Eni S.p.A. (ENI) Fair Value & Analysis
Energy · IT · Market cap €69.6B · ISIN IT0003132476
What is Eni S.p.A. really worth?
A solid business, but trading 72% above our fair value of €13.40.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 24 valuation models · updated 4 days ago
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€16.75). The favourable scenario is already priced in.
- Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (€8.97 to €16.75) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range €6.77 – €24.60 · fair‑value band €8.97 – €16.75 · the €23.08 price screens above the €13.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Eni S.p.A. (ENI) currently trades at €23.08, while our model-based Fair Value estimate is €13.40, implying the stock looks roughly 72.2% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of €15.76 per share, and 0 of the 23 models we run sit above the €23.08 price. Bear case: the Earnings-Based group reads lowest at €5.61, and 23 of the 23 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Eni S.p.A. generated revenue of €84.5B at a net margin of 3.0%. Revenue declined 12.6% year over year. It earns a return on equity of 5.9%. Net debt stands at €19.3B. Fundamentals as of Sep 1, 2026
Our scenario range runs from €8.97 (bear case) to €16.75 (bull case); at €23.08, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 80% 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 −42%, ENI screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.5752 per share, which is 4.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models (€15.76) versus Earnings-Based (€5.61). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 80
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
ENI screens 72% overvalued. Compare with Exxon Mobil Corporation →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Eni Becomes Operator of 35-Billion-Barrel Venezuelan Oil Field
- Chevron, Eni Lead Wave of Deals to Lift Venezuela Oil Output
- Venezuela’s Energy Reopening Could Benefit Chevron (CVX) and GE Vernova (GEV), But Risks Remain
Peer Group
Oil & Gas Integrated · 53 stocks
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.
Valuation Multiples vs Oil & Gas Integrated median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Integrated stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Exxon Mobil Corporation XOM | $156.44 | $88.98 | −43% |
| Chevron Corporation CVX | $201.86 | $90.66 | −55% |
| PetroChina Company 601857 | ¥11.23 | ¥15.47 | +38% |
| Shell plc SHELL | €40.28 | €39.46 | −2% |
| TotalEnergies SE TOTB | €75.55 | €69.02 | −9% |
| Petróleo Brasileiro S.A XPBRA | €7.11 | €2.03 | −71% |
| China Petroleum & Chemical Corporation 600028 | ¥5.52 | ¥4.59 | −17% |
| Equinor ASA EQNR | kr 395.90 | kr 338.01 | −15% |
| Suncor Energy Inc SU | C$94.21 | C$59.11 | −37% |
| Eni S.p.A E | $55.12 | $32.53 | −41% |
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