Energy · Oil & Gas Exploration & Production · US stock · price as of 22 Oct 2026
Key indicators
Price
$92.96
52-week range
$83.25 – $126.62
Market cap
$22.2B
P/E (trailing)
8.0×
EV / EBITDA
3.8×
Free-cash-flow yield
12.1%
Dividend yield
2.5%
Revenue (last 12 months)
$13.6B
Revenue growth (3y a year)
1.1%
Operating margin
26.9%
Return on invested capital
12.8%
Net debt / EBITDA
0.5×
Fair value
Fair value (average of valid models)$130.00 middle half of models $113 – $136
Versus priceUndervalued+40% to fair value
P/E multiple
$96.62
P/B multiple
$103.70
P/S multiple
$120.91
EV/EBITDA multiple
$119.20
EV/EBIT multiple
$116.19
EV/revenue multiple
$119.13
5-year DCF, EBITDA exit
$184.80
5-year DCF, revenue exit
$179.48
Model uncertainty
Medium
X-Ray Score
67/ 100 · High confidence · ahead of 95% of sector peers
Valuation93
Growth58
Profitability56
Financial health67
Dividends49
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Expand Energy is a natural gas producer, formed through the combination of Chesapeake Energy and Southwestern Energy. It drilled and operates wells in the Appalachian Basin and in Louisiana's Haynesville shale, and also produces some oil and natural gas liquids. Revenue comes from selling natural gas at market prices, so results depend on gas prices, drilling costs and pipeline access.
Revenue at EXPAND ENERGY Corp was $13.6 billion across the last twelve months. Across three years, sales expanded by 1.1% a year. Operating profit was 26.9% of revenue. It earned a return on invested capital of 13%. Debt after cash comes to 0.5 times EBITDA. Shareholders receive a dividend yielding 2.5%.
StocksXray gives EXPAND ENERGY Corp an X-Ray Score of 67 out of 100 (high confidence), ahead of 95% of the S&P 500 stocks in its sector. Its strongest lens is valuation (93) and its weakest is dividends (49).
Our fair value (the average of the valid models) is $130.00 (range $113.07 to $135.55). At $92.96 the stock trades 28% below that value, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
EXPAND ENERGY Corp (EXE)
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
$51.46
$83.56
$71.21
$94.84
$108.45
$92.96
Market cap
–
$12.2B
$10.2B
$14.9B
$26.1B
$22.2B
P/E
–
2.5×
4.2×
–
14.3×
8.0×
EV / revenue
–
1.3×
1.3×
4.8×
2.5×
1.9×
EV / EBITDA
–
2.7×
2.4×
21.9×
5.6×
3.8×
Price / free cash flow
–
5.3×
18.5×
1,861.1×
14.2×
8.3×
Free-cash-flow yield
–
18.9%
5.4%
0.1%
7.1%
12.1%
Price / book
–
1.3×
0.9×
0.8×
1.4×
1.1×
Dividend yield
–
–
–
–
–
2.47%
Fundamentals checklist ● 8 Good · ● 6 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−10.3%Good
Free-cash-flow yield12.1%Good
Risk models
Altman Z score3.9×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)−39.0%Bad
Free-cash-flow growth (3y)−7.2%Average
Revenue growth (3y)1.1%Good
Growth consistency60%Average
Balance sheet
Current ratio1.0×Average
Net debt / EBITDA0.5×Good
Interest cover16.8×Average
Valuation
Fair value vs price1.4×Good
EBIT / EV yield14.5%Good
Profitability
Return on invested capital12.8%Average
Operating margin26.9%Good
Red flags
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
XStocksXray
EXPAND ENERGY Corp (EXE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
–
11,743
8,721
4,235
12,124
13,595
Gross profit
–
–
–
–
–
–
Operating income
–
3,780
3,142
-803
2,471
3,662
Net income
6,328
4,936
2,419
-714
1,819
2,781
Diluted EPS ($)
–
33.36
16.92
-4.55
7.57
11.60
Free cash flow
–
2,302
551
8
1,839
2,679
Gross margin
–
–
–
–
–
–
Operating margin
–
32.2%
36.0%
−19.0%
20.4%
26.9%
Net margin
–
42.0%
27.7%
−16.9%
15.0%
20.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
11,009
15,468
14,376
27,894
28,287
28,030
Cash
905
130
1,079
317
616
663
Total debt
2,278
3,093
2,028
5,680
5,009
3,685
Equity
5,671
9,124
10,729
17,565
18,578
19,410
Dividend per share ($)
–
–
–
–
–
–
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.
