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Equinor ASA

EQNR Energy Oil & Gas Integrated

Equinor ASA’s revenue for fiscal 2025 (year ended December 2025) was $106.5 billion, up 2.59% from fiscal 2024.

Revenue
+27.4%
EPS
+1,440.0%
Free cash flow
+60.9%
Total debt
−4.44%

Quarter to September 2026, against a year earlier

41.99 0.55 −1.29%
Market cap
$101.7B
P/E
8.7×
Fwd P/E
7.1×
Dividend yield
3.63%
F-score
5/9
Altman Z
2.43
Beneish M
−2.99
Dividend safety
34/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 101,700.00
Revenue ttm 121,558.00
Net income ttm 39,892.00
Free cash flow ttm 13,785.00
Net debt Q (37.00)
Valuation
P/E 8.68
Forward P/E 7.13
Price / sales 0.82
Forward P/S Powerpack
Price / FCF 7.21
Price / book 2.21
Financial health
Current ratio Q 1.16
Debt / equity Q 0.53
Interest coverage Q 0.00
Growth
Revenue growth Q +27.41% (above 0%: growing)
Operating income growth Q +126.83% (above 0%: growing)
EPS, this year +138.28% (at or above 15%: strong)
EPS, next year A −16.68% (below 0%: weak)
Revenue, next year A +25.15% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +14.62%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 1.0×; over the ten years it ranged from 0.4× in 2023 to 1.7× in 2021.
P/E against its own 10 years 45.60%
10-year low 10-year high
P/S against its own 10 years 36.18%
10-year low 10-year high
P/B against its own 10 years 84.64%
10-year low 10-year high
EV/Sales against its own 10 years 35.34%
10-year low 10-year high
EV/FCF against its own 10 years 27.69%
10-year low 10-year high

Dividends raised 2 years running

Yield
3.63%
Annual rate
1.52
Payout ratio
31.6%
Growth, 2018–26
+6.80%/yr
  1. 0.91 ’18
  2. 1.01 ’19 +11
  3. 0.71 ’20 −30
  4. 0.56 ’21 −21
  5. 0.58 ’22 +4
  6. 0.90 ’23 +55
  7. 0.70 ’24 −22
  8. 1.46 ’25 +109
  9. 1.54 ’26 +5
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 38,865 21,238 19,333 23,995
Receivables 16,933 13,590 10,819 14,148
Inventory 3,814 4,031 3,330 4,026
Other 1,378 8,251 1,573 1,861
60,990 53,194 38,940 49,716
2023 2024 2025 Q'26
Payables 9,556 11,110 9,700 13,610
ST’ Debt — — — —
Other 3,933 4,240 3,926 5,043
35,719 36,046 30,780 42,884

Compound Annual Growth %

10y 5y 3y
Sales 5.97% 18.37% (10.96%)
Cash Flow 3.90% 13.97% (17.16%)
Earnings 0.00% 0.00% (44.02%)
Book Value 0.05% 3.63% (9.14%)

