Eni S.p.A.
- Open
- 49.04
- Day high
- 49.76
- Day low
- 48.92
- Prev close
- 49.77
- Volume
- 338K
- Mkt cap
- $72.8B
- P/E (TTM)
- 27.1
- EPS (TTM)
- $1.83
- P/B
- 1.3
- P/S
- 0.8
- Yield
- 3.82%
- Per share
- $1.89
Eni S.p.A. (E) is a Energy company listed on NYSE. The stock is up 50% over the past year.
Eni S.p.A. (E) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
E earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $1.13 | $0.81 | -28.3% | $23.1B | -7.0% |
| Feb 26, 2026 | $0.78 | $0.93 | +19.1% | $24.3B | +25.1% |
| Oct 24, 2025 | $0.73 | $0.90 | +23.3% | $23.7B | +21.7% |
| Jul 25, 2025 | $0.67 | $0.79 | +17.9% | $22.1B | -1.7% |
| Apr 24, 2025 | $0.91 | $0.92 | +1.1% | $24.7B | -3.6% |
| Feb 27, 2025 | $0.84 | $0.58 | -31.0% | $24.8B | -3.0% |
| Oct 25, 2024 | $0.89 | $0.86 | -3.4% | $23.1B | -5.1% |
| Jul 26, 2024 | $1.12 | $0.98 | -12.5% | $23.3B | -12.1% |
| Feb 21, 2024 | $1.22 | $1.06 | -13.1% | $27.1B | -3.0% |
| Oct 27, 2023 | $1.16 | $1.18 | +1.7% | $23.5B | -31.8% |
| Jul 28, 2023 | $1.15 | $1.24 | +7.8% | $21.4B | -29.4% |
| Apr 28, 2023 | $1.39 | $1.85 | +33.1% | $29.6B | -15.1% |
Eni S.p.A. company profile
Overview
Eni S.p.A. (NYSE:E) is an Italian multinational energy company founded in 1953 and headquartered in Rome. Originally established as a state-owned enterprise, Eni went public in 1995 and has evolved from a traditional oil and gas company into an integrated energy corporation with significant investments in renewable energy and low-carbon technologies. The company operates across the entire energy value chain, from upstream oil and gas exploration and production to downstream refining, marketing, and retail operations, while simultaneously building a substantial presence in renewable energy, biofuels, and carbon capture technologies.
Business
Eni operates as an integrated energy company spanning traditional hydrocarbon operations and energy transition businesses across five main segments: Exploration & Production (Upstream) represents Eni's core traditional business, accounting for the majority of profitability. This segment explores for, develops, and produces crude oil, natural gas, and condensates globally. The company maintains a diversified geographic portfolio with operations in Africa (particularly Algeria, Egypt, Angola, and Congo), Europe (Norway, Italy, UK), Asia (Indonesia, Kazakhstan), and the Americas. Eni's upstream operations produced approximately 1.7 million barrels of oil equivalent per day in 2024, with proven reserves of 6.6 billion barrels. The segment focuses on high-return, low-cost projects and has achieved significant exploration success, particularly in recent discoveries in Namibia and Indonesia. Global Gas & LNG Portfolio (GGP) handles the supply, transportation, and wholesale marketing of natural gas through pipelines and liquefied natural gas (LNG). This segment has become increasingly strategic as Europe seeks to diversify away from Russian gas supplies. GGP manages long-term supply contracts, operates trading activities, and develops integrated LNG projects. The business benefits from Eni's upstream gas production and strategic partnerships in gas-rich regions like Algeria and Egypt. Refining & Marketing and Chemicals encompasses downstream operations including oil refining, fuel distribution, and petrochemical production through the Versalis subsidiary. The refining business operates facilities in Italy and abroad, while the marketing network includes thousands of service stations across Europe and Africa. The chemicals division, currently undergoing restructuring, produces basic petrochemicals and specialty products. Plenitude and Power represents Eni's energy transition arm, focusing on renewable electricity generation, retail energy sales, and electric mobility solutions. Plenitude operates renewable energy projects (primarily wind and solar) with over 3 GW of installed capacity, sells electricity and gas to residential and business customers, and develops charging infrastructure for electric vehicles. This segment aims to double its EBITDA by 2030. Enilive (formerly part of downstream) specializes in sustainable mobility and biofuels production. The business operates biorefineries that convert waste materials and vegetable oils into renewable diesel and sustainable aviation fuel (SAF). Enilive also manages a network of service stations and is developing bio-hubs for integrated biofuel production. In 2024, KKR invested €2.9 billion for a 25% stake, valuing the business at approximately €11.5 billion.
