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Italy's largest utility and one of the world's biggest power companies, generating and distributing electricity and gas, with major renewable operations.
Italy's largest utility and one of the world's biggest power companies, generating and distributing electricity and gas, with major renewable operations.
Earns through regulated returns on its power grids, contracted and market sales from its wind, solar and hydro plants, and retail power and gas supply. In recent years it has sold assets in several countries to focus on Italy, Spain and parts of the Americas and to cut debt. The Italian state is its largest shareholder.
In one line: Italy's NextEra Energy.
Moat: narrow (scale, installed base, regulatory licence). Large multi-country regulated grid and renewable generation portfolio, though returns depend on regulation/subsidies.
Headquarters: Rome, Italy · Founded: 1962 · Employees: 61,634
Size Enel (ENEL.MI) is an Italy Utilities company (Electric Utilities) with a market value of $108B, the 3rd largest of 123 Italy companies the cockpit tracks. Shares closed at €9.69 on 6 Nov 2026.
Performance Over six months the shares fell 0.2%, against +1.7% for the median peer and +3.1% for the Italy market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 0.1% over the last twelve months (peer median +6.4%); the operating margin is 15.6% (peer median 21.6%).
Valuation It trades at 13.4× forward earnings against a peer median of 18.5× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.4 points above its cost of capital (7.0% WACC).
Credit Enel has 50 bonds outstanding ($52.2B), rated BBB by the agencies and trading like A at a weighted spread of 100 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €81.0B | €76.7B | €75.2B | €91.4B | €140B |
| Revenue growth | — | +2% | -18% | -35% | — |
| Gross profit | €17.7B | €30.1B | €29.7B | €32.5B | €25.3B |
| EBITDA | €22.2B | €18.4B | €17.4B | €20.4B | €14.0B |
| Net income | €4.54B | €3.96B | €6.77B | €3.79B | €2.61B |
| Free cash flow | €4.34B | €5.42B | €4.29B | €3.24B | -€2.63B |
| Capital expenditure | €8.99B | €9.63B | €10.2B | €12.8B | €13.2B |
| Total debt | €83.3B | €77.0B | €78.2B | €81.5B | €95.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Enel ENEL.MI | $108B | 0% | 0% | 16% | 13.4× | 6.2% |
| Iberdrola IBE.MC | $168B | +16% | +1% | 21% | 21.9× | 11.4% |
| Rwe RWE.DE | $50.4B | +2% | -34% | 0% | 18.6× | n/a |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
| Terna TRN.MI | $22.0B | -2% | +11% | 42% | 17.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ENEL.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.7% | +7.6% | 5th highest of 21 |
| 6-month return | -0.2% | +1.7% | 9th lowest of 21 |
| Distance from 52-week high | -6.0% | -7.0% | 7th highest of 21 |
| Revenue growth (TTM) | -0.1% | +6.4% | 6th lowest of 21 |
| Operating margin | 15.6% | 21.6% | 5th lowest of 21 |
| Forward P/E | 13.4× | 18.5× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.2% | 11.4% | 4th least demanding of 8 |
| Growth delivered (Del g) | +3.8% | +8.8% | lowest of 8 |
| Hurdle (Req g minus delivered) | +2.4 pp | +2.3 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | +0.4 pp | -1.2 pp | 4th highest of 21 |
| EV / EBITDA | 8.5× | 13.6× | cheapest of 20 |
| Net debt / EBITDA | 3.5× | 4.9× | 6th least indebted of 20 |
| Bond spread | 100 bp | 84 bp | 4th widest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Enel ENEL.MI | Italy | $108B | 0% | 0% | 16% | 13.4× | 6.2% | +3.8% |
| Southern SO | United States | $106B | +1% | +6% | 24% | 20.0× | n/a | n/a |
| China Yangtze Power 600900.SS | China | $110B | +9% | 0% | 51% | 21.2× | 1.5% | +8.5% |
| Duke Energy DUK | United States | $99.6B | +4% | +6% | 27% | 18.2× | n/a | n/a |
| Constellation Energy CEG | United States | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% | +8.8% |
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| Iberdrola IBE.MC | Spain | $168B | +16% | +1% | 21% | 21.9× | 11.4% | +5.8% |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| NextEra Energy NEE | United States | $182B | -6% | +13% | 30% | 21.0× | 18.8% | +9.2% |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
Enel has 50 bonds outstanding with $52.2B face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 5.63%, a spread of 100 bp over government bonds.