A Business at a Glance
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We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025, we had 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres and approximately 2,945 miles of pipeline infrastructure. In addition, we own an investment in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), a 303-mile-long pipeline that spans from Wetzel County, West Virginia to Pittsylvania County, Virginia. Our core business strategy is to be the leading low-cost producer of natural gas with a business model designed to generate durable free cash flow across commodity price cycles.
| 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 | 8.6B | 8.6B | 5.3B | 6.9B | 7.5B | 3.1B |
| Net Income | 2.0B | 2.0B | 231M | 1.7B | 1.8B | -1.1B |
| EPS | $3.31 | $3.31 | $0.45 | $4.22 | $4.38 | $-3.54 |
| Free Cash Flow | 2.8B | 2.8B | 573M | 1.2B | 2.1B | 607M |
| ROIC | 7.7% | 9.6% | 2.1% | 9.2% | 14.4% | -7.9% |
| Gross Margin | 42.0% | 42.0% | 19.4% | 36.9% | 39.6% | -38.0% |
| Debt/Equity | 0.35 | 0.35 | 0.47 | 0.41 | 0.55 | 0.67 |
| Dividends/Share | $0.63 | $0.64 | $0.63 | $0.61 | $0.55 | $0.03 |
| Operating Income | 3.2B | 3.2B | 685M | 2.3B | 2.7B | -1.4B |
| Operating Margin | 37.6% | 37.6% | 13.0% | 33.5% | 36.3% | -44.4% |
| ROE | 8.6% | 9.2% | 1.1% | 11.7% | 15.9% | -11.5% |
| Shares Outstanding | 616M | 616M | 512M | 411M | 404M | 323M |
EQT Corp passes 2 of 9 quality checks, indicating weak fundamentals.
EQT Corp trades at 17.4x 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 12.7x vs a median of 11.5x. The company's 5-year average ROIC is 5.5% with a gross margin of 20.0%. Total shareholder yield (dividends) is 1.1%. At current prices, the estimated annualized return to fair value is +34.5%.
EQT Corp (EQT) has a current P/E ratio of 17.4, 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 5.5%. This is below average and may indicate limited pricing power.
EQT Corp (EQT) has a market capitalization of $35.5B. It is classified as a large-cap stock.
Yes, EQT Corp (EQT) pays a dividend with a trailing twelve-month yield of 1.10%.
Based on historical P/E analysis, EQT Corp (EQT) appears fair. The current P/E of 17.4 is 95% above its historical median of 9.0. The estimated fair value CAGR (P/E method) is -9.8%.
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 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 20.0%. 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.
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