Eni SpAFRA:ENI -0.37%57 Beneish M-Score is -3.27 as of Jun. 26, 2026. GuruFocus rates FRA:ENI with a GF Score™ of 57/100 and a GF Value™ of €14.50 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 822 Oil & Gas companies, Eni SpA ranks better than 81.27% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Eni SpA's Beneish M-Score or its related term are showing as below:
FRA:ENI'
s Beneish M-Score Range Over the Past 10 Years
Min: -5.14 Med: -2.81 Max: -1.97
Current: -3.27
During the past 13 years, the highest Beneish M-Score of Eni SpA was -1.97. The lowest was -5.14. And the median was -2.81.
Eni SpA Beneish M-Score Related Terms
Eni SpA Beneish M-Score Historical Data
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The historical data trend for Eni SpA's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas Integrated subindustry, Eni SpA's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Eni SpA Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Eni SpA's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eni SpA's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Eni SpA for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.879
+
0.528 * 0.8624
+
0.404 * 0.6763
+
0.892 * 0.9801
+
0.115 * 0.9211
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0288
+
4.679 * -0.086171
-
0.327 * 1.1366
=
-3.27
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(7410 / (7410 + 60911))
/
(7200 / (7200 + 53948))
=
0.108459
/
0.117747
=
0.9211
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(2507 - 2863
-
12372)
/
147706
=
-0.086171
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Eni SpA has a M-score of -3.27 suggests that the company is unlikely to be a manipulator.
Eni SpA (FRA:ENI) has a Beneish M-Score of -3.27 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eni SpA and its competitors. According to the industry distribution chart, Eni SpA ranks #154 out of 822 companies in the Oil & Gas industry, placing it in the top 18.7%.
Is Eni SpA's Beneish M-Score too high?
Eni SpA's current Beneish M-Score is -3.27. Based on the distribution chart, Eni SpA ranks #154 out of 822 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Eni SpA has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Eni SpA's Beneish M-Score compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Eni SpA ranks #154 out of 822 companies for Beneish M-Score. This places Eni SpA in the top 19% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Eni SpA and its competitors. Eni SpA's current Beneish M-Score is -3.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eni SpA stock overvalued right now?
Based on GuruFocus' analysis, Eni SpA (FRA:ENI) is currently considered Significantly Overvalued. The stock's GF Value™ is €14.50, compared to a current price of €20.46 — trading 41.1% above its estimated fair value. The current Beneish M-Score is -3.27. Eni SpA's overall GF Score™ is 57/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Eni SpA (FRA:ENI), the current Beneish M-Score is -3.27 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Eni SpA (FRA:ENI) Overvalued in 2026?
Based on GuruFocus' analysis, Eni SpA stock appears to be overvalued.
The current stock price of €20.46 is trading 41.1% above its estimated GF Value™ of €14.50.
GuruFocus considers Eni SpA to be Significantly Overvalued.
Key valuation signals for FRA:ENI:
Beneish M-Score: -3.27
GF Value™: €14.50 vs. price of €20.46 (41.1% above fair value)
No single metric tells the full story. See the FRA:ENI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Eni is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2025, the company produced 0.8 million barrels of liquids and 4.6 billion cubic feet of natural gas per day. At year-end 2025, Eni held reserves of 6.9 billion barrels of oil equivalent, 44% of which are liquids. The Italian government owns a 33.1% stake in the company. Plentitude, Eni's renewable and low-carbon business, has 5.8 gigawatts of renewable power capacity, serves 10 million electricity customers, and operates 23,000 electric vehicle charging points.
57GF Score
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