Frontierby eninvs

Language: EN / RU

← Region

Eni USD

At a glance: strengths & risks
✓Revenue growing (+27% y/y, Q3 2026)✓Profit growing (×3.9 y/y, Q3 2026)✗Margins compressing (16%→13%, Q3 2026)✗Pricier than own history (EV/EBITDA 8.1 vs avg 5.5)

Sector: Integrated oil & gas

Geography: Italy, North Africa, Middle East, Asia

COMM_E

Price chart

57.58 USDDay 1.50%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
57.58 USD · 1.50%
Market cap
87.1 bn USD

Growth

Δ revenue y/y
26.6%
Δ EBITDA y/y
10.7%

Multiples

P/E (LTM)
28.0x
3y avg: 14.0x
P/B (FY)
1.6x
P/E (ann.)
5.9x
EV/EBITDA (LTM)
8.1x
3y avg: 5.5x
EV/EBITDA (ann.)
7.2x

Cash return

Dividend yield
3.3%
FCF yield (LTM)
7.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+0.7%
↓ details

Liquidity

Daily turnover (listing)
11.2 mln USD

Shares: yahoo_fundamentals_timeseries/E

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)PARTIAL29.9
y/y 26.6%
1.4
y/y 53.6%
1.8
y/y -17.1%
1.3
y/y 10.7%
2.4
y/y 292.1%
3.31.2175.0
y/y 10.4%
65.5
y/y 13.2%
24.1%25.7Report (PDF)
2026-03-31Q1 2026 (3M)OK23.0
y/y 15.3%
0.7
y/y -81.3%
1.9
y/y —
2.6
y/y —
1.2
y/y 0.7%
1.7-2.8169.8
y/y 8.7%
56.6
y/y -2.3%
9.0%26.0Yahoo Finance
2025-12-31Q4 2025 (3M)OK24.0
y/y —
-0.2
y/y —
2.1
y/y —
1.9
y/y —
0.1
y/y —
5.1-3.6154.7
y/y -2.7%
54.1
y/y -5.2%
5.6%23.1Yahoo Finance
2025-09-30Q3 2025 (3M)OK23.6
y/y —
1.4
y/y —
2.2
y/y —
3.5
y/y —
0.9
y/y —
3.6-2.5158.5
y/y —
57.8
y/y —
6.5%23.8Yahoo Finance
2025-06-30Q2 2025 (3M)OK19.2
y/y —
0.6
y/y —
2.1
y/y —
2.7
y/y —
0.6
y/y —
4.0-2.4159.6
y/y —
58.3
y/y —
4.3%21.9Yahoo Finance
2025-03-31Q1 2025 (3M)OK19.9
y/y —
3.9
y/y —
—
y/y —
—
y/y —
1.2
y/y —
2.5-1.9156.2
y/y —
57.9
y/y —
8.6%11.9Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL96.0
y/y -5.3%
5.7
y/y -36.6%
8.2
y/y 1.6%
13.9
y/y -18.4%
3.0
y/y -43.1%
14.2-8.0158.9
y/y 3.0%
57.1
y/y -0.8%
5.2%31.1Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL101.4
y/y —
8.9
y/y —
8.1
y/y —
17.0
y/y —
5.3
y/y —
16.4-8.7154.3
y/y —
57.5
y/y —
——Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)9 495
Long-term debt (incl. LT leases)29 555
− Cash & equivalents13 361
Net debt25 688

Net debt / LTM EBITDA: 1.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

025 00050 00075 000100 000125 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q3

Year-over-year change

-20%0%20%40%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q3

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

-2 00002 0004 0006 0008 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q3

Net debt / cash ($ mln)

010 00020 00030 00040 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 3.11x of reported net profit; after capex, 1.74x.
year20212022202320242025
cash flow / profit2.20x1.25x3.11x4.74x4.83x
accruals, % of assets-5.1%-3.5%-7.2%-7.0%-7.7%
Last twelve months (to 2025-12-31): 4.83x of profit came back as operating cash flow.
net debt / EBITDA 1.6x · capex 0.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d
Q3 2026-091 829 000
+4.2%
Q2 2026-061 790 000
H1 2026-061 805 000
+6.7%
Q3 2025-091 756 000
H1 2025-061 691 000

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.eni.com/content/dam/enicom/documents/eng/investor/presentations/2026/2026-third-quarter-results/2026-third-quarter-results-Transcript.pdf; https://www.eni.com/content/dam/enicom/documents/eng/investor/presentations/2026/2026-third-quarter-results/2026-third-quarter-results.pdf; https://www.eni.com/content/dam/enicom/documents/press-release/migrated/2026-en/03/PR-2026-capital-markets-update.pdf; https://www.eni.com/content/dam/enicom/documents/press-release/migrated/2026-en/07/PR-2026-second-quarter-results.pdf; https://www.eni.com/content/dam/enicom/documents/press-release/migrated/2026-en/10/PR-2026-third-quarter-results.pdf; https://www.eni.com/en-IT/media/press-release/2026/07/eni-results-second-quarter-half-year-2026.html

