Latest Ratios: P/E Ratio 29.8x · EV/EBITDA 8.3x · ROE 5.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $77.2B | $58.6B | $44.2B | $56.6B | $50.0B | $49.4B | $36.8B | $55.6B | $56.8B | $59.8B | $58.0B |
| Enterprise Value | $112.8B | $89.7B | $77.9B | $85.5B | $76.7B | $79.3B | $59.1B | $79.8B | $71.8B | $76.9B | $79.3B |
| P/E Ratio → | 29.77 | 24.32 | 17.54 | 12.15 | 3.63 | 8.64 | — | 375.73 | 13.82 | 17.65 | — |
| P/S Ratio | 0.82 | 0.71 | 0.50 | 0.60 | 0.38 | 0.65 | 0.84 | 0.80 | 0.75 | 0.89 | 1.04 |
| P/B Ratio | 1.50 | 1.23 | 0.87 | 1.16 | 1.00 | 1.25 | 0.98 | 1.16 | 1.11 | 1.24 | 1.09 |
| P/FCF | 14.54 | 12.66 | 8.69 | 8.87 | 5.13 | 6.25 | 88.67 | 12.86 | 11.66 | 36.75 | — |
| P/OCF | 5.05 | 4.39 | 3.38 | 3.74 | 2.86 | 3.84 | 7.63 | 4.49 | 4.16 | 5.91 | 7.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.09 | 0.88 | 0.91 | 0.58 | 1.04 | 1.34 | 1.14 | 0.95 | 1.15 | 1.42 |
| EV / EBITDA | 8.30 | 7.57 | 4.32 | 4.87 | 2.73 | 4.18 | 7.03 | 4.75 | 4.14 | 6.69 | 9.17 |
| EV / EBIT | 21.83 | 6.43 | 10.02 | 7.59 | 3.34 | 6.86 | 40.58 | 9.70 | 7.09 | 20.45 | 101.61 |
| EV / FCF | — | 19.38 | 15.30 | 13.41 | 7.86 | 10.02 | 142.38 | 18.45 | 14.74 | 47.29 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.4% | 9.4% | 13.0% | 14.4% | 20.3% | 19.4% | 7.2% | 15.2% | 18.4% | 12.7% | 8.7% |
| Operating Margin | 5.5% | 5.5% | 11.4% | 10.4% | 15.6% | 15.3% | 3.3% | 11.8% | 13.3% | 5.6% | 1.4% |
| Net Profit Margin | 3.2% | 3.2% | 3.0% | 5.1% | 10.5% | 7.6% | -19.6% | 0.2% | 5.4% | 5.0% | -2.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 5.3% | 9.7% | 30.9% | 15.1% | -20.2% | 0.3% | 8.3% | 6.7% | -2.6% |
| ROA | 1.8% | 1.8% | 1.8% | 3.2% | 9.3% | 4.5% | -7.2% | 0.1% | 3.4% | 2.7% | -1.1% |
| ROIC | 4.1% | 4.1% | 9.4% | 9.5% | 21.3% | 13.6% | 1.7% | 8.9% | 11.6% | 4.0% | 0.8% |
| ROCE | 4.1% | 4.1% | 9.1% | 8.9% | 19.9% | 12.4% | 1.6% | 8.6% | 10.8% | 3.8% | 0.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.83 | 0.81 | 0.73 | 0.96 | 0.85 | 0.63 | 0.51 | 0.51 | 0.51 |
| Debt / EBITDA | 3.31 | 3.31 | 2.32 | 2.23 | 1.31 | 2.01 | 3.77 | 1.80 | 1.49 | 2.15 | 3.15 |
| Net Debt / Equity | — | 0.65 | 0.66 | 0.60 | 0.53 | 0.76 | 0.59 | 0.50 | 0.29 | 0.36 | 0.40 |
| Net Debt / EBITDA | 2.62 | 2.62 | 1.87 | 1.65 | 0.95 | 1.58 | 2.65 | 1.44 | 0.87 | 1.49 | 2.45 |
| Debt / FCF | — | 6.72 | 6.62 | 4.54 | 2.74 | 3.78 | 53.71 | 5.59 | 3.09 | 10.54 | — |
| Interest Coverage | 1.71 | 1.71 | 6.08 | 10.77 | 25.18 | 13.24 | 1.63 | 7.29 | 10.70 | 3.55 | 0.81 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.19 | 1.19 | 1.15 | 1.30 | 1.26 | 1.34 | 1.39 | 1.18 | 1.39 | 1.47 | 1.37 |
| Quick Ratio | 1.04 | 1.04 | 0.99 | 1.12 | 1.11 | 1.19 | 1.22 | 1.02 | 1.23 | 1.29 | 1.20 |
| Cash Ratio | 0.44 | 0.44 | 0.40 | 0.47 | 0.38 | 0.34 | 0.63 | 0.43 | 0.61 | 0.61 | 0.53 |
| Asset Turnover | — | 0.59 | 0.59 | 0.64 | 0.85 | 0.53 | 0.39 | 0.55 | 0.62 | 0.56 | 0.43 |
| Inventory Turnover | 14.47 | 14.47 | 12.34 | 12.97 | 13.70 | 10.16 | 10.48 | 12.51 | 13.30 | 12.64 | 10.98 |
| Days Sales Outstanding | — | 74.13 | 76.79 | 69.74 | 62.42 | 111.31 | 95.92 | 72.24 | 72.95 | 88.37 | 117.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 5.3% | 6.9% | 5.4% | 6.0% | 4.8% | 5.3% | 5.4% | 5.2% | 4.8% | 5.0% |
| Payout Ratio | 118.1% | 118.1% | 116.9% | 63.8% | 21.7% | 40.5% | — | 2039.2% | 71.6% | 85.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 4.1% | 5.7% | 8.2% | 27.6% | 11.6% | — | 0.3% | 7.2% | 5.7% | — |
| FCF Yield | 6.9% | 7.9% | 11.5% | 11.3% | 19.5% | 16.0% | 1.1% | 7.8% | 8.6% | 2.7% | — |
| Buyback Yield | 2.8% | 3.2% | 4.6% | 3.2% | 4.8% | 0.8% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.1% | 8.5% | 11.5% | 8.6% | 10.8% | 5.6% | 5.3% | 6.1% | 5.2% | 4.8% | 5.0% |
| Shares Outstanding | — | $1.5B | $1.6B | $1.7B | $1.7B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying E stock.
