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ENI S.p.A.
(ENI)
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Rating:62Neutral
Price Target:
€21.50
▼(-1.19% Downside)
Action:Reiterated
Date:04/28/26
The score is primarily held back by reduced profitability versus prior years and weakening free-cash-flow generation/conversion, despite strong recent revenue growth and manageable leverage. Technicals are broadly supportive but neutral in the near term, and valuation is reasonable with a solid dividend yield but not compelling enough to offset the cash-flow and margin pressures.
Positive Factors
Integrated value-chain business
Eni's integrated model spans upstream, midstream, downstream and low-carbon activities, reducing reliance on any single segment. This structural diversification enables internal optimization of feedstocks, trading synergies and cross-segment cash allocation, supporting more resilient revenues and strategic flexibility over the medium term.
Negative Factors
Declining free cash flow
A ~35% fall in free cash flow to ~€3.0B and conversion near 23% of net income materially weakens internal funding capacity. Reduced FCF constrains discretionary capital allocation for dividends, buybacks and transition investments, and increases sensitivity to working-capital and capex timing over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated value-chain business
Eni's integrated model spans upstream, midstream, downstream and low-carbon activities, reducing reliance on any single segment. This structural diversification enables internal optimization of feedstocks, trading synergies and cross-segment cash allocation, supporting more resilient revenues and strategic flexibility over the medium term.
Read all positive factors
ENI S.p.A. (ENI) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€59.80B
Dividend Yield6.39%
Average Volume (3M)10.46M
Price to Earnings (P/E)25.5
Beta (1Y)0.30
Revenue Growth-10.29%
EPS Growth0.49%
CountryIT
Employees32,492
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)0.80
Shares Outstanding3,027,982,200
10 Day Avg. Volume11,265,495
30 Day Avg. Volume10,462,038
Financial Highlights & Ratios
PEG Ratio2.12
Price to Book (P/B)1.14
Price to Sales (P/S)0.59
P/FCF Ratio10.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€26.75Price Target Upside22.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)2.55
Revenue Forecast (FY)€95.61B
ENI S.p.A. Business Overview & Revenue Model
Company Description
Eni S.p.A. is an energy company primarily focused on the exploration, development, and production of crude oil and natural gas. Its operations are organized into several key divisions: Exploration & Production, which handles the discovery, develop...
How the Company Makes Money
Eni primarily makes money by selling energy and energy-related products and services across several interconnected business lines. (1) Upstream (exploration & production): Eni generates revenue from producing and selling crude oil, natural gas, an...
ENI S.p.A. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 79.33B | 82.15B | 88.80B | 93.72B | 132.51B | 76.58B |
| Gross Profit | 3.63B | 8.43B | 11.54B | 13.47B | 26.92B | 14.85B |
| EBITDA | 14.64B | 14.63B | 15.63B | 19.09B | 30.36B | 18.77B |
| Net Income | 2.51B | 2.61B | 2.62B | 4.77B | 13.89B | 5.82B |
Balance Sheet | ||||||
| Total Assets | 147.71B | 139.20B | 150.08B | 146.37B | 156.35B | 143.60B |
| Cash, Cash Equivalents and Short-Term Investments | 14.78B | 15.09B | 14.98B | 16.98B | 18.41B | 14.55B |
| Total Debt | 36.57B | 39.20B | 41.84B | 39.14B | 36.87B | 38.13B |
| Total Liabilities | 93.42B | 91.41B | 99.43B | 97.80B | 106.12B | 104.08B |
| Stockholders Equity | 49.19B | 42.94B | 47.78B | 48.10B | 49.76B | 39.44B |
Cash Flow | ||||||
| Free Cash Flow | 3.00B | 4.63B | 5.09B | 6.38B | 9.76B | 7.91B |
| Operating Cash Flow | 12.38B | 13.33B | 13.09B | 15.12B | 17.46B | 12.86B |
| Investing Cash Flow | -9.97B | -8.59B | -9.23B | -9.38B | -6.93B | -12.02B |
| Financing Cash Flow | -2.54B | -4.30B | -5.97B | -5.65B | -8.63B | -2.04B |
ENI S.p.A. Technical Analysis
Negative
21.76
Price Trends
22.61
Negative
21.91
Negative
18.68
Positive
Market Momentum
-0.73
Positive
35.20
Neutral
18.88
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:ENI, the sentiment is Negative. The current price of 21.76 is below the 20-day moving average (MA) of 21.78, below the 50-day MA of 22.61, and above the 200-day MA of 18.68, indicating a neutral trend. The MACD of -0.73 indicates Positive momentum. The RSI at 35.20 is Neutral, neither overbought nor oversold. The STOCH value of 18.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:ENI.
