A Business at a Glance
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EQT Corp
EQT
$32.7B
Mkt Cap
$53.03
-0.67%
EQT Corp (EQT) has a current P/E ratio of 16.0, compared to its historical median P/E of 9.0. The stock is currently considered Fair based on its historical valuation range.
EQT Corp (EQT) has a 5-year average return on invested capital (ROIC) of 5.4%. This is below average and may indicate limited pricing power.
EQT Corp (EQT) has a market capitalization of $33.2B. It is classified as a large-cap stock.
Yes, EQT Corp (EQT) pays a dividend with a trailing twelve-month yield of 1.20%.
Based on historical P/E analysis, EQT Corp (EQT) appears fair. The current P/E of 16.0 is 79% above its historical median of 9.0. The estimated fair value CAGR (P/E method) is -9.3%.
EQT Corp (EQT) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
EQT Corp (EQT) reported annual revenue of $8.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
EQT Corporation is a vertically integrated natural gas producer with upstream, gathering, and transmission operations concentrated in the Appalachian Basin, holding 28.0 Tcfe of proved reserves across approximately 2.3 million gross acres and 2,945 miles of pipeline infrastructure, plus an investment in Mountain Valley Pipeline. The company generates revenue through the sale of natural gas, NGLs, and oil from its upstream segment, and through pipeline transportation and midstream services from its gathering and transmission segments, with a business model designed to produce durable free cash flow across commodity price cycles. EQT's operational strategy centers on large-scale, multi-pad combo-development projects that maximize operational and capital efficiencies by concentrating drilling activity, reducing surface disturbance, and synchronizing development with its robust midstream infrastructure. The company's integrated platform provides resilience across pricing environments: during low commodity prices, midstream assets generate stable, annuity-like revenue, while during high prices, the low-cost structure permits reduced hedging and increased exposure to higher natural gas prices. EQT serves growing demand sources including power generation, industrial consumption, data center development, and LNG exports, and maintains investment-grade credit metrics while pursuing a capital allocation strategy focused on responsible asset development, organic growth, debt reduction, and shareholder returns through dividends and opportunistic share repurchases. The company's competitive advantages include its proprietary digital work environment, the size and contiguity of its asset base, its position as the second-largest marketer of natural gas in the United States, and its multi-decade inventory of core drilling locations in the Marcellus Shale, where 93% of proved reserves are located.
【Structural demand growth accelerating】 Management expects natural gas-fired power generation demand to grow faster than previously anticipated, with recent announcements and discussions suggesting upside to the base case forecast of 6 Bcf per day, with the initial bull case of 10 Bcf per day now looking more like the new base case, driven by large-scale power, midstream, and data center projects where EQT is positioned as the preferred partner. LNG export demand is expected to provide significant upside optionality, with current strip pricing forecasting $500 million in annual free cash flow uplift when LNG contracts begin in 2030, though a repeat of 2026 volatility could drive that figure to $2.5 billion. The company expects to maintain production volumes consistent with its 2025 exit rate in 2026 while investing in high-return growth projects that are expected to strengthen the platform, lower future maintenance capital, reduce operating costs, and set the stage for sustainable upstream growth. Management anticipates continued operational outperformance from compression projects and well productivity improvements, with the expectation of mid-to-low single-digit production growth in the future, and plans to continue expanding leasehold position at attractive prices to perpetuate its core inventory runway.
| Metric | Target | Period |
|---|---|---|
| Total capital expenditures | $2,650–$2,850 million | FY2026 |
| Capital contributions to equity method investments | $70–$80 million | FY2026 |
| Sales volume | 2,275–2,375 Bcfe | FY2026 |
| Adjusted EBITDA attributable to EQT | approximately $6.5 billion | FY2026 |
| Free Cash Flow attributable to EQT | $3.5 billion | FY2026 |
Total capital expenditures (FY2026): “In 2026, we expect to spend approximately $2,650 million to $2,850 million on total capital expenditures”
Capital contributions to equity method investments (FY2026): “In 2026, we expect to make approximately $70 million to $80 million of capital contributions to our equity method investments, including to Mountain Valley Pipeline, LLC (the MVP Joint Venture).”
