A Business at a Glance
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EXPAND ENERGY Corp
EXE
$22.0B
Mkt Cap
$91.52
-0.23%
EXPAND ENERGY Corp (EXE) has a current P/E ratio of 12.1, compared to its historical median P/E of 5.5. The stock is currently considered Expensive based on its historical valuation range.
EXPAND ENERGY Corp (EXE) has a 5-year average return on invested capital (ROIC) of 23.9%. This indicates strong capital allocation and a potential competitive advantage.
EXPAND ENERGY Corp (EXE) has a market capitalization of $22.0B. It is classified as a large-cap stock.
Yes, EXPAND ENERGY Corp (EXE) pays a dividend with a trailing twelve-month yield of 3.48%. The company also returns capital through share buybacks, with a buyback yield of 0.76%.
Based on historical P/E analysis, EXPAND ENERGY Corp (EXE) appears expensive. The current P/E of 12.1 is 122% above its historical median of 5.5. The estimated fair value CAGR (P/E method) is -14.0%.
EXPAND ENERGY Corp (EXE) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
EXPAND ENERGY Corp (EXE) reported annual revenue of $12.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Expand Energy is the largest independent natural gas producer in the United States by net daily production, operating approximately 6,600 gross natural gas and oil wells across three primary geographic regions: the Haynesville and Bossier Shales in Louisiana and Texas, the Marcellus Shale in Pennsylvania (Northeast Appalachia), and the Marcellus and Utica Shales in Ohio and West Virginia (Southwest Appalachia). The company generates revenue through the production and sale of natural gas, oil, and natural gas liquids, with natural gas representing the dominant product; it operates approximately 99% of its current daily production volumes and maintains a capital-intensive development model focused on drilling and completing wells to convert proved undeveloped reserves into producing assets. The business model emphasizes operational efficiency and cost discipline, with the company targeting breakeven economics below $2.75 per unit across its portfolio and pursuing synergies from its October 2024 merger with Southwestern Energy to improve margins through lower drilling and completion costs, enhanced marketing and commercial efforts, and optimized transportation and processing arrangements. Expand Energy's competitive advantages include an unmatched inventory of high-quality drilling locations in the Haynesville, demonstrated well productivity approximately 40% greater than basin averages, and strategic positioning adjacent to the highest-demand markets including liquefied natural gas export facilities and industrial growth centers along the Gulf Coast and in Appalachia. The company serves diverse end-markets including LNG exporters, power generators, industrial facilities, and traditional utility customers, with a growing focus on long-term offtake agreements that provide premium pricing and supply certainty; all proved reserves are located within the United States.
【Demand-driven production growth】 Management expects natural gas demand to grow approximately 20% by the end of the decade, driven by LNG, power, and industrial expansion, positioning Expand Energy to serve nearly 90% of expected U.S. demand growth through its advantaged asset base. The company plans to deliver 7.5 billion cubic feet per day of production in 2026 at approximately $2.85 billion in capital expenditure, with expectations to continue working down the cost curve through operational learnings and technology deployment while maintaining flexibility to adjust production levels in response to changing market fundamentals. Management is pursuing a differentiated commercial strategy centered on long-term offtake agreements with premium pricing, such as the Lake Charles Methanol facility agreement commencing in 2030, and expects to capture additional margin through optimized marketing and transportation of molecules across its extensive firm transportation portfolio. The company anticipates becoming a full cash taxpayer in the latter part of the decade and plans to continue balancing debt reduction with shareholder returns, having reduced total debt by approximately $1.2 billion and returned approximately $865 million to shareholders in 2025.
| Metric | Target | Period |
|---|---|---|
| Capital Expenditure | $2.85 billion | FY2026 |
| Proved Undeveloped Reserve Development Expenditure | $2,044 million in 2026, $1,379 million in 2027, $700 million in 2028, $27 million in 2029 and $13 million in 2030 | FY2026–FY2030 |
Capital Expenditure (FY2026): “we are prepared to deliver 7.5 bcf/d of production for approximately the same CapEx spent in 2025. By the end of the decade, natural gas demand is expected to grow 20%”
Proved Undeveloped Reserve Development Expenditure (FY2026–FY2030): “These values were calculated assuming that we will expend approximately $4.2 billion to develop these reserves ($2,044 million in 2026, $1,379 million in 2027, $700 million in 2028, $27 million in 2029 and $13 million in 2030).”
