Energy · Oil & Gas Exploration & Production · US stock · price as of 22 Oct 2026
Key indicators
Price
$54.67
52-week range
$47.94 – $68.24
Market cap
$34.4B
P/E (trailing)
12.6×
EV / EBITDA
5.9×
Free-cash-flow yield
10.9%
Dividend yield
1.2%
Revenue (last 12 months)
$9.5B
Revenue growth (3y a year)
−10.6%
Operating margin
42.5%
Return on invested capital
10.2%
Net debt / EBITDA
0.8×
Fair value
Fair value (average of valid models)$71.97 middle half of models $55 – $86
Versus priceUndervalued+32% to fair value
P/E multiple
$55.69
P/B multiple
$52.09
P/S multiple
$46.43
EV/EBITDA multiple
$56.87
EV/EBIT multiple
$58.49
EV/revenue multiple
$46.86
10-year DCF, EBITDA exit
$90.43
5-year DCF, EBITDA exit
$79.51
10-year DCF, revenue exit
$88.91
5-year DCF, revenue exit
$76.04
10-year DCF, growth exit
$109.27
5-year DCF, growth exit
$103.03
Dividend discount, stable
$54.48
Dividend discount, multi-stage
$83.86
Earnings power value
$77.59
Model uncertainty
High
X-Ray Score
63/ 100 · High confidence · ahead of 85% of sector peers
Valuation86
Growth63
Profitability48
Financial health55
Dividends64
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives EQT Corp an X-Ray Score of 63 out of 100 (high confidence), ahead of 85% of the S&P 500 stocks in its sector. Its strongest lens is valuation (86) and its weakest is profitability (48).
Our fair value (the average of the valid models) is $71.97 (range $55.09 to $86.38). At $54.67 the stock trades 24% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
EQT Corp (EQT)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$20.31
$32.01
$37.20
$45.17
$53.13
$54.67
Market cap
$6.6B
$13.0B
$15.4B
$23.2B
$32.7B
$34.4B
P/E
–
7.3×
8.8×
100.4×
16.1×
12.6×
EV / revenue
1.8×
1.4×
3.1×
6.8×
5.1×
4.6×
EV / EBITDA
38.2×
3.9×
5.2×
12.7×
7.5×
6.5×
Price / free cash flow
10.8×
6.3×
13.3×
40.5×
11.5×
9.2×
Free-cash-flow yield
9.3%
15.9%
7.5%
2.5%
8.7%
10.9%
Price / book
0.7×
1.2×
1.0×
1.1×
1.4×
1.4×
Dividend yield
–
1.72%
1.64%
1.39%
1.20%
1.21%
Fundamentals checklist ● 8 Good · ● 4 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−8.6%Good
Free-cash-flow yield10.9%Good
Risk models
Altman Z score3.1×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)−8.9%Good
Free-cash-flow growth (3y)11.2%Good
Revenue growth (3y)−10.6%Bad
Growth consistency60%Average
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA0.8×Average
Interest cover10.4×Bad
Valuation
Fair value vs price1.3×Good
EBIT / EV yield9.3%Good
Profitability
Return on invested capital10.2%Average
Operating margin42.5%Good
Gross profitability19.3%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
XStocksXray
EQT Corp (EQT)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
6,804
12,114
6,909
5,273
8,644
9,535
Gross profit
4,862
9,997
4,752
3,358
7,112
7,985
Operating income
-1,361
2,718
2,314
685
3,250
4,049
Net income
-1,143
1,771
1,735
231
2,039
2,712
Diluted EPS ($)
-3.54
4.38
4.22
0.45
3.31
4.33
Free cash flow
607
2,065
1,160
573
2,838
3,758
Gross margin
71.5%
82.5%
68.8%
63.7%
82.3%
83.7%
Operating margin
−20.0%
22.4%
33.5%
13.0%
37.6%
42.5%
Net margin
−16.8%
14.6%
25.1%
4.4%
23.6%
28.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
21,607
22,670
25,285
39,830
41,793
41,321
Cash
114
1,459
81
202
111
113
Total debt
5,591
5,679
5,795
9,324
7,800
5,656
Equity
9,955
11,172
14,773
20,598
23,753
25,259
Dividend per share ($)
–
0.55
0.61
0.63
0.64
0.65
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