Sales volume (FY2026): “In 2026, we expect our sales volume to be 2,275 Bcfe to 2,375 Bcfe.”
Adjusted EBITDA attributable to EQT (FY2026): “At recent strip pricing, we expect to generate 2026 Adjusted EBITDA attributable to EQT of approximately $6.5 billion”
Free Cash Flow attributable to EQT (FY2026): “At recent strip pricing, we expect to generate 2026 Adjusted EBITDA attributable to EQT of approximately $6.5 billion and 2026 Free Cash Flow attributable to EQT of $3.5 billion, which includes the impact of approximately $600 million in growth investments.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Revenues From Contract With Customers | — | $12.13B | $5.06B | $5.21B | $8.35B | 35% |
Sales of natural gas, natural gas liquids and oil | $6.80B | $12.11B | $5.04B | $4.93B | $7.73B | 32% |
Operating Segments | — | $12.11B | $5.04B | $4.93B | $7.73B | 32% |
Gathering revenues supported by MVCs: | — | — | — | $4M | $18M | 0% |
Oil sales | $92M | $79M | $96M | — | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.3B | 8.6B | 5.3B | 6.9B | 12.1B | 6.8B |
| Net Income | 3.3B | 2.0B | 231M | 1.7B | 1.8B | -1.1B |
| EPS | $5.31 | $3.31 | $0.45 | $4.22 | $4.38 | $-3.54 |
| Free Cash Flow | 4.1B | 2.8B | 573M | 1.2B | 2.1B | 607M |
| ROIC | 11.8% | 8.2% | 2.5% | 10.6% | 13.4% | -8.0% |
| Gross Margin | - | 42.0% | 19.4% | 36.9% | 24.5% | -17.1% |
| Debt/Equity | 0.25 | 0.35 | 0.46 | 0.40 | 0.51 | 0.56 |
| Dividends/Share | $0.64 | $0.64 | $0.63 | $0.61 | $0.55 | $0.00 |
| Operating Income | 4.8B | 3.2B | 685M | 2.3B | 2.7B | -1.4B |
| Operating Margin | 46.6% | 37.6% | 13.0% | 33.5% | 22.4% | -20.0% |
| ROE | 13.1% | 9.2% | 1.3% | 13.4% | 16.8% | -11.9% |
| Shares Outstanding | 625M | 616M | 512M | 411M | 404M | 323M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.5B | 2.3B | 1.4B | 3.1B | 4.6B | 4.4B | 3.1B | 6.8B | 12.1B | 6.9B | 5.3B | 8.6B | 10.3B |
| Gross Margin | 44.2% | 34.7% | -38.6% | 19.1% | -56.0% | -22.2% | -23.0% | -17.1% | 24.5% | 36.9% | 19.4% | 42.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 238M | 250M | 219M | 209M | 233M | 171M | 175M | 196M | 253M | 236M | 337M | 380M | 384M |
| EBIT | 853M | 563M | -755M | 382M | -2.8B | -1.2B | -878M | -1.4B | 2.7B | 2.3B | 685M | 3.2B | 4.8B |
| Op. Margin | 34.6% | 24.1% | -54.4% | 12.4% | -61.1% | -26.1% | -28.7% | -20.0% | 22.4% | 33.5% | 13.0% | 37.6% | 46.6% |
| Net Income | 387M | 85M | -453M | 1.5B | -2.2B | -1.2B | -959M | -1.1B | 1.8B | 1.7B | 231M | 2.0B | 3.3B |
| Net Margin | 15.7% | 3.6% | -32.7% | 48.8% | -49.2% | -27.7% | -31.3% | -16.8% | 14.6% | 25.1% | 4.4% | 23.6% | 31.9% |
| Non-Recurring | 3.2M | 182M | 8.0M | 0 | 531M | 98M | -95M | 319M | 400M | 92M | 861M | 82M | 82M |
