Comprehensive Stock Comparison
Compare CNX Resources Corporation (CNX) vs Infinity Natural Resources, Inc. (INR) vs EQT Corporation (EQT) vs Expand Energy Corporation (EXE) vs Antero Resources Corporation (AR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | EXE | 187.2% revenue growth vs AR's 28.1% |
| Value | INR | Lower P/E (6.1x vs 12.0x) |
| Quality / Margins | CNX | 28.0% net margin vs INR's -0.6% |
| Stability / Safety | CNX | Beta 0.41 vs INR's 1.05 |
| Dividends | EXE | 100.0% yield, 1-year raise streak, vs EQT's 1.0% |
| Momentum (1Y) | CNX | +44.6% vs INR's -7.7% |
| Efficiency (ROA) | CNX | 7.0% ROA vs INR's -0.2%, ROIC 9.1% vs 10.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
CNX Resources is an Appalachian Basin-focused natural gas producer that explores, develops, and operates gas properties primarily in the Marcellus and Utica shale formations. It generates revenue through natural gas sales to wholesalers—with additional income from midstream gathering operations—while its extensive acreage position across multiple states provides a low-cost production base. The company's competitive advantage lies in its massive, contiguous acreage holdings in the prolific Appalachian Basin, which enables efficient development and long-term reserve life.
Infinity Natural Resources is an independent oil and gas exploration and production company focused on developing shale resources in the Appalachian Basin. It generates revenue primarily from selling crude oil, natural gas, and natural gas liquids extracted from its Utica and Marcellus shale acreage in Ohio and Pennsylvania. The company's competitive advantage lies in its concentrated acreage position in prolific shale plays — particularly its approximately 63,000 net acres in the Utica Shale — which provides operational scale and resource density.
EQT Corporation is America's largest natural gas producer, focused on developing and operating natural gas assets primarily in the Appalachian Basin. It generates revenue through the sale of natural gas (~85% of revenue) and natural gas liquids (~15%), with production concentrated in the prolific Marcellus and Utica shale formations. The company's competitive advantage stems from its massive, low-cost reserve base—it holds the largest natural gas position in the U.S.—and its operational scale in the most productive gas region.
Expand Energy Corporation is an independent oil and gas exploration and production company focused on unconventional natural gas resources in the United States. It generates revenue primarily from natural gas sales — with additional contributions from oil and natural gas liquids — through its extensive portfolio of approximately 5,000 wells across key shale plays like the Marcellus and Haynesville formations. The company's competitive advantage lies in its large-scale, low-cost position in premier natural gas basins and its operational expertise in unconventional resource development.
Antero Resources is an independent natural gas and natural gas liquids producer focused on the Appalachian Basin. It generates revenue primarily from natural gas sales (~60% of revenue), natural gas liquids sales (~35%), and oil sales (~5%), with its production heavily weighted toward liquids-rich gas. The company's competitive advantage lies in its massive, contiguous acreage position in the Marcellus and Utica shale plays — which provides operational efficiency and significant low-cost reserves.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
CNX leads in 3 of 6 categories (Financial Metrics, Total Returns). EXE leads in 2 (Valuation Metrics, Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
EXE is the larger business by revenue, generating $12.1B annually — 39.3x INR's $308M. CNX is the more profitable business, keeping 28.0% of every revenue dollar as net income compared to INR's -0.6%. On growth, CNX holds the edge at +100.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CNXCNX Resources Cor… | INRInfinity Natural … | EQTEQT Corporation | EXEExpand Energy Cor… | ARAntero Resources … |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $2.3B | $308M | $8.6B | $12.1B | $4.9B |
| EBITDAEarnings before interest/tax | $1.7B | $76M | $5.8B | $5.3B | $1.4B |
| Net IncomeAfter-tax profit | $633M | -$2M | $2.0B | $1.8B | $548M |
| Free Cash FlowCash after capex | $534M | -$124M | $2.8B | $1.8B | $1.3B |
| Gross MarginGross profit ÷ Revenue | +72.8% | +53.0% | +97.4% | +80.4% | +19.4% |
| Operating MarginEBIT ÷ Revenue | +51.4% | -4.6% | +36.7% | +18.8% | +11.9% |
| Net MarginNet income ÷ Revenue | +28.0% | -0.6% | +23.6% | +15.0% | +11.1% |
| FCF MarginFCF ÷ Revenue | +23.6% | -40.2% | +32.9% | +15.2% | +26.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | +100.2% | +15.1% | +2.0% | +63.7% | +19.4% |
| EPS Growth (YoY)Latest quarter vs prior year | +2.3% | -80.8% | +56.5% | +2.3% | +4.7% |
Valuation Metrics
At 4.5x trailing earnings, INR trades at a 75% valuation discount to AR's 18.1x P/E. On an enterprise value basis, EXE's 5.0x EV/EBITDA is more attractive than INR's 4486.8x.