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 1.38 Actual 1.20

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.60 0.81 Beat by 0.21
Mar 2026 1.01 1.48 Beat by 0.47
Jun 2026 1.39 1.33 Miss by 0.06
Sep 2026 1.38 1.20 Miss by 0.18
Dec 2026 1.53 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.24 1.99 1.07 — —
’25 0.96 0.50 (0.08) 0.52 1.94
’24 0.91 0.65 0.82 0.73 3.11
’23 1.59 0.60 0.84 0.88 3.93
’22 1.46 2.11 2.97 2.51 9.03
’21 0.57 0.60 0.43 1.04 2.63
’20 (0.21) (0.08) (0.65) (0.75) (1.69)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 27,843 35,177 33,190 — —
’25 29,920 25,145 26,049 25,348 106,462
’24 25,135 25,538 25,446 27,655 103,774
’23 29,224 22,872 26,024 29,054 107,174
’22 36,393 36,459 43,633 34,321 150,806
’21 17,589 17,462 23,264 32,609 90,924
’20 15,130 7,603 11,339 11,746 45,818
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 5,213 9,470 7,546 — —
’25 9,041 2,477 6,347 2,106 19,971
’24 9,138 1,810 6,495 2,022 19,465
’23 14,871 1,857 5,237 2,736 24,701
’22 15,771 8,520 6,578 4,267 35,136
’21 5,984 6,643 8,038 8,151 28,816
’20 5,043 368 2,632 2,343 10,386
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,097 7,244 4,028 — —
’25 6,014 (500) 2,503 416 8,433
’24 6,715 (1,090) 3,402 (269) 8,758
’23 12,867 (914) 2,585 (140) 14,398
’22 13,729 6,234 5,443 972 26,378
’21 4,979 3,751 7,913 4,022 20,665
’20 2,693 (1,531) 925 (177) 1,910
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 45,873 61,187 79,593 64,357 45,818 90,924 150,806 107,174 103,774 106,462 121,558 +9.8% 133,233 119,089 109,674 +1.0%
Gross margin, % 53.12 53.89 51.61 54.11 54.20 61.33 64.32 55.05 51.78 48.18 53.58 (4.9) pt
EBT (178) 13,420 18,874 9,292 (4,259) 31,583 78,604 37,884 30,986 25,088 39,892 n/m
EBT margin, % (0.39) 21.93 23.71 14.44 (9.30) 34.74 52.12 35.35 29.86 23.57 32.82 +24.0 pt
Net income (178) 13,420 18,874 9,292 (4,259) 31,583 78,604 37,884 30,986 25,088 39,892 n/m
Per share, $
Per share, $ Revenue 14.36 18.72 23.93 19.35 14.02 28.02 47.51 35.48 36.79 41.06 51.20 +12.4%
Earnings (0.91) 1.40 2.27 0.55 (1.69) 2.64 9.06 3.93 3.12 1.94 4.82 n/m
Cash flow 2.83 4.53 5.92 4.13 3.18 8.88 11.07 8.18 6.90 7.70 10.25 +11.8%
Capex (3.58) (3.17) (2.88) (3.07) (2.59) (2.51) (2.76) (3.41) (3.80) (4.45) (4.44) +2.5%
Free cash flow (0.75) 1.36 3.04 1.07 0.58 6.37 8.31 4.77 3.10 3.25 5.81 n/m
Book value 10.99 12.20 12.93 12.37 10.37 12.03 17.01 16.05 15.02 15.62 18.95 +4.0%
Shares, m 3,195 3,268 3,326 3,326 3,269 3,245 3,174 3,021 2,821 2,593 2,474 (2.3%)
Valuation, ×
Valuation, × P/E 0.00 15.71 9.33 36.20 0.00 9.97 3.59 8.05 7.59 12.37 8.68 10.3
P/S 1.30 1.18 0.88 1.03 1.17 0.94 0.69 0.89 0.64 0.58 0.82 0.9
P/B 1.69 1.80 1.64 1.61 1.58 2.19 1.92 1.96 1.58 1.51 2.21 1.7
EV/Sales 1.62 1.36 0.99 1.22 1.47 0.88 0.56 0.75 0.65 0.64 0.82 1.0
EV/FCF (30.95) 18.69 7.83 22.16 35.28 3.87 3.21 5.61 7.67 8.05 7.21 8.1
Cash, $m
Cash, $m Operating cash flow 9,034 14,802 19,694 13,749 10,386 28,816 35,136 24,701 19,465 19,971 24,335 +9.2%
Capex (11,430) (10,349) (9,594) (10,204) (8,476) (8,151) (8,758) (10,303) (10,707) (11,538) (10,550) +0.1%
Free cash flow (2,396) 4,453 10,100 3,545 1,910 20,665 26,378 14,398 8,758 8,433 13,785 n/m
