# Enel (ENEL.MI)

Canonical: https://gigainvestors.com/s/ENEL.MI

Analysis as of: 2026-10-16T07:33:41.884Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 9.02 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.13×

- FY2018: 0.13×

- FY2019: 0.21×

- FY2020: 0.13×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.12×

- FY2024: 0.21×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.3%

- ROIC, second-lowest year: 7.8%

- Typical minus recent gross margin: -5.5 pp

- Typical gross margin (annual median): 33.8%

- Recent gross margin (lower of latest and 3-year median): 39.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.6%

- ROIC including acquisitions, ten-year median: 2.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.3%

- FY2017: 11.3%

- FY2018: 11.7%

- FY2019: 18.6%

- FY2020: 8.3%

- FY2021: 6.7%

- FY2022: 7.8%

- FY2023: 8.1%

- FY2024: 12.8%

- FY2025: 9.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.47×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 9.1B

- Net income, five-year total: EUR 20B

- Return on incremental invested capital: 6.2%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -4.1 pp

- Working capital / revenue, final three-year average: 7.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.87×

- FY2022: 0.82×

- FY2023: -0.64×

- FY2024: 0.51×

- FY2025: 0.87×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.3% vs 9.2%

- Per-share earnings: 0.25 to 0.39 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: EUR 53B

- Cumulative retained earnings: EUR -4.4B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.9%

- Per-share value change: EUR 0.14

- Per-share value, starting three-year median: EUR 0.25

- Per-share value, ending three-year median: EUR 0.39

- Buybacks concentrated in cheaper years (correlation): 0.29

- Average buyback yield: 0.3%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 5.8B

- Cumulative net income, 10 years: EUR 37B

- ROIC, first three-year median: 11.3%

- ROIC, last three-year median: 9.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.25

- FY2017: EUR 0.36

- FY2018: EUR 0.46

- FY2019: EUR 0.33

- FY2020: EUR 0.25

- FY2021: EUR 0.33

- FY2022: EUR 0.17

- FY2023: EUR 0.32

- FY2024: EUR 0.67

- FY2025: EUR 0.39

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.88×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -4.1%

- FY2018: -3.8%

- FY2019: -4.5%

- FY2020: -5.4%

- FY2021: -3.3%

- FY2022: -3.2%

- FY2023: -5.7%

- FY2024: -3.3%

- FY2025: -5.4%

## Holders

## Price story

Up 51% since Oct 2023 · sales +3.8%

Story as of 2026-10-16T09:59:57.348Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +3.8%; source https://filings.xbrl.org/WOCMU6HCI0OJWNPRZS33/2024-12-31/ESEF/IT/1/WOCMU6HCI0OJWNPRZS33-2024-12-31-0-it/reports/WOCMU6HCI0OJWNPRZS33-2024-12-31-0-it.xhtml; observed 2025-04-29.

- FY2016: EUR 69B 

- FY2017: EUR 73B 

- FY2018: EUR 75B 

- FY2019: EUR 74B 

- FY2020: EUR 66B 

- FY2021: EUR 86B 

- FY2022: EUR 141B 

- FY2023: EUR 93B 

- FY2024: EUR 74B 

- FY2025: EUR 77B 

### Gross margin · FY2025

gross margin 39.3%; source https://filings.xbrl.org/WOCMU6HCI0OJWNPRZS33/2024-12-31/ESEF/IT/1/WOCMU6HCI0OJWNPRZS33-2024-12-31-0-it/reports/WOCMU6HCI0OJWNPRZS33-2024-12-31-0-it.xhtml; observed 2025-04-29.

