Expand Energy (EXE)
Energy · $20.1B market cap · SEC CIK 0000895126
fundamentals score out of 100
Next reports on Oct 26, 2026, after the close, with analysts expecting $1.35 in earnings per share.
The case for EXE
- Revenue up 60.7% on the year.
- Cheap on earnings at 7.2×, well under the market's usual 20×.
- Generated $1.8B of free cash flow in FY2025, 15% of revenue.
- 20% of revenue drops through to net profit.
- Free cash flow of 9.1% of its market value a year: a lot of cash for the price.
- Earnings per share up 2866.7%.
The case against
- Near the bottom of its 52-week range, 31% below the high. Falling prices usually have a reason; find it first.
- Current liabilities exceed current assets (ratio 0.96).
- Long-term debt of $5.0B against $616M of cash.
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 | 91 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 91 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 73 |
| Momentumhow the price has behaved lately | 29 |
| Stabilityhow violently it moves, what it owes and what it pays you | 85 |
- Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.
Key numbers
| Price / earnings | 7.2× |
|---|---|
| Price / book | 1.12× |
| Price / sales | 1.5× |
| Revenue growth (YoY) | +60.7% |
| EPS growth (YoY) | +2866.7% |
| Gross margin | 75% |
| Operating margin | 27% |
| Net margin | 20% |
| Return on equity | 15% |
| Debt / equity | 0.19× |
| Current ratio | 0.96 |
| Dividend yield | 3.80% |
| Beta | 0.39 |
| 52-week range | $84.99 – $126.62 |
| Position in that range | 5% of the way up |
| 3-month return | +0.8% |
| 1-year return | -11.0% |
Five years of financials, as filed
Pulled from Expand Energy's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $12.1B | $4.2B | $8.7B | $11.7B | $5.5B |
| Operating income | $2.5B | -$803M | $3.1B | $3.8B | $938M |
| Net income | $1.8B | -$714M | $2.4B | $4.9B | $6.3B |
| Operating cash flow | $4.6B | $1.6B | $2.4B | $4.1B | $1.8B |
| Capital expenditure | $2.7B | $1.6B | $1.8B | $1.8B | $669M |
| Total assets | $28.3B | $27.9B | $14.4B | $15.5B | $11.0B |
| Total liabilities | $9.7B | $10.3B | $3.6B | $6.3B | $5.3B |
| Shareholder equity | $18.6B | $17.6B | $10.7B | $9.1B | $5.7B |
| Cash | $616M | $317M | $1.1B | $130M | $905M |
| Long-term debt | $5.0B | $5.3B | $2.0B | $3.1B | $2.3B |
| Free cash flow | $1.8B | $8.0M | $551M | $2.3B | $1.1B |
| Operating margin | 20.4% | -19.0% | 36.0% | 32.2% | 16.9% |
| Net margin | 15.0% | -16.9% | 27.7% | 42.0% | 114.0% |
| Diluted shares | 240M | 235M | 214M | 219M | 175M |
Share count is up 37.7% over 4 years. Your slice has been diluted. Counts are restated for stock splits so the years compare.
What Expand Energy says it does
Unless the context otherwise requires, references to "Expand Energy," the "Company," "us," "we," "our" and "ours" in this report are to Expand Energy Corporation together with its subsidiaries. Our principal executive offices are located at 6100 North Western Avenue, Oklahoma City, Oklahoma 73118, and our main telephone number at that location is (405) 848-8000. Our Business Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales ("Haynesville"), in Pennsylvania in the Marcellus Shale ("Northeast Appalachia") and in West Virginia and Ohio in the Marcellus and Utica Shales ("Southwest Appalachia") and include working interests in approximately 6,600 gross natural gas and oil wells.…
Risk factors EXE lists in its 10-K
- Contractual Obligations and Off-Balance Sheet Arrangements
- Assumption of Southwestern’s Senior Notes and Southwestern Credit Facility Extinguishment
- Sources and (Uses) of Cash and Cash Equivalents
- Cash Flow from Operating Activities
- Proceeds from Divestitures of Property and Equipment
- Proceeds from Issuance of Senior Notes, net
- Payments on Prior Credit Facility, net
- Cash Paid to Repurchase and Retire Common Stock
- Cash Paid for Common Stock Dividends
- Year ended December 31, 2025 compared to the year ended December 31, 2024
- Natural Gas, Oil and NGL Production and Average Sales Prices
- Gathering, Processing and Transportation Expenses ("GP&T")
- General and Administrative Expenses
- Separation and Other Termination Costs