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

As of Oct 1, 2026: fair value of E.ON SE HUF 4,260, price HUF 6,104, upside -30.2%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Utilities · HU

EO E.ON SE logo Some data Sep 29, 2026

E.ON SE

EON · BUD

Weak valuationQuality is weak on top of the rich price.

!Fair value 4,260 HUF · Overvalued (−30.2%)
!Quality 46/100
!Weak Growth (revenue 5y +5.2 %/yr)
!Thin margins · 4.5% net margin (TTM)
!Moderate debt · negative free cash flow
✓Ranks above peers (8/13)
!Moderate moat 45/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

7,619 HUF 1,258 HUF Fair Value 4,260 HUF Aug 2016 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range 1,258 HUF – 7,619 HUF · fair‑value band 2,955 HUF – 5,002 HUF · the 6,104 HUF price screens above the 4,260 HUF fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 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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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. 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 (EON) currently trades at 6,104 HUF, while our model-based Fair Value estimate is 4,260 HUF, 30.2% 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 4,153 HUF per share, and 2 of the 12 models we run sit above the 6,104 HUF price.

Bear case: the Asset-Based group reads lowest at 1,818 HUF, and 10 of the 12 models stay below the price. Evidence for this calculation is medium.

Scenario range: 2,955 HUF (bear) to 5,002 HUF (bull), the price of 6,104 HUF 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 46/100 (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 16.1T HUF (≈ $49.3B) · P/E ratio 12.8 · P/S ratio 0.28 · EPS (TTM) 462.24 HUF · Dividend yield 0.0% · Net margin 2.2% · Return on equity 15.4% · Return on assets (EBIT) 3.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 9% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −44% fair-value upside, at −30%, EON screens cheaper than that median.

Fair Value models

Bear 2,955 HUF Fair Value 4,260 HUF Bull 5,002 HUF
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (349.10 HUF 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. Evidence ⓘEvidence = 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.
Highest evidence
EPV 4,585 HUF 5,872 HUF 6,997 HUF 74
Residual Income 2,349 HUF 2,560 HUF 2,964 HUF 74
ROIC Compounder 4,674 HUF 6,187 HUF 7,897 HUF 70
All 12 models by family
Earnings-Based
Graham-Dodd 1,661 HUF 2,713 HUF 3,283 HUF 65
EPV 4,585 HUF 5,872 HUF 6,997 HUF 74
Multiples
P/E Multiple 2,565 HUF 3,420 HUF 4,275 HUF 63
P/S Multiple 3,115 HUF 4,153 HUF 5,191 HUF 58
P/B Multiple 3,115 HUF 4,153 HUF 5,191 HUF 55
EV/EBIT 3,620 HUF 5,872 HUF 8,123 HUF 64
EV/EBITDA 3,497 HUF 5,708 HUF 7,918 HUF 66
EV/Revenue 5,061 HUF 8,574 HUF 12,086 HUF 52
Asset-Based
NCAV (Graham) 1,357 HUF 1,818 HUF 2,713 HUF 54
Economic Profit
Residual Income 2,349 HUF 2,560 HUF 2,964 HUF 74
ROIC Compounder 4,674 HUF 6,187 HUF 7,897 HUF 70
Growth Earnings
Growth-Adj P/E 1,845 HUF 2,636 HUF 3,427 HUF 65

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Quality Score breakdown

Overall quality 46/100

Of which business quality 44 · Market factors (momentum, volatility) 59

Profitability 34
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 74
Share count: buybacks or dilution?

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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)
Revenue growth 6 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.
+11.5%
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.
+1.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.8%
Dividend (yield on the price)0.0%
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% → 8%

EON screens overvalued: fair value 30% below the price. Compare with Iberdrola, S.A →

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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 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 46 · Above median
Fair Value upside −47.4% · Below median
Profitability
Return on equity (TTM) 15.4% · Top 25%
Return on assets 3.5% · Above median
Net margin (TTM) 4.5% · Below median
Operating margin (TTM) 17.9% · Above median
Growth and dividend
Revenue growth −13.4% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 1.31× · Above median

Valuation Multiplesvs Utilities - Diversified median · lower = cheaper

P/E (TTM) 12.8× · Cheaper than median
P/B 2.56× · 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 (TTM) 0.64× · Cheapest 25%
EV/EBITDA 7.4× · Cheaper than median
PEG 0.96× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 2
FUTURE (revenue growth)0 · sector 32
PAST (return on equity)61 · sector 38
HEALTH (low debt)34 · sector 48
DIVIDEND (yield)0 · sector 83

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.

