EQT Corporation (EQT)

Energy · $31.8B market cap · SEC CIK 0000033213

Next reports on Feb 15, 2027, after the close, with analysts expecting $0.67 in earnings per share.

52-week range $47.94 to $68.24. 24% below its 52-week high and 8% above its low.

The case for EQT

• Generated $2.8B of free cash flow in FY2025, 33% of revenue.
• 28% of revenue drops through to net profit.
• Free cash flow of 8.9% of its market value a year: a lot of cash for the price.
• Revenue growing 18.2% year over year.
• Trades at 1.19× book value, close to what the balance sheet says it owns.
• Has compounded revenue at 25.7% a year over five years.

The case against

• Current liabilities exceed current assets (ratio 0.71).
• The price trend is weak (27/100): −13.9% over a year, −7.7% over three months, 24% below its 52-week high.
• Long-term debt of $7.3B against $111M of cash.
• Trailed the S&P 500 by 26 points over the past year.
• Return on equity of 11% is lower than 95% of Energy companies.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Energy companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Its profits follow commodity prices, so its earnings and margin are read as half the latest year and half the average of the years on file (5), and last year's change in earnings per share is not counted as growth.
• Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.

The financials

The financials, five years deep

Pulled from EQT Corporation's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What EQT Corporation says it does

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. Strategy 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. This strategy relies on our substantial inventory of core drilling locations, our vast midstream infrastructure spanning across the Appalachian Basin, our investment grade credit…

Risk factors EQT lists in its 10-K

• We are subject to risks associated with the operation of our wells, pipelines and facilities
• Expanding our business by constructing new midstream assets subjects us to construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties that are beyond our control
• A terrorist attack or armed conflict targeting our systems or natural gas infrastructure generally could materially adversely impact our operations
• Our drilling locations are scheduled out over many years, making them susceptible to uncertainties that could materially alter the occurrence or timing of when they are drilled, if at all
• Failure to timely develop our leased real property could result in increased capital expenditures and/or impairment of our leases
• We do not own all of the land on which our pipelines and facilities are located, which could disrupt our operations and future development
• We may incur losses as a result of title defects in the properties we lease
• The amount and timing of actual future natural gas, NGLs and oil production is difficult to predict and may vary significantly from our estimates, which may reduce our earnings
• Our proved reserves are estimates that are based on many assumptions that may prove to be inaccurate. Any significant change in these underlying assumptions will greatly affect the quantities and present value of our reserves
• The standardized measure of discounted future net cash flows from our proved reserves is not the same as the current market value of our estimated natural gas, NGLs and oil reserves
• Financial and Market Risks Applicable to Our Business
• Natural gas, NGLs and oil price volatility, or a prolonged period of low natural gas, NGLs and oil prices, may have an adverse effect on our revenue, profitability, future rate of growth, liquidity and financial position
• We may not be able to increase our customer throughput and resulting revenue due to competition and other factors, which could limit our ability to grow our Gathering segment and Transmission segment
• A financial crisis or deterioration in general economic, business or geopolitical conditions could materially adversely affect our operations and financial condition
• Our operations have substantial capital requirements, and we may not be able to obtain needed capital or financing on satisfactory terms
• We are subject to financing and interest rate exposure risks
• Derivative transactions may limit our potential gains and involve other risks
• Cyber incidents targeting our digital work environment or other technologies or energy infrastructure may adversely impact our operations
• The loss of key personnel could adversely affect our ability to execute our strategic, operational and financial plans
• Substantially all of our producing properties and midstream infrastructure are concentrated in the Appalachian Basin, making us vulnerable to risks associated with operating primarily in one major geographic area
• Laws and regulations directed at restricting emissions of methane and other GHGs could result in increased operating costs and reduced demand for the natural gas, NGLs and oil that we produce and our midstream systems service
• We are subject to complex federal, state, local and other laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations or expose us to significant liabilities
• We and our joint ventures may incur significant costs and liabilities as a result of performance of our pipeline and storage integrity management programs and compliance with increasingly stringent safety regulation
• Changes in tax laws and regulations could adversely impact our earnings and the cost, manner or feasibility of conducting our operations
• Our hedging activities are subject to numerous and evolving financial laws and regulations which could inhibit our ability to effectively hedge our production against commodity price risk or increase our cost of compliance
• Our operations may be exposed to significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our business activities
• Regulations related to the protection of wildlife could adversely affect our ability to conduct drilling activities and pipeline construction in some of the areas where we operate
• Entering into strategic transactions may expose us to various risks
• Acquisitions may disrupt our current plans or operations and may not be worth what we pay due to uncertainties in evaluating recoverable reserves, physical assets and other expected benefits, as well as potential liabilities
• Securities class action and derivative lawsuits may be brought against us in connection with strategic transactions, which could result in substantial costs and may delay or prevent such transactions from being completed

Filings

Other Energy companies