| Metric | CNXCNX Resources Cor… | INRInfinity Natural … | EQTEQT Corporation | EXEExpand Energy Cor… | ARAntero Resources … |
|---|---|---|---|---|---|
| Market CapShares × price | $5.9B | $751.1B | $38.3B | $25.7B | $11.4B |
| Enterprise ValueMkt cap + debt − cash | $8.4B | $751.4B | $46.0B | $25.1B | $14.9B |
| Trailing P/EPrice ÷ TTM EPS | 10.50x | 4.46x | 16.16x | 14.26x | 18.13x |
| Forward P/EPrice ÷ next-FY EPS est. | 15.96x | 6.08x | 12.92x | 12.05x | 11.26x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 6.14x | 4486.84x | 7.51x | 5.00x | 9.11x |
| Price / SalesMarket cap ÷ Revenue | 2.78x | 2899.82x | 4.43x | 2.12x | 2.15x |
| Price / BookPrice ÷ Book value/share | 1.54x | 0.43x | 1.37x | 0.00x | 1.49x |
| Price / FCFMarket cap ÷ FCF | 11.14x | — | 13.51x | 13.98x | 6.96x |
Profitability & Efficiency
CNX delivers a 14.6% return on equity — every $100 of shareholder capital generates $15 in annual profit, vs $-0 for INR. EQT carries lower financial leverage with a 0.29x debt-to-equity ratio, signaling a more conservative balance sheet compared to CNX's 0.57x. On the Piotroski fundamental quality scale (0–9), AR scores 9/9 vs INR's 6/9, reflecting strong financial health.
| Metric | CNXCNX Resources Cor… | INRInfinity Natural … | EQTEQT Corporation | EXEExpand Energy Cor… | ARAntero Resources … |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +14.6% | -0.2% | +7.5% | +9.8% | +7.3% |
| ROA (TTM)Return on assets | +7.0% | -0.2% | +4.9% | +6.4% | +4.2% |
| ROICReturn on invested capital | +9.1% | +10.1% | +7.7% | +7.4% | +5.9% |
| ROCEReturn on capital employed | +10.3% | +13.3% | +9.2% | +8.1% | +7.6% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 | 8 | 8 | 9 |
| Debt / EquityFinancial leverage | 0.57x | 0.51x | 0.29x | — | 0.46x |
| Net DebtTotal debt minus cash | $2.5B | $259M | $7.7B | -$616M | $3.5B |
| Cash & Equiv.Liquid assets | $779,000 | $2M | $111M | $616M | — |
| Total DebtShort + long-term debt | $2.5B | $261M | $7.8B | $0 | $3.5B |
| Interest CoverageEBIT ÷ Interest expense | 5.40x | -0.49x | 7.50x | 9.91x | 7.97x |
Total Returns (with DRIP)
A $10,000 investment in AR five years ago would be worth $37,561 today (with dividends reinvested), compared to $28,500 for EXE. Over the past 12 months, CNX leads with a +44.6% total return vs INR's -7.7%. The 3-year compound annual growth rate (CAGR) favors CNX at 39.6% vs AR's 12.0% — a key indicator of consistent wealth creation.
