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 $101.7B against $81.2B — 1.3× the size. Equinor ASA trades at the lower P/E: 8.8× against 8.9×. Equinor ASA grew revenue faster over the last twelve months: 11.8% against 9.40%. Equinor ASA has the higher net margin (9.71% vs 8.58%) and the higher return on invested capital (54.5% vs 3.67%). Both pay a dividend; Eni SpA yields more (4.41% vs 3.56%). 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 8.90 8.84 8.84
P/S 0.77 0.83 1.10
P/B 1.21 2.25 1.43
Price to free cash flow 13.60 7.34 8.19
EV/EBITDA 7.68 1.99 4.43
EV/Sales 0.90 0.83 1.48
Earnings yield 11.23% 11.31% 9.76%
Free cash flow yield 7.35% 13.62% 7.35%

Profitability

Metric E EQNR Oil & Gas Integrated median
Gross margin 19.54% 53.58% 39.93%
Operating margin 4.46% 32.26% 17.07%
Net margin 8.58% 9.71% 10.24%
Free cash flow margin 5.67% 11.34% 11.16%
Return on equity 13.98% 27.58% 14.86%
Return on assets 5.35% 8.34% 7.07%
Return on invested capital 3.67% 54.52% 12.85%

Growth

Metric E EQNR Oil & Gas Integrated median
Revenue growth (TTM) 9.40% 11.76% 13.45%
EPS growth (last fiscal year) 2.92% (37.62%) (14.54%)
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 0.59 0.53 0.53
Current ratio 1.18 1.16 1.19
Net debt to EBITDA 1.09 0.18 0.80

Dividend

Metric E EQNR Oil & Gas Integrated median
Dividend yield 4.41% 3.56% 3.83%
Payout ratio 0.40 0.32 0.34

Size

Metric E EQNR Oil & Gas Integrated median
Market cap 81.17b 101.70b 47.17b

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