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Eni S.p.A.

0N9S.IL
46
Oil & Gas Integrated · Energy
Price
€23.80
+0.37 (+1.58%)
Market Cap
€77.72B
Exchange
International Order Book
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Strong
Stability
Mixed
Valuation
Strong
Dividends
Strong

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: 3.57B (2021) → 3.09B (2025)

§Winston Score History

The full picture

Eni S.p.A. is a prominent energy company involved in the exploration, development, and production of crude oil and natural gas. Its diverse business operations are managed through distinct segments: Exploration & Production; Global Gas & LNG Portfolio; Refining & Marketing and Chemicals; Plenitude and Power; and Corporate and Other activities. The Exploration & Production segment is dedicated to discovering, developing, and extracting oil, condensates, and natural gas, while also undertaking projects in forestry conservation and carbon capture and storage. The Global Gas & LNG Portfolio manages the procurement and wholesale distribution of natural gas through pipelines, facilitates international transport, and oversees the purchase and marketing of liquefied natural gas (LNG). Within the Refining & Marketing and Chemicals segment, activities encompass the processing, supply, distribution, and commercialization of fuels and various chemical products. The Plenitude and Power segment focuses on retail sales of gas, electricity, and associated services, alongside the generation and wholesale supply of electricity from both thermoelectric and renewable power plants. As of December 31, 2021, the company's reported net proved reserves stood at 6,628 million barrels of oil equivalent (boe), with an installed operational capacity of 4.5 GW. Founded in 1953, Eni S.p.A. maintains its corporate headquarters in Rome, Italy.

Score breakdown

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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
5.5%
Weak — 5.5% 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
-3.0%
Shrinking sales (-3.0% YoY)
Profit growth
EPS YoY
+126.8%
Earnings growing fast (+126.8% 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
4.4%
Thin free cash flow (4.4%)

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
0.72
Moderate — manageable debt (0.72)
Covers its interest
Interest Cover
0.95x
Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.3x
Attractive valuation — P/E 13.3

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
+3.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (13.3 → 9.9)

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Dividends

Dividend
Dividend Yield
4.54%
Healthy income — 4.54% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+4.9%
Dividend growing modestly (4.9% YoY)

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