- FY2016: 31.2% 

- FY2017: 28.9% 

- FY2018: 29.8% 

- FY2019: 32.3% 

- FY2020: 35.3% 

- FY2021: 36.1% 

- FY2022: 17.6% 

- FY2023: 36.1% 

- FY2024: 40.6% 

- FY2025: 39.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities diversified; annual sales are EUR 76.7 billion.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2025-12-31 (filed 2025-04-29); FY2025: revenue 76718000000; grossProfit 30149000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 36.1% to 40.6% during 2023–25; it earns 9.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2023-12-31 (filed 2025-04-29); FY2023: grossProfit / revenue = 36.1%.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2024-12-31 (filed 2025-04-29); FY2024: grossProfit / revenue = 40.6%.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2025-12-31 (filed 2025-04-29); FY2025: grossProfit / revenue = 39.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-29); 10-year return on capital observations [[2016,0.09331916799447729],[2017,0.11289563500737644],[2018,0.11720454098548834],[2019,0.18605866778276178],[2020,0.08283651995237463],[2021,0.0669504668962462],[2022,0.07798745846285776],[2023,0.08106664210380878],[2024,0.12786453198856645],[2025,0.0919943643676668]]; median 0.09265676618107205. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 66.9% of cash earnings; earns 6.2% on new investment.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2017-12-31 (filed 2025-04-29); FY2017: growth capex 3575000000; upkeep 4924000000; owner earnings 3779000000. Growth capex / owner earnings = 0.9460174649378142.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2018-12-31 (filed 2025-04-29); FY2018: growth capex 1173466234.8692646; upkeep 7085533765.130735; owner earnings 2910466234.8692646. Growth capex / owner earnings = 0.40318840356585534.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2021-12-31 (filed 2025-04-29); FY2021: growth capex 6612000000; upkeep 5589000000; owner earnings 2767823800.881514. Growth capex / owner earnings = 2.3888803896744326.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2022-12-31 (filed 2025-04-29); FY2022: growth capex 7158000000; upkeep 6084000000; cash acquisitions 0; owner earnings 1374170958.9041095. Growth capex plus acquisitions / owner earnings = 5.208958866157707.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/ENEL.MI (filed 2025-04-29); FY2024: growth capex 0; upkeep 10166000000; cash acquisitions 0; owner earnings 3544917341.110706. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2025-12-31 (filed 2025-04-29); FY2025: growth capex 1408000000; upkeep 7098000000; cash acquisitions 1036000000; owner earnings 3655600000. Growth capex plus acquisitions / owner earnings = 0.6685633001422475.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-29); Incremental return on capital 0.06223227776242763, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-29); Dividend observations: [[2016,2507000000],[2017,2873000000],[2018,3444000000],[2019,3957000000],[2020,4742000000],[2021,4970000000],[2022,4901000000],[2023,5135000000],[2024,5126000000],[2025,5794000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/ENL.XETRA.json#2025-12-31 (filed 2025-04-29); FY2025: cash repurchases 1947000000 EUR.

### What the price says

The price is 1.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-29); Closing price 9.02299976348877 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 7.081661538679436; price multiple 1.2741359798411587. FY2025 cash earnings/share 0.33744000001038277. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 3.81 per share