Balance, $m
Balance, $m Working capital 8,115 6,803 9,451 5,221 12,366 22,821 33,613 25,271 17,148 8,160 6,832 +0.1%
Net debt 14,698 11,345 8,667 12,342 13,716 (5,519) (18,905) (14,345) 384 6,651 (37) (8.4%)
Shareholders’ equity 35,099 39,885 42,990 41,159 33,892 39,024 53,989 48,500 42,380 40,497 44,995 +1.6%
Returns, %
Returns, % ROA (2.73) 4.26 6.74 1.60 (4.54) 6.30 18.84 7.88 6.41 3.84 8.34 +6.6 pt
ROIC 0.10 16.80 24.36 10.86 (4.49) 62.79 140.40 65.46 45.20 33.61 54.52 +33.5 pt
ROE (7.75) 12.24 18.18 4.38 (14.68) 23.49 61.81 23.19 19.38 12.17 27.58 +19.9 pt
People
People Employees 20,500 20,245 20,525 21,412 21,245 21,126 21,936 23,000 24,641 24,140 — +1.8%
Revenue/emp, $m 2.24 3.02 3.88 3.01 2.16 4.30 6.87 4.66 4.21 4.41 — +7.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Equinor ASA vs peers in Oil & Gas Integrated (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SHEL Shell PLC Unsponsored ADR $284.5B 8.5× 7.2× +35.38% (above 0%: growing) +137.66% (above 0%: growing) +89.58% (above 0%: growing) 29.72% 20.09% Compare
TTE TotalEnergies SE Sponsored ADR $195.8B 8.6× 7.4× +41.09% (above 0%: growing) +126.88% (above 0%: growing) +110.23% (above 0%: growing) 43.09% 21.60% Compare
BP BP p.l.c. $115.1B 12.9× 5.9× +41.90% (above 0%: growing) +302.22% (above 0%: growing) +156.51% (above 0%: growing) 33.41% 13.86% Compare
EQNR Equinor ASA $101.7B 8.7× 7.1× +27.41% (above 0%: growing) n/m +60.93% (above 0%: growing) 56.42% 36.02%
E Eni SpA $81.2B 8.8× 8.8× +24.78% (above 0%: growing) +380.16% (above 0%: growing) +26.39% (above 0%: growing) 20.59% 7.15% Compare
PBR Petroleo Brasileiro S.A.- Petrobras $70.0B 4.7× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
CVE Cenovus Energy Inc $50.2B 8.1× 6.3× +19.27% (above 0%: growing) +152.71% (above 0%: growing) +18,996.54% (above 0%: growing) 47.74% 28.26% Compare
PBR.A Petroleo Brasileiro S.A.- Petrobras $45.6B 4.1× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
EC Ecopetrol S.A. $32.0B 8.2× 5.7× +103.23% (above 0%: growing) +290.48% (above 0%: growing) +62.31% (above 0%: growing) 40.10% 31.80% Compare
Median of peers $75.6B 8.4× 6.7× +41.50% +145.18% +129.80% 41.60% 24.93%

All 19 Oil & Gas Integrated stocks →

Equinor ASA (EQNR) Latest News

4 Nov

Impact 3 · · Zacks

29 Oct

Impact 4 · · Zacks
Impact 4 · · offshore-technology.com

28 Oct

Impact 4 · · CNW Group
Impact 4 · · The Motley Fool transcript
Impact 4 · · Oilprice.com
Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press
Impact 3 · · offshore-technology.com
Impact 3 · · GlobeNewswire

27 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks
Impact 4 · · offshore-technology.com

26 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks

25 Oct

Impact 4 · · 24/7 Wall St.

23 Oct

Impact 4 · · offshore-technology.com
Impact 3 · · Zacks
Impact 3 · · Zacks

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

21 Oct

Impact 4 · · Oilprice.com
Impact 3 · · Zacks

20 Oct

Impact 4 · · Zacks
Impact 4 · · GlobeNewswire
Impact 3 · · GlobeNewswire

19 Oct

Impact 4 · · Zacks

EQNR metrics, ten years each

stockrow.com/EQNR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com