Eni Spa (E) intrinsic value & 10-year financials
Eni Spa (E) has a Graham intrinsic value of €2.61 per share. Over the last 10 fiscal years revenue grew 4.2% a year to €82.2B, with an average return on invested capital of 5.4%.
- Graham intrinsic value
- €2.61
- Revenue (FY2025)
- €82.2B
- Revenue growth (10-yr CAGR)
- 4.2%
- ROIC (10-yr avg)
- 5.4%
- Free cash flow (FY2025)
- €4.6B
E 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €82.2B | €2.8B | €0.78 | €4.6B | 6.1% | 3.3% |
| FY2024 | €88.8B | €2.8B | €0.78 | €5.1B | 5.9% | 3.5% |
| FY2023 | €93.7B | €4.9B | €1.40 | €6.4B | 8.8% | 5.7% |
| FY2022 | €132.5B | €14.0B | €3.95 | €9.8B | 13.2% | 16.3% |
| FY2021 | €76.6B | €5.8B | €1.60 | €7.9B | 16.1% | 11.4% |
| FY2020 | €44.0B | -€8.6B | -€2.42 | €415.0M | -7.4% | -5.4% |
| FY2019 | €69.9B | €155.0M | €0.04 | €4.3B | 9.2% | 4.9% |
| FY2018 | €76.9B | €129.0M | €1.15 | €4.9B | 13.0% | 7.6% |
| FY2017 | €71.0B | €44.0M | €0.94 | €1.6B | 11.3% | 5.7% |
| FY2016 | €56.7B | €36.0M | -€0.41 | -€1.4B | 3.8% | 1.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
ENI SPA has demonstrated mature, steady growth, with revenue compounding at 4.2% annually over the past decade.
ENI SPA has historically struggled to out-earn its cost of capital, averaging just 5.4% ROIC.
Over the decade, ENI SPA shows that management has aggressively returned capital to shareholders by retiring 16.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ENI SPA is modeled at -2.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.61 per share.