Enel SpA ENLAY

UtilitiesElectric Utilities & IPPsItaly

Last close 10.42 USD on Nov 2, 2026, +5.7% year to date

Quant rating

Quant rating C Rank 59 of 89 in Utilities

Growth D 73 of 89
Valuation C 38 of 89
Quality D 77 of 89
Revisions B 24 of 89
Momentum C 36 of 89

Wall Street consensus Hold (3.00)Average target 12.15 USD +16.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 103.5B
Enterprise value: 190.9B
52-week range: 9.62 – 12.13
3-year range: 6.06 – 12.13
Dividend yield: 5.45%
Beta (5 years): 0.70
Shares outstanding: 9,938M
Next earnings: Nov 12, 2026

About the company

Enel SpA is an Italy-based multinational company primarily engaged in power distribution segment and an integrated operator in the global power, gas and renewables markets. The Company is active in Europe and is present in more than 30 countries, producing energy with over 68 gigawatt (GW) of installed capacity. Enel distributes electricity through a network of over 2.2 million kilometers, supplying over 70 million business and household end users globally. Enel's renewables arm Enel Green Power supplies energy of wind, solar, geothermal and hydropower plants installed in Europe, the Americas, Africa, Asia and Oceania. Enel X is Enel's global business line focusing on energy-related products and services including distribution systems and batteries, smart lighting and energy and electric mobility.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	91,678	76,523	102,504	145,177	93,104	–
Revenue growth	19.8%	−25.3%	−29.4%	55.9%	19.8%	3.4%
EPS (basic, normalized)	0.78	0.68	0.66	0.56	–	–
EPS growth	14.4%	3.0%	18.5%	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.5%	9.5%	4.1%	2.9%	3.8%	5.1%
ROE	13.0%	21.4%	12.6%	13.4%	10.7%	14.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	91,678	+19.8%	2.1x	25,799	+7.6%	7.4x	0.78	+14.4%	13.4x
2026	94,027	+2.6%	2.0x	27,497	+6.6%	6.9x	0.84	+7.8%	12.4x
2027	96,780	+2.9%	2.0x	28,832	+4.9%	6.6x	0.89	+6.7%	11.6x
2028	97,991	+1.3%	1.9x	29,401	+2.0%	6.5x	0.86	−4.0%	12.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	94,027	0.0%	+3.0%	+3.8%	0.84	0.0%	−0.6%	+0.6%
2027	96,780	0.0%	+3.2%	+0.5%	0.89	0.0%	+2.9%	+4.1%
2028	97,991	0.0%	0.0%	0.0%	0.86	0.0%	0.0%	0.0%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ENLAY Enel SpA	103.5B	–	5.5%	2.66x	12.4x	11.6x	6.9x	6.6x
IBDRY Iberdrola, S.A.	165.7B	–	–	–	21.3x	18.7x	9.0x	8.0x
H Hydro One Limited	24.0B	5.83x	14.8%	2.58x	24.1x	23.3x	15.1x	14.3x
CLPHY CLP Holdings Limited	25.0B	–	11.9%	1.72x	17.1x	16.9x	10.8x	10.3x
EDPFY EDP S.A.	22.6B	2.46x	10.4%	–	14.6x	13.7x	3.8x	3.6x
EVRG Evergy, Inc.	20.0B	6.13x	14.4%	1.95x	20.3x	19.0x	12.1x	11.0x
Mean		4.81x	11.4%	2.23x	18.3x	17.2x	9.6x	9.0x
Median		5.83x	11.9%	2.27x	18.7x	17.8x	9.9x	9.2x

