Rankings Utilities & power E.ON
E.ON
72
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history and peers−5
- Regulation (network interest rates)−5
- FCF yield−4
Strengths
- Regulated earnings+2
- Grid demand+1
How the score is built
From 100 to 72, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 18.61 EUR
- Median analyst target
- 21.01 EUR
- Upside to median
- +12.9%
- Analysts
- 18
- Target range
- 18.50 – 24.00 EUR
- 52-week change
- +15%
- P/E (trailing)
- 14.4
- Forward P/E
- 16.0
- PEG
- 2.66
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−5 of −30
- −2ROICROIC 6.4% vs a WACC of 6.2%, i.e. barely above the cost of capital; ROCE of 7.8% TTM is below the company's own target of 8–9% and has swung from −0.9% (2022) to 10.8% (2024).
- −3Quality of growthAdjusted EBITDA rose only 1% in H1 2026 to €5.4bn, and guidance for adjusted EPS of €1.03–1.11 is below the 2025 level (analysts expect −6%), despite investments of €48bn in 2026–2030. The retail business declined due to the deconsolidation of NEW.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −5Multiples vs own history and peersForward P/E 14.7 vs 10.2–14.9 in 2021–2025, i.e. at the top of its own forward history; P/B 1.6 (P/TBV 33) and EV of €90bn vs a market cap of €45bn. More expensive than Veolia (forward P/E 12.4).
- −4FCF yieldNegative FCF in four of the last five years (−€0.16bn TTM, −€0.94bn in 2025, −€1.3bn in 2024), and analysts expect FCF of −€2.4bn in 2026. Investments of €8.7bn this year exceed operating cash flow (€7.6bn TTM).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−9 of −35
- −5Regulation (network interest rates)On 14/8-2026 the Bundesnetzagentur proposed a flat return on capital of 3.76% for gas networks from 2028, far below the market expectation of 4.5–5.5%; the decision is seen as a template for the power grids in 2027, and the share fell about 5%. Management itself warns that refinancing costs are not fully covered.
- −4Debt and dividendEconomic net debt €46.7bn (June 2026); financial net debt has risen from €25bn (2022) to €38.5bn TTM, net debt/EBITDA 3.9, interest cover 3.2x and current ratio 0.96. The dividend (€1.5bn) is effectively paid with borrowed money, and management expects rising financing costs on refinancing.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Regulated earningsEnergy Networks (€22.4bn in revenue) are regulated monopoly networks in Germany and Central Europe with stable earnings; guidance for 2026 (adjusted EBITDA €9.4–9.6bn) is confirmed.
- +1Grid demandConnection agreements of 26 GW, battery connection requests +30% and smart meter rollout +25%; Energy Infrastructure Solutions grew 19%.
Caveats
What the score does not capture, or where the data is weak.
E.ON is primarily a regulated network company (Energy Networks) plus a large, low-margin retail business (about 2/3 of revenue), so revenue and net margin say less than adjusted EBITDA and net income. Stockanalysis' EPS (€1.29 TTM) differs from the company's adjusted EPS (guidance €1.03–1.11 for 2026). The final decision on the return on gas networks comes at year-end, and the return on electricity networks will not be decided until 2027. Credit rating, insider trading and British retail regulation have not been investigated.
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