ENN Energy Holdings Ltd XNGSY

UtilitiesNatural Gas UtilitiesChina

Last close 25.08 USD on Nov 1, 2026, −26.2% year to date

Quant rating

Quant rating C Rank 60 of 89 in Utilities

Growth C 52 of 89
Valuation A 4 of 89
Quality C 54 of 89
Revisions D 68 of 89
Momentum C 57 of 89

Wall Street consensus Buy (1.93)Average target 7.99 USD −68.1%

Historical valuation

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

Key data

Market cap: 7.0B
Enterprise value: 9.6B
52-week range: 20.55 – 39.40
3-year range: 20.55 – 40.65
Dividend yield: 6.16%
Beta (5 years): 0.27
Shares outstanding: 1,132M
Next earnings: Mar 25, 2027

About the company

ENN Energy Holdings Ltd is an investment holding company primarily engaged in the sales and distribution of piped gas, liquefied natural gas (LNG) and other multi-energy products. The Company operates its business through five segments. The Retail Gas Sales Business segment engages in the sale of natural gas to customers through pipelines as well as the operation of vehicle gas refueling stations. The Integrated Energy Business segment engages in the supply of various energy products, such as gas, electricity, colling, heating and steam. The Wholesale of Gas segment engages in the supply of LNG to wholesale customers. The Construction and Installation segment engages in the provision of construction and installation services. The Value Added Business segment engages in the provision of value added services, including kitchen solutions, heating systems, security systems and other services. The Company conducts its business in the domestic and overseas markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16,002	15,050	16,041	15,956	14,659	–
Revenue growth	6.3%	−6.2%	0.5%	8.8%	33.6%	7.8%
EPS (basic, normalized)	0.77	0.74	0.84	0.76	1.08	–
EPS growth	4.4%	−11.9%	10.6%	−29.9%	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.3%	5.5%	6.0%	5.3%	8.3%	6.1%
ROE	12.7%	13.6%	16.7%	15.7%	23.4%	16.4%

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	16,002	+6.3%	0.6x	1,555	−11.1%	6.2x	0.77	+4.4%	32.6x
2026	16,967	+6.0%	0.6x	1,804	+16.0%	5.3x	0.82	+7.2%	30.4x
2027	17,216	+1.5%	0.6x	1,836	+1.7%	5.2x	0.83	+0.8%	30.2x
2028	17,677	+2.7%	0.5x	1,936	+5.5%	5.0x	0.87	+4.9%	28.8x

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	16,967	−0.1%	−0.7%	−1.3%	0.82	−1.0%	−0.2%	−7.1%
2027	17,216	−0.9%	−1.4%	−2.6%	0.83	−1.6%	−1.9%	−11.1%
2028	17,677	−1.2%	−1.2%	−3.0%	0.87	−1.2%	−1.1%	−7.7%

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 Natural Gas Utilities

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
XNGSY ENN Energy Holdings Ltd	7.0B	–	5.3%	0.97x	30.4x	30.2x	5.3x	5.2x
KLYCY Kunlun Energy Company Ltd	8.3B	–	2.8%	0.80x	95.7x	91.9x	3.2x	3.1x
UGI UGI Corporation	8.3B	3.80x	9.3%	1.60x	13.8x	12.0x	8.5x	7.8x
NFG National Fuel Gas Company	7.6B	1.65x	22.8%	1.93x	10.8x	10.7x	6.6x	5.8x
SWX Southwest Gas Holdings, Inc.	6.7B	5.02x	12.1%	1.63x	21.6x	18.5x	11.0x	10.0x
NJR New Jersey Resources Corp	5.4B	6.55x	16.5%	2.04x	15.0x	15.4x	12.0x	11.7x
Mean		4.26x	11.4%	1.50x	31.2x	29.8x	7.8x	7.3x
Median		4.41x	10.7%	1.62x	18.3x	17.0x	7.5x	6.8x

