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EQT Corporation

EQT Energy Oil & Gas E&P

EQT Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.6 billion, up 63.9% from fiscal 2024.

Revenue
−9.61%
EPS
−16.7%
Free cash flow
+12.2%
Total debt
−32.4%

Quarter to September 2026, against a year earlier

50.83 1.69 −3.22%
Market cap
$31.7B
P/E
12.0×
Fwd P/E
14.3×
Dividend yield
1.31%
F-score
8/9
Altman Z
1.95
Beneish M
−2.55
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Upstream
  • Gathering
  • Transmission

Every year since 2018 →

Insider Decisions last twelve months

Sold, $m 19.49
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 3 1 — 1 — 1 — — —
Insider Ownership 1.11%

Capital & Financial Ratios $m

Size
Market Cap 31,670.00
Revenue ttm 9,347.14
Net income ttm 2,926.82
Free cash flow ttm 3,811.95
Net debt Q 5,473.84
Valuation
P/E 11.96
Forward P/E 14.30
Price / sales 3.40
Forward P/S Powerpack
Price / FCF 8.35
Price / book 1.10
Financial health
Current ratio Q 0.71 (below 1: weak)
Debt / equity Q 0.19 (at or below 0.5: strong)
Interest coverage Q 6.37
Growth
Revenue growth Q −9.61% (below 0%: shrinking)
Operating income growth Q −23.83% (below 0%: shrinking)
EPS, this year +22.80% (at or above 15%: strong)
EPS, next year A −6.64% (below 0%: weak)
Revenue, next year A +5.25%
EPS, past 5 yrs —
EPS, next 5 yrs A +18.18% (at or above 15%: strong)

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 4.0×, against a ten-year median of 3.7×; over the ten years it ranged from 1.4× in 2023 to 28.2× in 2021.
P/E against its own 10 years 37.54%
10-year low 10-year high
P/S against its own 10 years 69.78%
10-year low 10-year high
P/B against its own 10 years 70.30%
10-year low 10-year high
EV/Sales against its own 10 years 61.50%
10-year low 10-year high
EV/FCF against its own 10 years 18.54%
10-year low 10-year high

Dividends raised 5 years running

Yield
1.31%
Annual rate
0.67
Payout ratio
15.8%
Growth, 2018–26
+25.4%/yr
  1. 0.11 ’18
  2. 0.12 ’19 +10
  3. 0.03 ’20 −75
  4. 0.00 ’21 −100
  5. 0.55 ’22
  6. 0.61 ’23 +10
  7. 0.63 ’24 +4
  8. 0.64 ’25 +1
  9. 0.67 ’26 +4
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 81 202 111 79
Receivables 915 1,230 1,486 726
Inventory — — — —
Other 979 144 202 185
2,013 1,715 1,895 1,111
2023 2024 2025 Q'26
Payables 1,273 1,178 1,367 1,139
ST’ Debt 292 321 507 —
Other 391 796 473 348
2,037 2,462 2,485 1,570

Compound Annual Growth %

10y 5y 3y
Sales 13.96% 23.09% 4.86%
Cash Flow 15.47% 27.23% 13.94%
Earnings 37.38% 0.00% 4.81%
Book Value 13.04% 24.19% 34.63%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.38 Actual 0.42

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.73 0.90 Beat by 0.17
Q1 FY26 2.23 2.33 Beat by 0.10
Q2 FY26 0.41 0.39 Miss by 0.02
Q3 FY26 0.38 0.42 Beat by 0.04
Q4 FY26 0.69 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.36 0.34 0.44 — —
’25 0.40 1.30 0.53 1.08 3.31
’24 0.23 0.02 (0.54) 0.69 0.45
’23 3.10 (0.18) 0.20 1.13 4.22
’22 (4.05) 2.19 1.69 4.28 4.38
’21 (0.15) (3.35) (5.55) 4.69 (3.58)
’20 (0.65) (1.03) (2.35) 0.23 (3.71)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,379 1,810 1,770 — —
’25 1,740 2,558 1,959 2,388 8,644
’24 1,412 953 1,284 1,625 5,273
’23 2,661 1,019 1,186 2,043 6,909
’22 (579) 2,528 2,069 3,480 7,498
’21 950 (260) (1,465) 3,840 3,065
’20 1,107 527 172 1,253 3,059
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,055 1,048 1,083 — —
’25 1,741 1,242 1,018 1,125 5,126
’24 1,156 322 593 756 2,827
’23 1,663 437 455 624 3,179
’22 1,021 230 1,150 1,064 3,466
’21 400 43 48 1,171 1,662
’20 500 447 184 406 1,538
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,457 398 436 — —
’25 1,235 692 389 521 2,838
’24 621 218 22 (287) 573
’23 1,168 (50) (50) 91 1,160
’22 729 (162) 788 711 2,065
’21 149 (176) (189) 823 607
’20 244 302 (90) (527) (70)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −3.6% a year for ten years.