| Metric | CNXCNX Resources Cor… | INRInfinity Natural … | EQTEQT Corporation | EXEExpand Energy Cor… | ARAntero Resources … |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +14.6% | +12.8% | +15.2% | -1.7% | +7.6% |
| 1-Year ReturnPast 12 months | +44.6% | -7.7% | +28.8% | +11.8% | +0.3% |
| 3-Year ReturnCumulative with dividends | +172.2% | — | +90.8% | +44.3% | +40.5% |
| 5-Year ReturnCumulative with dividends | +217.2% | — | +247.1% | +185.0% | +275.6% |
| 10-Year ReturnCumulative with dividends | +384.1% | — | +112.1% | +197.4% | +63.5% |
| CAGR (3Y)Annualised 3-year return | +39.6% | — | +24.0% | +13.0% | +12.0% |
Risk & Volatility
CNX is the less volatile stock with a 0.41 beta — it tends to amplify market swings less than INR's 1.05 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CNX currently trades 99.2% from its 52-week high vs INR's 83.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CNXCNX Resources Cor… | INRInfinity Natural … | EQTEQT Corporation | EXEExpand Energy Cor… | ARAntero Resources … |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.41x | 1.05x | 0.68x | 0.49x | 1.02x |
| 52-Week HighHighest price in past year | $42.13 | $19.90 | $62.23 | $126.62 | $44.02 |
| 52-Week LowLowest price in past year | $27.68 | $11.13 | $43.57 | $91.02 | $29.10 |
| % of 52W HighCurrent price vs 52-week peak | +99.2% | +83.4% | +98.7% | +85.2% | +83.6% |
| RSI (14)Momentum oscillator 0–100 | 54.7 | 50.6 | 60.3 | 50.9 | 50.5 |
| Avg Volume (50D)Average daily shares traded | 1.8M | 153K | 8.7M | 2.9M | 5.0M |
Analyst Outlook
Analyst consensus: CNX as "Hold", INR as "Buy", EQT as "Buy", EXE as "Buy", AR as "Buy". Consensus price targets imply 27.7% upside for EXE (target: $138) vs -33.1% for EQT (target: $41). For income investors, EXE offers the higher dividend yield at 100.00% vs EQT's 1.04%.
| Metric | CNXCNX Resources Cor… | INRInfinity Natural … | EQTEQT Corporation | EXEExpand Energy Cor… | ARAntero Resources … |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $39.57 | $20.00 | $41.11 | $137.80 | $44.25 |
| # AnalystsCovering analysts | 41 | 6 | 44 | 19 | 50 |
| Dividend YieldAnnual dividend ÷ price | — | — | +1.0% | +100.0% | +1.1% |
| Dividend StreakConsecutive years of raises | 0 | — | 4 | 1 | 2 |
| Dividend / ShareAnnual DPS | — | — | $0.64 | $3182.59 | $0.40 |
| Buyback YieldShare repurchases ÷ mkt cap | +8.8% | 0.0% | 0.0% | +0.4% | +1.2% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 25 | Feb 26 | Change |
|---|---|---|---|
| CNX Resources Corpo… (CNX) | 100 | 135.36 | +35.4% |
| Infinity Natural Re… (INR) | ∞ | ∞ | NaN% |
| EQT Corporation (EQT) | 100 | 104.93 | +4.9% |
| Expand Energy Corpo… (EXE) | 100 | 103.96 | +4.0% |
| Antero Resources Co… (AR) | 100 | 87.66 | -12.3% |
Infinity Natural Re… (INR) returned +InfinityK% over 5 years vs Expand Energy Corpo… (EXE)'s +185%. A $10,000 investment in INR 5 years ago would be worth $∞ today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CNX Resources Corpo… (CNX) | $848M | $2.1B | +152.7% |
| Infinity Natural Re… (INR) | $143M | $259M | +80.9% |
| EQT Corporation (EQT) | $1.9B | $8.6B | +365.4% |
| Expand Energy Corpo… (EXE) | $7.9B | $12.1B | +54.0% |
| Antero Resources Co… (AR) | $1.8B | $5.3B | +200.6% |
CNX Resources Corporation's revenue grew from $848M (2016) to $2.1B (2025) — a 10.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CNX Resources Corpo… (CNX) | -100.0% | 29.6% | +129.5% |
| Infinity Natural Re… (INR) | 47.6% | 19.0% | -60.0% |
| EQT Corporation (EQT) | -24.4% | 26.9% | +210.3% |
| Expand Energy Corpo… (EXE) | -55.8% | 15.0% | +126.9% |
| Antero Resources Co… (AR) | -48.4% | 12.0% | +124.9% |
CNX Resources Corporation's net margin went from -100% (2016) to 30% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| CNX Resources Corpo… (CNX) | 8.9 | 9.2 | +3.4% |
| EQT Corporation (EQT) | 3.9 | 14.1 | +261.5% |
| Expand Energy Corpo… (EXE) | 1.2 | 14.6 | +1116.7% |
| Antero Resources Co… (AR) | 9.8 | 17 | +73.5% |
CNX Resources Corporation has traded in a 2x–52x P/E range over 5 years; current trailing P/E is ~10x. EQT Corporation has traded in a 4x–113x P/E range over 5 years; current trailing P/E is ~16x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CNX Resources Corpo… (CNX) | -3.7 | 3.98 | +207.6% |
| Infinity Natural Re… (INR) | 1.16 | 3.72 | +220.7% |
| EQT Corporation (EQT) | -2.71 | 3.8 | +240.2% |
| Expand Energy Corpo… (EXE) | -1,278 | 7.57 | +100.6% |
| Antero Resources Co… (AR) | -2.88 | 2.03 | +170.5% |
CNX Resources Corporation's EPS grew from $-3.70 (2016) to $3.98 (2025).
