Eni Spa (E)

Price$53.58Cached quoteAs of 2026-09-06 03:24 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because stronger cash generation depends on unusually favorable energy markets.

The market price is about 16 times Eni's 2025 adjusted earnings per American depositary receipt, versus roughly 31 times reported earnings, so the valuation is not obviously cheap on last year's results. The picture improves sharply using 2026 guidance: Eni expects about €15 billion of operating cash generation against €7 billion of gross investment. That potential cash surplus is attractive, but today's assumptions include strong oil and unusually high refining margins. Paying fully for those conditions would overstate sustainable value.

Big pictureEni still earns through cycles, but profits swing sharply with oil, gas, and refining conditions.

The supplied SEC-derived history shows why normalized earnings matter. Net income moved from an €8.6 billion loss in 2020 to €13.9 billion in 2022, then fell to €4.8 billion in 2023 and about €2.6 billion in both 2024 and 2025. Cash held up better: operating cash flow was €13.3 billion in 2025, leaving about €4.6 billion after capital spending. Similar cash after investment was €5.1 billion in 2024 and €6.4 billion in 2023, showing useful durability despite volatile accounting profits.

Business strengthA stronger balance sheet and heavy buybacks give shareholders protection while new projects support growth.

At year-end 2025, supplied figures show €25.1 billion of debt and €8.1 billion of cash, leaving about €17.0 billion of net debt, slightly better than 2024. By the second quarter of 2026, Eni reported pro forma gearing near 10%, meaning debt had fallen relative to its adjusted capital base after planned transactions. Capital returns are substantial: 2025 dividends and buybacks totaled nearly €5.0 billion, while the 2026 buyback was expanded to €3.4 billion. Historical stock compensation is tiny beside repurchases, limiting dilution concerns.

What could change the storySustained high energy margins would make the shares cheap, while normalization would quickly weaken that case.

The strongest bull case is that higher production and transition businesses let 2026 cash strength persist beyond today's commodity boost. Eni now expects roughly 5% underlying production growth and €15 billion of adjusted operating cash generation. The bear case is unusually favorable pricing: guidance assumes Brent around $85 a barrel and a refining margin around $14, versus a $6 budget assumption. Eni estimates annual cash generation changes about €110 million for each $1 Brent move and €80 million for each $1 refining-margin move. Those sensitivities make normalized prices decisive.

AI: News

Second-quarter profit surgeEni delivered much stronger quarterly profit, raised production guidance, and increased cash returns to shareholders.

On July 29, Eni reported adjusted second-quarter net profit of €2.3 billion, more than double the prior-year period and the highest quarterly level in three years according to Reuters. Hydrocarbon production rose 7%, while Eni lifted expected underlying 2026 production growth to about 5% and expanded its buyback by €600 million to €3.4 billion. Milan-listed shares rose about 7% that day, although a single day's move cannot prove the results were the only cause.

Searah joint venture launchesEni combined major Asian gas assets with Petronas, creating a larger self-funded growth platform.

On June 8, Eni and Petronas formally established Searah, a 50-50 venture holding 19 producing and development assets in Indonesia and Malaysia. Initial production exceeds 300,000 barrels of oil equivalent per day, with a target above 500,000 within three years. The venture secured a $6 billion revolving credit facility and plans more than $20 billion of investment over five years. The structure may let Eni develop valuable gas resources with less direct balance-sheet funding, though a distinct stock-price reaction cannot be reliably isolated.

Loading local price history

Revenue

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	€82.15B	€88.80B	€93.72B	€132.51B	€76.58B	€43.99B	€69.88B	€76.94B	€70.98B	€56.69B	€73.54B
Gross profit	€7.75B	€10.08B	€12.40B	€22.78B	—	—	—	—	€52.23B	€37.91B	€53.24B
Gross margin	9.43%	11.36%	13.23%	17.19%	—	—	—	—	73.58%	66.87%	72.40%
Research & development	€207.0M	€178.0M	€166.0M	€164.0M	€177.0M	€157.0M	€194.0M	€197.0M	€185.0M	€161.0M	€176.0M
Operating expenses	€3.24B	€3.43B	€3.38B	€2.97B	—	—	—	€872.0M	€44.22B	€35.75B	€56.32B
Operating income	€5.01B	€5.24B	€8.26B	€17.51B	€12.34B	−€3.27B	€6.43B	€9.98B	€8.01B	€2.16B	−€3.08B
Operating margin	6.10%	5.90%	8.81%	13.21%	16.12%	−7.45%	9.20%	12.98%	11.29%	3.80%	−4.18%
EBITDA	€12.36B	€12.84B	€15.74B	€24.71B	€19.40B	€4.03B	€14.54B	€16.97B	€15.49B	€9.72B	€5.86B
EBITDA margin	15.04%	14.46%	16.79%	18.65%	25.34%	9.16%	20.80%	22.06%	21.83%	17.14%	7.97%
Net income	€2.76B	€2.76B	€4.86B	€13.96B	€5.84B	−€8.63B	€155.0M	€4.14B	€3.38B	−€1.46B	−€9.37B
Net profit margin	3.36%	3.11%	5.19%	10.54%	7.63%	−19.61%	0.22%	5.38%	4.76%	−2.57%	−12.75%
Basic EPSper basic share	€0.78	€0.79	€1.41	€3.96	€1.61	-€2.42	€0.04	€1.15	€0.94	-€0.41	-€2.44
Diluted EPSper diluted share	€0.78	€0.78	€1.40	€3.95	€1.60	-€2.42	€0.04	€1.15	€0.94	-€0.41	-€2.44

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of E
Holder	Shares held
MORGAN STANLEY	2.97M
NATIXIS ADVISORS, LLC	2.54M
JONES FINANCIAL COMPANIES LLLP	2.49M
BlackRock, Inc.	1.3M
GOLDMAN SACHS GROUP INC	1.27M
AMERICAN CENTURY COMPANIES INC	1.15M
NORTHERN TRUST CORP	915.72K
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	865.73K
FMR LLC	711.3K
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	595.67K
GQG Partners LLC	590.88K
MILLENNIUM MANAGEMENT LLC	537.4K
BANK OF AMERICA CORP /DE/	497.26K
Invesco Ltd.	479.42K
Quantinno Capital Management LP	473.62K
Capital Wealth Planning, LLC	459.27K
RAYMOND JAMES FINANCIAL INC	428.89K
UBS Group AG	371.46K
O'SHAUGHNESSY ASSET MANAGEMENT, LLC	251.46K
Creative Planning	235.75K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about E yet. Start the conversation.

Write the first post

Eni Spa (E)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.