# Eni (ENI.MI)

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

Analysis as of: 2026-10-16T07:33:45.743Z. Financial observations: FY2015–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 25.74 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 0.79×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: 0.09×

- FY2020: -0.07×

- FY2021: 0.16×

- FY2022: 0.13×

- FY2023: 0.09×

- FY2024: 0.06×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.6%

- ROIC, second-lowest year: 1.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.2%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.9%

- FY2017: 8.1%

- FY2018: 9.2%

- FY2019: 5.9%

- FY2020: -4.4%

- FY2021: 12.1%

- FY2022: 15.5%

- FY2023: 7.3%

- FY2024: 4.3%

- FY2025: 4.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 27B

- Net income, five-year total: EUR 30B

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.6 pp

- Working capital / revenue, final three-year average: 0.1%

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

- FY2021: 1.31×

- FY2022: 1.00×

- FY2023: 0.64×

- FY2024: 0.66×

- FY2025: 0.28×

### 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: 8.1% vs 4.6%

- Per-share earnings: 0.01 to 0.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.5%

- Ordinary dilution, 5-year annual growth: -2.9%

- Market cap gain: EUR -5.9B

- Cumulative retained earnings: EUR -4.3B

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -2.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 74.1%

- Per-share value change: EUR 0.83

- Per-share value, starting three-year median: EUR 0.01

- Per-share value, ending three-year median: EUR 0.84

- Buybacks concentrated in cheaper years (correlation): 0.49

- Average buyback yield: 3.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: EUR 21B

- ROIC, first three-year median: 8.1%

- ROIC, last three-year median: 4.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.01

- FY2017: EUR 0.01

- FY2018: EUR 0.04

- FY2019: EUR 0.04

- FY2020: EUR -2.42

- FY2021: EUR 1.63

- FY2022: EUR 3.98

- FY2023: EUR 1.43

- FY2024: EUR 0.81

- FY2025: EUR 0.84

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 0.80×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -8.8%

- FY2018: -11.4%

- FY2019: -9.9%

- FY2020: -12.3%

- FY2021: -5.1%

- FY2022: -2.3%

- FY2023: -7.3%

- FY2024: -7.1%

- FY2025: -7.8%

## Holders

## Price story

Up 67% since Oct 2023 · sales -7.5%

Story as of 2026-10-16T09:59:57.659Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales -7.5%; source https://filings.xbrl.org/BUCRF72VH5RBN7X3VL35/2025-12-31/ESEF/IT/0/BUCRF72VH5RBN7X3VL35-2025-12-31-1-it/reports/BUCRF72VH5RBN7X3VL35-2025-12-31-1-it.xhtml; observed 2026-03-24.

- FY2016: EUR 57B 

- FY2017: EUR 71B 

- FY2018: EUR 77B 

- FY2019: EUR 70B 

- FY2020: EUR 44B 

- FY2021: EUR 77B 

- FY2022: EUR 133B 

- FY2023: EUR 94B 

- FY2024: EUR 89B 

- FY2025: EUR 82B 

### Gross margin · FY2025

gross margin 9.4%; source https://filings.xbrl.org/BUCRF72VH5RBN7X3VL35/2025-12-31/ESEF/IT/0/BUCRF72VH5RBN7X3VL35-2025-12-31-1-it/reports/BUCRF72VH5RBN7X3VL35-2025-12-31-1-it.xhtml; observed 2026-03-24.

- FY2016: 66.9% 

- FY2017: 73.6% 

- FY2022: 17.2% 

- FY2023: 13.2% 

- FY2024: 11.4% 

- FY2025: 9.4% 

## Owner memo

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

### How it makes money

Operates in oil & gas integrated; annual sales are EUR 82.2 billion.

- Source: https://filings.xbrl.org/BUCRF72VH5RBN7X3VL35/2025-12-31/ESEF/IT/0/BUCRF72VH5RBN7X3VL35-2025-12-31-1-it.json (filed 2026-03-24); FY2025: revenue 82151000000; grossProfit 7746000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); E.US: Eni S.p.A. operates as an integrated energy company in Italy, Other European Union, Rest of Europe, the United States, Asia, Africa, and internationally. The company engages in exploration, development, extracting, manufacturing, trading, and marketing crude oil and natural gas, oil-based fuels, chemical products, and gas-fired power, as well as energy products from renewable sources. The company operates through Exploration & Production; Global Gas & LNG Portfolio and Power; Refining and Chemicals; Enilive; Plenitude; and Corporate and Other Activities segments. The company engages in research, development, and production of oil, condensates, and natural gas. It is also involved in the supply and sale of wholesale natural gas through pipelines; electricity; and international transport, and purchase and marketing of liquefied natural gas. In addition, the company supplies bio-feedstock and crude oil; and stores, produces, distributes, and markets biofuels, oil products, biomethane, basic chemical and petrochemical products, intermediates, plastics and elastomers, and other chemicals, as well as provides smart mobility solutions and services. Further, the company engages in the retail marketing of gas, power, and related services; production and wholesale sale of electricity from renewable plants; and building and managing a network of charging points for electric vehicles. Eni S.p.A. was founded in 1953 and is headquartered in Rome, Italy.