- 2016-12: EUR 4.19 per share

- 2017-01: EUR 3.86 per share

- 2017-02: EUR 4.05 per share

- 2017-03: EUR 4.41 per share

- 2017-04: EUR 4.36 per share

- 2017-05: EUR 4.76 per share

- 2017-06: EUR 4.69 per share

- 2017-07: EUR 4.82 per share

- 2017-08: EUR 5.09 per share

- 2017-09: EUR 5.09 per share

- 2017-10: EUR 5.32 per share

- 2017-11: EUR 5.45 per share

- 2017-12: EUR 5.13 per share

- 2018-01: EUR 5.11 per share

- 2018-02: EUR 4.78 per share

- 2018-03: EUR 4.97 per share

- 2018-04: EUR 5.27 per share

- 2018-05: EUR 4.70 per share

- 2018-06: EUR 4.76 per share

- 2018-07: EUR 4.77 per share

- 2018-08: EUR 4.26 per share

- 2018-09: EUR 4.41 per share

- 2018-10: EUR 4.33 per share

- 2018-11: EUR 4.79 per share

- 2018-12: EUR 5.04 per share

- 2019-01: EUR 5.27 per share

- 2019-02: EUR 5.32 per share

- 2019-03: EUR 5.70 per share

- 2019-04: EUR 5.64 per share

- 2019-05: EUR 5.57 per share

- 2019-06: EUR 6.14 per share

- 2019-07: EUR 6.20 per share

- 2019-08: EUR 6.59 per share

- 2019-09: EUR 6.85 per share

- 2019-10: EUR 6.94 per share

- 2019-11: EUR 6.86 per share

- 2019-12: EUR 7.07 per share

- 2020-01: EUR 7.86 per share

- 2020-02: EUR 7.58 per share

- 2020-03: EUR 6.34 per share

- 2020-04: EUR 6.24 per share

- 2020-05: EUR 6.90 per share

- 2020-06: EUR 7.68 per share

- 2020-07: EUR 7.73 per share

- 2020-08: EUR 7.59 per share

- 2020-09: EUR 7.42 per share

- 2020-10: EUR 6.83 per share

- 2020-11: EUR 8.37 per share

- 2020-12: EUR 8.28 per share

- 2021-01: EUR 8.19 per share

- 2021-02: EUR 7.84 per share

- 2021-03: EUR 8.49 per share

- 2021-04: EUR 8.27 per share

- 2021-05: EUR 8.06 per share

- 2021-06: EUR 7.83 per share

- 2021-07: EUR 7.78 per share

- 2021-08: EUR 7.72 per share

- 2021-09: EUR 6.65 per share

- 2021-10: EUR 7.24 per share

- 2021-11: EUR 6.71 per share

- 2021-12: EUR 7.05 per share

- 2022-01: EUR 6.78 per share

- 2022-02: EUR 6.60 per share

- 2022-03: EUR 6.07 per share

- 2022-04: EUR 6.22 per share

- 2022-05: EUR 6.04 per share

- 2022-06: EUR 5.22 per share

- 2022-07: EUR 4.91 per share

- 2022-08: EUR 4.70 per share

- 2022-09: EUR 4.22 per share

- 2022-10: EUR 4.52 per share

- 2022-11: EUR 5.13 per share

- 2022-12: EUR 5.03 per share

- 2023-01: EUR 5.39 per share

- 2023-02: EUR 5.32 per share

- 2023-03: EUR 5.63 per share

- 2023-04: EUR 6.20 per share

- 2023-05: EUR 5.86 per share

- 2023-06: EUR 6.17 per share

- 2023-07: EUR 6.27 per share

- 2023-08: EUR 6.21 per share

- 2023-09: EUR 5.82 per share

- 2023-10: EUR 5.99 per share

- 2023-11: EUR 6.49 per share

- 2023-12: EUR 6.73 per share

- 2024-01: EUR 6.34 per share

- 2024-02: EUR 5.88 per share

- 2024-03: EUR 6.12 per share

- 2024-04: EUR 6.18 per share

- 2024-05: EUR 6.66 per share

- 2024-06: EUR 6.49 per share

- 2024-07: EUR 6.59 per share

- 2024-08: EUR 6.86 per share

- 2024-09: EUR 7.18 per share

- 2024-10: EUR 6.97 per share

- 2024-11: EUR 6.81 per share

- 2024-12: EUR 6.89 per share

- 2025-01: EUR 6.87 per share

- 2025-02: EUR 7.06 per share

- 2025-03: EUR 7.50 per share

- 2025-04: EUR 7.64 per share

- 2025-05: EUR 8.09 per share

- 2025-06: EUR 8.06 per share

- 2025-07: EUR 7.73 per share

- 2025-08: EUR 7.88 per share

- 2025-09: EUR 8.07 per share

- 2025-10: EUR 8.77 per share

- 2025-11: EUR 8.91 per share

- 2025-12: EUR 8.88 per share

- 2026-01: EUR 9.31 per share

- 2026-02: EUR 10.19 per share

- 2026-03: EUR 9.38 per share

- 2026-04: EUR 9.92 per share

- 2026-05: EUR 9.63 per share

- 2026-06: EUR 10.05 per share

- 2026-07: EUR 9.80 per share

- 2026-08: EUR 9.42 per share

- 2026-09: EUR 8.75 per share

- 2026-10: EUR 9.10 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/WOCMU6HCI0OJWNPRZS33/2024-12-31/ESEF/IT/1/WOCMU6HCI0OJWNPRZS33-2024-12-31-0-it/reports/WOCMU6HCI0OJWNPRZS33-2024-12-31-0-it.xhtml); period 2024-12-31, filed 2025-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations