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E.ON SE (EOAN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of E.ON SE stock €8.96, price €19.09, that is 53.1% below the price, quality 35 out of 100. Rating: strongly overvalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.

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Utilities DE · ISIN DE000ENAG999

EO E.ON SE logo Some data Nov 5, 2026

E.ON SE

EOAN · XETRA
Very expensive, weak quality

Our calculation puts a fair price 53% below what the stock costs today.

Thin margins · 4.5% net margin (TTM)
3.0% dividend yield · Watch coverage
Some data
Fair value €8.96 · Strongly overvalued (−53.1%)
Quality 35/100
Weak Growth (revenue 3y −12.0 %/yr in EUR)
High debt
Negative free cash flow
Trails peers (4/13)
Narrow moat 42/100

Risks from the AI analysis

🚩Court ruling limits district heating price adjustments🚩Digital rivals like Octopus Energy challenge retail with flexible tariffs🚩Grid regulatory decisions affect investment returns

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€19.70 €6.38 Fair Value €8.96 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range €6.38 – €19.70 · fair‑value band €6.46 – €11.21 · the €19.09 price screens above the €8.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

E.ON SE operates as an energy company in Germany, the United Kingdom, Sweden, the Netherlands, rest of Europe, and internationally. The company operates through Energy Networks, Energy Infrastructure Solutions, and Energy Retail segments.

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The Energy Networks segment operates power and gas distribution networks; and offers maintenance, repair, and related services for its power and gas networks.

Its Energy Infrastructure Solutions provides integrated and sustainable energy solutions for cities, municipalities, and industrial and commercial customers comprising district heating and cooling; heat, steam, and electricity services; embedded solutions; products and services that enhance energy efficiency.

This segment also installs smart energy meters, block-type thermal power stations, photovoltaic systems, air-conditioning systems, and heat pumps.

Its Energy Retail segment supplies power and gas; installs customer connections and connects renewable energy generating stations to the grid; and offers a range of green power and green gas, and sustainable solutions that enhance energy efficiency for residential, small and medium-sized enterprises, commercial and industrial, and sales partners.

It also provides digital solutions; biogas and biomethane products; and compressed natural gas refueling services, as well as solar and battery storage systems, heating systems, and charging infrastructure for electric vehicle. E.ON SE was founded in 1923 and is headquartered in Essen, Germany.

Stock analysis

E.ON SE (EOAN) currently trades at €19.09, while our model-based Fair Value estimate is €8.96, 53% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of €11.94 per share, and 0 of the 12 models we run sit above the €19.09 price.

Bear case: the Dividend Discount group reads lowest at €5.16, and 12 of the 12 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €6.46 (bear) to €11.21 (bull), the price of €19.09 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 35/100 (below-average quality), in the Utilities sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

E.ON SE reported revenue of €78.7B in FY2025 versus €77.4B in FY2021, a compound +0.4%/yr. Reported net income was €1.7B in FY2025, compounding −22.0%/yr from FY2021.

Key figures

Market cap €52.1B Large · P/E ratio 14.8 · P/S ratio 0.91 · EPS (TTM) €1.29 · Dividend yield 3.0% · Net margin 4.5% · Return on equity 15.6% · Return on assets (EBIT) 3.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).

What moves the price

The share trades about 3% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −46% fair-value upside, at −53%, EOAN screens richer than that median.

Fair Value models

Bear €6.46 Fair Value €8.96 Bull €11.21
Price €19.09 · Downside -53.1%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.6115 per share) are deliberately not added. 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.
Best data coverage
Residual Income €6.46 €7.07 €8.35 74
EPV €6.42 €8.96 €11.21 72
ROIC Compounder €6.42 €9.24 €12.42 68
All 12 models by family
Earnings-Based
Graham-Dodd €4.51 €7.88 €9.66 64
EPV €6.42 €8.96 €11.21 72
Dividend Discount
Gordon GGM €4.00 €5.16 €6.39 67
DDM Multi-Stage €4.00 €5.50 €7.40 65
Multiples
P/E Multiple €8.96 €11.94 €14.93 63
P/S Multiple €8.46 €11.28 €14.10 57
EV/EBIT €7.88 €14.15 €20.42 62
EV/EBITDA €9.86 €16.79 €23.72 65
EV/Revenue €4.28 €10.80 €17.32 49
Economic Profit
Residual Income €6.46 €7.07 €8.35 74
ROIC Compounder €6.42 €9.24 €12.42 68
Growth Earnings
Growth-Adj P/E €6.37 €9.09 €11.82 65