### Why customers stay

Margins ranged from 9.4% to 13.2% during 2023–25; it earns 6.6% on its capital.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/ENI.MI (filed 2026-03-24); FY2023: grossProfit / revenue = 13.2%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/ENI.MI (filed 2026-03-24); FY2024: grossProfit / revenue = 11.4%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/ENI.MI (filed 2026-03-24); FY2025: grossProfit / revenue = 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.019132256215714637],[2017,0.08115630356864578],[2018,0.09196227377729907],[2019,0.05904500967418476],[2020,-0.04429539968155592],[2021,0.12056467370066432],[2022,0.15520086181034717],[2023,0.07260324932700242],[2024,0.043494979432279826],[2025,0.04594514517904004]]; median 0.06582412950059359. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 10.7% of cash earnings; paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2016: growth capex 0; upkeep 0; owner earnings 7595000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 0; upkeep 0; owner earnings 7527000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 0; upkeep 0; owner earnings 7117000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 0; upkeep 5234000000; owner earnings 7650000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 851000000; upkeep 7205000000; cash acquisitions 1696000000; owner earnings 13887000000. Growth capex plus acquisitions / owner earnings = 0.1834089436163318.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/ENI.MI (filed 2026-03-24); FY2023: growth capex 0; upkeep 9215000000; cash acquisitions 882000000; owner earnings 3035000000. Growth capex plus acquisitions / owner earnings = 0.29060955518945636.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: growth capex 0; upkeep 8485000000; cash acquisitions 908000000; owner earnings 1739000000. Growth capex plus acquisitions / owner earnings = 0.5221391604370328.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/ENI.MI (filed 2026-03-24); FY2025: growth capex 0; upkeep 9229000000; cash acquisitions 78000000; owner earnings 728000000. Growth capex plus acquisitions / owner earnings = 0.10714285714285714.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,3018000000],[2020,1965000000],[2021,2358000000],[2022,3009000000],[2023,3046000000],[2024,3068000000],[2025,3080000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/BUCRF72VH5RBN7X3VL35/2025-12-31/ESEF/IT/0/BUCRF72VH5RBN7X3VL35-2025-12-31-1-it.json (filed 2026-03-24); FY2025: cash repurchases 1896000000 EUR.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); E.US SharesStats.PercentInsiders = 0.001 percentage points; cache date 2026-09-29.

### What the price says

The price is 1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Closing price 25.735000610351562 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 26.60261402529448; price multiple 0.9673861593406585. FY2025 cash earnings/share 0.23574518886458326. Closing-price date 2026-10-14.

