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Italy's state-linked oil and gas major, exploring, producing and refining oil and gas worldwide, with a growing renewables/biofuels arm.
Italy's state-linked oil and gas major, exploring, producing and refining oil and gas worldwide, with a growing renewables/biofuels arm.
Earns most from producing oil and gas, which it sells at market prices, with refining and fuel marketing adding thinner margins. It is carving transition businesses into separate companies, Plenitude for renewables and retail power and Enilive for biofuels and fuel stations, to bring in outside investors. The Italian state holds a significant stake.
In one line: Italy's ExxonMobil/Chevron.
Moat: narrow (scale, regulatory licence, installed base). Large global E&P asset base and Italian state backing (via CDP stake), though oil/gas is a priced commodity business.
Headquarters: Rome, Italy · Founded: 1953 · Employees: 32,349
Size Eni (ENI.MI) is an Italy Energy company (Oil Refining/Marketing) with a market value of $82.2B, the 5th largest of 123 Italy companies the cockpit tracks. Shares closed at €25.05 on 6 Nov 2026.
Performance Over six months the shares gained 6.2%, against +7.6% for the median peer and +3.1% for the Italy market (cap-weighted) — 4th lowest of 10 in its peer set.
Growth Revenue grew 3.9% over the last twelve months (peer median +15.4%); the operating margin is 8.5% (peer median 11.2%).
Valuation It trades at 8.4× forward earnings against a peer median of 6.9× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (6.3% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €88.3B | €82.2B | €88.8B | €93.7B | €133B |
| Revenue growth | — | -7% | -5% | -29% | — |
| Gross profit | €6.08B | €8.43B | €11.5B | €13.5B | €26.9B |
| EBITDA | €14.2B | €14.4B | €18.0B | €17.6B | €28.1B |
| Net income | €7.68B | €2.37B | €2.49B | €4.77B | €13.9B |
| Free cash flow | €5.24B | €4.63B | €5.09B | €6.38B | €9.76B |
| Capital expenditure | €9.49B | €9.23B | €8.49B | €9.21B | €8.06B |
| Total debt | €39.9B | €39.2B | €41.8B | €39.1B | €36.9B |
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 |
|---|---|---|---|---|---|---|
| Eni ENI.MI | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| Shell SHEL.L | $284B | +18% | +15% | 16% | 7.7× | -10.9% |
| Bp PLC BP..L | $116B | +2% | +23% | 13% | 5.4× | -16.3% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Chevron CVX | $415B | +18% | +22% | 15% | 11.4× | -3.0% |
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 | ENI.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | -13.1% | 4th highest of 10 |
| 6-month return | +6.2% | +7.6% | 4th lowest of 10 |
| Distance from 52-week high | -9.8% | -23.6% | highest of 10 |
| Revenue growth (TTM) | +3.9% | +15.4% | 4th lowest of 10 |
| Operating margin | 8.5% | 11.2% | 3rd lowest of 10 |
| Forward P/E | 8.4× | 6.9× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 0.8% | -7.6% | 4th most demanding of 10 |
| Growth delivered (Del g) | +13.3% | +13.6% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | -12.5 pp | -16.5 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | +0.4 pp | +11.5 pp | 4th lowest of 10 |
| EV / EBITDA | 6.8× | 5.8× | 4th most expensive of 9 |
| Net debt / EBITDA | 1.4× | 0.7× | 3rd most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
| Phillips 66 PSX | United States | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% | +15.7% |
| Valero Energy VLO | United States | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% | +13.6% |
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |
| China Petroleum & Chemical 600028.SS | China | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% | +6.3% |
| Marathon Petroleum MPC | United States | $101B | +53% | +32% | 12% | 5.1× | -16.8% | +13.9% |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| Reliance Industries RELIANCE.NS | India | $189B | -8% | +20% | 11% | 19.3× | 19.1% | +17.8% |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
| Neste NESTE.HE | Finland | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% | +10.0% |