Eni S.p.A.

ENI.F

Oil & Gas Integrated · Energy

Price

€21.39

+0.14 (+0.64%)

Market Cap

€62.19B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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: 3.57B (2021) → 3.09B (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, and sells energy directly to homes and businesses. The Italian government owns a significant stake in Eni, making it one of Europe's largest state-linked energy companies.

Eni earns money by selling oil, natural gas, and refined fuel products, as well as through its growing retail energy and chemicals businesses. It operates in more than 60 countries, with major production in Africa, the Middle East, and Europe, giving it a geographically diverse supply base. Eni has been investing heavily in renewable energy and low-carbon projects to reduce its dependence on fossil fuels, but like all integrated oil companies, its profits are closely tied to global oil and gas prices, which can swing sharply and unpredictably.

Winston Score History

Score breakdown

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Quality

Gross Margin

6.0%

Thin — 6.0% gross margin

Operating Margin

7.3%

Modest — 7.3% operating margin

ROCE

1.8%

Weak — 1.8% 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

-10.3%

Shrinking sales (-10.3% YoY)

EPS YoY

+3.6%

Modest earnings growth (3.6% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

497%

Turns 497% of profit into real cash

FCF Margin

3.6%

Thin free cash flow (3.6%)

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

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Stability

Debt / Equity

0.63

Moderate — manageable debt (0.63)

Interest Cover

0.58x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

26.1x

Growth-priced — P/E 26.1

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

P/E vs Forward

+17.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.1 → 8.6)

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Dividends

Dividend Yield

5.06%

Healthy income — 5.06% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+4.9%

Dividend growing modestly (4.9% YoY)

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