# E.On Se (EOAN.XETRA)

Canonical: https://gigainvestors.com/s/EOAN.XETRA

Analysis as of: 2026-10-16T07:33:55.400Z. Financial observations: FY1997–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## 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: EUR 17.55 per share; close as of 2026-10-15.

Estimated value: low EUR 5.76 per share, central EUR 6.45 per share, high EUR 7.35 per share. Buy at or below the central value EUR 6.45 per share. Valuation as of 2026-10-16T07:33:55.400Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## 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: 2.42×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.07×

- FY2017: 0.13×

- FY2018: 0.07×

- FY2019: 0.04×

- FY2020: 0.03×

- FY2021: -0.15×

- FY2022: -0.03×

- FY2023: 0.19×

- FY2024: 0.11×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 10.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.7%

- ROIC, second-lowest year: -42.0%

- Typical minus recent gross margin: 10.9 pp

- Typical gross margin (annual median): 22.4%

- Recent gross margin (lower of latest and 3-year median): 11.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -94.0%

- FY2017: 38.0%

- FY2018: 23.4%

- FY2019: 8.0%

- FY2020: 8.5%

- FY2021: -42.0%

- FY2022: -13.3%

- FY2023: 70.2%

- FY2024: 19.4%

- FY2025: 10.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.42×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.6B

- Net income, five-year total: EUR 13B

- Return on incremental invested capital: 151.8%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.9 pp

- Working capital / revenue, final three-year average: 1.6%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -3.83×

- FY2024: 0.54×

- FY2025: -0.82×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 23.4% vs 19.4%

- Per-share earnings: -3.58 to 0.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 29B

- Cumulative retained earnings: EUR 14B

- Diluted shares, 10-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 4.25

- Per-share value, starting three-year median: EUR -3.58

- Per-share value, ending three-year median: EUR 0.66

- Buybacks concentrated in cheaper years (correlation): -0.80

- Average buyback yield: 3.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 18B

- Cumulative net income, 10 years: EUR 15B

- ROIC, first three-year median: 23.4%

- ROIC, last three-year median: 19.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -4.33

- FY2017: EUR 1.81

- FY2018: EUR 1.49

- FY2019: EUR 0.59

- FY2020: EUR 0.39

- FY2021: EUR 1.80

- FY2022: EUR 0.70

- FY2023: EUR 0.20

- FY2024: EUR 1.73

- FY2025: EUR 0.66

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 1.24×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.04×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -21.6%

- FY2017: 12.3%

- FY2018: 0.7%

- FY2019: -1.4%

- FY2020: -4.5%

- FY2021: 0.5%

- FY2022: -6.1%

- FY2023: -4.5%

- FY2024: -1.0%

- FY2025: -4.5%

## Holders

## Price story

Price needs cash profits to grow 14.7% a year for ten years · sales -1.8%

Story as of 2026-10-16T09:59:58.317Z; price observation 2026-10-15.

Price needs cash profits to grow 14.7% a year for ten years

### Sales · FY2024–2025

sales -1.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 38B 

- FY2017: EUR 37B 

- FY2018: EUR 29B 

- FY2019: EUR 41B 

- FY2020: EUR 61B 

- FY2021: EUR 77B 

- FY2022: EUR 116B 

- FY2023: EUR 94B 

- FY2024: EUR 80B 

- FY2025: EUR 79B 

### Gross margin · FY2025

gross margin 11.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 16.7% 

- FY2017: 21.1% 

- FY2018: 24.4% 

- FY2019: 23.8% 

- FY2020: 23.8% 

- FY2021: 0.1% 

- FY2022: 7.1% 

- FY2023: 33.0% 

- FY2024: 28.3% 

- FY2025: 11.6% 

## Owner memo

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

### How it makes money

Operates in utilities diversified; annual sales are EUR 78.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2025: revenue 78704000000; grossProfit 9108000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EOAN.XETRA: E.ON SE operates as an energy company in Germany, the United Kingdom, Sweden, the Netherlands, rest of Europe, and internationally. The company operates through Energy Networks, Energy Infrastructure Solutions, and Energy Retail segments. The Energy Networks segment operates power and gas distribution networks; and offers maintenance, repair, and related services for its power and gas networks. Its Energy Infrastructure Solutions provides integrated and sustainable energy solutions for cities, municipalities, and industrial and commercial customers comprising district heating and cooling; heat, steam, and electricity services; embedded solutions; products and services that enhance energy efficiency. This segment also installs smart energy meters, block-type thermal power stations, photovoltaic systems, air-conditioning systems, and heat pumps. Its Energy Retail segment supplies power and gas; installs customer connections and connects renewable energy generating stations to the grid; and offers a range of green power and green gas, and sustainable solutions that enhance energy efficiency for residential, small and medium-sized enterprises, commercial and industrial, and sales partners. It also provides digital solutions; biogas and biomethane products; and compressed natural gas refueling services, as well as solar and battery storage systems, heating systems, and charging infrastructure for electric vehicle. E.ON SE was founded in 1923 and is headquartered in Essen, Germany.