Open the full fair value analysis →

Quality Score breakdown

Overall quality 35/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 29
How much profit the company makes from its sales and capital
Quality Growth 13
Are margins and returns getting better?
Cashflow 38
Do the profits arrive as real cash?
Financial strength 11
Debt, balance sheet and risk of trouble
Investment 74
Does it invest with discipline instead of growing at any price?
Low Volatility 79
How calm the share price moves, does not count
Price momentum 45
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 73
Distance to the 52-week high, does not count
New shares 52
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 36/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−1.8%
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.
−12.0%
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.
+5.2%
Start year 2020 (pandemic). Over 10 years: +6.3% a year
Revenue growth 28 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.
+2.3%
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.
+2.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.4%
Dividend (yield on the price)3.0%
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.3% → 7%
⚠ Revenue per share shrinking 6.3%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

EOAN screens overvalued: fair value 53% below the price. Compare with Iberdrola, S.A →

Note from the team Oct 11, 2026
AI conclusion: Expanded retail scale via the OVO acquisition strengthens the customer base in the UK, yet heavy capital allocation to regulated grids remains limited by authority return decisions.
Main risk: A German court ruling could prevent E.ON from using certain price adjustment clauses in district heating contracts in multiple areas, which might reduce margins in its heating business.
Bull case: E.ON could leverage its grid scale and digital investments to integrate AI-driven flexibility services and data center demand, strengthening its position against retail competitors and securing stable regulated returns.
Bear case: If regulatory constraints on pricing and returns tighten while agile rivals expand their platforms, E.ON might see compressed margins in both retail and networks, slowing earnings momentum from its customer base and grid program.
E.ON has completed the acquisition of OVO, adding four million UK customers and expanding its second-largest retail market with scope for faster rollout of digital and flexible solutions. The company simultaneously directs the bulk of its capital spending toward regulated grids that face rising security costs and return decisions from authorities. Our models currently see the stock as overvalued. Does the new retail scale ultimately generate more earnings momentum than the grid program and its regulatory dependencies absorb?
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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.Utilities - Diversified · 49 stocks

Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside −53.1% · Bottom 25%
Profitability
Return on equity (12 months) 15.6% · Top 25%
Return on assets 2.0% · Below median
Net margin (12 months) 5.9% · Below median
Operating margin (12 months) 5.0% · Below median
Growth and dividend
Revenue growth (quarter YoY) −0.5% · Below median
Dividend yield (12 months) 3.0% · Below median
Balance sheet
Debt / equity 1.63× · Highest 25%

Valuation Multiplesvs Utilities - Diversified median · lower = cheaper

P/E (12 months) 14.8× · Cheaper than median
P/B 2.70× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 0.91× · Cheaper than median
EV/EBITDA 10.5× · Pricier than median
PEG 0.83× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 32
PAST (return on equity)62 · sector 35
HEALTH (low debt)19 · sector 48
DIVIDEND (yield)60 · sector 82

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Origin Energy Limited ORG A$12.12 A$11.45 −6% vs EOAN
Engie SA ENGI €24.20 €20.64 −15% vs EOAN
RWE Aktiengesellschaft generates and RWE €57.64 €43.47 −25% vs EOAN
Enel SpA ENEL €9.69 €5.94 −39% vs EOAN
Sempra SRE $79.83 $43.34 −46% vs EOAN
EDP, S.A EDP €5.00 €2.67 −47% vs EOAN
Brookfield Infrastructure Partners L.P. BIP $37.81 $17.58 −54% vs EOAN
Iberdrola, S.A IBE €22.65 €10.28 −55% vs EOAN
EnBW Energie Baden-Württemberg AG EBK €66.80 €21.11 −68% vs EOAN
ACWA Power Company 2082 153.80 SAR 27.47 SAR −82% vs EOAN

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E.ON SE: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "E.ON SE Fair Value". https://www.fairvalue-calculator.com/stock/EOAN