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
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 14.3B | 12.1B | 4.2B | 8.7B | 11.7B | 5.5B |
| Net Income | 3.2B | 1.8B | -714M | 2.4B | 4.9B | 945M |
| EPS | $13.51 | $7.57 | $-4.55 | $8.46 | $16.68 | $4.06 |
| Free Cash Flow | 3.0B | 1.8B | 8.0M | 551M | 2.3B | 1.1B |
| ROIC | 15.1% | 8.6% | -4.0% | 20.4% | 39.3% | 55.3% |
| Gross Margin | - | 21.9% | -14.6% | 37.5% | 33.4% | 18.7% |
| Debt/Equity | 0.26 | 0.27 | 0.33 | 0.20 | 0.35 | 0.41 |
| Dividends/Share | $3.18 | $3.18 | $2.47 | $1.70 | $4.15 | $0.51 |
| Operating Income | 4.3B | 2.5B | -803M | 3.1B | 3.8B | 938M |
| Operating Margin | 29.8% | 20.4% | -19.0% | 36.0% | 32.2% | 16.9% |
| ROE | 16.5% | 10.1% | -5.0% | 24.4% | 65.8% | 16.7% |
| Shares Outstanding | 240M | 240M | 157M | 286M | 292M | 233M |
EXPAND ENERGY Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
EXPAND ENERGY Corp trades at 12.1x trailing earnings, compared to its 15-year median P/E of 5.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.0x vs a median of 12.6x. The company's 5-year average ROIC is 23.9% with a gross margin of 19.4%. Total shareholder yield (dividends + buybacks) is 4.2%. At current prices, the estimated annualized return to fair value is -20.0%.
EXPAND ENERGY Corp (EXE) has a net profit margin of 15.0%. This is a healthy margin.
EXPAND ENERGY Corp (EXE) generated $1.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EXPAND ENERGY Corp (EXE) has a debt-to-equity ratio of 0.27. This indicates a conservatively financed balance sheet.
EXPAND ENERGY Corp (EXE) reported earnings per share (EPS) of $7.57 in its most recent fiscal year.
EXPAND ENERGY Corp (EXE) has a return on equity (ROE) of 10.1%. This indicates moderate shareholder returns.
EXPAND ENERGY Corp (EXE) has a 5-year average gross margin of 19.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for EXPAND ENERGY Corp (EXE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EXPAND ENERGY Corp (EXE) has a book value per share of $77.31, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects natural gas demand to grow approximately 20% by the end of the decade, driven by LNG, power, and industrial expansion, positioning Expand Energy to serve nearly 90% of expected U.S. demand growth through its advantaged asset base. The company plans to deliver 7.5 billion cubic feet per day of production in 2026 at approximately $2.85 billion in capital expenditure, with expectations to continue working down the cost curve through operational learnings and technology deployment while maintaining flexibility to adjust production levels in response to changing market fundamentals. Management is pursuing a differentiated commercial strategy centered on long-term offtake agreements with premium pricing, such as the Lake Charles Methanol facility agreement commencing in 2030, and expects to capture additional margin through optimized marketing and transportation of molecules across its extensive firm transportation portfolio. The company anticipates becoming a full cash taxpayer in the latter part of the decade and plans to continue balancing debt reduction with shareholder returns, having reduced total debt by approximately $1.2 billion and returned approximately $865 million to shareholders in 2025.
Based on recent SEC filings and earnings calls, EXPAND ENERGY Corp (EXE) has provided the following forward guidance: Capital Expenditure: $2.85 billion (FY2026); Proved Undeveloped Reserve Development Expenditure: $2,044 million in 2026, $1,379 million in 2027, $700 million in 2028, $27 million in 2029 and $13 million in 2030 (FY2026–FY2030).
No recent press releases.