Eni S.P.A. (E)
NYSE:E
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Eni SPA
(NYSE:E)
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Rating:62Neutral
Price Target:
$61.00
▲(5.88% Upside)
Action:DowngradedDate: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 & capital returns
Sustained operating cash flow and positive free cash flow underpin durable financial flexibility: supports continued deleveraging, recurring dividend increases and sizeable buybacks. This cash engine allows disciplined capex and portfolio optimisation even if commodity cycles soften.
Negative Factors
Revenue & margin deterioration
Persistent revenue decline and sharp margin compression reduce earnings durability and weaken cash conversion. If lower margins persist, operating cash and FCF could be pressured, limiting reinvestment and returns despite strong near-term cash delivery.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & capital returns
Sustained operating cash flow and positive free cash flow underpin durable financial flexibility: supports continued deleveraging, recurring dividend increases and sizeable buybacks. This cash engine allows disciplined capex and portfolio optimisation even if commodity cycles soften.
Read all positive factors
Eni SPA (E) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$80.17B
Dividend Yield5.41%
Average Volume (3M)671.43K
Price to Earnings (P/E)19.5
Beta (1Y)0.25
Revenue Growth-3.84%
EPS Growth15.75%
CountryUS
Employees32,492
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)0.93
Shares Outstanding1,513,991,100
10 Day Avg. Volume648,997
30 Day Avg. Volume671,434
Financial Highlights & Ratios
PEG Ratio3.85
Price to Book (P/B)1.02
Price to Sales (P/S)0.62
P/FCF Ratio10.99
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue1.26
Enterprise Value/Gross Profit22.97
Enterprise Value/Ebitda4.83
Forecast
1Y Price Target
$54.90Price Target Upside-4.70% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)5.39
Revenue Forecast (FY)$105.08B
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 O...
How the Company Makes Money
Eni makes money primarily by producing and selling hydrocarbons and by transforming, trading, and marketing energy products and services across several segments. (1) Upstream (exploration & production): Eni generates revenue from the sale of crude...
Eni SPA Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Positive
The call emphasized material operational execution, strong cash generation and disciplined capital allocation: production growth beat guidance, discovery and exploration success was very high, net debt fell nearly EUR 3 billion, portfolio valorisations raised significant proceeds and transition businesses produced meaningful earnings and external validation. The primary negatives are a weak European chemicals market (with restructuring lag), some segmental underperformance (low refinery utilisation) and discrete legal, tax and policy uncertainties (Kazakhstan arbitration, higher expected tax rate, EU policy/ETS). Overall, the positive operational and financial results, balance-sheet improvement and tangible investor returns (increased buyback and dividend focus) outweigh the listed challenges.Positive Updates
Strong Cash Flow and Financial Delivery
Cash flow from operations (CFFO) of EUR 12.5 billion for 2025, EUR 1.5 billion ahead of plan (scenario-adjusted). Q4 CFFO was EUR 3.0 billion. Pro-forma adjusted EBIT in Q4 was EUR 2.9 billion, up 6% year-on-year. Adjusted net profit in Q4 was EUR 1.2 billion. Net debt reduced by almost EUR 3 billion during 2025 and pro-forma gearing ended the year at ~14% (15% reported).
Negative Updates
Weak Chemicals Market and Restructuring Lag
Chemical segment continued to face a weak market; restructuring actions (including early closure of crackers at Brindisi and Priolo) were accelerated but positive benefits are expected to materialize over 12–18 months. Management indicated ongoing challenges across the European chemicals industry and that transformation toward bio, circular and specialized products is still underway.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Cash Flow and Financial Delivery
Cash flow from operations (CFFO) of EUR 12.5 billion for 2025, EUR 1.5 billion ahead of plan (scenario-adjusted). Q4 CFFO was EUR 3.0 billion. Pro-forma adjusted EBIT in Q4 was EUR 2.9 billion, up 6% year-on-year. Adjusted net profit in Q4 was EUR 1.2 billion. Net debt reduced by almost EUR 3 billion during 2025 and pro-forma gearing ended the year at ~14% (15% reported).
Read all positive updates
Company Guidance
Eni guided to limit 2026 gross CapEx to around EUR 7 billion and net CapEx to about EUR 5 billion (vs. 2025 gross CapEx EUR 8.5bn and pro‑forma net <EUR 5bn), expect pro‑forma gearing to remain historically low at 10–15% (year‑end 2025 pro‑forma gearing 14%, net debt down almost EUR 3bn), and are using a $62/bbl price assumption; management reiterated a fully funded, growing dividend (≈5% average annual increase over the last five years) alongside variable buybacks (2025 buyback up 20% to EUR 1.8bn). Key 2025 metrics highlighted as the basis for the outlook included CFFO EUR 12.5bn (EUR 1.5bn ahead of plan), Q4 CFFO EUR 3bn, Q4 pro‑forma adjusted EBIT EUR 2.9bn (+6% YoY), Q4 E&P production 1.839m bpd (+7% YoY, +5% sequential), full‑year production ~1.7–1.8m bpd (≈2% above guidance), gross organic CapEx Q4 EUR 2.6bn (FY EUR 8.5bn), cash initiatives raised to EUR 4bn (including EUR 0.5bn savings), >EUR 6.5bn of portfolio valorizations in 2025 (~EUR 10bn over two years), 500,000 bpd of production under development with service‑replacement ratio >160%, 900 million barrels discovered in 2025 (>10 billion since 2014 at < $1/boe), Plenitude + Enilive pro‑forma EBIT EUR 2bn, and an upstream tax rate outlook of roughly 45–50% at a $62 Brent assumption.Eni SPA Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
60
Neutral
| 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
Positive
57.61
Price Trends
47.76
Positive
42.61
Positive
38.23
Positive
Market Momentum
2.67
Positive
61.74
Neutral
74.69
Neutral
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 57.61 is above the 20-day moving average (MA) of 53.93, above the 50-day MA of 47.76, and above the 200-day MA of 38.23, indicating a bullish trend. The MACD of 2.67 indicates Positive momentum. The RSI at 61.74 is Neutral, neither overbought nor oversold. The STOCH value of 74.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for E.
Eni SPA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $123.24B | 3.80 | 27.02% | 14.10% | -11.63% | -15.67% | |
71 Outperform | $255.68B | 12.10 | 10.06% | 3.92% | -6.96% | 0.03% | |
66 Neutral | $95.77B | 12.11 | 3.44% | 7.43% | 1.53% | -35.81% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $80.17B | 19.50 | 5.20% | 5.41% | -3.84% | 15.75% | |
60 Neutral | $116.45B | 1,640.39 | 0.10% | 5.62% | -4.11% | -37.59% |
* Energy Sector Average
E
Eni SPA
55.31
29.62
115.30%
BP
BP
45.89
19.53
74.07%
PBR
Petroleo Brasileiro SA- Petrobras
19.98
8.84
79.29%
SHEL
Shell
92.01
30.59
49.79%
EQNR
Equinor ASA
39.33
16.90
75.38%
TTE
TotalEnergies SE
89.45
37.34
71.64%
Eni SPA Corporate Events
Eni Expands Buyback, Treasury Stake Reaches 6.5% of Share Capital
Feb 18, 2026
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 unde...
Eni Expands Buyback, Treasury Share Holding Rises to 6.43% After Early February Purchases
Feb 11, 2026
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 m...
Eni Buys Back €40 Million of Shares, Lifting Treasury Holdings to 6.2% of Capital
Jan 21, 2026
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 pa...
Eni Details January 5–9, 2026 Tranche of Ongoing Share Buyback
Jan 14, 2026
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 pri...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.