Upside case
Bull case
$110+123.8%
E would need investors to value it at roughly 20x earnings — about 11x more generous than today's 9x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated Jun 18, 2026
Eni S.p.A. (E) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
26
analysts
9 bullish · 1 bearish · 26 covering E
Strong Buy
0
Buy
9
Hold
16
Sell
1
Strong Sell
0
Consensus Target
$64
+31.4% vs today
Scenario Range
$52 – $110
Model bear to bull value window
Coverage
26
Published analyst ratings
Valuation Context
9.2x
Forward P/E · Market cap $72.0B
E price targets
Three scenarios for where E stock could go
Current
~$49
Confidence
40 / 100
Updated
Jun 18, 2026
Where we are now
Current · $49
Bear
$52
Base
$83
Bull
$110
Market caseClosest to today
Base case
$83+69.9%
At 16x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$52+7.0%
The bear case assumes sentiment or fundamentals disappoint enough to push E down roughly 7% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Eni S.p.A.
E · NYSEEnergyOil & Gas IntegratedDecember year-end
Eni is an Italian multinational energy company focused on oil and gas exploration, production, and refining. It generates revenue primarily through its Exploration & Production segment (crude oil and natural gas sales), Refining & Marketing operations (fuels and chemicals), and its Global Gas & LNG Portfolio (natural gas wholesale and LNG trading). The company's competitive advantage lies in its integrated business model—spanning upstream exploration to downstream retail—and its strategic positioning in key Mediterranean and African energy markets.
Market Cap
$72.0B
Revenue TTM
$78.9B
Net Income TTM
$2.6B
Net Margin
3.3%
E Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
42%Exceptional
12 quarters tracked
Revenue Beat Rate
33%Exceptional
vs consensus estimates
Avg EPS Surprise
-5.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.79/$0.67
Revenue
$22.0B/$22.1B
Q4 2025
EPS
$0.90/$0.73
Revenue
$23.5B/$21.5B
Q1 2026
EPS
$0.87/$0.78
Revenue
$24.3B/$21.2B
Q2 2026
EPS
$0.81/$1.13
Revenue
$23.1B/$24.8B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.79/$0.67 | +17.9% | $22.0B/$22.1B | -0.5% |
| Q4 2025 | $0.90/$0.73 | +23.3% | $23.5B/$21.5B | +9.5% |
| Q1 2026 | $0.87/$0.78 | +11.5% | $24.3B/$21.2B | +14.9% |
| Q2 2026 | $0.81/$1.13 | -28.3% | $23.1B/$24.8B | -7.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$82.2B
+4.1% YoY
FY2
$85.4B
+3.9% YoY
EPS Outlook
FY1
$2.48
+44.6% YoY
FY2
$2.71
+9.1% YoY
Trailing FCF (TTM)$4.3B
FCF Margin: 5.5%
Next Earnings
July 24, 2026
Expected EPS
$1.79
Expected Revenue
$29.0B
E beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
E Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $82.2B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
Italy
34.9%
-7.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Italy is the largest reported region at 34.9%, down 7.6% YoY.
E Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Expensive versus peers
Fair value est. $33 — implies -32.9% from today's price.