ENI S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €3.21B | 10.99 | 9.06% | 5.06% | -5.65% | 4.14% | |
62 Neutral | €7.36B | 10.18 | 13.08% | 4.37% | 9.30% | -14.17% | |
62 Neutral | €104.21B | 28.11 | 23.22% | 5.05% | -3.07% | -42.04% | |
62 Neutral | €59.80B | 25.51 | 5.51% | 6.39% | -10.29% | 0.49% | |
58 Neutral | €5.56B | 11.79 | 13.30% | 3.76% | -13.76% | -9.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:ENI
ENI S.p.A.
20.45
7.29
55.42%
IT:A2A
A2A SpA
2.35
0.22
10.07%
IT:EDNR
Edison Spa
1.94
-0.02
-0.77%
IT:ENEL
Enel S.p.A.
10.26
2.57
33.44%
IT:HER
HERA S.p.A.
3.80
<0.01
0.24%
IT:IRE
Iren S.p.A.
2.57
0.17
6.86%
ENI S.p.A. Corporate Events
Eni Expands Share Buyback, Lifts Treasury Stake to 3.69%
Jul 1, 2026
Eni has continued its shareholder remuneration strategy by repurchasing 4,765,108 shares on Euronext Milan between 22 and 26 June 2026, equal to 0.16% of its share capital, at a weighted average price of about €20.99 per share for a total of...
Eni Publishes 2025 Report on Payments to Governments
Jun 25, 2026
Eni has made its 2025 Report on payments to governments available to the public, providing access at its Rome headquarters and through designated sections of its corporate website. The document is also stored on the Consob‑authorized “...
Eni Makes English Corporate Governance Documents Publicly Accessible
Jun 25, 2026
Eni has announced that English-language corporate governance documentation, originally published on 6 May 2026, is now publicly available through its website in the Publications/Corporate Governance section and via the Consob-authorized centralize...
Eni Raises Treasury Stake to 3.53% as Buyback Passes €450 Million
Jun 24, 2026
Eni has continued the second tranche of its share buyback programme, repurchasing 4,583,344 shares on Euronext Milan between 15 and 19 June 2026. The purchases, worth about €100 million at an average price of €21.8181, represent 0.15% ...
Eni Expands 2026 Buyback, Lifts Treasury Stake to 3.38%
Jun 17, 2026
Eni has continued executing the second tranche of its share buyback programme, repurchasing 4,262,491 shares on Euronext Milan between 8 and 12 June 2026 at an average price of €23.4605, for a total consideration of about €100 million....
Eni Accelerates 2026 Buyback, Lifts Treasury Stake Above 3%
Jun 10, 2026
Eni has continued executing the second tranche of its 2026 share buyback program, repurchasing 4,311,291 shares on Euronext Milan between 1 and 5 June at a weighted average price of €23.1949, for a total of about €100 million. The init...
Eni Director Emma Marcegaglia Reports €300,000 Purchase of Company Debt
Jun 9, 2026
Eni has disclosed a transaction by board member Emma Marcegaglia, who purchased €300,000 in Eni debt securities identified by code XS3262549754 at a price of 98.759% on the MOTX market. The trade, carried out on 8 June 2026, is reported unde...
Eni Reports May 2026 Share Purchases by Natixis on Euronext Milan
Jun 4, 2026
Eni disclosed a series of transactions in its shares carried out on the Euronext Milan market during May 2026 by Natixis, a French financial institution classified under an “other engagement” relationship. The trades involved the purch...
Eni Expands Share Buyback, Treasury Stock Rises Above 3% of Capital
Jun 3, 2026
Eni has continued the second tranche of its share buyback programme, repurchasing 1,771,356 shares on Euronext Milan between 28 and 29 May 2026 for about €40 million at an average price of €22.5816 per share. Since the programme’...
