Eni SpA
Eni SpA’s revenue for fiscal 2025 (year ended December 2025) was $94.6 billion, down 4.14% from fiscal 2024. In the quarter to June 2026, revenue grew 21.4%, EPS grew 616.7%, free cash flow grew 43.6% and total debt rose 10.8%, each against the same quarter a year earlier.
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Eni SpA (E) Beneish M-score
Eni SpA's Beneish M-score for fiscal 2025 is −2.97; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.97 | (0.22) |
| FY2024 | −2.75 | 0.11 |
| FY2023 | −2.87 | (0.76) |
| FY2022 | −2.11 | 0.01 |
| FY2021 | −2.12 | 0.99 |
| FY2020 | −3.11 | (0.18) |
| FY2019 | −2.93 | (0.06) |
| FY2018 | −2.86 | (0.06) |
| FY2017 | −2.80 | 0.37 |
| FY2016 | −3.18 | (0.10) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.80 | — | 0.74 | |
| Gross margin index | 1.11 | — | 0.59 | |
| Asset quality index | 1.13 | — | 0.45 | |
| Sales growth index | 0.96 | — | 0.86 | |
| Depreciation index | 0.89 | — | 0.10 | |
| SG&A index | 1.08 | — | −0.19 | |
| Total accruals to total assets | (0.08) | — | −0.36 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.97 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EC Ecopetrol S.A. compare | −3.7× |
| EQNR Equinor ASA compare | −3.0× |
| E Eni SpA | −3.0× |
| BP BP p.l.c. compare | −3.0× |
| SHEL Shell PLC Unsponsored ADR compare | −2.8× |
| TTE TotalEnergies SE Sponsored ADR compare | −2.7× |
| PBR.A Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| PBR Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| CVE Cenovus Energy Inc compare | −2.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI