap

$72.33B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−13.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.79B (2021) → 1.54B (2025)

Eni is an Italian energy company that finds, produces, and sells oil and natural gas around the world. It also refines crude oil into fuels like gasoline and diesel, generates electricity, and is expanding into renewable energy. The Italian government owns a significant stake in Eni, making it one of Europe's largest state-linked energy companies.

Eni earns most of its revenue by selling oil, natural gas, and refined fuel products to governments, utilities, and industrial customers across more than 60 countries. It operates major production assets in Africa, the Middle East, and Europe, and reported roughly $90 billion in annual revenue in recent years. Its long-term contracts and large upstream reserves provide some stability, but Eni faces the same core risk as all integrated oil companies: falling commodity prices can quickly compress margins, as the current low gross margin of under 5% suggests.

Winston Score History

Politician Trades

3 trades / 12mo

1 Congressional buy and 2 sells on E in the last 12 months.

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Score breakdown

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Quality

Gross Margin

10.1%

Thin — 10.1% gross margin

Operating Margin

3.2%

Thin — 3.2% operating margin

ROCE

0.8%

Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-6.4%

Shrinking sales (-6.4% YoY)

EPS YoY

-3.6%

Earnings shrinking (-3.6% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

494%

Turns 494% of profit into real cash

FCF Margin

3.8%

Thin free cash flow (3.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.65

Moderate — manageable debt (0.65)

Interest Cover

1.26x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

31.1x

Pricey — P/E 31.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+21.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.1 → 9.3)

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Dividends

Dividend Yield

5.09%

Healthy income — 5.09% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+6.4%

Dividend growing modestly (6.4% YoY)

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