# Energean Oil & Gas (ENOG.LSE)

Canonical: https://gigainvestors.com/s/ENOG.LSE

Analysis as of: 2026-10-16T07:41:32.647Z. Financial observations: FY2014–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: GBX 712.50 per share; close as of 2026-10-15.

Estimated value: low GBX 257.39 per share, central GBX 317.80 per share, high GBX 352.98 per share. Buy at or below the central value GBX 317.80 per share. Valuation as of 2026-10-16T07:41:32.647Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 5

- Operating margin variation: 2.95×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.27×

- FY2017: -0.24×

- FY2018: 0.26×

- FY2019: -1.24×

- FY2020: -4.45×

- FY2021: 0.06×

- FY2022: 0.31×

- FY2023: 0.40×

- FY2024: 0.26×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.9%

- ROIC, second-lowest year: -5.0%

- Typical minus recent gross margin: -2.3 pp

- Typical gross margin (annual median): 31.4%

- Recent gross margin (lower of latest and 3-year median): 33.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 87.3%

- ROIC including acquisitions, ten-year median: -1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -3.4%

- FY2017: -6.0%

- FY2018: 3.0%

- FY2019: -5.0%

- FY2020: -4.7%

- FY2021: 0.9%

- FY2022: 4.7%

- FY2023: 7.2%

- FY2024: 8.1%

- FY2025: 6.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$189M

- Net income, five-year total: -$24M

- Return on incremental invested capital: 6.7%

- Working capital / revenue, annual change: 13.6 pp

- Working capital / revenue, change between three-year averages: 140.5 pp

- Working capital / revenue, final three-year average: 11.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$105M

- FY2022: $11M

- FY2023: $172M

- FY2024: $124M

- FY2025: -$392M

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -3.4% vs 7.2%

- Per-share earnings: -0.22 to 0.70 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: $881M

- Cumulative retained earnings: -$423M

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.92

- Per-share value, starting three-year median: -$0.22

- Per-share value, ending three-year median: $0.70

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $398M

- Cumulative net income, 10 years: -$122M

- ROIC, first three-year median: -3.4%

- ROIC, last three-year median: 7.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.25

- FY2017: $0.08

- FY2018: $0.68

- FY2019: -$0.47

- FY2020: -$0.52

- FY2021: -$0.54

- FY2022: $0.10

- FY2023: $1.04

- FY2024: $0.70

- FY2025: -$1.40

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -21.4%

- Receivables to sales index (DSRI): 3.73×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.97×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -15.6%

- FY2017: -4.1%

- FY2018: 2.4%

- FY2019: -4.8%

- FY2020: -2.2%

- FY2021: -4.4%

- FY2022: -4.4%

- FY2023: -8.1%

- FY2024: -16.8%

- FY2025: -21.4%

## Holders

## Price story

Down 52% since Nov 2022 · sales -2.9%

Story as of 2026-10-16T10:00:11.951Z; price observation 2026-10-15.

Price needs cash profits to grow 20.4% a year for ten years

### Sales · FY2024–2025

sales -2.9%; source https://filings.xbrl.org/549300RVMKU0CYUZBB05/2025-12-31/ESEF/GB/0/549300RVMKU0CYUZBB05-2025-12-31/reports/549300RVMKU0CYUZBB05-2025-12-31-T01.html; observed 2026-05-12.

- FY2016: $40M 

- FY2017: $58M 

- FY2018: $90M 

- FY2019: $76M 

- FY2020: $28M 

- FY2021: $497M 

- FY2022: $737M 

- FY2023: $978M 

- FY2024: $1.8B 

- FY2025: $1.7B 

### Gross margin · FY2025

gross margin 33.7%; source https://filings.xbrl.org/549300RVMKU0CYUZBB05/2025-12-31/ESEF/GB/0/549300RVMKU0CYUZBB05-2025-12-31/reports/549300RVMKU0CYUZBB05-2025-12-31-T01.html; observed 2026-05-12.

- FY2017: 15.8% 

- FY2018: 32.5% 

- FY2019: 13.5% 

- FY2021: 30.4% 

- FY2022: 51.1% 

- FY2023: 48.0% 

- FY2024: 44.5% 

- FY2025: 33.7% 

## Owner memo

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

### How it makes money

Operates in oil & gas e&p; annual sales are USD 1.7 billion.

