Eni S.p.A. (ENI) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Eni S.p.A. stock €15.54, price €25.36, that is 38.7% below the price, quality 52 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €7.39 – €27.65 · fair‑value band €11.66 – €19.43 · the €25.36 price screens above the €15.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Eni S.p.A. operates as an integrated energy company in Italy, Other European Union, Rest of Europe, the United States, Asia, Africa, and internationally.
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The company engages in exploration, development, extracting, manufacturing, trading, and marketing crude oil and natural gas, oil-based fuels, chemical products, and gas-fired power, as well as energy products from renewable sources.
The company operates through Exploration & Production; Global Gas & LNG Portfolio and Power; Refining and Chemicals; Enilive; Plenitude; and Corporate and Other Activities segments. The company engages in research, development, and production of oil, condensates, and natural gas.
It is also involved in the supply and sale of wholesale natural gas through pipelines; electricity; and international transport, and purchase and marketing of liquefied natural gas.
In addition, the company supplies bio-feedstock and crude oil; and stores, produces, distributes, and markets biofuels, oil products, biomethane, basic chemical and petrochemical products, intermediates, plastics and elastomers, and other chemicals, as well as provides smart mobility solutions and services.
Further, the company engages in the retail marketing of gas, power, and related services; production and wholesale sale of electricity from renewable plants; and building and managing a network of charging points for electric vehicles.
Eni S.p.A. was founded in 1953 and is headquartered in Rome, Italy.
Stock analysis
Eni S.p.A. (ENI) currently trades at €25.36, while our model-based Fair Value estimate is €15.54, 39% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €23.58 per share, and 3 of the 24 models we run sit above the €25.36 price.
Bear case: the Earnings-Based group reads lowest at €4.67, and 21 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: €11.66 (bear) to €19.43 (bull), the price of €25.36 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Eni S.p.A. reported revenue of €82.2B in FY2025 versus €76.6B in FY2021, a compound +1.8%/yr. Reported net income was €2.6B in FY2025, compounding −18.2%/yr from FY2021.
Key figures
Market cap €76.1B Large · P/E ratio 17.5 · P/S ratio 0.56 · EPS (TTM) €1.45 · Dividend yield 6.0% · Net margin 3.2% · Return on equity 13.1% · Return on assets (EBIT) 7.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (medium confidence).
What moves the price
The share trades about 8% below its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −17% fair-value upside, at −39%, ENI screens richer than that median.
Fair Value models
Bear€11.66Fair Value €15.54Bull€19.43
Price €25.36 · Downside -38.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−7.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−14.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.3%
Start year 2020 (pandemic). Over 10 years: +1.9% a year
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+7.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.1%
Dividend (yield on the price)6.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 1.1% / 9.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−7% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +7.1% a year for the price and −3.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Eni's upstream momentum and satellite model unlock growth options with capital discipline, yet state influence and commodity price cyclicality limit moat durability in its integrated operations.
Main risk: A pending Italian climate lawsuit by Greenpeace and ReCommon could hold Eni liable for damages and force faster reductions in fossil fuel activities, hitting core upstream and downstream operations.
Bull case: Eni could leverage its CCS projects and satellite transition businesses to demonstrate credible decarbonisation progress, potentially strengthening its position in any legal or regulatory proceedings.
Bear case: Adverse rulings or tighter carbon rules might compel Eni to accelerate divestments from hydrocarbons or incur substantial penalties, eroding cash flows from traditional operations.
Eni is advancing its Cronos gas development offshore Cyprus with a significant subsea contract that supports an accelerated path to first gas. This aligns with its upstream momentum and satellite model that unlocks growth options while keeping capital discipline. Our models see the stock as overvalued, so does the pull from new Mediterranean projects exceed what the core integrated operations can deliver going forward?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Integrated · 43 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−38.7% · Below median
Profitability
Return on equity (12 months)13.1% · Below median
Return on assets1.9% · Below median
Net margin (12 months)7.9% · Below median
Operating margin (12 months)8.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)26.7% · Above median
Dividend yield (12 months)6.0% · Top 25%
Balance sheet
Debt / equity0.42× · Above median
Valuation Multiplesvs Oil & Gas Integrated median · lower = cheaper
P/E (12 months)17.5× · Priciest 25%
P/B1.78× · Pricier than median
P/S (12 months)0.88× · Cheaper than median
Price / free cash flow (fiscal year)18.5× · Cheaper than median
EV/EBITDA6.7× · Pricier than median
PEG0.46× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 11
FUTURE (revenue growth)100· sector 100
PAST (return on equity)53· sector 53
HEALTH (low debt)79· sector 87
DIVIDEND (yield)100· sector 71
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Eni S.p.A. Fair Value". https://www.fairvalue-calculator.com/stock/ENI
Frequently asked questions
Is Eni S.p.A. (ENI) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €15.54 versus a price of €25.36, about 39% lower (overvalued).
What is the fair value of ENI?
Our model-based fair value for Eni S.p.A. is €15.54 (as of Nov 6, 2026), built from audited fundamentals. The current price: €25.36.
