Eni S.p.A. (E) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+14.8%

$67.58

vs $58.85 price

Levered DCF

$82.85

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.57

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.77×	16.72×	10.91×	3.38×	7.55×	-3.48×	335.04×	11.94×
P/B	1.14×	0.88×	1.06×	0.94×	1.1×	0.8×	1.04×	0.97×
P/S	0.59×	0.47×	0.54×	0.35×	0.57×	0.68×	0.71×	0.65×
EV / EBITDA	3.75×	4.83×	4.18×	2.42×	3.9×	6.24×	4.39×	3.72×
Gross margin	9.4%	13.0%	14.4%	20.3%	19.4%	7.2%	15.2%	18.4%
Operating margin	5.5%	11.4%	10.4%	15.6%	15.3%	3.3%	11.8%	13.3%
Net margin	3.2%	3.0%	5.1%	10.5%	7.6%	-19.6%	0.2%	5.4%
Current ratio	1.19×	1.15×	1.3×	1.26×	1.34×	1.39×	1.18×	1.39×
Debt / equity	0.91×	0.88×	0.81×	0.74×	0.97×	0.85×	0.63×	0.51×
Interest coverage	0.55×	7.95×	9.31×	22.74×	13.45×	1.63×	7.29×	10.7×
Dividend yield	6.3%	7.3%	6.0%	6.5%	5.4%	6.5%	6.1%	6.0%
Payout ratio	118.1%	116.9%	63.8%	21.7%	40.5%	-22.8%	2039.2%	71.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.1%	5.5%	9.9%	27.9%	14.8%	-23.1%	0.3%	8.1%
Return on invested capital	1.9%	3.5%	3.9%	11.3%	6.1%	1.5%	0.2%	4.2%
Return on assets	1.9%	1.7%	3.3%	8.9%	4.1%	-7.7%	0.1%	3.4%
Free cash flow yield	9.5%	12.2%	12.6%	20.9%	18.2%	1.4%	8.7%	9.8%
Earnings yield	5.3%	6.3%	9.4%	29.8%	13.4%	-28.7%	0.3%	8.3%
Enterprise value	$79.9B	$75.5B	$79.8B	$73.3B	$73.2B	$52.4B	$73.8B	$64.5B
Net debt / EBITDA	1.46×	2.15×	1.52×	0.88×	1.59×	2.65×	1.44×	0.87×
Cash conversion cycle (days)	31	35	33	22	48	53	37	32