Premium to Fair Value
32.9%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
E
28.4x
vs
S&P 500
24.4x
+16% premium
vs Energy Trailing P/E
E
28.4x
vs
Energy
15.5x
+83% premium
vs E 5Y Avg P/E
Today
28.4x
vs
5Y Average
13.3x
+114% premium
Forward PE
9.2x
S&P 500
18.8x
-51%
Energy
12.5x
-27%
5Y Avg
—
—
Trailing PE
28.4x
S&P 500
24.4x
+16%
Energy
15.5x
+83%
5Y Avg
13.3x
+114%
PEG Ratio
—
S&P 500
1.66x
—
Energy
0.52x
—
5Y Avg
—
—
EV/EBITDA
7.3x
S&P 500
15.2x
-52%
Energy
7.8x
-7%
5Y Avg
4.9x
+50%
Price/FCF
14.1x
S&P 500
20.7x
-32%
Energy
13.8x
+2%
5Y Avg
8.6x
+63%
Price/Sales
0.8x
S&P 500
3.1x
-74%
Energy
1.4x
-44%
5Y Avg
0.6x
+38%
Dividend Yield
4.51%
S&P 500
1.91%
+135%
Energy
3.47%
+30%
5Y Avg
5.70%
-21%
| Metric | E | S&P 500 | Energy | 5Y Avg E |
|---|---|---|---|---|
| Forward PE | 9.2x | 18.8x-51% | 12.5x-27% | — |
| Trailing PE | 28.4x | 24.4x+16% | 15.5x+83% | 13.3x+114% |
| PEG Ratio | — | 1.66x | 0.52x | — |
| EV/EBITDA | 7.3x | 15.2x-52% | 7.8x | 4.9x+50% |
| Price/FCF | 14.1x | 20.7x-32% | 13.8x | 8.6x+63% |
| Price/Sales | 0.8x | 3.1x-74% | 1.4x-44% | 0.6x+38% |
| Dividend Yield | 4.51% | 1.91% | 3.47% | 5.70% |
E trades above S&P 500 benchmarks on 1 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolE Financial Health
Verdict
Strong
E returns 7.4% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$78.9B
Revenue Growth
TTM vs prior year
-11.1%
Gross Margin
Gross profit as a share of revenue
5.5%
Operating Margin
Operating income divided by revenue
7.2%
Net Margin
Net income divided by revenue
3.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.72
Free Cash Flow (TTM)
Cash generation after capex
$4.3B
FCF Margin
FCF as share of revenue — the primary cash quality signal
5.5%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.2%
ROA
Return on assets, trailing twelve months
1.9%
Cash & Equivalents
Liquid assets on the balance sheet
$8.1B
Net Debt
Total debt minus cash
$30.5B
Debt Serviceability
Net debt as a multiple of annual free cash flow
7.1× FCF
~7.1 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
4.8%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
7.4%
Dividend
4.5%
Buyback
2.9%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1.8B
Dividend / Share
Annualized trailing dividend per share
$1.92
Payout Ratio
Share of earnings distributed as dividends
118.1%
Shares Outstanding
Declining as buybacks retire shares
1.5B
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageE Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 17, 2026
High Risk
Commodity price volatility
Eni's operations are heavily influenced by volatile crude oil prices, which are affected by economic conditions and growth levels, impacting results and cash flow.
High Risk
Economic sensitivity
The company's performance is highly sensitive to macroeconomic factors, including global economic growth or downturns, which can affect demand and pricing.
Medium
Exploration risks
Eni holds interests in numerous offshore exploration blocks, exposing it to operational and financial risks associated with deepwater drilling and development.
Medium
Regulatory and political risks
Operating in multiple regions, including Venezuela, Eni faces risks from changing political climates and regulatory environments that could impact operations.
Lower
Financial risk management
While Eni employs integrated risk management strategies, the complexity of global operations introduces challenges in mitigating all financial risks effectively.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why E Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 17, 2026
Strategic energy diversification
Eni is positioning itself as a global energy tech company, offering sustainable solutions across different energy sources for individuals and businesses.
Strong Gulf of Mexico presence
Eni holds interests in 39 exploration and development blocks in the Gulf of Mexico, with 16 operated by Eni, indicating a robust upstream portfolio.
Accretive growth strategy execution
Eni's 1Q '26 performance exceeded operating and financial guidance, demonstrating effective execution of its growth strategy despite market volatility.
Share buyback increase
The company is raising its share buyback program, signaling confidence in its financial health and commitment to returning value to shareholders.
Venezuela Orinoco Belt expansion
Eni signed an agreement to relaunch a heavy crude project in Venezuela's Orinoco Belt, potentially expanding its resource base and production capacity.