Revenue model
Eni generates revenue through multiple business models across its integrated energy operations: Commodity Sales form the largest revenue stream, primarily from selling crude oil, natural gas, and refined products in global markets. The upstream business sells oil and gas production at prevailing market prices, while the downstream operations sell refined fuels, lubricants, and petrochemicals. Revenue fluctuates significantly with commodity price cycles - higher oil and gas prices directly boost upstream margins, while refining margins depend on the spread between crude oil costs and refined product prices. Long-term Contracts and Trading provide more stable revenue streams, particularly in the gas business. GGP operates under long-term gas supply agreements with pricing mechanisms often linked to oil prices or hub prices. The segment also engages in gas trading to optimize portfolio value and capture market opportunities. LNG operations involve integrated projects where Eni develops upstream gas resources and monetizes them through long-term LNG sales contracts. Regulated and Semi-regulated Services generate steady cash flows through Plenitude's retail energy business and renewable energy operations. The retail segment earns margins on electricity and gas sales to end customers, while renewable projects often benefit from long-term power purchase agreements or government incentive schemes. These businesses provide more predictable returns compared to commodity-exposed operations. Specialized Products and Services include biofuels production, carbon capture and storage services, and specialty chemicals. Enilive's biorefineries convert waste feedstocks into high-value renewable fuels, capturing premiums over conventional fuels due to regulatory mandates and sustainability requirements. The emerging carbon capture business targets industrial customers seeking decarbonization solutions. Margin drivers include commodity price volatility (oil, gas, and refined product spreads), operational efficiency improvements, regulatory changes affecting renewable energy and biofuels, currency fluctuations given Eni's global operations, and geopolitical factors affecting supply chains and market access. The company's integrated model provides some natural hedging, as downstream operations can benefit from lower crude costs when upstream margins compress.
Competitive moat
Eni possesses a moderate competitive moat built primarily on strategic assets, operational expertise, and integrated value chains, though it faces significant long-term disruption risks from the energy transition. The company's strongest moat lies in its upstream portfolio of high-quality, low-cost oil and gas reserves in politically stable or strategically important regions. Eni's exploration capabilities have consistently delivered major discoveries, particularly in frontier regions like Namibia and deepwater areas. The company's technical expertise in challenging environments, combined with strong relationships in key producing countries like Algeria and Egypt, provides preferential access to resources. However, this traditional moat faces long-term erosion as global demand for hydrocarbons peaks and renewable energy becomes increasingly cost-competitive. Integrated operations provide some competitive advantages through vertical integration synergies. Eni can optimize its gas value chain from upstream production through LNG processing to European distribution, capturing margins across multiple segments. The company's refining assets are strategically located to serve European markets, while its extensive retail network provides direct customer access. However, integration can also create complexity and capital intensity that may become disadvantageous as energy markets fragment. The energy transition businesses represent Eni's attempt to build new moats in growing markets. Enilive's biorefinery capabilities and waste feedstock sourcing create some competitive differentiation in biofuels, while Plenitude's integrated renewable-to-retail model offers customer stickiness. The carbon capture and storage business leverages existing infrastructure and geological expertise. However, these markets are highly competitive with numerous well-funded players, and technological disruption remains a constant threat. Key vulnerabilities include the company's heavy exposure to commodity price cycles, regulatory risks in both traditional and transition businesses, and the fundamental challenge of managing decline in core hydrocarbon operations while scaling new energy businesses. Competition comes from major integrated oil companies undergoing similar transitions, pure-play renewable developers with lower cost structures, and technology companies entering energy markets. The company's ability to maintain its moat depends critically on successful execution of its energy transition strategy while generating sufficient cash from traditional operations to fund the transformation.