### Why customers stay

Margins ranged from 11.6% to 33% during 2023–25; it earns 9.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2023: grossProfit / revenue = 33%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2024: grossProfit / revenue = 28.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2025: grossProfit / revenue = 11.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); 10-year return on capital observations [[2016,-0.9404595669465311],[2017,0.3795973724050134],[2018,0.2341898971170078],[2019,0.08022531578512049],[2020,0.08524736192956009],[2021,-0.4200317048167221],[2022,-0.13334438320971284],[2023,0.7024893984608136],[2024,0.194463245388219],[2025,0.10870877536040639]]; median 0.09697806864498323. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2017: growth capex 0; upkeep 2051000000; owner earnings 3574000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2018: growth capex 0; upkeep 2280000000; owner earnings 2518000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2019: growth capex 752000000; upkeep 2489000000; owner earnings 921200000. Growth capex / owner earnings = 0.8163265306122449.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2020: growth capex 196000000; upkeep 4166000000; owner earnings 1017000000. Growth capex / owner earnings = 0.1927236971484759.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2021: growth capex 565000000; upkeep 3922000000; owner earnings 4691000000. Growth capex / owner earnings = 0.12044340225964613.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2022: growth capex 1198000000; upkeep 3378000000; owner earnings 1831000000. Growth capex / owner earnings = 0.6542872747132714.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); FY2024: growth capex 0; upkeep 6971000000; owner earnings 2437387989.9316797. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); Dividend observations: [[2016,976000000],[2017,345000000],[2018,650000000],[2019,932000000],[2020,1199000000],[2021,1225000000],[2022,1278000000],[2023,1331000000],[2024,1384000000],[2025,1437000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 15% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EOAN.XETRA SharesStats.PercentInsiders = 15 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.400Z); Ten-year compound average after fade. Initial solved rate 0.19895957954981436. Price 17.545; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.207885304659498 → FY2025 -0.5463324575752477. Closing-price date 2026-10-15.