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

- 2016-11: EUR 13.14 per share

- 2016-12: EUR 15.47 per share

- 2017-01: EUR 14.21 per share

- 2017-02: EUR 14.52 per share

- 2017-03: EUR 15.35 per share

- 2017-04: EUR 14.27 per share

- 2017-05: EUR 14.09 per share

- 2017-06: EUR 13.16 per share

- 2017-07: EUR 13.37 per share

- 2017-08: EUR 13.17 per share

- 2017-09: EUR 14.00 per share

- 2017-10: EUR 14.04 per share

- 2017-11: EUR 13.81 per share

- 2017-12: EUR 13.80 per share

- 2018-01: EUR 14.49 per share

- 2018-02: EUR 13.71 per share

- 2018-03: EUR 14.29 per share

- 2018-04: EUR 16.20 per share

- 2018-05: EUR 15.49 per share

- 2018-06: EUR 15.91 per share

- 2018-07: EUR 16.46 per share

- 2018-08: EUR 15.98 per share

- 2018-09: EUR 16.28 per share

- 2018-10: EUR 15.71 per share

- 2018-11: EUR 14.25 per share

- 2018-12: EUR 13.75 per share

- 2019-01: EUR 14.81 per share

- 2019-02: EUR 15.17 per share

- 2019-03: EUR 15.75 per share

- 2019-04: EUR 15.22 per share

- 2019-05: EUR 13.58 per share

- 2019-06: EUR 14.61 per share

- 2019-07: EUR 14.20 per share

- 2019-08: EUR 13.68 per share

- 2019-09: EUR 14.03 per share

- 2019-10: EUR 13.57 per share

- 2019-11: EUR 13.71 per share

- 2019-12: EUR 13.85 per share

- 2020-01: EUR 12.66 per share

- 2020-02: EUR 11.16 per share

- 2020-03: EUR 9.22 per share

- 2020-04: EUR 8.71 per share

- 2020-05: EUR 8.12 per share

- 2020-06: EUR 8.49 per share

- 2020-07: EUR 7.54 per share

- 2020-08: EUR 7.80 per share

- 2020-09: EUR 6.69 per share

- 2020-10: EUR 6.01 per share

- 2020-11: EUR 8.30 per share

- 2020-12: EUR 8.55 per share

- 2021-01: EUR 8.35 per share

- 2021-02: EUR 9.48 per share

- 2021-03: EUR 10.49 per share

- 2021-04: EUR 9.93 per share

- 2021-05: EUR 10.06 per share

- 2021-06: EUR 10.27 per share

- 2021-07: EUR 10.02 per share

- 2021-08: EUR 10.45 per share

- 2021-09: EUR 11.55 per share

- 2021-10: EUR 12.40 per share

- 2021-11: EUR 11.64 per share

- 2021-12: EUR 12.22 per share

- 2022-01: EUR 13.31 per share

- 2022-02: EUR 13.83 per share

- 2022-03: EUR 13.29 per share

- 2022-04: EUR 13.39 per share

- 2022-05: EUR 14.20 per share

- 2022-06: EUR 11.33 per share

- 2022-07: EUR 11.72 per share

- 2022-08: EUR 11.81 per share

- 2022-09: EUR 10.91 per share

- 2022-10: EUR 13.25 per share

- 2022-11: EUR 14.32 per share

- 2022-12: EUR 13.29 per share

- 2023-01: EUR 14.14 per share

- 2023-02: EUR 13.37 per share

- 2023-03: EUR 12.91 per share

- 2023-04: EUR 13.75 per share

- 2023-05: EUR 12.45 per share

- 2023-06: EUR 13.18 per share

- 2023-07: EUR 13.88 per share

- 2023-08: EUR 14.28 per share

- 2023-09: EUR 15.26 per share

- 2023-10: EUR 15.43 per share

- 2023-11: EUR 15.17 per share

- 2023-12: EUR 15.35 per share

- 2024-01: EUR 14.81 per share

- 2024-02: EUR 14.25 per share

- 2024-03: EUR 14.65 per share

- 2024-04: EUR 15.14 per share

- 2024-05: EUR 14.50 per share

- 2024-06: EUR 14.35 per share

- 2024-07: EUR 14.80 per share

- 2024-08: EUR 14.67 per share

- 2024-09: EUR 13.68 per share

- 2024-10: EUR 14.01 per share

- 2024-11: EUR 13.41 per share

- 2024-12: EUR 13.09 per share

- 2025-01: EUR 13.70 per share

- 2025-02: EUR 13.85 per share

- 2025-03: EUR 14.30 per share

- 2025-04: EUR 12.70 per share

- 2025-05: EUR 12.97 per share

- 2025-06: EUR 13.76 per share

- 2025-07: EUR 14.91 per share

- 2025-08: EUR 15.24 per share

- 2025-09: EUR 14.87 per share

- 2025-10: EUR 15.94 per share

- 2025-11: EUR 16.13 per share

- 2025-12: EUR 16.14 per share

- 2026-01: EUR 17.23 per share

- 2026-02: EUR 19.66 per share

- 2026-03: EUR 24.85 per share

- 2026-04: EUR 24.00 per share

- 2026-05: EUR 22.53 per share

- 2026-06: EUR 20.62 per share

- 2026-07: EUR 23.98 per share

- 2026-08: EUR 23.31 per share

- 2026-09: EUR 24.02 per share

- 2026-10: EUR 25.77 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/BUCRF72VH5RBN7X3VL35/2025-12-31/ESEF/IT/0/BUCRF72VH5RBN7X3VL35-2025-12-31-1-it/reports/BUCRF72VH5RBN7X3VL35-2025-12-31-1-it.xhtml); period 2025-12-31, filed 2026-03-24.

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.