Eni Completes First 2026 Buyback Tranche and Launches Larger Capital Return Phase
May 27, 2026
Eni has completed the first tranche of its 2026 share buyback program, acquiring 3,363,076 shares on Euronext Milan between 19 and 22 May for about €79.9 million to service its 2026‑2028 Long‑Term Incentive Plan. Since the start ...
Eni Publishes Minutes of May 2026 Shareholders’ Meeting
May 26, 2026
Eni has announced that the minutes of its Shareholders’ Meeting held on 6 May 2026 are now publicly available in Italian. The documents can be consulted at the company’s registered office in Rome, on Eni’s corporate website in th...
Eni Buys Back €20 Million in Shares for Long‑Term Incentive Plan
May 13, 2026
Eni has repurchased 875,813 of its own shares on Euronext Milan, equal to about 0.03% of its share capital, at a weighted average price of €22.8359 per share for a total outlay just under €20 million. The transaction is part of the fir...
Eni Raises $3 Billion in Strongly Demanded U.S. Dollar Bond Sale
May 11, 2026
Eni has returned to the U.S. dollar bond market with the successful placement of two fixed-rate issues totaling 3 billion dollars, split equally between 10-year and 30-year maturities. Investor demand was robust, with total orders reaching about 1...
Eni to Issue Long-Dated Dollar Bonds for Institutional Investors Only
May 11, 2026
Eni plans to place two new fixed-rate US dollar bonds with maturities of 10 and 30 years, targeting only institutional investors and professional clients in line with European and UK product governance rules. The proceeds are intended for general ...
Eni Shareholders Back €4 Billion Buyback, New Board and Rich Payout Plan
May 8, 2026
Eni’s shareholders approved the 2025 statutory financial statements showing net profit of about €4.43 billion, which will be fully allocated to available reserves rather than distributed as a traditional dividend. They also renewed the...
Eni Confirms CEO Descalzi and Strengthens Board Governance Structure
May 7, 2026
Eni’s Board of Directors has confirmed Claudio Descalzi as Chief Executive Officer and General Manager, granting him broad management powers while retaining certain non-delegable responsibilities. The Board also reaffirmed Chair Giuseppina D...
Eni Shareholders Approve 2025 Results, Dividend and Board Renewals
May 6, 2026
Eni’s shareholders approved the 2025 statutory financial statements, posting a profit of about €4.43 billion, which will be fully allocated to available reserves, and set a 2026 annual dividend of €1.10 per share. They also autho...
Eni Publishes 1Q 2026 Results Presentation for Investors
Apr 24, 2026
Eni has announced that the presentation to be used in its conference call on first-quarter 2026 results is being made available to the public via the investor presentations section of its corporate website and through the Consob-authorized central...
Eni lifts cash flow outlook and nearly doubles buyback as production and transition assets surge
Apr 24, 2026
Eni reported a strong first quarter of 2026, with hydrocarbon production rising 9% year on year to 1.8 million boe per day and about 1 billion boe of new resources discovered across Africa and Indonesia. Robust operations, a diversified upstream p...
Eni Publishes Candidate Slates for Board and Auditor Renewal Ahead of May 2026 Meeting
Apr 15, 2026
Eni announced that the slates of candidates for its Board of Directors and Statutory Auditors, submitted by the Ministry of Economy and Finance, a group of institutional investors, and shareholder Romano Minozzi with his subsidiaries, have been ma...
Eni shareholders file board renewal slates as state seeks governance continuity
Apr 13, 2026
Eni has published the shareholder lists for the renewal of its Board of Directors and Board of Statutory Auditors ahead of the 6 May 2026 shareholders’ meeting, confirming the central role of the Italian Ministry of Economy and Finance, whic...
Eni Publishes Board Minutes on 2026 Bond Issuance
Apr 7, 2026
Eni S.p.A. has announced that the minutes of its Board of Directors meeting held on 2 April 2026, concerning the issuance of bonds, have been made publicly available. The documentation can be consulted at the company’s registered office in R...
Eni Approves Fourth Tranche of 2025 Dividend Alternative
Apr 4, 2026
Eni’s board has approved the distribution of a fourth tranche of the payout in place of the 2025 financial year dividend, setting it at €0.27 per share, or €0.54 per NYSE-listed ADR representing two shares. The payment timetable ...
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.