EEni S.p.A.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (3.4×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
A balanced mix of margins, efficiency, and leverage. ROE 5% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is E?
Eni S.p.A. earns 6.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 2.9 points below what the capital costs: growth destroys value
- Operating margin
- 6.1%
Operating margin · Oil & Gas Integrated median 13% · fiscal year to FY2025
- Cash conversion
- 3.37×
Cash conversion · 3.16× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −4.4%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −7.4% |
| FY2021 | 16% |
| FY2022 | 13% |
| FY2023 | 8.8% |
| FY2024 | 5.9% |
| FY2025 | 6.1% |
Details›
- Gross marginfiscal year to FY2025
- 38%
- Operating marginfiscal year to FY2025
- 6.1%
- Net marginfiscal year to FY2025
- 3.2%
- Free cash flow margin
- 5.6%
- R&D as % of revenue
- 0.25%
- Revenue, trailing twelve months
- $82.2B
- Free cash flow, trailing twelve months
- $4.63B
- Net income, trailing twelve months
- $2.61B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Oil & Gas Integrated
Ranks #9 of 12 by RyuScore