Eni SPA (E) AI Stock Analysis

• Market Cap: $70.93B
• Dividend Yield: 5.41%
• Average Volume (3M): 296.85K
• Price to Earnings (P/E): 19.5
• Beta (1Y): 0.28
• Revenue Growth: -3.84%
• EPS Growth: 15.75%
• Country: US
• Employees: 32,492
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Integrated
• EPS (TTM): 0.93
• Shares Outstanding: 1,573,382,600
• 10 Day Avg. Volume: 388,289
• 30 Day Avg. Volume: 296,853
• PEG Ratio: 3.85
• Price to Book (P/B): 1.02
• Price to Sales (P/S): 0.62
• P/FCF Ratio: 10.99
• Enterprise Value/Market Cap: 1.26
• Enterprise Value/Revenue: 1.13
• Enterprise Value/Gross Profit: 20.58
• Enterprise Value/Ebitda: 4.33
• 1Y Price Target: $19.29
• Price Target Upside: -58.28% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3.66
• Revenue Forecast (FY): $94.59B

• Rating: 62 Neutral
• Price Target: $49.00 ▲(5.97% Upside)
• Action: Downgraded Date: 03/04/26
• Date: Action: Downgraded 03/04/26

The score is driven primarily by moderate financial performance amid a post-peak earnings/margin downcycle, partially offset by a strong and disciplined earnings-call outlook (cash delivery, low gearing, and shareholder returns). Technicals are supportive but overbought, while valuation is mixed with a solid yield but a relatively high P/E.

Positive Factors

Cash Generation & Free Cash Flow

Material operating cash flow (~EUR12.8bn) and positive free cash flow (~EUR4.4bn) provide durable internal funding for capex, dividends and buybacks while enabling debt reduction. This cash-generation base supports strategic flexibility to fund transition investments and shareholder returns over the medium term.

Upstream Production & Project Delivery

Reliable project execution (six major start-ups) and rising production underpin medium-term supply capacity. Higher production, a >160% service-replacement ratio and ~500k bpd under development strengthen reserve replacement and revenue visibility, making upstream earnings less vulnerable to single-project setbacks.

Capital Discipline & Portfolio Value Realization

Management has cut and optimized CapEx, delivered significant portfolio valorisations (~EUR6.5bn) and raised buybacks while lowering pro‑forma gearing guidance. This disciplined capital allocation improves balance-sheet resilience, funds transition businesses and sustains shareholder returns over multiple years.

Negative Factors

Revenue Decline & Margin Compression

Three consecutive years of revenue decline and sharp 2025 margin compression reduce earnings durability. Lower gross and EBITDA margins imply more cyclical sensitivity to commodity prices and downstream volumes, making sustained profit recovery dependent on structural improvements or a stronger commodity environment.

Weak Chemicals Segment & Restructuring Lag

Prolonged weakness in chemicals and the need for multi-year restructuring (plant closures, product mix shifts) weighs on downstream margins and cash flow. The 12–18 month timeline to realize benefits signals lingering structural headwinds in Europe that can depress returns and require sustained management focus.

Higher Tax Outlook & Policy Uncertainty

A materially higher upstream tax rate (45–50%) structurally reduces net returns and increases break-even prices for new investments. Combined with regional policy and jurisdictional legal risks, the higher tax burden amplifies sensitivity of cash flow and investment economics to commodity prices and regulatory shifts.

Eni SPA Business Overview & Revenue Model

Company Description

Eni S.p.A. engages in the exploration, development, and production of crude oil and natural gas. It operates through Exploration & Production; Global Gas & LNG Portfolio; Refining & Marketing and Chemicals; Plenitude and Power; and Corporate and Other activities segments. The Exploration & Production segment is involved in the research, development, and production of oil, condensates and natural gas; and forestry conservation and CO2 capture and storage projects. The Global Gas & LNG Portfolio segment engages in the supply and wholesale of natural gas by pipeline, international transport; and purchase and marketing of LNG. The Refining & Marketing and Chemicals segment is involved in the processing, supply, distribution, and marketing of fuels and chemicals. The Eni gas e luce, Power & Renewables segment engages in the retail sales of gas, electricity, and related activities, as well as in the production and wholesale of electricity produced by thermoelectric and renewable plants. As of December 31, 2021, it had net proved reserves of 6,628 million barrels of oil equivalent; and installed operational capacity of 4.5 GW. The company was founded in 1953 and is headquartered in Rome, Italy.

How the Company Makes Money

Eni generates revenue through multiple streams primarily focused on its upstream and downstream operations. In the upstream sector, the company earns money from the exploration and production of crude oil and natural gas, selling these resources to refiners and distributors. The midstream segment contributes by providing transportation and storage services, often through long-term contracts. In the downstream sector, Eni makes money from refining crude oil into various petroleum products and through the sale of these products in retail markets. Additionally, Eni is expanding its portfolio in renewable energy, which may provide new revenue opportunities in the future. The company's strategic partnerships with other energy firms and national oil companies also enhance its access to resources and markets, contributing to its overall financial performance.

