EQT Corp (EQT)
Energy · Oil & Gas Exploration & Production · US stock · S&P 500 component
$54.67
▲ +0.60 (1.11%)
Fair valueUndervalued
$72 +31.6% to fair value
$36fair band $61–$87$108
Day's range
$52.84 – $54.78
52-week range
$47.94 – $68.24
Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution
About EQT Corp
EQT is one of the largest natural gas producers in the United States, with operations centered in the Appalachian Basin in Pennsylvania, West Virginia and Ohio. It drills and operates wells and also owns pipeline and gathering infrastructure to move gas to market. Revenue comes from selling natural gas and a smaller amount of liquids at market prices, so earnings follow changes in gas prices and production levels.
EQT Corp generated $9.5 billion of revenue in the last twelve months, with sales that fell 10.6% a year over the past three years. Net debt to EBITDA is 0.8 times. The operating margin is 42.5% and the return on invested capital is 10%. Shareholders receive a dividend, yielding 1.2%. Its X-Ray Score is 63 out of 100.
Price chart
52-wk range $47.94 – $68.24Volume 11,057,213Daily, split-adjusted
Vitals
Market cap$34.4B
52-week range$47.94 – $68.24
Volume (last day)11,057,213
P/E (TTM)12.6
EBIT / EV yield9.3%
Free-cash-flow yield10.9%
Dividend yield1.2%
Revenue (TTM)$9.5B
Net income (TTM)$2.7B
Operating margin42.5%
Return on capital10.2%
Debt incl. leases$5.7B
Cash & securities$113M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$72middle half of models $55 – $86
Undervalued
+31.6% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $55
Undervalued < $61Fair $61 – $87Overvalued > $87
P/E multiple
$56
P/B multiple
$52
P/S multiple
$46
EV/EBITDA multiple
$57
EV/EBIT multiple
$58
EV/revenue multiple
$47
10-year DCF, EBITDA exit
$90
5-year DCF, EBITDA exit
$80
10-year DCF, revenue exit
$89
5-year DCF, revenue exit
$76
10-year DCF, growth exit
$109
5-year DCF, growth exit
$103
Dividend discount, stable
$54
Dividend discount, multi-stage
$84
Earnings power value
$78
Growth the price implies
45.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business at a low price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
86/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield9.3%
Free-cash-flow yield10.9%
Fair value vs price1.3×
Growth
Fair
63/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)-10.6%
EPS growth (3y)-8.9%
Growth consistency60%
Profitability
Weak
48/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital10.2%
Operating margin42.5%
Gross profitability19.3%
Financial health
Fair
55/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA0.8×
Interest cover10.4×
Dividends
Fair
64/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.2%
Dividends vs free cash flow11%
Dividend growth24.1%
Quarterly results: last 6 quarters
+23.2%
Mar '25
+168.5%
Jun '25
+52.6%
Sep '25
+47.0%
Dec '25
+94.2%
Mar '26
-29.2%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.8B, diluted EPS $0.34.
Compare with peers
EXE EXPAND ENERGY Corp67 EOG Eog Resources Inc66 APA APA Corp62 COP Conocophillips58Other Oil & Gas Exploration & Production companies by X-Ray Score.
SWOT analysis: EQT Corp
Strengthsinside the company
- Operating margin of 42.5% is well above the 24.4% median of industry peers, a sign of pricing power or lower costs.
- Free cash flow equals 10.9% of the market value, which funds dividends, buybacks or debt paydown.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Revenue has fallen 10.6% a year over three years (median -4.2% for industry peers).
- Earnings per share have declined 8.9% a year over three years.
Opportunitiesvaluation and setting
- Revenue growth picked up to 63.9% last year from -10.6% a year over three years.
- Dividends use only 11% of free cash flow, which leaves room to raise them.
- The price is 32% below our fair value estimate, with the gap larger than the margin we allow for error.
- Our Market Compass rates the backdrop for Energy as favourable.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Oil & Gas Exploration & Production follow the industry cycle, so margins and profits can swing from year to year.
- Our checks raised: Heavy dilution; Heavy dilution.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare EQT with peers and sector
Medians of 8 Oil & Gas Exploration & Production peers and of 19 Energy stocks in our universe.
Largest peers (X-Ray Score): COP 58, EOG 66, OXY 36, FANG 36, DVN 49, TPL 48.