Established European market position
As one of Europe's largest oil companies by sales, Eni benefits from a strong, established position in the European energy market.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
E Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$48.95
52W Range Position
65%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$31.86
+53.6% from the low
52-Week High
$58.00
-15.6% from the high
1 Month
-13.19%
3 Month
-7.62%
YTD
+25.4%
1 Year
+49.8%
3Y CAGR
+20.5%
5Y CAGR
+15.1%
10Y CAGR
+4.4%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
E vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
9.2x
vs 7.4x median
+23% above peer median
Revenue Growth
+4.1%
vs +5.2% median
-21% below peer median
Net Margin
3.3%
vs 7.0% median
-53% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
E E Eni S.p.A. | $72.0B | 9.2x | +4.1% | 3.3% | Hold | +31.4% |
BP BP BP p.l.c. | $102.1B | 7.4x | +3.8% | 1.6% | Hold | +9.6% |
SHE SHEL Shell plc | $222.2B | 7.8x | +6.8% | 7.0% | Buy | +28.9% |
TTE TTE TotalEnergies SE | $179.1B | 7.3x | +2.4% | 8.2% | Buy | -5.9% |
EQN EQNR Equinor ASA | $82.1B | 6.3x | +7.8% | 5.3% | Hold | +12.7% |
XOM XOM Exxon Mobil Corporation | $584.0B | 12.5x | +5.2% | 8.9% | Hold | +23.4% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
E Dividend and Capital Return
E returns 7.4% total yield, led by a 4.51% dividend, raised 6 consecutive years. Buybacks add another 2.9%.
Dividend SustainableFCF Adequate
Total Shareholder Yield
7.4%
Dividend + buyback return per year
Buyback Yield
2.9%
Dividend Yield
4.51%
Payout Ratio
1.2%
How E Splits Its Return
Div 4.51%
Buyback 2.9%
Dividend 4.51%Buybacks 2.9%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.92
Growth Streak
Consecutive years of dividend increases
6Y
3Y Div CAGR
7.9%
5Y Div CAGR
11.6%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1.8B
Estimated Shares Retired
37M
Approx. Share Reduction
2.5%
Shares Outstanding
Current diluted share count from the screening snapshot
1.5B
At 2.5%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.23 | — | — | — |
| 2025 | $2.37 | +4.4% | 3.1% | 8.2% |
| 2024 | $2.27 | +7.6% | 4.6% | 11.8% |
| 2023 | $2.11 | +11.9% | 3.2% | 8.6% |
| 2022 | $1.88 | +0.1% | 4.8% | 10.8% |
FAQ
7 questionsE Investor Questions
Common questions answered from live analyst data and company financials.
01Is Eni S.p.A. (E) stock a buy or sell in 2026?
Eni S.p.A. (E) is rated Hold by Wall Street analysts as of 2026. Of 26 analysts covering the stock, 9 rate it Buy or Strong Buy, 16 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $64, implying +31.4% from the current price of $49. The bear case scenario is $52 and the bull case is $110.
02What is the E stock price target for 2026?
The Wall Street consensus price target for E is $64 based on 26 analyst estimates. The high-end target is $64 (+31.4% from today), and the low-end target is $64 (+31.4%). The base case model target is $83.
03Is Eni S.p.A. (E) stock overvalued in 2026?
E trades at 9.2x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals expensive versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Eni S.p.A. (E) stock in 2026?
The primary risks for E in 2026 are: (1) Commodity price volatility — Eni's operations are heavily influenced by volatile crude oil prices, which are affected by economic conditions and growth levels, impacting results and cash flow. (2) Economic sensitivity — The company's performance is highly sensitive to macroeconomic factors, including global economic growth or downturns, which can affect demand and pricing. (3) Exploration risks — Eni holds interests in numerous offshore exploration blocks, exposing it to operational and financial risks associated with deepwater drilling and development. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Eni S.p.A.'s revenue and earnings forecast?
Analyst consensus estimates E will report consensus revenue of $82.2B (+4.1% year-over-year) and EPS of $2.48 (+44.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $85.4B in revenue.
06When does Eni S.p.A. (E) report its next earnings?
Eni S.p.A. is expected to report its next earnings on approximately 2026-07-24. Consensus expects EPS of $1.79 and revenue of $29.0B. Over recent quarters, E has beaten EPS estimates 42% of the time.
07How much free cash flow does Eni S.p.A. generate?
Eni S.p.A. (E) generated $4.3B in free cash flow over the trailing twelve months — a free cash flow margin of 5.5%. E returns capital to shareholders through dividends (4.5% yield) and share repurchases ($1.8B TTM).