EQT Corporation (EQT)
Energy · $31.8B market cap · SEC CIK 0000033213
fundamentals score out of 100
Next reports on Oct 19, 2026, after the close, with analysts expecting $0.47 in earnings per share.
The case for EQT
- Revenue up 30.2% on the year.
- Cheap on earnings at 11.7×, well under the market's usual 20×.
- Generated $2.8B of free cash flow in FY2025, 33% of revenue.
- 29% 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.
- Earnings per share up 134.0%.
The case against
- Near the bottom of its 52-week range, 26% below the high. Falling prices usually have a reason; find it first.
- Current liabilities exceed current assets (ratio 0.67).
- Long-term debt of $7.3B against $111M of cash.
- Return on equity of 11% is lower than 85% 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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 80 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 93 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 75 |
| Momentumhow the price has behaved lately | 37 |
| Stabilityhow violently it moves, what it owes and what it pays you | 71 |
- Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.
Key numbers
| Price / earnings | 11.7× |
|---|---|
| Price / book | 1.32× |
| Price / sales | 3.4× |
| Revenue growth (YoY) | +30.2% |
| EPS growth (YoY) | +134.0% |
| Gross margin | 63% |
| Operating margin | 42% |
| Net margin | 29% |
| Return on equity | 11% |
| Debt / equity | 0.22× |
| Current ratio | 0.67 |
| Dividend yield | 1.54% |
| Beta | 0.70 |
| 52-week range | $47.94 – $68.24 |
| Position in that range | 14% of the way up |
| 3-month return | -1.2% |
| 1-year return | +1.9% |
Five years of financials, as filed
Pulled from EQT Corporation's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $8.6B | $5.3B | $5.0B | $12.1B | $6.8B |
| Operating income | $3.2B | $685M | $2.3B | $2.7B | -$1.4B |
| Net income | $2.0B | $231M | $1.7B | $1.8B | -$1.1B |
| Operating cash flow | $5.1B | $2.8B | $3.2B | $3.5B | $1.7B |
| Capital expenditure | $2.3B | $2.3B | $2.0B | $1.4B | $1.1B |
| Total assets | $41.8B | $39.8B | $25.3B | $22.7B | $21.6B |
| Total liabilities | $14.4B | $15.6B | $10.5B | $11.5B | $11.6B |
| Shareholder equity | $23.8B | $20.6B | $14.8B | $11.2B | $10.0B |
| Cash | $111M | $202M | $81.0M | $1.5B | $114M |
| Long-term debt | $7.3B | $9.0B | $5.5B | $5.3B | $4.5B |
| Free cash flow | $2.8B | $573M | $1.2B | $2.1B | $607M |
| Operating margin | 37.6% | 13.0% | 45.9% | 22.4% | -20.0% |
| Net margin | 23.6% | 4.4% | 34.4% | 14.6% | -16.8% |
| Diluted shares | 616M | 515M | 413M | 406M | 323M |
Share count is up 90.5% over 4 years. Your slice has been diluted.
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
- Environmental, Health and Safety Regulations
- Seven County Infrastructure Coalition v. Eagle County
- Loper Bright Enterprises v. Raimondo
- Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc
- Availability of Reports and Other Information
- Risks Associated with Natural Gas Upstream, Midstream and Processing Operations
- 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