What is the quality score of ENI?
Eni S.p.A. has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Eni S.p.A. (ENI)?
Our model-based price target is the fair value of €15.54 (as of Nov 6, 2026) from 24 valuation models. Cautious scenario €11.66, optimistic scenario €19.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Eni S.p.A. stock forecast for 2026?
Our models put fair value at €15.54, about 39% lower versus a price of €25.36 (overvalued). Cautious scenario €11.66, optimistic scenario €19.43. The calculation is refreshed regularly with new filings.
What is the revenue of Eni S.p.A. (ENI)?
Eni S.p.A. reported trailing-twelve-month revenue of about €97.3B (latest available figure, as of Nov 6, 2026).
Does Eni S.p.A. pay a dividend?
Eni S.p.A. currently shows a dividend yield of 6.03% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Eni S.p.A. (ENI)?
For today's price to be fair in a discounted-cash-flow model, Eni S.p.A. would have to grow free cash flow by +9.5 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.3 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of ENI use?
Our models discount Eni S.p.A. at 10.0 %: a base by market capitalisation (large), damped by beta 0.26, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Eni S.p.A. that is +9.5 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Eni S.p.A. (ENI) delivered so far?
Over the past 5 years revenue at Eni S.p.A. grew +13.3 % a year. The price currently implies +9.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Eni S.p.A. (ENI) growing?
The median revenue growth in the sector is +14.0 % a year. That is the yardstick for the growth priced into Eni S.p.A. (+9.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Eni S.p.A. (ENI)?
The free-cash-flow yield on the price is 6.08 %: that much free cash flow Eni S.p.A. produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Eni S.p.A. (ENI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Eni S.p.A. it is €15.54 per share (as of Nov 6, 2026), against a price of €25.36. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Eni S.p.A. stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ENI trades above its calculated fair value: price €25.36, fair value €15.54, a gap of about −39% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENI?
No. The price is what the market pays today (€25.36); the fair value is what the company's own numbers justify (€15.54). For Eni S.p.A. the two are €9.82 per share apart. That gap is exactly why we show both numbers side by side.
How much is Eni S.p.A. worth?
The market values Eni S.p.A. at about €76.1B (market capitalisation, as of Nov 6, 2026). Per share that is €25.36; our models calculate a fair value of €15.54 per share.
What do the bullish and bearish scenarios say about ENI?
Our models span a range for Eni S.p.A.: cautious scenario €11.66, base €15.54, optimistic €19.43 per share (as of Nov 6, 2026, price €25.36). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENI?
Eni S.p.A. trades at a price-to-earnings ratio of 17.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €15.54 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings: 13.4. Other multiples: PEG 0.5, P/B 1.8, P/S 0.9, EV/EBITDA 6.7.
What is the PEG ratio of ENI?
The PEG ratio of Eni S.p.A. is 0.46 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Eni S.p.A. (ENI)?
Balance-sheet figures for Eni S.p.A. (as of Nov 6, 2026): return on equity 13.1%, debt of 0.42 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is ENI from its 52-week high?
Eni S.p.A. trades at €25.36, about 8% below its 52-week high of €27.65 and 68% above the low of €15.08 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €15.54 is for.
Which stocks are comparable to Eni S.p.A.?
From the same area (Energy) we also value Saudi Arabian Oil Company, Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Eni S.p.A. stock attractive at the current price?
The data as of Nov 6, 2026: price €25.36, calculated fair value €15.54 (−39%), Quality Score 52/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENI calculated?
We run Eni S.p.A. through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €15.54, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Eni S.p.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Eni S.p.A. (ENI)?
The closing price on Nov 5, 2026 was €25.36. Our model-based fair value is €15.54, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Eni S.p.A. right now?
The price sits above even our optimistic bull case (€19.43). The favourable scenario is already priced in. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Eni S.p.A.
How large is the market capitalisation of Eni S.p.A. (ENI)?
The market capitalisation of Eni S.p.A. is €76.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Eni S.p.A. (ENI)?
The price-to-sales ratio of Eni S.p.A. is 0.56 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Eni S.p.A. (ENI)?
Earnings per share at Eni S.p.A. are €1.45 (price ÷ EPS = P/E 17.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Eni S.p.A. (ENI)?
The dividend yield of Eni S.p.A. is 6.0% (payout 106%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Eni S.p.A. (ENI)?
The net margin of Eni S.p.A. is 3.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Eni S.p.A. (ENI)?
The return on equity (ROE) of Eni S.p.A. is 13.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Eni S.p.A. (ENI)?
On an EBIT basis the return on assets of Eni S.p.A. is 7.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Eni S.p.A. (ENI)?
The operating margin of Eni S.p.A. is 8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Eni S.p.A. (ENI)?
Revenue at Eni S.p.A. is growing +26.7% versus a year earlier (3y avg −14.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Eni S.p.A. (ENI)?
Earnings per share at Eni S.p.A. are growing +344% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Eni S.p.A. (ENI) carry?
The net debt of Eni S.p.A. is €19.3B (fiscal year 2025, ≈ 4.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026