| Metric | EQT | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 63 | 54 | 50 |
| Valuation | 86 | 66 | 47 |
| Growth | 63 | 51 | 52 |
| Profitability | 48 | 61 | 50 |
| Financial health | 55 | 54 | 48 |
| Dividends | 64 | 38 | 49 |
Sector leaders: highest X-Ray Score in Energy
EQT ranks #3 of 20 in Energy and #3 of 9 in Oil & Gas Exploration & Production by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for EQT
Each factor is rated by where EQT stands among the 20 Energy stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 15 Good · 2 Average · 5 Bad of 22
Growth: 2 · 0 · 1
Profitability: 3 · 1 · 1
Financial strength: 1 · 1 · 2
Valuation: 4 · 0 · 1
Cash flow: 4 · 0 · 0
Efficiency: 1 · 0 · 0
| Factor | EQT | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −10.6% | Bad beats 13% | −5.7% | – | – |
| Revenue growth, last year | +63.9% | Good beats 92% | +3.9% | +63.9% | ≈ In line |
| EPS growth, 3 years a year | −8.9% | Good beats 71% | −22.6% | – | – |
| Profitability | |||||
| Gross margin | 83.7% | Good beats 94% | 47.1% | 71.5% | ▲ Better |
| Operating margin | 42.5% | Good beats 92% | 23.0% | 22.4% | ▲ Better |
| Net margin | 28.4% | Good beats 87% | 13.5% | 14.6% | ▲ Better |
| Return on invested capital | 10.2% | Average beats 39% | 12.3% | – | – |
| Return on equity | 10.7% | Bad beats 13% | 15.2% | 8.6% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 0.8x | Average beats 53% | 1.1x | 1.4x | ▲ Better |
| Interest cover | 10.4x | Bad beats 29% | 22.5x | 7.4x | ▲ Better |
| Current ratio | 0.67 | Bad beats 18% | 1.19 | 0.76 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 93% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 12.7x | Good beats 78% | 17.4x | 12.7x | ≈ In line |
| Price / book | 1.4x | Good beats 88% | 2.6x | 1.2x | ≈ In line |
| Price / sales | 3.6x | Bad beats 24% | 2.3x | 2.3x | ▼ Worse |
| EV / EBITDA | 6.5x | Good beats 76% | 9.4x | 7.0x | ≈ In line |
| Free cash flow yield | 10.9% | Good beats 88% | 6.2% | 8.6% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 39.4% | Good beats 82% | 13.2% | 16.8% | ▲ Better |
| Cash from operations / net income | 2.30 | Good beats 78% | 1.95 | 2.24 | ≈ In line |
| Free cash flow growth, 3 years a year | +11.2% | Good beats 81% | −17.7% | – | – |
| Accruals (lower is better) | −8.6% | Good beats 68% | −6.6% | – | – |
| Efficiency | |||||
| Days sales outstanding | 32 days | Good beats 85% | 43 days | 62 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 8 Good · ● 4 Average · ● 4 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginGood
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 61/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $6.8B | $12.1B | $6.9B | $5.3B | $8.6B |
| Operating income | −$1.4B | $2.7B | $2.3B | $685M | $3.2B |
| Net income | −$1.1B | $1.8B | $1.7B | $231M | $2.0B |
| Operating cash flow | $1.7B | $3.5B | $3.2B | $2.8B | $5.1B |
| Operating margin | -20.0% | 22.4% | 33.5% | 13.0% | 37.6% |
| Free cash flow | $607M | $2.1B | $1.2B | $573M | $2.8B |
| Diluted EPS | $-3.54 | $4.38 | $4.22 | $0.45 | $3.31 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 2 neutral · 3 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 53.80 | Bullish |
| EMA 10 | 53.74 | Bullish |
| SMA 20 | 52.26 | Bullish |
| EMA 20 | 53.07 | Bullish |
| SMA 50 | 52.98 | Bullish |
| EMA 50 | 52.80 | Bullish |
| SMA 100 | 52.41 | Bullish |
| EMA 100 | 53.28 | Bullish |
| SMA 200 | 55.25 | Bearish |
| EMA 200 | 53.87 | Bullish |
Oscillators (daily)
| RSI (14) | 59.69 | Neutral |
| MACD (12, 26) | 0.64 | Bullish |
| Momentum (12) | 4.19 | Bullish |
| Stochastic %K (14) | 94.85 | Bearish |
| Williams %R (14) | -5.15 | Bearish |
| CCI (20) | 80.07 | Neutral |
Pivot points (classic, last session)
S3 51.47 | S2 52.15 | S1 53.41 | Pivot 54.10 | R1 55.36 | R2 56.04 | R3 57.30 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.66 USD
Yield on today's price
1.21%
Frequency
Quarterly
Next ex-dividend date
4 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.1700 |
| 0.1650 | |
| 0.1650 | |
| 0.1650 | |
| 0.1650 | |
| 0.1580 | |
| 0.1580 | |
| 0.1580 | |
| 0.1580 | |
| 0.1580 | |
| 0.1580 | |
| 0.1580 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold EQT
| ETF | Share of the fund |
|---|---|
| IEO iShares U.S. Oil & Gas Exploration & P... | 4.84% |
| FXN First Trust Energy AlphaDEX | 4.37% |
| FCG First Trust Natural Gas | 4.02% |
| XOP SPDR S&P Oil & Gas Exploration & Produ... | 2.75% |
| EAGL The 2023 ETF Series | 2.38% |
| XLE Energy Select Sector SPDR | 2.00% |
| CALF Pacer US Small Cap Cash Cows 100 | 1.93% |
| VFLO VictoryShares Free Cash Flow | 1.64% |
The eight funds with the largest weight in EQT among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
EQT stock splits
EQT has split its stock 3 times since 1993. The latest was a 2-for-1 split on 2 Sep 2005.
Full EQT stock split history →EQT SEC filings
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.