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Eni SpACHIX:ENIM +0.43%67 Operating Margin % is 10.19% as of Jun. 2026, which is 19% above its 10-year median of 8.56. GuruFocus rates CHIX:ENIM with a GF Score™ of 67/100 and a GF Value™ of €14.57 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 918 Oil & Gas companies, Eni SpA ranks worse than 55.88% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Eni SpA's Operating Income for the
three
months ended in Jun. 2026 was €2,274 Mil. Eni SpA's Revenue for the
three
months ended in Jun. 2026 was €22,314 Mil. Therefore, Eni SpA's Operating Margin % for the quarter that ended in Jun. 2026 was 10.19%.
Good Sign:
Eni SpA operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for Eni SpA's Operating Margin % or its related term are showing as below:
CHIX:ENIm'
s Operating Margin % Range Over the Past 10 Years
Min: 0.1 Med: 8.56 Max: 14.95
Current: 4.7
CHIX:ENIm's Operating Margin % is ranked worse than 55.88% of 918
companies
in the Oil & Gas industry
Industry Median: 7.11
vs CHIX:ENIm: 4.70
Eni SpA's 5-Year Average Operating Margin % Growth Rate was 65.80% per year.
Eni SpA's Operating Income for the
three
months ended in Jun. 2026 was €2,274 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was €3,895 Mil.
Eni SpA (CHIX:ENIm) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Eni SpA Operating Margin % Related Terms
Eni SpA Operating Margin % Historical Data
* Premium members only.
The historical data trend for Eni SpA's Operating Margin % 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.
CHIX:ENIM vs XOM, CVX: Operating Margin % Comparison
For the Oil & Gas Integrated subindustry, Eni SpA's Operating Margin %, along with its competitors' market caps and Operating Margin % 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 Operating Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Eni SpA's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Eni SpA's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Eni SpA's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* 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.
Eni SpA (CHIX:ENIM) has a Operating Margin % of 10.19% as of Jun. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Eni SpA and its competitors. This is 19% above median its historical median of 8.56. Over the past decade, Eni SpA's Operating Margin % has ranged from 0.10 to 14.95. According to the industry distribution chart, Eni SpA ranks #513 out of 918 companies in the Oil & Gas industry, placing it in the top 55.9%.
Is Eni SpA's Operating Margin % too high?
Eni SpA's current Operating Margin % of 10.19% is 19% above median its 10-year median of 8.56. Over the past 10 years, this metric has ranged from a low of 0.10 to a high of 14.95. The Oil & Gas industry median Operating Margin % is 7.11. Eni SpA's value of 10.19% is 43.3% above this industry median. Based on the distribution chart, Eni SpA ranks #513 out of 918 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Eni SpA has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Eni SpA's Operating Margin % compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Eni SpA ranks #513 out of 918 companies for Operating Margin %. This places Eni SpA in the lower half of its industry. The industry median Operating Margin % is 7.11. Eni SpA's value of 10.19% is 43.3% above this benchmark. Historically, Eni SpA's own Operating Margin % has ranged from 0.10 to 14.95 over the past decade. While the company's 10-year median is 8.56 vs. the industry median of 7.11, Eni SpA has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for an Oil & Gas company?
The median Operating Margin % among Oil & Gas companies is 7.11, based on 918 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Eni SpA's current Operating Margin % of 10.19% is 43.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Eni SpA and its competitors. For the Oil & Gas industry, the median Operating Margin % is 7.11 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Eni SpA's current Operating Margin % is 10.19%, which is 19% above median its own 10-year median of 8.56. 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 (CHIX:ENIM) is currently considered Significantly Overvalued. The stock's GF Value™ is €14.57, compared to a current price of €23.88 — trading 63.9% above its estimated fair value. The current Operating Margin % is 10.19%, which is 19% above median its 10-year median of 8.56 and 43.3% above the Oil & Gas industry median of 7.11. Eni SpA's overall GF Score™ is 67/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Eni SpA (CHIX:ENIM), the current Operating Margin % is 10.19% as of Jun. 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 (CHIX:ENIM) Overvalued in 2026?
Based on GuruFocus' analysis, Eni SpA stock appears to be overvalued.
The current stock price of €23.88 is trading 63.9% above its estimated GF Value™ of €14.57.
GuruFocus considers Eni SpA to be Significantly Overvalued.
Key valuation signals for CHIX:ENIM:
Operating Margin %: 10.19% (19% above median its 10-year median of 8.56)
GF Value™: €14.57 vs. price of €23.88 (63.9% above fair value)
Industry Position: 43.3% above the Oil & Gas median (#513 of 918)
No single metric tells the full story. See the CHIX:ENIM 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.
67GF Score
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