Technical analysis

1M+5.6%
3M−7.4%
1Y+9.0%
3Y+93.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Enel SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	91,678	76,523	102,504	145,177	93,104	77,726
Cost of revenue	37,329	32,109	47,766	105,045	63,637	30,114
Gross profit	54,349	44,415	54,738	40,132	29,467	47,612
Selling, general & administrative expenses	26,908	24,229	24,643	25,051	26,566	27,665
Research & development	–	–	–	–	–	–
Depreciation/amortization	8,337	6,917	7,009	6,511	6,354	6,523
Interest expense (income), operating	−399	−488	3,721	−2,140	−2,865	123
Unusual expense (income)	2,451	−2,131	1,585	−542	1,285	2,151
Other operating expenses	3,316	−487	5,512	−1,038	−10,479	755
Operating income	13,737	16,373	12,268	12,289	8,607	10,396
Net interest income (expense)	−2,852	−3,136	−3,080	−2,690	−1,634	−2,967
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1,031	−935	−1,003	−312	−859	−757
Net income before taxes	9,854	12,303	8,184	9,286	6,114	6,672
Provision for taxes	3,257	3,783	3,066	3,770	1,842	2,248
Minority interest	−1,593	−1,256	−915	−1,325	−759	−1,236
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,005	7,264	4,204	4,191	3,513	3,188
Extraordinary items	−42.3	0	−409	−2,391	113	–
Net income	4,962	7,264	3,794	1,800	3,625	3,188
EBIT, normalized	16,730	12,087	20,301	10,654	12,205	16,231
EBITDA, normalized	25,700	18,956	27,194	17,165	18,558	22,771
Basic EPS, normalized	0.78	0.68	0.66	0.56	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Enel SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	10,424	13,208	12,283	26,535	19,897	13,457
Receivables	21,148	21,050	24,590	22,463	24,096	19,256
Total inventory	3,877	3,772	4,734	5,194	3,534	2,932
Prepaid expenses	705	649	560	639	606	585
Other current assets	2,828	3,636	7,071	15,871	25,909	4,239
Total current assets	38,981	42,315	49,238	70,701	74,042	40,470
Property, plant & equipment	110,021	97,923	99,104	94,736	96,142	96,138
Goodwill	15,328	13,304	14,393	14,707	15,712	16,828
Intangibles	17,772	16,396	18,822	18,750	20,542	21,578
Long-term investments	11,465	9,376	11,537	10,366	7,331	7,424
Note receivable	742	541	490	544	603	371
Other long-term assets	15,521	13,891	21,864	25,507	20,879	16,815
Total assets	209,832	193,746	215,448	235,310	235,250	199,625
Liabilities
Accounts payable	13,921	14,176	17,460	18,879	19,279	15,705
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,425	1,258	1,157	1,232	1,830	1,864
Short-term debt	3,494	3,774	5,263	19,683	15,126	7,749
Current portion of long-term debt	10,339	7,702	10,027	3,034	4,582	3,869
Other current liabilities	25,208	24,507	28,776	34,545	45,304	20,861
Total current liabilities	54,387	51,416	62,683	77,374	86,122	50,048
Long-term debt	66,926	62,118	67,413	72,978	61,956	60,478
Minority interest	17,309	15,985	14,737	14,368	14,425	17,137
Other liabilities	33,546	29,304	35,570	39,924	39,038	37,369
Total liabilities	172,168	158,824	180,403	204,644	201,540	165,032
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	11,941	10,526	11,220	10,881	11,558	12,417
Additional paid-in capital	8,804	7,761	8,273	8,022	8,521	9,130
Retained earnings (accumulated deficit)	21,177	19,007	17,109	17,210	27,037	25,752
Treasury stock	−1,265	−80.8	−65.1	−50.3	−40.9	−3.7
Other equity	−2,994	−2,291	−1,492	−5,396	−13,365	−12,703
Total equity	37,664	34,922	35,045	30,667	33,710	34,593
Total liabilities & shareholders' equity	209,832	193,746	215,448	235,310	235,250	199,625

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Enel SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	6,555	8,520	4,709	3,125	4,385	6,672
Depreciation, depletion & amortization	11,132	7,505	9,333	9,427	9,880	8,748
Deferred taxes	–	–	–	–	–	–
Non-cash items	7,949	8,875	9,867	6,750	5,360	5,347
Changes in working capital	−9,280	−11,209	−7,775	−10,046	−8,353	−6,712
Cash from operations	16,356	13,690	16,135	9,256	11,271	14,055
Investing activities
Capital expenditures	−11,312	−10,525	−14,091	−14,172	−13,870	−11,661
Other investing cash flows	−1,692	6,272	2,382	−411	1,507	−695
Cash from investing	−13,004	−4,253	−11,709	−14,583	−12,363	−12,356
Financing activities
Financing cash flow items	1,164	2,348	860	−119	1,138	−585
Cash dividends paid	−6,805	−5,307	−5,667	−5,245	−5,650	−5,791
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−758	−5,312	−4,420	13,277	8,981	1,525
Cash from financing	−6,399	−8,271	−9,227	7,913	4,469	−4,851
Foreign exchange effects	−331	−76.6	−54.1	146	19.3	−607
Net change in cash	−3,378	1,089	−4,856	2,732	3,397	−3,759
Free cash flow	5,044	3,165	2,044	−4,915	−2,599	2,394

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.