| Returns on Capital | |||||||||||||
| ROIC | 10.8% | 8.6% | -5.3% | 11.1% | -13.6% | -8.1% | -6.6% | -8.0% | 13.4% | 10.6% | 2.5% | 8.2% | 11.8% |
| ROE | 8.4% | 1.7% | -8.3% | 15.7% | -18.5% | -11.8% | -10.1% | -11.9% | 16.8% | 13.4% | 1.3% | 9.2% | 13.1% |
| ROA | 3.2% | 0.6% | -3.1% | 6.7% | -8.9% | -6.2% | -5.2% | -5.8% | 8.0% | 7.2% | 0.7% | 5.0% | 7.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.4B | 1.2B | 1.1B | 1.6B | 3.0B | 1.9B | 1.5B | 1.7B | 3.5B | 3.2B | 2.8B | 5.1B | 6.4B |
| Free Cash Flow | 1.2B | -1.2B | 122M | 79M | -23M | 249M | 495M | 607M | 2.1B | 1.2B | 573M | 2.8B | 4.1B |
| Owner Earnings | 693M | 339M | 163M | 572M | 1.4B | 282M | 125M | -42M | 1.8B | 1.4B | 506M | 2.5B | 3.7B |
| CapEx | 174M | 2.4B | 943M | 1.6B | 3.0B | 1.6B | 1.0B | 1.1B | 1.4B | 2.0B | 2.3B | 2.3B | 2.4B |
| Maint. CapEx | 679M | 819M | 856M | 971M | 1.6B | 1.5B | 1.4B | 1.7B | 1.7B | 1.7B | 2.2B | 2.6B | 2.6B |
| Growth CapEx | 0 | 1.6B | 86M | 588M | 1.4B | 64M | 0 | 0 | 0 | 287M | 91M | 0 | 0 |
| D&A | 679M | 819M | 856M | 971M | 1.6B | 1.5B | 1.4B | 1.7B | 1.7B | 1.7B | 2.2B | 2.6B | 2.6B |
| CapEx/OCF | 161.0% | 200.0% | 88.6% | 95.2% | 100.8% | 86.5% | 67.8% | 63.5% | 40.4% | 63.5% | 79.7% | 44.6% | 37.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 18M | 18M | 20M | 21M | 31M | 31M | 7.7M | 0 | 204M | 228M | 327M | 390M | 399M |
| Dividend Yield | 0.1% | 0.2% | 0.4% | 0.4% | 0.5% | 0.8% | 0.3% | N/A | 1.4% | 1.5% | 1.7% | 1.2% | 1.2% |
| Share Buybacks | 32M | 3.4M | 30K | 30K | 27K | 0 | 0 | 13M | 409M | 201M | 0 | 0 | 0 |
| Buyback Yield | 0.6% | 0.1% | 0.0% | 0.0% | 0.0% | N/A | N/A | 0.2% | 3.2% | 1.3% | N/A | N/A | 0.0% |
| Stock-Based Comp | 42M | 59M | 45M | 95M | 25M | 31M | 20M | 28M | 45M | 50M | 158M | 61M | 65M |
| Debt Repayment | 11M | 169M | 5.1M | 2.0B | 8.4M | 705M | 2.8B | 154M | 917M | 1.0B | 4.3B | 1.4B | 1.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 970M | -110M | 2.6B | 6.7B | 13.3B | 5.6B | 5.2B | 5.5B | 4.3B | 5.8B | 9.3B | 8.1B | 5.9B |
| Cash & Equiv. | 1.1B | 1.6B | 1.1B | 26M | 3.5M | 4.6M | 18M | 114M | 1.5B | 81M | 202M | 111M | 327M |
| Long-Term Debt | 2.8B | 2.8B | 3.3B | 4.7B | 4.0B | 5.3B | 4.8B | 4.5B | 5.3B | 5.5B | 9.0B | 7.3B | 5.5B |
| Debt/Equity | 0.68 | 0.61 | 0.69 | 0.51 | 1.22 | 0.57 | 0.57 | 0.56 | 0.51 | 0.40 | 0.46 | 0.35 | 0.25 |
| Interest Coverage | 6.3 | 3.8 | -5.8 | 2.3 | -12.2 | -5.8 | -3.4 | -4.7 | 10.9 | 10.5 | 1.5 | 7.4 | 11.5 |
| Equity | 4.6B | 5.1B | 5.9B | 13.3B | 11.0B | 9.8B | 9.3B | 10.0B | 11.2B | 14.8B | 20.6B | 23.8B | 25.1B |