Risks & safety
Eni demonstrates solid financial stability with manageable debt levels and strong cash generation, though commodity price volatility creates earnings variability. • Debt and Solvency: Net debt-to-equity ratio of 67% (Q1 2025) represents moderate leverage for an integrated energy company. Total debt of approximately €42 billion against €62 billion in equity provides adequate cushion. Balance sheet leverage reduced to 18% demonstrates improving financial flexibility. • Cash Generation: Strong operational cash flow of €14.4 billion in 2024 and free cash flow of €5.6 billion provide substantial liquidity. The company maintains €10 billion in cash and short-term investments, supporting operational flexibility and capital allocation. • Valuation Metrics: Trading at 9.3x P/E ratio and 0.82x price-to-book suggests reasonable valuation relative to asset base. EV/EBITDA of 4.2x appears attractive for an integrated energy company with transition exposure. • Dividend Coverage: Current cash flows comfortably support dividend payments, with management targeting 25-30% of cash flow from operations for shareholder returns through dividends and buybacks. • Commodity Exposure: Primary risk stems from oil and gas price volatility, though diversified operations and cost management provide some downside protection. Management has identified €2 billion in potential cash flow mitigation measures for challenging scenarios.
Recent development
Eni has undergone significant strategic transformation over the past few years, pivoting from a traditional oil and gas company toward an integrated energy provider with substantial low-carbon investments. Energy Transition Acceleration: The company has aggressively built its transition businesses, with KKR's €2.9 billion investment in Enilive for a 25% stake in 2024 validating the biorefinery strategy. Eni sanctioned two new biorefineries in South Korea and Malaysia, expanding sustainable aviation fuel production capabilities. The Gela facility began producing 400,000 tons per year of SAF, positioning Eni as a leader in the aviation decarbonization market. Plenitude reached 3 GW of renewable capacity and continues expanding its integrated retail-to-renewable model. Portfolio High-Grading: Eni has systematically optimized its upstream portfolio through strategic acquisitions and disposals. The Neptune Energy acquisition strengthened its North Sea position, while new discoveries in Namibia and Indonesia's Kutei Basin added high-quality resources. The company began production at major projects including Johan Castberg in Norway and Argo-Cassiopea offshore Sicily, supporting production growth targets of 1.7 million barrels per day. Gas Supply Diversification: Following geopolitical disruptions, Eni accelerated efforts to diversify European gas supplies away from Russian sources. The company signed agreements with Algeria, Egypt, and Congo to secure alternative supplies, targeting 20 BCM of additional gas by 2025. The Argentina LNG project MOU with YPF represents a potential 12 million tons per annum integrated development requiring an estimated $20 billion investment. Carbon Management Leadership: Eni launched its first CO2 injection at the Ravenna carbon capture and storage project, targeting 15 million tonnes of storage capacity by 2030. The company completed construction of a 200 MW battery storage facility in Texas and continues developing its CCS business to serve industrial decarbonization needs. Chemical Business Restructuring: The struggling Versalis chemicals division underwent comprehensive restructuring, shifting focus from 50% base chemicals to 65% specialty products by 2027. Management expects this transformation to deliver €1 billion in EBIT improvement by 2030, with positive EBIT targeted for 2027 and free cash flow breakeven by 2028.
E company profile · for informational purposes only — not investment advice.
Track E with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free