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

- 2016-10: EUR 6.67 per share

- 2016-11: EUR 6.23 per share

- 2016-12: EUR 6.70 per share

- 2017-01: EUR 7.10 per share

- 2017-02: EUR 7.33 per share

- 2017-03: EUR 7.45 per share

- 2017-04: EUR 7.16 per share

- 2017-05: EUR 7.79 per share

- 2017-06: EUR 8.25 per share

- 2017-07: EUR 8.36 per share

- 2017-08: EUR 9.50 per share

- 2017-09: EUR 9.58 per share

- 2017-10: EUR 10.13 per share

- 2017-11: EUR 9.72 per share

- 2017-12: EUR 9.06 per share

- 2018-01: EUR 8.46 per share

- 2018-02: EUR 8.36 per share

- 2018-03: EUR 9.02 per share

- 2018-04: EUR 9.07 per share

- 2018-05: EUR 9.07 per share

- 2018-06: EUR 9.15 per share

- 2018-07: EUR 9.64 per share

- 2018-08: EUR 9.18 per share

- 2018-09: EUR 8.78 per share

- 2018-10: EUR 8.56 per share

- 2018-11: EUR 9.01 per share

- 2018-12: EUR 8.63 per share

- 2019-01: EUR 9.68 per share

- 2019-02: EUR 9.69 per share

- 2019-03: EUR 9.91 per share

- 2019-04: EUR 9.57 per share

- 2019-05: EUR 9.35 per share

- 2019-06: EUR 9.55 per share

- 2019-07: EUR 9.05 per share

- 2019-08: EUR 8.46 per share

- 2019-09: EUR 8.92 per share

- 2019-10: EUR 9.04 per share

- 2019-11: EUR 9.50 per share

- 2019-12: EUR 9.52 per share

- 2020-01: EUR 10.24 per share

- 2020-02: EUR 10.43 per share

- 2020-03: EUR 9.44 per share

- 2020-04: EUR 9.15 per share

- 2020-05: EUR 9.51 per share

- 2020-06: EUR 10.02 per share

- 2020-07: EUR 9.94 per share

- 2020-08: EUR 9.91 per share

- 2020-09: EUR 9.43 per share

- 2020-10: EUR 8.95 per share

- 2020-11: EUR 9.08 per share

- 2020-12: EUR 9.06 per share

- 2021-01: EUR 8.73 per share

- 2021-02: EUR 8.45 per share

- 2021-03: EUR 9.92 per share

- 2021-04: EUR 10.03 per share

- 2021-05: EUR 9.89 per share

- 2021-06: EUR 9.75 per share

- 2021-07: EUR 10.37 per share

- 2021-08: EUR 11.18 per share

- 2021-09: EUR 10.57 per share

- 2021-10: EUR 10.97 per share

- 2021-11: EUR 10.89 per share

- 2021-12: EUR 12.19 per share

- 2022-01: EUR 12.22 per share

- 2022-02: EUR 12.12 per share

- 2022-03: EUR 10.54 per share

- 2022-04: EUR 9.93 per share

- 2022-05: EUR 9.48 per share

- 2022-06: EUR 8.01 per share

- 2022-07: EUR 8.77 per share

- 2022-08: EUR 8.51 per share

- 2022-09: EUR 7.90 per share

- 2022-10: EUR 8.48 per share

- 2022-11: EUR 9.12 per share

- 2022-12: EUR 9.33 per share

- 2023-01: EUR 9.99 per share

- 2023-02: EUR 10.35 per share

- 2023-03: EUR 11.50 per share

- 2023-04: EUR 12.01 per share

- 2023-05: EUR 11.31 per share

- 2023-06: EUR 11.68 per share

- 2023-07: EUR 11.51 per share

- 2023-08: EUR 11.38 per share

- 2023-09: EUR 11.20 per share

- 2023-10: EUR 11.22 per share

- 2023-11: EUR 11.94 per share

- 2023-12: EUR 12.15 per share

- 2024-01: EUR 12.56 per share

- 2024-02: EUR 11.81 per share

- 2024-03: EUR 12.89 per share

- 2024-04: EUR 12.40 per share

- 2024-05: EUR 12.28 per share

- 2024-06: EUR 12.26 per share

- 2024-07: EUR 12.97 per share

- 2024-08: EUR 12.81 per share

- 2024-09: EUR 13.36 per share

- 2024-10: EUR 12.42 per share

- 2024-11: EUR 12.19 per share

- 2024-12: EUR 11.25 per share

- 2025-01: EUR 11.42 per share

- 2025-02: EUR 12.31 per share

- 2025-03: EUR 13.96 per share

- 2025-04: EUR 15.42 per share

- 2025-05: EUR 15.43 per share

- 2025-06: EUR 15.63 per share

- 2025-07: EUR 15.96 per share

- 2025-08: EUR 15.25 per share

- 2025-09: EUR 16.02 per share

- 2025-10: EUR 16.14 per share

- 2025-11: EUR 15.35 per share

- 2025-12: EUR 16.13 per share

- 2026-01: EUR 17.87 per share

- 2026-02: EUR 19.68 per share

- 2026-03: EUR 18.96 per share

- 2026-04: EUR 18.89 per share

- 2026-05: EUR 18.20 per share

- 2026-06: EUR 18.03 per share

- 2026-07: EUR 18.72 per share

- 2026-08: EUR 17.80 per share

- 2026-09: EUR 16.86 per share

- 2026-10: EUR 17.12 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 6.39 per share, central EUR 6.80 per share, high EUR 7.34 per share

- FY2017: low EUR 3.82 per share, central EUR 4.18 per share, high EUR 4.66 per share

- FY2018: low EUR 3.95 per share, central EUR 4.24 per share, high EUR 4.61 per share

- FY2019: low EUR 4.73 per share, central EUR 5.27 per share, high EUR 5.97 per share

- FY2020: low EUR 6.75 per share, central EUR 7.55 per share, high EUR 8.60 per share

- FY2021: low EUR 21.06 per share, central EUR 23.77 per share, high EUR 27.38 per share

- FY2022: low EUR 13.00 per share, central EUR 14.51 per share, high EUR 16.52 per share

- FY2023: low EUR 7.91 per share, central EUR 8.81 per share, high EUR 10.01 per share

- FY2024: low EUR 7.29 per share, central EUR 8.06 per share, high EUR 9.08 per share

- FY2025: low EUR 6.02 per share, central EUR 6.74 per share, high EUR 7.69 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

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