E.ON SE
5-year stock timeline
E.ON (EOAN.XETRA) last traded at 18.3 on 2026-05-24.
Major events
E.ON completed the Innogy reorganisation and integration in March 2020, cementing a shift toward network-and-customer operations after earlier spinning off merchant Uniper.
Leonhard Birnbaum succeeded Johannes Teyssen as CEO effective 1 April 2021, providing leadership continuity into the post-reorganisation phase.
The 2021–2023 European energy crisis and Russia's 2022 invasion produced extreme gas and power-market volatility and the nationalisation/bailout of Uniper, reshaping sector risk. E.ON responded by raising its 2023–27 investment plan to €33bn and extending a dividend-growth commitment through 2027.
Investor narrative
After Innogy's integration, markets reframed E.ON from a restructuring story into a networks-first utility emphasising regulated cash flows and customer solutions.
The 2022 energy shock drove a broader narrative that rewarded regulated, low-merchant-exposure utilities while penalising merchant-exposed peers, which altered valuation and risk premia across the sector.
From 2023 onward, guidance clarity, higher capex plans and an explicit multi-year dividend policy consolidated E.ON's position in investors' minds as an income-oriented infrastructure grower.
Technical phases
From 2020 through mid-2021, the stock recovered from the COVID trough into a steady uptrend as the Innogy integration completed and the market began to re-rate the new group.
2022 was marked by sharp volatility and a pronounced intrayear drawdown during the European energy crisis, with elevated swings reflecting sector stress.
From 2023 through mid-2026, price stabilised and showed renewed upside as earnings and guidance improved and the investment plan became visible. By 2026 the stock traded around 18.3, consistent with investor focus on dividend yield and regulated cash flows.
Key risks and downside factors
E.ON operates across European retail, distribution networks, and customer-energy solutions, competing with large integrated utilities like RWE, Enel, Iberdrola, and Engie. Its portfolio of regulated network assets paired with retail supply creates a dual exposure: tariff regulation can squeeze margins on one side, while wholesale commodity volatility does the same on the other. The company has genuine upside through grid investment and expanding customer services, though both demand substantial capital and carry real policy, regulatory, and execution risk.
- Regulatory risk: tariff resets, policy shifts on allowed returns, or pro-consumer measures can compress earnings from regulated network assets.
- Wholesale and supply risk: sharp moves or sustained volatility in power and gas markets can squeeze retail margins and drive up procurement costs.
- Competitive risk: Integrated peers and agile retail challengers—Enel, Iberdrola, RWE, Engie, and newer retail entrants—can erode market share and pricing power in customer solutions [3].
- Capital and execution risk: E.ON's substantial investments in grid infrastructure and digital systems depend on significant financing and carry exposure to interest-rate fluctuations, refinancing pressures, and the inherent uncertainties of project delivery [6].
Competitive landscape
E.ON SE is a major German utility with a footprint across European networks, retail energy and customer solutions. Its direct competitors—RWE AG, Enel SpA and Iberdrola S.A.—operate in overlapping segments: generation, grids and retail. Like most large European utilities, E.ON contends with regulatory constraints, commodity volatility and the capital demands that come with the territory. These pressures move the needle on both earnings and what shareholders actually get back.
| Company | Ticker |
|---|---|
| Enel SpA | ENEL.MI |
| Iberdrola S.A. | IBE.MC |
Private competitors
- Vattenfall
- Large municipal/regional utilities and local energy retailers
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Relative Performance vs Benchmarks
| Period | E.ON SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -3.41% | -7.67% | -8.86% |
| 3M | -4.30% | -3.34% | -14.00% |
| 6M | +22.70% | +17.64% | +12.26% |
| 1Y | +21.31% | +17.13% | -7.84% |
| 3Y | +81.64% | +24.66% | -4.03% |
| 5Y | +124.01% | +62.65% | +32.71% |
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How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 13.9 | 0.6 | 2.2 | 6.4 |
| 1Y ago | 9.1 | 0.5 | 2.2 | 7.6 |
| 3Y ago | 31.2 | 0.2 | 1.8 | 2.9 |
| 5Y ago | 12.2 | 0.4 | 3.2 | 4.6 |
Frequently Asked Questions
Where is the E.ON SE stock traded?
What does E.ON SE do?
What are the key metrics for EOAN.XETRA?
How has E.ON SE's stock price performed?
How is EOAN.XETRA valued?
Does EOAN.XETRA pay dividends?
What are the key risks when investing in EOAN.XETRA?
- Regulatory risk: tariff resets, policy shifts on allowed returns, or pro-consumer measures can compress earnings from regulated network assets.
- Wholesale and supply risk: sharp moves or sustained volatility in power and gas markets can squeeze retail margins and drive up procurement costs.
- Competitive risk: Integrated peers and agile retail challengers—Enel, Iberdrola, RWE, Engie, and newer retail entrants—can erode market share and pricing power in customer solutions [web:3].
- Capital and execution risk: E.ON's substantial investments in grid infrastructure and digital systems depend on significant financing and carry exposure to interest-rate fluctuations, refinancing pressures, and the inherent uncertainties of project delivery [web:6].
Who are the main competitors of E.ON SE?
- Enel SpA (ENEL.MI)
- Iberdrola S.A. (IBE.MC)
When does E.ON SE report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 0.57 EUR | 2.94% | 4.65% |
| 2025 | 0.55 EUR | 3.61% | |
| 2024 | 0.53 EUR | 3.96% | |
| 2023 | 0.51 EUR | 4.28% | |
| 2022 | 0.49 EUR | 4.93% | |
| 2021 | 0.47 EUR | 4.48% | |
| 2020 | 0.46 EUR | 4.55% | |
| 2019 | 0.43 EUR | 4.46% | |
| 2018 | 0.30 EUR | 3.15% | |
| 2017 | 0.21 EUR | 2.84% | |
| 2016 | 0.50 EUR | 6.08% | |
| 2015 | 0.50 EUR | 4.07% | |
| 2014 | 0.60 EUR | 4.96% | |
| 2013 | 1.10 EUR | 8.83% | |
| 2012 | 1.00 EUR | 6.64% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 78.70B | 80.12B | 93.69B | 115.66B | 77.36B |
| Operating income (EBIT) | 5.75B | 8.54B | 17.89B | -3.22B | 6.92B |
| Net income | 1.73B | 4.53B | 517.00M | 1.83B | 4.69B |
| Free cash flow | -937.00M | -1.30B | -356.00M | 5.47B | -418.00M |
| Total assets | 116.41B | 111.36B | 113.51B | 134.01B | 119.76B |
| Equity | 19.26B | 17.84B | 14.11B | 15.92B | 12.05B |
| Net debt | 37.58B | 33.31B | 29.86B | 26.83B | 31.03B |
PWP Leeway UG (haftungsbeschränkt)
