Latest Ratios: P/E Ratio 26.1x · EV/EBITDA 6.3x · 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 | $68.0B | $58.6B | $44.2B | $56.6B | $50.0B | $49.4B | $36.8B | $55.6B | $56.8B | $59.8B | $58.0B |
| Enterprise Value | $103.5B | $89.7B | $77.9B | $85.5B | $76.7B | $79.3B | $59.1B | $79.8B | $71.8B | $76.9B | $79.3B |
| P/E Ratio → | 26.10 | 24.32 | 17.54 | 12.15 | 3.63 | 8.64 | — | 375.73 | 13.82 | 17.65 | — |
| P/S Ratio | 0.73 | 0.71 | 0.50 | 0.60 | 0.38 | 0.65 | 0.84 | 0.80 | 0.75 | 0.89 | 1.04 |
| P/B Ratio | 1.32 | 1.23 | 0.87 | 1.16 | 1.00 | 1.25 | 0.98 | 1.16 | 1.11 | 1.24 | 1.09 |
| P/FCF | 12.87 | 12.66 | 8.69 | 8.87 | 5.13 | 6.25 | 88.67 | 12.86 | 11.66 | 36.75 | — |
| P/OCF | 4.47 | 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 | 6.29 | 6.22 | 4.32 | 4.87 | 2.73 | 4.18 | 7.03 | 4.75 | 4.14 | 6.69 | 9.17 |
| EV / EBIT | 13.28 | 12.76 | 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 | 10.3% | 10.3% | 13.0% | 14.4% | 20.3% | 19.4% | 7.2% | 15.2% | 18.4% | 12.7% | 8.7% |
| Operating Margin | 8.3% | 8.3% | 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 | 6.3% | 6.3% | 9.4% | 9.5% | 21.3% | 13.6% | 1.7% | 8.9% | 11.6% | 4.0% | 0.8% |
| ROCE | 6.3% | 6.3% | 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 | 2.72 | 2.72 | 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 | 2.16 | 2.16 | 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 | 5.62 | 5.62 | 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 | 14.33 | 14.33 | 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 | 4.9% | 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 | 3.8% | 4.1% | 5.7% | 8.2% | 27.6% | 11.6% | — | 0.3% | 7.2% | 5.7% | — |
| FCF Yield | 7.8% | 7.9% | 11.5% | 11.3% | 19.5% | 16.0% | 1.1% | 7.8% | 8.6% | 2.7% | — |
| Buyback Yield | 3.2% | 3.2% | 4.6% | 3.2% | 4.8% | 0.8% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.1% | 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 |
Geopolitical and commodity volatility
Based on current market data, Eni trades at a forward P/E of 8.69, which appears to reflect a persistent conglomerate discount relative to peers like TotalEnergies, potentially failing to account for the latent value within its gas-centric portfolio and the ongoing execution of its satellite model.
The discrepancy between the TTM P/E of 25.93 and the forward multiple suggests that the market is pricing in significant earnings recovery, yet this remains highly sensitive to commodity price assumptions. Investors should monitor whether the current valuation adequately compensates for the Italian sovereign risk premium compared to more geographically diversified integrated oil majors.
As reported in recent financial statements, Eni's ROIC has struggled to maintain momentum, hovering at a modest 1.3% in 2026Q1, which indicates that the company is currently failing to compound returns on invested capital at a rate comparable to its European integrated oil and gas peers.
The persistent low return on capital suggests that the heavy capital intensity of upstream projects is not being sufficiently offset by margin expansion in downstream or renewable segments. This trend warrants further investigation into whether the current capital allocation strategy is effectively prioritizing high-return assets over legacy, lower-margin operations.
According to quarterly data, Eni's cash conversion cycle has fluctuated significantly, reaching 14 days in 2026Q1, which reflects the inherent challenges in managing working capital across diverse segments ranging from upstream exploration to retail power and gas distribution in the competitive European market.
The variability in DSO and DPO suggests that the company's ability to extract cash from its operations is highly dependent on the timing of commodity settlements and retail customer payment cycles. This inconsistency in working capital management may be exacerbating the company's recent free cash flow volatility.
The P/E ratio is frequently misapplied to Eni's business model because it fails to account for the significant non-cash inventory valuation effects and the accounting distortions introduced by the ongoing deconsolidation of units like Plenitude and Enilive under the company's strategic satellite model.
Analysts should instead focus on replacement cost profit and EV/EBITDA, which provide a more accurate view of operational performance by stripping away the noise of commodity price-driven inventory adjustments. Relying on P/E in this context may lead to a fundamental misunderstanding of the company's true earnings power and cash-generating capacity.
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 26.1x. 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 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.0x.
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 26.1x. 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 4.90% with a payout ratio of 118.1%.
Eni S.p.A. has 10.3% gross margin and 8.3% operating margin.
Eni S.p.A.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.