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Iberdrola, S.A IBE €20.73 €9.92 −52%
Enel SpA ENEL €8.67 €3.30 −62%
Engie SA ENGI €22.52 €20.64 −8%
RWE Aktiengesellschaft generates and RWE €59.10 €43.37 −27%
Sempra SRE $78.05 $43.34 −44%
ACWA Power Company 2082 171.00 SAR 27.47 SAR −84%
Brookfield Infrastructure Partners L.P. BIP $35.79 $18.02 −50%
EnBW Energie Baden-Württemberg AG EBK €68.00 €21.11 −69%
EDP, S.A EDP €4.84 €3.81 −21%
Origin Energy Limited ORG A$10.84 A$11.45 +6%

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E.ON SE · Fair Value
4,260 HUF −30%Fair Value
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Cite: Fair Value Calculator (2026). "E.ON SE Fair Value". https://www.fairvalue-calculator.com/stock/EON

Frequently asked questions

Is E.ON SE (EON) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of 4,260 HUF versus a price of 6,104 HUF, about −30% upside (overvalued).
What is the fair value of EON?
Our model-based fair value for E.ON SE is 4,260 HUF (as of Sep 29, 2026), built from audited fundamentals. The current price: 6,104 HUF.
What is the quality score of EON?
E.ON SE has a Quality Score of 46/100. 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 (EON)?
Our model-based price target is the fair value of 4,260 HUF (as of Sep 29, 2026) from 12 valuation models. Cautious scenario 2,955 HUF, optimistic scenario 5,002 HUF. 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 4,260 HUF, about −30% upside versus a price of 6,104 HUF (overvalued). Cautious scenario 2,955 HUF, optimistic scenario 5,002 HUF. The calculation is refreshed regularly with new filings.
What is the revenue of E.ON SE (EON)?
E.ON SE reported trailing-twelve-month revenue of about €77.0B (latest available figure, as of Sep 29, 2026).
Does E.ON SE pay a dividend?
E.ON SE currently shows a dividend yield of about 0.01% relative to its recent price (as of Sep 29, 2026).
What is the intrinsic value of E.ON SE (EON)?
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 4,260 HUF per share (as of Sep 29, 2026), against a price of 6,104 HUF. 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 Sep 29, 2026, EON trades above its calculated fair value: price 6,104 HUF, fair value 4,260 HUF, a gap of about −30% (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 EON?
No. The price is what the market pays today (6,104 HUF); the fair value is what the company's own numbers justify (4,260 HUF). For E.ON SE the two are 1,844 HUF 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 16.1T HUF (market capitalisation, as of Sep 29, 2026). Per share that is 6,104 HUF; our models calculate a fair value of 4,260 HUF per share.
What do the bullish and bearish scenarios say about EON?
Our models span a range for E.ON SE: cautious scenario 2,955 HUF, base 4,260 HUF, optimistic 5,002 HUF per share (as of Sep 29, 2026, price 6,104 HUF). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EON?
E.ON SE trades at a price-to-earnings ratio of 12.8 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4,260 HUF is built from several models across several years. Other multiples: PEG 1.0, P/B 2.6, P/S 0.6, EV/EBITDA 7.4.
What is the PEG ratio of EON?
The PEG ratio of E.ON SE is 0.96 (P/E divided by earnings growth, as of Sep 29, 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 (EON)?
Balance-sheet figures for E.ON SE (as of Sep 29, 2026): return on equity 15.4%, debt of 1.31 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is EON from its 52-week high?
E.ON SE trades at 6,104 HUF, about 20% below its 52-week high of 7,619 HUF and 9% above the low of 5,619 HUF (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 4,260 HUF 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, RWE Aktiengesellschaft generates and, 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 Sep 29, 2026: price 6,104 HUF, calculated fair value 4,260 HUF (−30%), Quality Score 46/100, 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 EON 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 4,260 HUF, 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 14.5 % 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 (EON)?
The closing price on Oct 1, 2026 was 6,104 HUF. Our model-based fair value is 4,260 HUF, about −30% upside (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 (5,002 HUF). The favourable scenario is already priced in. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of E.ON SE

How large is the market capitalisation of E.ON SE (EON)?
The market capitalisation of E.ON SE is 16.1T HUF (≈ $49.3B). 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 (EON)?
The price-to-sales ratio of E.ON SE is 0.28 (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 E.ON SE (EON)?
Earnings per share at E.ON SE are 462.24 HUF (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of E.ON SE (EON)?
The dividend yield of E.ON SE is 0.0% (payout 0.1%). 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 (EON)?
The net margin of E.ON SE is 2.2% (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 E.ON SE (EON)?
The return on equity (ROE) of E.ON SE is 15.4% (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 (EON)?
On an EBIT basis the return on assets of E.ON SE is 3.4% (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 (EON)?
The operating margin of E.ON SE is 17.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at E.ON SE (EON)?
Revenue at E.ON SE is growing −13.4% 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 (EON)?
Earnings per share at E.ON SE are growing +321% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does E.ON SE (EON) 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 (EON) carry?
The net debt of E.ON SE is €26.9B (fiscal year 2019). 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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