Energean

ENOG.TA

Oil & Gas Exploration & Production · Energy

Price

3190.00 ILA

+24.00 (+0.76%)

Market Cap

5.89B ILA

Exchange

Tel Aviv Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+3.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 177.3M (2021) → 184.1M (2025)

Winston Score History

The full picture

Energean is an oil and gas company that finds and produces natural gas and oil, mainly in the Mediterranean Sea. Its biggest asset is the Karish gas field off the coast of Israel, where it sells gas to Israeli power companies and industrial customers under long-term contracts. The company also operates fields in Greece, Egypt, and Italy, making it one of the few independent producers focused almost entirely on the Mediterranean region.

Energean makes money by selling the gas and oil it produces, with most of its Israeli revenue locked in through take-or-pay contracts that guarantee a minimum payment regardless of how much gas customers actually use. This gives it more predictable cash flow than many exploration companies. It operates across several countries but Israel is by far its most important market. The main risk is concentration — if production at Karish is disrupted, or if geopolitical tensions in the region escalate, it could significantly hurt revenue.

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

+173.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-235.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

33.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$334M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Energean is growing revenue at 174% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

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Quality

Profit per sale

Gross Margin

23.8%

Thin — 23.8% gross margin

Profit after running costs

Operating Margin

21.0%

Excellent — 21.0% operating margin

Return on the money invested

ROCE

14.0%

Good — 14.0% 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

+142.1%

Fast-growing sales (+142.1% YoY)

Profit growth

EPS YoY

-239.2%

Earnings shrinking (-239.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

N/A

Data not available

Spare cash per sale

FCF Margin

16.2%

Converts sales into free cash efficiently (16.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

25.45

Heavy debt load (25.45)

Covers its interest

Interest Cover

2.49x

Tight — interest eats into profit (2.5x)

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)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

10.08%

Healthy income — 10.08% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-16.8%

Dividend cut (-16.8% YoY) — warning sign

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