Enel (ENEL.MI): analysis in plain words
Is Enel cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Enel (ENEL.MI) is listed on Borsa Italiana in Milan and we classify it in utilities and renewables. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Enel according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Enel (ENEL.MI) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €9.68 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 23.0x | Price over earnings per share |
| Revenue growth | +8.5% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 5.7% | Profit for every 100 of sales |
| Net debt / EBITDA | 3.3x | Years of operating profit to repay debt |
| Dividend yield | 5.58% | Annual dividend over price |
| Market cap | €96.2 billion | What the stock market values it at |
The Enel figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any ENEL.MI figure that is not available shows as N/A: we do not estimate it.
How Enel makes money
Enel generates and sells electricity and gas. It reports business lines such as Enel Grids (regulated distribution networks), Enel Green Power and conventional generation, and End-user Markets, which supplies power and gas to homes and businesses. Its main countries are Italy, Spain through Endesa, and several in Latin America.
Over the last 12 months, Enel brought in revenue of €79.5 billion. For every 100 it sells, Enel keeps 38.2 after the direct cost of what it sells (gross margin) and 18.2 after all operating costs (operating margin). With 61,900 full-time employees, that is about €1 million of revenue per employee.
Enel against its sector
To know whether a Enel figure is high or low you have to put it next to similar companies. This table compares Enel with the median of the 14 utilities and renewables companies Fintols covers, with data as of November 4, 2026.
| Figure | Enel | utilities and renewables median |
|---|---|---|
| P/E | 23.0x | 19.9x (14) |
| Revenue growth | +8.5% | +8.8% (14) |
| Net margin | 5.7% | 14.5% (14) |
| Dividend yield | 5.58% | 3.16% (14) |
| Net debt / EBITDA | 3.3x | 4.6x (14) |
In short, against the typical utilities and renewables company, Enel trades on a higher P/E, earns a thinner margin and pays a higher dividend yield. By size, Enel ranks number 2 of 8 utilities and renewables companies quoted in EUR on Fintols.
The bull case for Enel
What works in favour of Enel, according to its figures as of November 4, 2026:
- Analysts expect Enel earnings to rise: its P/E on the next 12 months of estimated earnings is 12.8x, below the current 23.0x.
- Enel grew sales +8.5% in its latest quarter against the same quarter a year earlier, while the median utilities and renewables company Fintols tracks grew +8.8%.
The main risk for Enel
Enel pays out more in dividends than it earns (a 115% payout ratio): its 5.58% yield only holds up if profit recovers.
On top of that: debt is heavy: Enel carries net debt equal to 3.3x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
And, like the rest of utilities and renewables, Enel is exposed to interest rates (it funds grids and plants with a lot of debt) and changes in how its tariffs are regulated.
Frequently asked questions about Enel
Is it a good time to buy Enel stock?
Fintols does not tell you whether to buy or sell Enel, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Enel stock trades at €9.68, 6% below its 52-week high (€10.31) and 13% above its low (€8.58). Its P/E is 23.0x against a utilities and renewables median of 19.9x, and 12.8x on the earnings analysts expect over the next 12 months. With Enel, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Enel pay a dividend?
Yes. As of November 4, 2026, Enel pays €0.52 per share a year, which at today's price is a yield of 5.58%. It uses 115% of its profit to pay it, more than it earns, which cannot last forever. The utilities and renewables median on Fintols is 3.16%.
Is Enel stock expensive?
It depends on what you compare it with. On P/E, Enel trades at 23.0x its last 12 months of earnings: more expensive than the utilities and renewables median (19.9x). Including its debt, Enel is valued at 8.7x its EBITDA (EV/EBITDA). A high P/E alone does not make Enel expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Enel's competitors?
On Fintols we compare Enel with Naturgy, Redeia and Enagás, which are also in utilities and renewables. As of November 4, 2026, Naturgy is worth €27.3 billion and trades on a P/E of 13.6; Redeia is worth €8.4 billion and trades on a P/E of 16.6; Enagás is worth €4.6 billion and trades on a P/E of 13.0. Each has a side-by-side comparison with Enel below.
Enel competitors
- Naturgy (NTGY) analysis · Enel vs Naturgy comparison
- Redeia (RED) analysis · Enel vs Redeia comparison
- Enagás (ENG) analysis · Enel vs Enagás comparison
To understand Enel better
- Dividend Growth Investing: FCF Payout Ratio and Compounding
- How to Read a Balance Sheet: A Beginner's Guide
More companies like Enel: utilities and renewables stocks and Euro Stoxx 50 companies. Open the full ENEL.MI analysis with its valuation and scenarios. Educational content about Enel, not investment advice.