Eni S.p.A.

Oil & Gas Integrated · Energy

Also trades as: ENI.F

Price

$56.47

-0.88 (-1.53%)

Market Cap

$81.81B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Strong

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Share count falling — buybacks

−13.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.79B (2021) → 1.54B (2025)

Winston Score History

The full picture

Eni is an Italian energy company that finds, produces, and sells oil and natural gas around the world. It also refines crude oil into fuels like gasoline and diesel, generates electricity, and is expanding into renewable energy. The Italian government owns a significant stake in Eni, making it one of Europe's largest state-linked energy companies.

Eni earns most of its revenue by selling oil, natural gas, and refined fuel products to governments, utilities, and industrial customers across more than 60 countries. It operates major production assets in Africa, the Middle East, and Europe, and reported roughly $90 billion in annual revenue in recent years. Its long-term contracts and large upstream reserves provide some stability, but Eni faces the same core risk as all integrated oil companies: falling commodity prices can quickly compress margins, as the current low gross margin of under 5% suggests.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+618.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

2.0%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

€35.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Eni S.p.A. is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

9.2%

Thin — 9.2% gross margin

Profit after running costs

Operating Margin

10.5%

Modest — 10.5% operating margin

Return on the money invested

ROCE

6.3%

Weak — 6.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.8%

Nearly flat sales (+1.8% YoY)

Profit growth

EPS YoY

+129.5%

Earnings growing fast (+129.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

250%

Turns 250% of profit into real cash

Spare cash per sale

FCF Margin

4.6%

Thin free cash flow (4.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.63

Moderate — manageable debt (0.63)

Covers its interest

Interest Cover

1.01x

Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.8x

Fair value — P/E 15.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.8 → 9.9)

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Dividends

Dividend

Dividend Yield

4.38%

Healthy income — 4.38% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+6.4%

Dividend growing modestly (6.4% YoY)

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