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Eni S.p.A.

EIPAF
47
Oil & Gas Integrated · Energy
Price
$28.72
+0.82 (+2.94%)
Market Cap
$83.22B
Exchange
Other OTC
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 24, 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 is a major Italian energy company that explores for, produces, and sells oil and natural gas around the world. It also refines crude oil into fuels like gasoline and diesel, operates gas stations across Europe, and generates electricity. Eni is one of the largest integrated energy companies in Europe.

The company earns revenue by selling oil, natural gas, refined fuels, and chemicals to industrial customers, utilities, and consumers. It operates in over 60 countries, with significant production in Africa, the Middle East, and the Mediterranean. Eni has been investing heavily in renewable energy and carbon capture through its satellite company Plenitude and other ventures, positioning the energy transition as a key growth driver. However, its profitability remains closely tied to volatile oil and gas prices, which represents the primary risk to its earnings.

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
6.0%
Weak — 6.0% 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
-3.0%
Shrinking sales (-3.0% YoY)
Profit growth
EPS YoY
+137.4%
Earnings growing fast (+137.4% YoY)

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

How steady the profit is
EPS Consistency
2/8 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
0.59
Conservative — low debt load (0.59)
Covers its interest
Interest Cover
0.81x
Dangerous — barely covers interest (0.8x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
16.3x
Fair value — P/E 16.3

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
+6.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (16.3 → 9.6)

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Dividends

Dividend
Dividend Yield
4.39%
Healthy income — 4.39% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+7.4%
Dividend growing modestly (7.4% YoY)

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