- Source: https://filings.xbrl.org/549300RVMKU0CYUZBB05/2025-12-31/ESEF/GB/0/549300RVMKU0CYUZBB05-2025-12-31/reports/549300RVMKU0CYUZBB05-2025-12-31-T01.html (filed 2026-05-12); FY2025: revenue 1728126000; grossProfit 583220000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENOG.LSE: Energean plc engages in the exploration, production, and development of oil and gas. The company operates through Europe, Israel, and New Ventures segments. Its flagship project is the 100% owned Karish and Karish North projects located in Israel. It also offers financing services; carbon capture storage; and holds a gas transportation license. The company was formerly known as Energean Oil & Gas plc and changed its name to Energean plc in May 2020. Energean plc was founded in 2007 and is based in London, the United Kingdom.

### Why customers stay

Margins ranged from 33.7% to 48% during 2023–25; it earns 1.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2023: grossProfit / revenue = 48%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2024: grossProfit / revenue = 44.5%.

- Source: https://filings.xbrl.org/549300RVMKU0CYUZBB05/2025-12-31/ESEF/GB/0/549300RVMKU0CYUZBB05-2025-12-31/reports/549300RVMKU0CYUZBB05-2025-12-31-T01.html (filed 2026-05-12); FY2025: grossProfit / revenue = 33.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); 10-year return on capital observations [[2016,-0.034032830804838224],[2017,-0.0602021978021978],[2018,0.02959017275759248],[2019,-0.05027819611581887],[2020,-0.047397693876204204],[2021,0.008864587085380567],[2022,0.047490163040348296],[2023,0.07217932889576015],[2024,0.08095997746379124],[2025,0.06298485278494187]]; median 0.019227379921486522. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2017: growth capex 35995000; upkeep 18008000; owner earnings 9952000. Growth capex / owner earnings = 3.616860932475884.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2018: growth capex 242854108.2472201; upkeep 47268891.7527799; owner earnings 92667108.2472201. Growth capex / owner earnings = 2.6207152984565636.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2022: growth capex 376807000; upkeep 83360000; owner earnings 10816800. Growth capex / owner earnings = 34.835348716810884.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2023: growth capex 234923000; upkeep 306144000; owner earnings 171915800. Growth capex / owner earnings = 1.3665003449363002.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2024: growth capex 352513000; upkeep 412825000; owner earnings 124485600. Growth capex / owner earnings = 2.8317572474246018.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,106504000],[2023,213698000],[2024,219815000],[2025,225454912]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 23.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENOG.LSE SharesStats.PercentInsiders = 23.576 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Ten-year compound average after fade. Initial solved rate 0.2844634889235237. Price 712.5; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.4912735762632899 → FY2025 -2.1249135247769746. Closing-price date 2026-10-15.

