ENYSECrude Petroleum & Natural GasFiscal year ends December 31Also trades as EIPAF
ENI SPA
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 23, 2026
$58.85−0.25 (-0.42%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
–
Operating margin
6.1%+13.5 pts over 5 years
Net margin
3.2%+22.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -7.5% | -14.7% | +13.3% | +1.1% | |
| Operating income | -4.4% | -34.1% | – | – | |
| Net income | -0.6% | -42.7% | – | – | |
| EPS, diluted | 0.0% | -41.8% | – | – | |
| Free cash flow | -9.1% | -22.0% | +62.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -20.3% | 5.2% | |
| Return on assets | – | -7.4% | 1.8% | |
| Current ratio | 1.37 | – | – | |
| Debt to equity | 0.51 | 0.71 | 0.59 | |
| Net debt to EBITDA | 2.22× | 4.29× | 1.65× | |
| Interest coverage | 0.3× | -0.7× | 0.6× | |
| Capex to revenue | 16.0% | 10.0% | 10.6% | |
| Diluted shares | 3.60B | 3.57B | 3.09B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Eni Spa generated €71.86B from operations and spent €46.60B on capital expenditure, dividends and share buybacks. 82% of that went back into the business.
Generated
€71.86B
Used
€46.60B
Capital expenditure€38.09B82%Dividends€00%Share buybacks€8.51B18%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.2%
×Asset turnover0.58×
×Equity multiplier2.82×
=Return on equity, FY20255.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.2% | 0.58× | 2.82× | 5.2% |
| FY2024 | 3.0% | 0.61× | 2.73× | 5.0% |
| FY2023 | 5.1% | 0.77× | 2.25× | 8.8% |
| FY2022 | 10.5% | 1.11× | 2.40× | 28.0% |
| FY2021 | 7.6% | 0.62× | 3.02× | 14.2% |
| FY2020 | -19.6% | 0.38× | 2.73× | -20.3% |
| FY2019 | 0.2% | 0.58× | 2.45× | 0.3% |
| FY2018 | 5.4% | 0.65× | 2.36× | 8.3% |
| FY2017 | 5.0% | 0.56× | 2.37× | 6.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero€2.61B
- Cash generatingOperating cash flow above zero€13.33B
- Return on assets improvedROA up on the prior year1.8% → 1.8%
- Earnings backed by cashOperating cash flow above net income€13.33B vs €2.61B
- Less leverageLong-term debt to assets fell14.7% → 14.7%
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise3.23B → 3.09B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.62 → 0.56