Implied
−3.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
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 1,387 3,091 4,558 4,416 3,059 3,065 7,498 6,909 5,273 8,644 9,347 +22.5% 9,098 11,918 13,875 +17.1%
Gross margin, % 23.65 55.88 58.32 56.67 38.81 28.48 67.74 65.27 56.47 77.74 78.89 +54.1 pt
EBT (894) 199 (3,077) (1,597) (1,254) (1,570) 2,335 2,103 264 2,978 3,740 n/m
EBT margin, % (64.47) 6.43 (67.52) (36.17) (41.00) (51.21) 31.14 30.45 5.01 34.45 40.01 +98.9 pt
Net income (131) 1,858 (2,007) (1,222) (959) (1,142) 1,781 1,735 242 2,326 2,927 n/m
Per share, $
Per share, $ Revenue 8.31 16.50 17.47 17.31 11.74 9.48 20.26 18.14 10.35 14.13 14.93 +6.1%
Earnings (2.71) 8.05 (8.60) (4.79) (3.71) (3.58) 4.79 4.56 0.45 3.33 4.25 n/m
Cash flow 6.37 8.74 11.41 7.26 5.90 5.14 9.37 8.35 5.55 8.38 10.08 +3.1%
Capex (15.57) (11.18) (15.21) (6.28) (6.17) (3.26) (3.78) (5.30) (4.42) (3.74) (3.99) (14.7%)
Free cash flow (9.20) (2.44) (3.81) 0.98 (0.27) 1.88 5.58 3.04 1.12 4.64 6.09 n/m
Book value 54.61 98.27 42.00 38.42 35.54 30.85 30.30 38.80 47.64 44.74 46.36 (2.2%)
Shares, m 167 187 261 255 261 323 370 381 510 612 622 +15.5%
Valuation, ×
Valuation, × P/E 0.00 4.46 0.00 0.00 0.00 0.00 6.52 8.46 109.79 16.10 11.96 14.5
P/S 4.21 1.94 1.08 0.63 1.13 2.69 1.57 2.15 4.46 3.79 3.40 2.4
P/B 0.64 0.33 0.45 0.28 0.37 0.83 1.05 1.00 0.97 1.20 1.10 0.7
EV/Sales 5.64 3.87 2.29 1.83 2.73 4.48 2.13 2.97 6.19 4.68 4.00 3.7
EV/FCF (5.09) (26.15) (10.50) 32.37 (118.84) 22.59 7.75 17.71 56.90 14.26 9.81 (0.9)
Cash, $m
Cash, $m Operating cash flow 1,064 1,638 2,976 1,852 1,538 1,662 3,466 3,179 2,827 5,126 6,312 +19.1%
Capex (2,600) (2,095) (3,969) (1,602) (1,608) (1,055) (1,400) (2,019) (2,254) (2,288) (2,500) (1.4%)
Free cash flow (1,536) (457) (993) 249 (70) 607 2,065 1,160 573 2,838 3,812 n/m
Balance, $m
Balance, $m Working capital 1,024 (69) (385) 409 (547) (2,899) 282 (24) (747) (590) (459) n/m
Net debt 1,900 5,971 5,494 5,288 4,907 5,477 4,220 5,714 9,122 7,690 5,474 +16.8%
Shareholders’ equity 9,119 18,415 10,958 9,804 9,263 9,971 11,213 14,781 24,278 27,360 29,019 +13.0%
Returns, %
Returns, % ROA (3.08) 6.71 (7.99) (6.18) (5.19) (5.75) 8.00 7.24 0.71 5.00 6.42 +8.1 pt
ROIC (4.28) 0.98 (10.57) (4.77) (3.87) (5.51) 11.01 7.06 1.28 5.79 7.08 +10.1 pt
ROE (5.28) 10.96 (13.67) (11.77) (10.06) (11.88) 16.72 13.35 1.18 7.90 9.51 +13.2 pt
People
People Employees 1,809 2,067 863 647 624 693 744 881 1,461 1,523 — (1.9%)
Revenue/emp, $m 0.77 1.50 5.28 6.83 4.90 4.42 10.08 7.84 3.61 5.68 — +24.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

EQT is a vertically integrated natural gas company operating in the Appalachian Basin. It produces natural gas, natural gas liquids (NGLs) and small volumes of oil from wells, then gathers, transports and stores gas through its own midstream systems. Its three operating segments are Upstream, Gathering and Transmission.

