EQT Corp
EQT· NYSE· Crude Petroleum & Natural Gas
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 32.8%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +26.7%
We record prices for the companies we cover; EQT is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 615.7M
- Revenue
- $8.6B
- Free cash flow
- $2.8B
- Owner earnings
- $2.8B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 37.6%
- Net
- 23.6%
- Free cash flow
- 32.8%
- Owner earnings
- 32.1%
- Stock pay
- 0.7%
Returns
- ROIC, FY2025
- 8.1%
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 8.6%
- ROE, 5 yr avg
- 5.2%
Growth (CAGR)
- Revenue, 3 yr
- -10.6%
- Revenue, 5 yr
- 26.7%
- Revenue, 9 yr
- 22.5%
- Diluted EPS, 3 yr
- -8.9%
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- 11.2%
- Free cash flow, 5 yr
- 41.8%
- Free cash flow, 9 yr
- 41.9%
Financial health · FY2025
- Cash and investments
- $110.8M
- Total debt
- $7.8B
- Net debt
- $7.7B
- Debt/Equity
- 0.3x
- Debt/FCF
- 2.7x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 19.1%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 18.8%
Financials: ten years from the 10-Ks
Revenue
$8.6B
+22.5% a year over 9 years
FY2016FY2025
Margins
Operating37.6%Net23.6%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$2.8BOwner earnings$2.8B
Free cash flow +41.9% a year
FY2016FY2025
Diluted shares
615.7M
+268.7% over 9 years, net dilution
FY2016FY2025
Return on invested capital
8.1%
FY2025
FY2016FY2025
Net debt (below zero)
-$7.7B
$7.7B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $1.4B | $3.1B | $4.7B | $3.8B | $2.7B | $6.8B | $12.1B | $5.0B | $5.3B | $8.6B |
| Revenue growth | – | 122.8% | 52.4% | -19.5% | -30.1% | 156.7% | 78.0% | -58.4% | 4.5% | 63.9% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | -54.4% | 12.4% | -59.1% | -30.4% | -33.1% | -20.0% | 22.4% | 45.9% | 13.0% | 37.6% |
| Net income | -$453.0M | $1.5B | -$2.2B | -$1.2B | -$958.8M | -$1.1B | $1.8B | $1.7B | $230.6M | $2.0B |
| Net margin | -32.7% | 48.8% | -47.7% | -32.2% | -36.2% | -16.8% | 14.6% | 34.4% | 4.4% | 23.6% |
| Diluted EPS | $-2.71 | $8.04 | $-8.60 | $-4.79 | $-3.68 | $-3.54 | $4.38 | $4.22 | $0.45 | $3.31 |
| Return on invested capital? | – | – | – | – | – | – | 13.5% | 9.3% | 2.1% | 8.1% |
| Cash | ||||||||||
| Operating cash flow | $1.1B | $1.6B | $3.0B | $1.9B | $1.5B | $1.7B | $3.5B | $3.2B | $2.8B | $5.1B |
| Capital expenditure | $942.8M | $1.6B | $3.0B | $1.6B | $1.0B | $1.1B | $1.4B | $2.0B | $2.3B | $2.3B |
| Free cash flow | $121.5M | $78.6M | -$22.8M | $249.3M | $495.5M | $607.3M | $2.1B | $1.2B | $573.3M | $2.8B |
| Stock-based compensation | $44.6M | $94.6M | $25.2M | $31.2M | $19.6M | $28.2M | $45.2M | $49.8M | $158.3M | $60.8M |
| Owner earnings? | $76.9M | -$15.9M | -$48.0M | $218.0M | $475.9M | $579.2M | $2.0B | $1.1B | $414.9M | $2.8B |
| Free cash flow per share | $0.73 | $0.42 | $-0.09 | $0.98 | $1.90 | $1.88 | $5.08 | $2.81 | $1.11 | $4.61 |
| Capital allocation | ||||||||||
| Dividends paid | $20.2M | $20.8M | $31.4M | $30.7M | $7.7M | $0 | $203.6M | $228.3M | $326.6M | $389.6M |
| Share repurchases | $30.0K | $30.0K | $27.0K | $0 | $0 | $12.9M | $409.5M | $201.0M | $0 | $0 |
| Diluted shares | 167.0M | 187.7M | 260.9M | 255.1M | 260.6M | 323.2M | 406.5M | 413.2M | 514.6M | 615.7M |
| Share count change? | 9.2% | 12.4% | 39.0% | -2.2% | 2.1% | 24.0% | 25.8% | 1.7% | 24.5% | 19.7% |
| Balance sheet | ||||||||||
| Cash and equivalents | $1.1B | $26.3M | $3.5M | $4.6M | $18.2M | $114.0M | $1.5B | $81.0M | $202.1M | $110.8M |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | $3.3B | $4.7B | $4.7B | $5.3B | $4.9B | $5.6B | $5.7B | $5.8B | $9.3B | $7.8B |
| Net debt | $2.2B | $4.7B | $4.7B | $5.3B | $4.9B | $5.5B | $4.2B | $5.7B | $9.1B | $7.7B |
| Shareholders' equity | $5.9B | $13.3B | $11.0B | $9.8B | $9.3B | $10.0B | $11.2B | $14.8B | $20.6B | $23.8B |
Latest filings
| 2026-10-28 | 10-Q | Quarterly report |
| 2026-10-27 | 8-K | Earnings release |
| 2026-10-13 | 8-K | Earnings release |
| 2026-07-22 | 10-Q | Quarterly report |
| 2026-07-21 | 8-K | Earnings release |
| 2026-07-14 | 8-K | Earnings release |
| 2026-04-22 | 10-Q | Quarterly report |
| 2026-04-21 | 8-K | Earnings release |
| 2026-04-14 | 8-K | Earnings release |
| 2026-02-26 | DEF 14A | Proxy statement |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