Technical analysis

1M+0.9%
3M+9.9%
1Y−24.7%
3Y−7.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ENN Energy Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16,002	15,050	16,041	15,956	14,659	10,976
Cost of revenue	14,101	13,213	14,021	13,671	12,446	9,086
Gross profit	1,901	1,836	2,020	2,284	2,213	1,890
Selling, general & administrative expenses	656	605	694	739	700	585
Research & development	36.6	50.1	–	–	–	–
Depreciation/amortization	122	100	94.0	85.8	82.5	75.2
Interest expense (income), operating	−76.5	−15.1	−142	91.2	−241	−143
Unusual expense (income)	49.2	21.6	16.5	36.5	3.6	37.9
Other operating expenses	−64.3	−107	−95.2	−74.7	−106	−103
Operating income	1,178	1,181	1,453	1,406	1,774	1,438
Net interest income (expense)	53.5	24.5	−43.4	−93.8	19.4	26.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,232	1,205	1,410	1,312	1,794	1,465
Provision for taxes	256	263	320	346	378	341
Minority interest	−131	−122	−129	−116	−195	−161
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	844	820	960	851	1,221	962
Extraordinary items	–	–	–	–	–	–
Net income	844	820	960	851	1,221	962
EBIT, normalized	1,151	1,187	1,327	1,534	1,536	1,333
EBITDA, normalized	1,645	1,613	1,727	1,911	1,893	1,652
Basic EPS, normalized	0.77	0.74	0.84	0.76	1.08	–

Balance sheet in millions of USD, fiscal years

Balance sheet, ENN Energy Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,153	1,054	1,379	1,172	1,391	1,333
Receivables	1,779	1,727	2,022	2,236	2,403	2,012
Total inventory	227	207	237	248	237	197
Prepaid expenses	–	–	–	–	–	–
Other current assets	77.2	50.7	77.3	278	307	69.3
Total current assets	3,236	3,039	3,716	3,934	4,338	3,612
Property, plant & equipment	8,453	7,753	7,498	7,656	7,720	6,762
Goodwill	355	343	353	365	397	385
Intangibles	618	606	612	660	679	681
Long-term investments	2,162	2,093	2,063	1,931	2,153	1,991
Note receivable	21.9	0.4	2.0	1.7	6.8	13.6
Other long-term assets	314	306	287	293	447	354
Total assets	15,160	14,141	14,530	14,841	15,741	13,800
Liabilities
Accounts payable	936	851	866	864	1,200	948
Payable/accrued	–	–	–	–	–	–
Accrued expenses	254	236	254	269	364	324
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,272	912	1,259	933	1,877	1,082
Other current liabilities	2,625	2,454	2,541	3,166	3,104	2,739
Total current liabilities	5,087	4,453	4,920	5,231	6,546	5,093
Long-term debt	1,551	1,882	1,943	1,991	1,310	1,996
Minority interest	894	819	789	946	1,003	860
Other liabilities	790	809	867	1,012	1,250	1,167
Total liabilities	8,321	7,962	8,520	9,180	10,109	9,116
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	16.7	16.0	16.5	17.0	18.4	17.9
Additional paid-in capital	23.0	0	3.9	9.3	197	174
Retained earnings (accumulated deficit)	6,915	6,255	6,010	5,621	5,396	4,502
Treasury stock	–	–	–	–	–	–
Other equity	−116	−92.2	−20.0	12.8	20.6	−10.0
Total equity	6,839	6,179	6,010	5,660	5,632	4,684
Total liabilities & shareholders' equity	15,160	14,141	14,530	14,841	15,741	13,800

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ENN Energy Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,232	1,205	1,410	1,312	1,794	1,465
Depreciation, depletion & amortization	498	426	400	377	356	319
Deferred taxes	–	–	–	–	–	–
Non-cash items	−9.7	25.9	−46.4	275	−234	−93.2
Changes in working capital	−229	−246	−409	−500	−268	−205
Cash from operations	1,492	1,410	1,354	1,465	1,648	1,486
Investing activities
Capital expenditures	−1,014	−923	−984	−1,002	−1,007	−869
Other investing cash flows	192	315	301	172	−57.9	−126
Cash from investing	−821	−608	−683	−830	−1,065	−995
Financing activities
Financing cash flow items	−120	−302	−338	−153	−210	−212
Cash dividends paid	−437	−413	−419	−385	−445	−263
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−57.5	−362	314	−189	82.3	184
Cash from financing	−615	−1,077	−443	−728	−572	−291
Foreign exchange effects	−2.7	0.8	1.8	2.5	−1.6	−7.2
Net change in cash	53.1	−273	230	−91.1	8.5	193
Free cash flow	478	488	370	462	640	617

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 1, 2026 after market close.