Frequently asked questions

Is E.ON SE (EOAN) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €8.96 versus a price of €19.09, about 53% lower (overvalued).
What is the fair value of EOAN?
Our model-based fair value for E.ON SE is €8.96 (as of Nov 5, 2026), built from audited fundamentals. The current price: €19.09.
What is the quality score of EOAN?
E.ON SE has a Quality Score of 35/100. 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 E.ON SE (EOAN)?
Our model-based price target is the fair value of €8.96 (as of Nov 5, 2026) from 12 valuation models. Cautious scenario €6.46, optimistic scenario €11.21. It is a calculation from audited fundamentals, not an analyst target.
What is the E.ON SE stock forecast for 2026?
Our models put fair value at €8.96, about 53% lower versus a price of €19.09 (overvalued). Cautious scenario €6.46, optimistic scenario €11.21. The calculation is refreshed regularly with new filings.
What is the revenue of E.ON SE (EOAN)?
E.ON SE reported trailing-twelve-month revenue of about €75.2B (latest available figure, as of Nov 5, 2026).
Does E.ON SE pay a dividend?
E.ON SE currently shows a dividend yield of 2.99% relative to its recent price (as of Nov 5, 2026).
What is the intrinsic value of E.ON SE (EOAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For E.ON SE it is €8.96 per share (as of Nov 5, 2026), against a price of €19.09. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is E.ON SE stock overvalued or undervalued in 2026?
As of Nov 5, 2026, EOAN trades above its calculated fair value: price €19.09, fair value €8.96, a gap of about −53% (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 EOAN?
No. The price is what the market pays today (€19.09); the fair value is what the company's own numbers justify (€8.96). For E.ON SE the two are €10.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is E.ON SE worth?
The market values E.ON SE at about €52.1B (market capitalisation, as of Nov 5, 2026). Per share that is €19.09; our models calculate a fair value of €8.96 per share.
What do the bullish and bearish scenarios say about EOAN?
Our models span a range for E.ON SE: cautious scenario €6.46, base €8.96, optimistic €11.21 per share (as of Nov 5, 2026, price €19.09). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EOAN?
E.ON SE trades at a price-to-earnings ratio of 14.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €8.96 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 13.3. Other multiples: PEG 0.8, P/B 2.7, P/S 0.9, EV/EBITDA 10.5.
What is the PEG ratio of EOAN?
The PEG ratio of E.ON SE is 0.83 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of E.ON SE (EOAN)?
Balance-sheet figures for E.ON SE (as of Nov 5, 2026): return on equity 15.6%, debt of 1.63 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is EOAN from its 52-week high?
E.ON SE trades at €19.09, about 3% below its 52-week high of €19.70 and 31% above the low of €14.54 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €8.96 is for.
Which stocks are comparable to E.ON SE?
From the same area (Utilities) we also value Iberdrola, S.A, Enel SpA, Engie SA, Sempra, 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 E.ON SE stock attractive at the current price?
The data as of Nov 5, 2026: price €19.09, calculated fair value €8.96 (−53%), Quality Score 35/100, from 12 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 EOAN calculated?
We run E.ON SE through 12 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 €8.96, 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. E.ON SE 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 E.ON SE (EOAN)?
The closing price on Nov 6, 2026 was €19.09. Our model-based fair value is €8.96, about 53% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with E.ON SE right now?
The price sits above even our optimistic bull case (€11.21). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts.

Key figures of E.ON SE

How large is the market capitalisation of E.ON SE (EOAN)?
The market capitalisation of E.ON SE is €52.1B. 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 E.ON SE (EOAN)?
The price-to-sales ratio of E.ON SE is 0.91 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of E.ON SE (EOAN)?
Earnings per share at E.ON SE are €1.29 (price ÷ EPS = P/E 14.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of E.ON SE (EOAN)?
The dividend yield of E.ON SE is 3.0% (payout 44.2%). 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 E.ON SE (EOAN)?
The net margin of E.ON SE is 4.5% (last twelve months). 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 E.ON SE (EOAN)?
The return on equity (ROE) of E.ON SE is 15.6% (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 E.ON SE (EOAN)?
On an EBIT basis the return on assets of E.ON SE is 3.2% (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 E.ON SE (EOAN)?
The operating margin of E.ON SE is 5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at E.ON SE (EOAN)?
Revenue at E.ON SE is growing −0.5% versus a year earlier (3y avg −12.0%). 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 E.ON SE (EOAN)?
Earnings per share at E.ON SE are growing −13.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does E.ON SE (EOAN) generate?
The free cash flow of E.ON SE is −€937M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does E.ON SE (EOAN) carry?
The net debt of E.ON SE is €37.6B (fiscal year 2025). 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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