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

- 2018-03: GBX 428.00 per share

- 2018-04: GBX 485.00 per share

- 2018-05: GBX 550.00 per share

- 2018-06: GBX 532.00 per share

- 2018-07: GBX 524.00 per share

- 2018-08: GBX 539.00 per share

- 2018-09: GBX 577.00 per share

- 2018-10: GBX 628.00 per share

- 2018-11: GBX 570.00 per share

- 2018-12: GBX 628.30 per share

- 2019-01: GBX 614.70 per share

- 2019-02: GBX 658.30 per share

- 2019-03: GBX 764.50 per share

- 2019-04: GBX 829.00 per share

- 2019-05: GBX 790.00 per share

- 2019-06: GBX 831.00 per share

- 2019-07: GBX 1,066.00 per share

- 2019-08: GBX 991.00 per share

- 2019-09: GBX 937.00 per share

- 2019-10: GBX 884.00 per share

- 2019-11: GBX 897.00 per share

- 2019-12: GBX 930.00 per share

- 2020-01: GBX 769.00 per share

- 2020-02: GBX 654.00 per share

- 2020-03: GBX 577.00 per share

- 2020-04: GBX 656.00 per share

- 2020-05: GBX 539.00 per share

- 2020-06: GBX 615.00 per share

- 2020-07: GBX 570.00 per share

- 2020-08: GBX 572.60 per share

- 2020-09: GBX 586.00 per share

- 2020-10: GBX 519.10 per share

- 2020-11: GBX 717.60 per share

- 2020-12: GBX 721.20 per share

- 2021-01: GBX 786.20 per share

- 2021-02: GBX 904.30 per share

- 2021-03: GBX 849.80 per share

- 2021-04: GBX 833.00 per share

- 2021-05: GBX 770.50 per share

- 2021-06: GBX 714.00 per share

- 2021-07: GBX 648.00 per share

- 2021-08: GBX 677.50 per share

- 2021-09: GBX 884.00 per share

- 2021-10: GBX 897.50 per share

- 2021-11: GBX 881.50 per share

- 2021-12: GBX 855.00 per share

- 2022-01: GBX 943.50 per share

- 2022-02: GBX 1,038.00 per share

- 2022-03: GBX 1,191.00 per share

- 2022-04: GBX 1,184.00 per share

- 2022-05: GBX 1,336.00 per share

- 2022-06: GBX 1,099.00 per share

- 2022-07: GBX 1,148.00 per share

- 2022-08: GBX 1,294.00 per share

- 2022-09: GBX 1,334.00 per share

- 2022-10: GBX 1,431.00 per share

- 2022-11: GBX 1,485.00 per share

- 2022-12: GBX 1,309.00 per share

- 2023-01: GBX 1,165.00 per share

- 2023-02: GBX 1,206.00 per share

- 2023-03: GBX 1,302.00 per share

- 2023-04: GBX 1,238.00 per share

- 2023-05: GBX 1,110.00 per share

- 2023-06: GBX 1,024.00 per share

- 2023-07: GBX 1,158.00 per share

- 2023-08: GBX 1,138.00 per share

- 2023-09: GBX 1,143.00 per share

- 2023-10: GBX 852.00 per share

- 2023-11: GBX 1,007.00 per share

- 2023-12: GBX 1,044.00 per share

- 2024-01: GBX 946.00 per share

- 2024-02: GBX 1,020.00 per share

- 2024-03: GBX 1,093.00 per share

- 2024-04: GBX 1,104.00 per share

- 2024-05: GBX 1,193.00 per share

- 2024-06: GBX 986.00 per share

- 2024-07: GBX 999.00 per share

- 2024-08: GBX 972.50 per share

- 2024-09: GBX 902.00 per share

- 2024-10: GBX 1,006.00 per share

- 2024-11: GBX 1,012.00 per share

- 2024-12: GBX 1,043.00 per share

- 2025-01: GBX 926.50 per share

- 2025-02: GBX 1,015.00 per share

- 2025-03: GBX 875.50 per share

- 2025-04: GBX 882.00 per share

- 2025-05: GBX 918.50 per share

- 2025-06: GBX 911.50 per share

- 2025-07: GBX 915.50 per share

- 2025-08: GBX 954.50 per share

- 2025-09: GBX 829.00 per share

- 2025-10: GBX 964.00 per share

- 2025-11: GBX 939.00 per share

- 2025-12: GBX 886.00 per share

- 2026-01: GBX 847.50 per share

- 2026-02: GBX 893.00 per share

- 2026-03: GBX 864.00 per share

- 2026-04: GBX 893.50 per share

- 2026-05: GBX 782.50 per share

- 2026-06: GBX 683.50 per share

- 2026-07: GBX 763.00 per share

- 2026-08: GBX 733.00 per share

- 2026-09: GBX 709.00 per share

- 2026-10: GBX 712.50 per share

## Annual estimated value (GBX per share)

- FY2024: low GBX 207.58 per share, central GBX 270.52 per share, high GBX 307.18 per share

- FY2025: low GBX 260.43 per share, central GBX 320.84 per share, high GBX 356.02 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/549300RVMKU0CYUZBB05/2025-12-31/ESEF/GB/0/549300RVMKU0CYUZBB05-2025-12-31/reports/549300RVMKU0CYUZBB05-2025-12-31-T01.html); period 2025-12-31, filed 2026-05-12.

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.