Eni SpA (E) vs Equinor ASA (EQNR)

Eni SpA and Equinor ASA are both Oil & Gas Integrated companies. Equinor ASA is the larger, with a market value of $102.3B against $80.2B — 1.3× the size. Equinor ASA trades at the lower P/E: 11.5× against 13.7×. Equinor ASA grew revenue faster over the last twelve months: 5.78% against 4.16%. Equinor ASA has the higher net margin (7.92% vs 6.30%) and the higher return on invested capital (46.6% vs 3.00%). Both pay a dividend; Equinor ASA yields more (9.74% vs 6.32%). Across the 22 metrics below, Equinor ASA leads on 17 and Eni SpA on 5.

Valuation

Metric E EQNR Oil & Gas Integrated median
P/E 13.74 11.50 11.88
P/S 0.81 0.90 1.20
P/B 1.21 2.38 1.56
Price to free cash flow 15.39 8.37 9.74
EV/EBITDA 8.17 2.32 4.94
EV/Sales 1.01 0.90 1.57
Earnings yield 7.28% 8.70% 7.58%
Free cash flow yield 6.50% 11.95% 6.71%

Profitability

Metric E EQNR Oil & Gas Integrated median
Gross margin 19.25% 51.16% 39.18%
Operating margin 4.15% 28.44% 14.90%
Net margin 6.30% 7.92% 8.76%
Free cash flow margin 5.29% 10.72% 9.61%
Return on equity 9.80% 21.28% 12.22%
Return on assets 3.82% 6.47% 6.47%
Return on invested capital 3.00% 46.59% 10.61%

Growth

Metric E EQNR Oil & Gas Integrated median
Revenue growth (TTM) 4.16% 5.78% 5.63%
EPS growth (last fiscal year) 2.92% (37.62%) —
Revenue growth, 5-year CAGR 13.01% 18.37% 12.04%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric E EQNR Oil & Gas Integrated median
Debt to equity 0.55 0.56 0.55
Current ratio 1.23 1.18 1.18
Net debt to EBITDA 1.09 0.18 0.80

Dividend

Metric E EQNR Oil & Gas Integrated median
Dividend yield 6.32% 9.74% 5.01%
Payout ratio 0.33 0.12 0.29

Size

Metric E EQNR Oil & Gas Integrated median
Market cap 80.20b 102.28b 51.12b

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