Eni SPA Financial Statement Overview

Summary

Financials are solid but clearly past the 2021–2022 peak: revenue down three straight years and 2025 margin compression (gross ~5.5%, EBITDA ~16%) reduced earnings durability. Balance sheet remains manageable, though leverage ticked up (debt-to-equity ~0.81). Cash generation is still positive (FCF ~4.4B) but cash conversion weakened in 2025.

Income Statement

Profitability has normalized well from the 2020 loss year, but earnings power has weakened meaningfully from the 2021–2022 peak. Revenue has declined for three straight years (2023–2025 annual), and margins compressed sharply in 2025 (gross margin ~5.5% vs. ~11.4% in 2024; EBITDA margin ~16% vs. ~26% in 2024), signaling a tougher pricing/commodity backdrop and/or weaker downstream mix. Net margin remains positive (~3.2% in 2025), but it is well below the 2022 level (~10.5%), making the current earnings profile more cyclical and less durable.

Balance Sheet

Leverage looks manageable for an integrated oil & gas company, with debt-to-equity around ~0.81 in 2025 (up from ~0.66 in 2024), indicating some recent balance-sheet re-risking as equity declined and debt rose. Total assets have been broadly stable over time, and returns on equity are positive (~5.2% in 2025) but modest versus the stronger 2021–2022 period, reflecting the profitability downshift. Overall, the balance sheet is solid but trending slightly weaker on leverage and returns.

Cash Flow

Cash generation remains healthy, with operating cash flow of ~12.8B in 2025 and positive free cash flow of ~4.4B, with free cash flow growing ~9% year over year. However, free cash flow as a share of earnings is relatively low in 2025 (free cash flow is ~35% of net income), suggesting weaker cash conversion versus prior years (generally ~39–59%). Operating cash flow coverage is steady but not strong (roughly ~0.30–0.39 across years, ~0.37 in 2025), implying cash flow could be pressured if profitability softens further.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	78.91B	88.80B	93.72B	132.51B	76.58B
Gross Profit	4.34B	10.08B	12.40B	22.78B	13.96B
EBITDA	12.81B	23.07B	25.82B	38.59B	21.96B
Net Income	2.51B	2.62B	4.77B	13.89B	5.82B
Balance Sheet
Total Assets	137.01B	146.95B	142.61B	152.17B	137.76B
Cash, Cash Equivalents and Short-Term Investments	15.08B	14.98B	16.77B	19.91B	18.86B
Total Debt	38.62B	34.97B	33.11B	31.87B	33.13B
Total Liabilities	84.25B	91.26B	88.96B	96.94B	93.25B
Stockholders Equity	47.92B	52.83B	53.18B	54.76B	44.44B
Cash Flow
Free Cash Flow	4.45B	5.09B	5.90B	9.40B	7.63B
Operating Cash Flow	12.80B	13.09B	15.12B	17.46B	12.86B
Investing Cash Flow	-8.93B	-9.82B	-9.37B	-7.02B	-12.02B
Financing Cash Flow	-3.45B	-5.38B	-5.67B	-8.54B	-2.04B

Eni SPA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 46.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For E, the sentiment is Positive. The current price of 46.24 is above the 20-day moving average (MA) of 43.85, above the 50-day MA of 40.73, and above the 200-day MA of 35.65, indicating a bullish trend. The MACD of 1.64 indicates Negative momentum. The RSI at 70.21 is Negative, neither overbought nor oversold. The STOCH value of 84.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for E.

Eni SPA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHEL	71 Outperform	$234.67B	12.10	10.13%	3.92%	-6.96%	0.03%
PBR	70 Outperform	$104.69B	3.38	18.20%	14.10%	-11.63%	-15.67%
EQNR	67 Neutral	$81.29B	12.11	12.23%	7.43%	1.53%	-35.81%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
E	62 Neutral	$70.93B	19.50	5.47%	5.41%	-3.84%	15.75%
BP	60 Neutral	$98.90B	1,640.39	0.13%	5.62%	-4.11%	-37.59%

Eni SPA Corporate Events

Eni Expands Buyback, Treasury Stake Reaches 6.5% of Share Capital

During the week of 9–13 February 2026, Eni bought 2,220,844 of its own shares on Euronext Milan, equal to 0.07% of its share capital, at a weighted average price of €18.0112 per share, for a total outlay of about €40 million under its previously approved treasury share buyback programme. The move is part of a wider capital management strategy that has seen Eni repurchase 117.6 million shares, or 3.74% of capital, since May 2025 and lift its total treasury stock, including shares used for executive and employee plans, to 204.4 million shares, or 6.5% of the company’s share capital as of 18 February 2026.

The most recent analyst rating on (E) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on Eni SPA stock, see the E Stock Forecast page.

Eni Expands Buyback, Treasury Share Holding Rises to 6.43% After Early February Purchases

During the period from 2 to 6 February 2026, Eni S.p.A. repurchased 2,295,840 of its own shares on Euronext Milan, equal to 0.07% of its share capital, at a weighted average price of €17.4228 per share for a total outlay of about €40 million. These transactions formed part of the share buyback programme authorised by shareholders on 14 May 2025 and executed through an appointed intermediary.

Since the launch of the buyback on 20 May 2025, Eni has cumulatively acquired 115,372,617 shares, corresponding to 3.67% of its share capital, for roughly €1.74 billion. Including treasury stock already held and shares granted to executives and employees under incentive and ownership plans, the group now holds 202,200,631 treasury shares in total, representing 6.43% of its share capital, underscoring a sustained capital management strategy that affects ownership structure and per‑share metrics for investors.

The most recent analyst rating on (E) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on Eni SPA stock, see the E Stock Forecast page.

Eni Buys Back €40 Million of Shares, Lifting Treasury Holdings to 6.2% of Capital

Between 12 and 16 January 2026, Eni S.p.A. bought back 2,446,380 of its own shares on Euronext Milan, equal to 0.08% of its share capital, at a weighted average price of €16.3507 per share for a total outlay of about €40 million, as part of the treasury share repurchase programme approved by shareholders on 14 May 2025. Since the launch of this buyback on 20 May 2025, Eni has repurchased 108,305,100 shares, representing 3.44% of its capital, bringing its total treasury shareholding to 195,133,114 shares or 6.20% of the share capital when combined with shares already held and those granted free of charge to executives and employees, underscoring the group’s continued capital-return strategy and active management of its equity base for shareholders and plan participants.

The most recent analyst rating on (E) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Eni SPA stock, see the E Stock Forecast page.

Eni Details January 5–9, 2026 Tranche of Ongoing Share Buyback

During the period from 5 to 9 January 2026, Eni carried out a new tranche of its shareholder-approved treasury share buyback programme on Euronext Milan, repurchasing 2,989,991 shares, equal to 0.10% of its share capital, at a weighted average price of €16.1626 for a total outlay of €48.3 million. Since the launch of the buyback on 20 May 2025, the company had acquired 105,858,720 shares, representing 3.36% of its capital for about €1.58 billion, and, taking into account existing treasury shares and stock granted to executives and employees under incentive and ownership plans, Eni’s treasury holding stood at 192,686,734 shares, or 6.12% of share capital, underscoring an ongoing capital management strategy that can support earnings per share and signal confidence to investors.

The most recent analyst rating on (E) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Eni SPA stock, see the E Stock Forecast page.

Eni Details Latest Tranche of Share Buyback Completed Between 29 December 2025 and 2 January 2026

Between 29 December 2025 and 2 January 2026, Eni executed a tranche of its shareholder-approved treasury share buyback program on Euronext Milan, repurchasing 1,857,882 shares, equivalent to about 0.06% of its share capital, at a weighted average price of €16.1474 per share for a total outlay of €29,999,992.66. Since the buyback program began on 20 May 2025, the company had cumulatively acquired 102,868,729 shares, or roughly 3.27% of its share capital, bringing total treasury holdings to 189,696,743 shares, or 6.03% of the share capital after factoring in shares already held and stock granted under executive and employee incentive plans, underscoring Eni’s continued emphasis on capital returns and active equity management for shareholders as of early January 2026.

The most recent analyst rating on (E) stock is a Hold with a $14.80 price target. To see the full list of analyst forecasts on Eni SPA stock, see the E Stock Forecast page.

Eni Expands 2025 Buyback, Lifts Treasury Stake to Nearly 6%

Between 15 and 19 December 2025, Eni S.p.A. carried out a new tranche of its share buyback programme on Euronext Milan, repurchasing 5,675,689 treasury shares, equivalent to about 0.18% of its share capital, at a weighted average price of €15.8104 per share for a total outlay of €89.7 million. Since the start of the buyback on 20 May 2025, Eni has accumulated 99,135,602 shares, or 3.15% of its share capital, for roughly €1.47 billion, and now holds a total of 185,963,616 shares, equal to 5.91% of its share capital when including shares already held and those granted free of charge to executives and employees, underscoring an ongoing capital-management strategy that supports shareholder returns and may influence the stock’s liquidity and ownership structure.

The most recent analyst rating on (E) stock is a Hold with a $14.80 price target. To see the full list of analyst forecasts on Eni SPA stock, see the E Stock Forecast page.