| Total Assets | 12.0B | 14.0B | 15.5B | 29.5B | 20.7B | 18.8B | 18.1B | 21.6B | 22.7B | 25.3B | 39.8B | 41.8B | 41.7B |
| Total Liabilities | 5.7B | 5.9B | 6.4B | 11.1B | 9.8B | 9.0B | 8.9B | 11.6B | 11.5B | 10.5B | 15.6B | 14.4B | 12.9B |
| Intangibles | N/A | N/A | 0 | 119M | 77M | 26M | 0 | N/A | N/A | 23M | 215M | 200M | 197M |
| Retained Earnings | 2.9B | 3.0B | 2.5B | 4.0B | 3.2B | 2.0B | 1.0B | -94M | 1.3B | 2.7B | 2.6B | 4.2B | 5.6B |
| Working Capital | 1.1B | 1.5B | 1.0B | -69M | -385M | 409M | -547M | -2.9B | 282M | -24M | -747M | -590M | -809M |
| Current Assets | 1.9B | 2.3B | 1.8B | 1.2B | 2.0B | 1.8B | 1.2B | 2.3B | 4.0B | 2.0B | 1.7B | 1.9B | 1.6B |
| Current Liabilities | 833M | 796M | 805M | 1.2B | 2.4B | 1.3B | 1.8B | 5.2B | 3.7B | 2.0B | 2.5B | 2.5B | 2.4B |
| Per Share Data | |||||||||||||
| EPS | 1.38 | 0.30 | -2.71 | 8.04 | -8.60 | -4.79 | -3.68 | -3.54 | 4.38 | 4.22 | 0.45 | 3.31 | 5.31 |
| Owner EPS | 2.48 | 1.21 | 0.98 | 3.05 | 5.30 | 1.10 | 0.48 | -0.13 | 4.34 | 3.40 | 0.99 | 4.00 | 5.98 |
| Book Value | 16.38 | 18.17 | 35.06 | 70.99 | 41.99 | 38.44 | 35.52 | 30.84 | 27.63 | 35.93 | 40.20 | 38.55 | 40.16 |
| Cash Flow/Share | 5.06 | 4.36 | 6.37 | 8.73 | 11.40 | 7.26 | 5.90 | 5.15 | 8.57 | 7.73 | 5.52 | 8.32 | 9.46 |
| Dividends/Share | 0.07 | 0.07 | 0.12 | 0.12 | 0.12 | 0.12 | 0.03 | 0.00 | 0.55 | 0.61 | 0.63 | 0.64 | 0.64 |
| Shares Out. | 279.9M | 279.4M | 167.2M | 187.6M | 261.0M | 255.1M | 260.5M | 322.8M | 404.3M | 411.2M | 512.4M | 616.1M | 625.5M |
| Valuation | |||||||||||||
| P/E Ratio | 14.9 | 46.4 | N/A | 3.6 | N/A | N/A | N/A | N/A | 7.3 | 9.0 | 97.0 | 16.2 | 10.0 |
| P/FCF | 8.5 | N/A | 45.6 | 68.4 | N/A | 10.0 | 6.2 | 11.4 | 6.2 | 13.4 | 39.0 | 11.7 | 8.2 |
| EV/EBIT | 9.5 | 10.2 | N/A | 31.7 | N/A | N/A | N/A | N/A | 4.1 | 7.0 | 33.5 | 10.6 | 8.2 |
| Price/Book | 1.3 | 0.8 | 0.9 | 0.4 | 0.4 | 0.3 | 0.3 | 0.7 | 1.2 | 1.1 | 1.1 | 1.4 | 1.3 |
| Price/Sales | 3.0 | 2.4 | 4.1 | 1.8 | 1.4 | 0.8 | 1.0 | 1.9 | 1.9 | 2.1 | 3.6 | 3.8 | 3.2 |
| FCF Yield | 21.5% | -30.8% | 2.2% | 1.5% | -0.5% | 10.0% | 16.1% | 8.8% | 16.0% | 7.5% | 2.6% | 8.6% | 12.2% |
| Market Cap | 5.8B | 4.0B | 5.5B | 5.4B | 4.6B | 2.5B | 3.1B | 6.9B | 12.9B | 15.5B | 22.4B | 33.1B | 33.2B |
| Avg. Price | 48.05 | 37.59 | 33.84 | 30.34 | 24.13 | 14.22 | 11.54 | 18.12 | 35.13 | 35.87 | 36.65 | 53.03 | 53.03 |
| Year-End Price | 37.81 | 25.98 | 33.13 | 28.69 | 17.73 | 9.73 | 11.81 | 21.42 | 31.89 | 37.77 | 43.67 | 53.78 | 53.03 |
EQT Corp passes 2 of 9 quality checks, indicating weak fundamentals.
