Eni S.p.A. (ENI.MI) 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

+37.2%

€36.25

vs €26.42 price

Levered DCF

€51.99

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.64

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	20.69×	16.57×	10.89×	3.36×	7.59×	-3.53×	336.17×	11.98×
P/B	1.02×	0.79×	0.95×	0.93×	1.1×	0.82×	1.04×	0.97×
P/S	0.59×	0.47×	0.54×	0.35×	0.57×	0.69×	0.71×	0.65×
EV / EBITDA	5.21×	4.49×	3.91×	2.4×	3.91×	6.29×	4.4×	3.73×
Gross margin	18.4%	13.0%	14.4%	20.3%	19.4%	7.2%	15.2%	18.4%
Operating margin	6.1%	5.9%	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	0.71×	0.7×	0.64×	0.74×	0.97×	0.85×	0.63×	0.51×
Interest coverage	3.99×	4.1×	9.31×	22.74×	13.45×	1.63×	7.29×	10.7×
Dividend yield	6.3%	7.4%	6.0%	6.5%	5.4%	6.4%	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	5.4%	5.0%	9.0%	27.9%	14.8%	-23.1%	0.3%	8.1%
Return on invested capital	2.3%	1.9%	4.1%	11.3%	6.1%	1.5%	0.2%	4.2%
Return on assets	1.9%	1.8%	3.3%	8.9%	4.1%	-7.7%	0.1%	3.4%
Free cash flow yield	9.5%	12.3%	12.6%	21.1%	18.1%	1.4%	8.7%	9.8%
Earnings yield	5.3%	6.3%	9.4%	30.0%	13.4%	-28.3%	0.3%	8.3%
Enterprise value	€74.9B	€70.1B	€74.6B	€73B	€73.5B	€52.8B	€73.9B	€64.7B
Net debt / EBITDA	1.81×	1.83×	1.25×	0.88×	1.59×	2.65×	1.44×	0.87×
Cash conversion cycle (days)	26	35	33	22	48	53	37	32