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Germany's largest electricity and gas grid operator/retailer, distributing power to homes and businesses across Europe.
Germany's largest electricity and gas grid operator/retailer, distributing power to homes and businesses across Europe.
Earns a regulator-set return on the grid assets it owns and runs, so profit grows as it invests in the network. Retail earns on the gap between supply costs and what customers pay, and is steadier because supply is bought forward. After the 2020 asset swap with RWE it left power generation to become a network and customer-services company.
In one line: A German grid/retail utility, like a mix of Con Edison and Dominion Energy.
Moat: narrow (regulatory licence, installed base, scale). Regulated grid monopolies in defined territories, but returns are capped by regulators.
Headquarters: Essen, Germany · Founded: 2000 · Employees: 78,270
Size E.on (EOAN.DE) is a Germany Utilities company (Electric Utilities) with a market value of $55.9B, the 13th largest of 205 Germany companies the cockpit tracks. Shares closed at €19.09 on 6 Nov 2026.
Performance Over six months the shares gained 3.6%, against +1.6% for the median peer and +2.6% for the Germany market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 8.4% over the last twelve months (peer median +7.0%); the operating margin is 7.0% (peer median 22.7%).
Valuation It trades at 17.5× forward earnings against a peer median of 18.4× (8th cheapest of 21).
Capital Return on invested capital runs 0.2 points below its cost of capital (5.4% WACC).
Credit E.on has 45 bonds outstanding ($35.7B), rated BBB+ by the agencies and trading like AA- at a weighted spread of 82 bp.
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €75.2B | €78.7B | €80.1B | €93.7B | €116B |
| Revenue growth | — | -2% | -14% | -19% | — |
| Gross profit | €9.01B | €9.11B | €11.3B | €20.4B | €3.00M |
| EBITDA | €9.19B | €9.53B | €12.1B | €20.6B | -€843M |
| Net income | €3.38B | €1.73B | €4.53B | €517M | €1.83B |
| Free cash flow | -€160M | -€937M | -€1.30B | -€356M | €5.47B |
| Capital expenditure | €7.80B | €7.94B | €6.97B | €6.01B | €4.58B |
| Total debt | €42.8B | €38.5B | €39.1B | €35.4B | €34.2B |
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 |
|---|---|---|---|---|---|---|
| E.on EOAN.DE | $55.9B | +4% | -8% | 7% | 17.5× | n/a |
| Rwe RWE.DE | $50.4B | +2% | -34% | 0% | 18.6× | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | $24.2B | -3% | +9% | 5% | n/a | 5.2% |
| Iberdrola IBE.MC | $168B | +16% | +1% | 21% | 21.9× | 11.4% |
| National Grid NG..L | $84.5B | -2% | -4% | 29% | 13.8× | 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 | EOAN.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.5% | +7.8% | highest of 21 |
| 6-month return | +3.6% | +1.6% | 10th highest of 21 |
| Distance from 52-week high | -6.4% | -7.2% | 9th highest of 21 |
| Revenue growth (TTM) | -8.4% | +7.0% | 3rd lowest of 21 |
| Operating margin | 7.0% | 22.7% | 2nd lowest of 21 |
| Forward P/E | 17.5× | 18.4× | 8th cheapest of 21 |
| ROIC minus cost of capital | -0.2 pp | -1.3 pp | 4th highest of 21 |
| EV / EBITDA | 10.3× | 13.6× | 5th cheapest of 20 |
| Net debt / EBITDA | 4.2× | 4.9× | 7th least indebted of 20 |
| Bond spread | 82 bp | 84 bp | 9th tightest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | 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 |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| 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 |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| Constellation Energy CEG | United States | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% | +8.8% |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| CGN Power 003816.SZ | China | $33.1B | +4% | -20% | 30% | 22.4× | n/a | n/a |
| Duke Energy DUK | United States | $99.6B | +4% | +6% | 27% | 18.2× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
E.on has 45 bonds outstanding with $35.7B face value. The agencies rate it BBB+; its bonds trade like AA-. Weighted yield 4.38%, a spread of 82 bp over government bonds.