Key-commodity price — Brent

Current 96spot vs LTM +13%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +0.7% ▲ +0.0 pp 1d

Main driver: Brent +41% vs LTM; revenue ×1.13 vs costs ×1.04; EBITDA 13 946→18 463; at 6.0× EV/EBITDA → +1%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+14%95.8468.1781.58+41%+20%
Nat. gas in Europe (Dutch TTF) (rev)+5%1 052.60428.26498.10+146%+16%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue92 699
LTM EBITDA13 946
LTM cash costs (revenue − EBITDA)78 753
2 · Revenue projection
Revenue multiplier — spot×1.130 (+13%)
= Spot revenue104 724
Revenue multiplier — 3y price×1.036 (+4%)
= 3-year-price revenue96 008
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs81 904
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs81 904
4 · EBITDA projection (revenue − costs)
= Spot EBITDA22 821
= 3-year-price EBITDA14 105
Conservative EBITDA = min(spot, avg)18 463
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.0x
Target EV = EV/EBITDA × conservative EBITDA110 407
Net debt22 675
Target market cap = EV − net debt87 732
Current market cap87 084

Upside = target market cap ÷ current − 1 = +0.7%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2021 FY90 52764 294+40.8%22 94016 927+35.5%
2022 FY139 375102 491+36.0%25 99532 200-19.3%
2023 FY101 378131 403-22.8%19 55013 487+45.0%
2024 FY96 026100 141-4.1%17 64615 032+17.4%
2025 FY92 69994 495-1.9%13 94612 981+7.4%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -3% vs -5% the year before — a +1.8 pp move. 3-year CAGR -13%.
revenue growth by year: 2023 -27% · 2024 -5% · 2025 -3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.2x · target 75th pct (3y) 6.8x · LTM avg 6.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Integrated oil & gas. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
YPFglobal14.93.0x
OMVglobal26.94.0x
TotalEnergiesglobal204.04.6x
Shellglobal294.74.7x
Ecopetrolglobal31.75.1x
Group median4.6x
Group average4.3x
This companyglobal87.18.1x

Group median 4.6x; this company 8.1x — a 75% premium.

Group average 4.3x; against the average this company is at a 88% premium.

At the adjusted group median the market cap would be -54% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-220.628 USDEx-dividend: 0.628 USD per sharePaidYahoo Finance (ex-div)
2026-05-190.631 USDEx-dividend: 0.631 USD per sharePaidYahoo Finance (ex-div)
2026-03-240.614 USDEx-dividend: 0.614 USD per sharePaidYahoo Finance (ex-div)
2025-05-200.571 USDEx-dividend: 0.571 USD per sharePaidYahoo Finance (ex-div)
2025-03-250.52 USDEx-dividend: 0.52 USD per sharePaidYahoo Finance (ex-div)
2024-11-190.543 USDEx-dividend: 0.543 USD per sharePaidYahoo Finance (ex-div)
2024-09-240.543 USDEx-dividend: 0.543 USD per sharePaidYahoo Finance (ex-div)
2024-05-200.499 USDEx-dividend: 0.499 USD per sharePaidYahoo Finance (ex-div)
2024-03-180.519 USDEx-dividend: 0.519 USD per sharePaidYahoo Finance (ex-div)
2023-11-200.486 USDEx-dividend: 0.486 USD per sharePaidYahoo Finance (ex-div)
2023-09-180.527 USDEx-dividend: 0.527 USD per sharePaidYahoo Finance (ex-div)
2023-05-220.472 USDEx-dividend: 0.472 USD per sharePaidYahoo Finance (ex-div)
2023-03-200.466 USDEx-dividend: 0.466 USD per sharePaidYahoo Finance (ex-div)
2022-11-210.447 USDEx-dividend: 0.447 USD per sharePaidYahoo Finance (ex-div)
2022-09-190.447 USDEx-dividend: 0.447 USD per sharePaidYahoo Finance (ex-div)
2022-05-230.936 USDEx-dividend: 0.936 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Eni — from primary filings.

Frequently asked questions

What is Eni's P/E ratio?
Eni trades at a P/E of 28.0x (price to trailing 12-month earnings).
What is Eni's EV/EBITDA?
Eni trades at 8.1x EV/EBITDA.
What is Eni's P/B ratio?
Eni trades at a P/B of 1.6x.
What is Eni's dividend yield?
Eni's trailing 12-month dividend yield is 3.3%.
What is Eni's return on equity (ROE)?
Eni's ROE is 24.1%.
What is Eni's market capitalization?
Eni's market cap is 87.1 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map