Chart 6Free Cash Flow — 5 Years
CNX Resources Corporation generated $534M FCF in 2025 (+16% vs 2021). Infinity Natural Resources, Inc. generated $-78M FCF in 2024 (-156% vs 2022).
CNX vs INR vs EQT vs EXE vs AR: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is CNX or INR or EQT or EXE or AR a better buy right now?
Infinity Natural Resources, Inc. (INR) offers the better valuation at 4.5x trailing P/E (6.1x forward), making it the more compelling value choice. Analysts rate Infinity Natural Resources, Inc. (INR) a "Buy" — based on 6 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CNX or INR or EQT or EXE or AR?
On trailing P/E, Infinity Natural Resources, Inc. (INR) is the cheapest at 4.5x versus Antero Resources Corporation at 18.1x. On forward P/E, Infinity Natural Resources, Inc. is actually cheaper at 6.1x.
03Which is the better long-term investment — CNX or INR or EQT or EXE or AR?
Over the past 5 years, Antero Resources Corporation (AR) delivered a total return of +275.6%, compared to +185.0% for Expand Energy Corporation (EXE). A $10,000 investment in AR five years ago would be worth approximately $38K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CNX returned +384.1% versus AR's +63.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CNX or INR or EQT or EXE or AR?
By beta (market sensitivity over 5 years), CNX Resources Corporation (CNX) is the lower-risk stock at 0.41β versus Infinity Natural Resources, Inc.'s 1.05β — meaning INR is approximately 153% more volatile than CNX relative to the S&P 500. On balance sheet safety, EQT Corporation (EQT) carries a lower debt/equity ratio of 29% versus 57% for CNX Resources Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — CNX or INR or EQT or EXE or AR?
CNX Resources Corporation (CNX) is the more profitable company, earning 29.6% net margin versus 12.0% for Antero Resources Corporation — meaning it keeps 29.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: EQT leads at 40.8% versus 16.7% for AR. At the gross margin level — before operating expenses — EQT leads at 97.4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CNX or INR or EQT or EXE or AR more undervalued right now?
On forward earnings alone, Infinity Natural Resources, Inc. (INR) trades at 6.1x forward P/E versus 16.0x for CNX Resources Corporation — 9.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for EXE: 27.7% to $137.80.
07Which pays a better dividend — CNX or INR or EQT or EXE or AR?
In this comparison, EXE (100.0% yield), AR (1.1% yield), EQT (1.0% yield) pay a dividend. CNX, INR do not pay a meaningful dividend and should not be held primarily for income.
08Is CNX or INR or EQT or EXE or AR better for a retirement portfolio?
For long-horizon retirement investors, Expand Energy Corporation (EXE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.49), 100.0% yield, +197.4% 10Y return). Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CNX and INR and EQT and EXE and AR?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: CNX is a small-cap deep-value stock; INR is a large-cap deep-value stock; EQT is a mid-cap deep-value stock; EXE is a mid-cap deep-value stock; AR is a mid-cap quality compounder stock. EQT, EXE, AR pay a dividend while CNX, INR do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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