EQT Corp trades at 16.0x trailing earnings, compared to its 15-year median P/E of 9.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.7x vs a median of 11.7x. The company's 5-year average ROIC is 5.4% with a gross margin of 21.1%. Total shareholder yield (dividends) is 1.2%. At current prices, the estimated annualized return to fair value is +28.6%.
EQT Corp (EQT) has a net profit margin of 23.6%. This is a strong margin indicating high profitability.
EQT Corp (EQT) generated $2.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EQT Corp (EQT) has a debt-to-equity ratio of 0.35. This indicates a conservatively financed balance sheet.
EQT Corp (EQT) reported earnings per share (EPS) of $3.31 in its most recent fiscal year.
EQT Corp (EQT) has a return on equity (ROE) of 9.2%. This indicates moderate shareholder returns.
EQT Corp (EQT) has a 5-year average gross margin of 21.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for EQT Corp (EQT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EQT Corp (EQT) has a book value per share of $38.55, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects natural gas-fired power generation demand to grow faster than previously anticipated, with recent announcements and discussions suggesting upside to the base case forecast of 6 Bcf per day, with the initial bull case of 10 Bcf per day now looking more like the new base case, driven by large-scale power, midstream, and data center projects where EQT is positioned as the preferred partner. LNG export demand is expected to provide significant upside optionality, with current strip pricing forecasting $500 million in annual free cash flow uplift when LNG contracts begin in 2030, though a repeat of 2026 volatility could drive that figure to $2.5 billion. The company expects to maintain production volumes consistent with its 2025 exit rate in 2026 while investing in high-return growth projects that are expected to strengthen the platform, lower future maintenance capital, reduce operating costs, and set the stage for sustainable upstream growth. Management anticipates continued operational outperformance from compression projects and well productivity improvements, with the expectation of mid-to-low single-digit production growth in the future, and plans to continue expanding leasehold position at attractive prices to perpetuate its core inventory runway.
Based on recent SEC filings and earnings calls, EQT Corp (EQT) has provided the following forward guidance: Total capital expenditures: $2,650–$2,850 million (FY2026); Capital contributions to equity method investments: $70–$80 million (FY2026); Sales volume: 2,275–2,375 Bcfe (FY2026); Adjusted EBITDA attributable to EQT: approximately $6.5 billion (FY2026); Free Cash Flow attributable to EQT: $3.5 billion (FY2026).
No recent press releases.