Eni S.p.A.'s current P/E ratio is 29.8x. The historical average is 15.2x. This places it at the 96th percentile of its historical range.
Eni S.p.A.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
Eni S.p.A.'s return on equity (ROE) is 5.3%. The historical average is 12.2%.
Based on historical data, Eni S.p.A. is trading at a P/E of 29.8x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Eni S.p.A.'s current dividend yield is 4.30% with a payout ratio of 118.1%.
Eni S.p.A. has 9.4% gross margin and 5.5% operating margin.
Eni S.p.A.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Commodity price volatility and windfall taxes
Margin Compression Masks Underlying Volatility
Eni's gross margin swung from 21.4% in 2026Q2 to 9.4% in the latest quarter, reflecting a heavy downstream mix and commodity price sensitivity, as reported in financial statements.
The 2026Q2 gross margin spike to 21.4% appears to be an outlier, with the trailing four quarters averaging around 5-6%, indicating that the core business operates on thin margins. Operating margin has been consistently below 8% in most quarters, suggesting that high fixed costs and trading activities absorb a significant portion of gross profit. This volatility implies that reported net income is not a reliable indicator of underlying earning power; investors should focus on replacement cost profit or adjusted EBITDA to gauge true profitability.
Return on Capital Remains Subdued
ROIC has averaged roughly 1.4% over the past ten quarters, with a peak of 2.8% in 2024Q2, indicating that Eni is generating minimal returns on its invested capital, as per SEC filings.
The consistently low ROIC, despite a relatively low D/E ratio, suggests that the company's capital-intensive upstream projects and underperforming chemicals segment are not generating adequate returns. The 2026Q2 ROIC of 1.1% is below the cost of capital, implying value destruction, though this may be cyclical. The 'Satellite Model' could improve returns by offloading capital-heavy assets, but its impact is not yet visible in the data.
Working Capital Efficiency Shows Mixed Signals
Eni's cash conversion cycle turned negative to -5 days in 2026Q2, driven by a DPO of 105 days, indicating strong supplier leverage, but DSO remains elevated at 66 days, per recent financial data.
The negative CCC in 2026Q2 suggests that Eni is effectively using supplier credit to fund its operations, which is a positive sign of working capital management. However, the DSO of 66 days is relatively high, indicating that receivables collection may be slow, possibly due to the nature of its trading and wholesale businesses. The volatility in CCC, ranging from -5 to 28 days, reflects the lumpy nature of commodity transactions and should be monitored for consistency.
Leverage Appears Manageable but Coverage Weakens
Eni's D/E ratio has remained stable around 0.65-0.82, but interest coverage turned negative at -0.95 in 2026Q2, indicating that operating income may not cover interest expenses, as per reported figures.
The negative interest coverage in 2026Q2 is alarming, though it may be due to one-off items or timing. Historically, coverage has been above 1.0, but it has been declining from a peak of 10.46 in 2024Q2. The D/EBITDA ratio has risen to 12.85 in 2026Q2 from 7.70 in 2024Q1, suggesting that EBITDA is not growing in line with debt. This warrants monitoring, as a sustained decline in coverage could signal refinancing risk, especially if commodity prices remain soft.
Liquidity Buffer Remains Thin
Eni's current ratio improved to 1.23 in 2026Q2, but quick ratio of 1.00 indicates minimal inventory cushion, leaving the company vulnerable to short-term cash flow disruptions, based on balance sheet data.
The current ratio has hovered around 1.15-1.28 over the past ten quarters, providing only a modest buffer against short-term obligations. The quick ratio of 1.00 in 2026Q2 suggests that inventory is a significant component of current assets, and in a downturn, inventory may be hard to liquidate quickly. With cash of $8.4B and total debt of $37.0B, the liquidity position appears adequate but not robust, especially given the volatility in operating cash flow.
Misapplied P/E Ratio Distorts Value
Eni's trailing P/E of 30.99 is misleading due to depressed earnings, while forward P/E of 10.90 better reflects normalized earnings, but EV/EBITDA of 8.53 is more appropriate for capital-intensive energy, as per valuation data.
The trailing P/E is inflated by a temporary earnings trough, making it an unreliable metric for valuation. The forward P/E of 10.90 is more indicative of expected earnings recovery, but it still fails to account for the cyclicality and capital intensity of the business. EV/EBITDA is a more suitable multiple for integrated oil companies, as it neutralizes differences in capital structure and depreciation. However, given Eni's low ROIC, even EV/EBITDA may overstate value if returns do not improve. Investors should use a combination of EV/EBITDA and price-to-cash flow, adjusting for working capital swings and the 'Satellite Model' deconsolidations.