The Upstream business drills and operates wells, then sells natural gas and NGLs to marketers, utilities and industrial customers. NGLs are hydrocarbons separated from produced natural gas, including ethane, propane, butane and natural gasoline. The Gathering business moves gas from well sites through lower-pressure pipelines and compression facilities. The Transmission business moves gas through larger pipelines to downstream markets and also provides storage services.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Upstream 8,024 92.83%
Gathering 1,301 15.06%
Transmission 572 6.62%
Gross margin 77.74%
Operating margin 37.59%
Pre-tax margin 34.45%

Revenue by segment since 2018

EQT Corporation vs peers in Oil & Gas E&P (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
OXY Occidental Petroleum Corporation $56.3B 8.6× 7.0× +53.39% (above 0%: growing) +937.04% (above 0%: growing) +92.71% (above 0%: growing) 80.41% 50.90% Compare
FANG Diamondback Energy, Inc. $50.2B 22.7× 11.1× +38.40% (above 0%: growing) +80.23% (above 0%: growing) −12.17% (below 0%: shrinking) 87.22% 46.03% Compare
DVN Devon Energy Corporation $47.2B 10.2× 9.6× +73.13% (above 0%: growing) +43.66% (above 0%: growing) −130.16% (below 0%: shrinking) 81.22% 32.14% Compare
WDS Woodside Energy Group Ltd $40.7B 3.3× 12.0× +196.99% (above 0%: growing) +178.60% (above 0%: growing) −173.74% (below 0%: shrinking) 42.87% 0.00% Compare
EQT EQT Corporation $31.7B 12.0× 14.3× −9.61% (below 0%: shrinking) −16.67% (below 0%: shrinking) +12.15% (above 0%: growing) 73.39% 25.95%
EXE Expand Energy Corporation $19.7B 7.4× 7.9× +10.79% (above 0%: growing) −2.61% (below 0%: shrinking) +2.49% (above 0%: growing) 74.25% 19.48% Compare
TPL Texas Pacific Land Corporation $18.8B 32.3× 35.9× +34.62% (above 0%: growing) +38.33% (above 0%: growing) +83.99% (above 0%: growing) 100.00% 76.00% Compare
PR Permian Resources Corporation $17.9B 10.9× 11.1× +48.11% (above 0%: growing) +525.00% (above 0%: growing) −56.18% (below 0%: shrinking) 0.00% 45.35% Compare
APA APA Corporation $15.2B 7.1× 7.7× +39.35% (above 0%: growing) +252.63% (above 0%: growing) +81.05% (above 0%: growing) 0.00% 42.67% Compare
Median of peers $30.2B 9.4× 10.4× +43.73% +129.42% −4.84% 77.33% 44.01%

All 74 Oil & Gas E&P stocks →

From the latest earnings call

Updated

  • On EQT’s Q2 call, CEO Toby Rice said compression projects were extending flat production on new wells and slowing declines on older wells.
  • CFO Jeremy Knop said EQT’s gas supply agreement with Competitive Power Ventures links pricing to PJM power prices rather than a gas index.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wells Fargo Oct 27, 2026 Target cut Outperform 79.00 → 71.00
UBS Oct 27, 2026 Target cut Buy 76.00 → 75.00
Scotiabank Oct 27, 2026 Target cut Hold 54.00 → 53.00
Goldman Sachs Oct 24, 2026 Target raised — 59.00 → 62.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.09%
Held by the ten largest 50.55%
Holder Shares Stake Change
Vanguard 80.01m 12.79% +1.23m
BlackRock 60.26m 9.63% −716.51k
State Street 39.68m 6.34% +1.40m
Morgan Stanley 24.35m 3.89% −4.11m
Wellington Management 22.57m 3.61% +6.60m
T. Rowe Price 20.71m 3.31% −1.26m
JPMorgan Chase 20.54m 3.28% +268.86k
Geode Capital Management 17.03m 2.72% +272.86k
Orbis Allan Gray Ltd 15.71m 2.51% +3.59m
EAGLE CAPITAL MANAGEMENT LLC 15.36m 2.46% +11.70m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 February 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 16.09m 26.00m 448.69
2024 11.25m 26.42m 381.45
2023 10.60m 23.37m 314.26
2022 11.60m 46.06m 270.43
2021 16.92m 37.21m 171.60

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 12.00%
BlackRock, Inc. 6.50%
State Street Corp One Lincoln Street Boston, MA 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

EQT Corporation (EQT) Latest News

30 Oct

Impact 4 · · Simply Wall St.

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks

27 Oct

Impact 4 · · StockStory
Impact 4 · · PR Newswire
Impact 4 · · Stocktwits
Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks

26 Oct

Impact 4 · · StockStory
Impact 4 · · The Motley Fool
Impact 4 · · Stocktwits
Impact 4 · · Simply Wall St.
Impact 4 · · Oilprice.com
Impact 4 · · The Motley Fool
Impact 4 · · MarketBeat
Impact 4 · · MT Newswires
Impact 4 · · 24/7 Wall St.
Impact 4 · · Investing.com
Impact 4 · · PR Newswire
Impact 3 · · MT Newswires
Impact 3 · · StockStory

24 Oct

Impact 3 · · 24/7 Wall St.

22 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks

19 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Schaeffer's Investment Research

16 Oct

Impact 3 · · Zacks

EQT metrics, ten years each

stockrow.com/EQT · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com