Equinor ASA (EQNR) 10-Year Financial Performance & Capital Metrics

EQNR • • Industrial / General

EnergyIntegrated Oil & GasGlobal Integrated MajorsEuropean Integrated Leaders

AboutEquinor ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; Renewables; and Other segments. The company also transports, processes, manufactures, markets, and trades in oil and gas commodities, such as crude and condensate products, gas liquids, natural gas, and liquefied natural gas; markets and trades in electricity and emission rights; operates refineries, terminals and processing, and power plants; and develops low carbon solutions for oil and gas. In addition, it develops wind, and carbon capture and storage projects, as well as offers other renewable energy. As of December 31, 2021, the company had proved oil and gas reserves of 5,356 million barrels of oil equivalent. Equinor ASA has collaboration agreements with Vårgrønn; and RWE Renewables and Hydro REIN. The company was formerly known as Statoil ASA and changed its name to Equinor ASA in May 2018. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.Show more

Revenue $102.5B -4.1%
EBITDA $40.83B -11.9%
Net Income $8.81B -25.9%
EPS (Diluted) 3.11 -20.9%
Gross Margin 41.59% -7.5%
EBITDA Margin 39.84% -8.2%
Operating Margin 30.17% -9.9%
Net Margin 8.59% -22.8%
ROE 19.38% -16.4%
ROIC 34.36% -5.6%
Debt/Equity 0.71 +8.3%
Interest Coverage 29.26 -8.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 34.8%
✓Strong 5Y profit CAGR of 36.7%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.3%
✓Share count reduced 6.6% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.63%

5Y10.26%

3Y4.92%

TTM2.15%

Profit (Net Income) CAGR

10Y11.57%

5Y36.73%

3Y0.94%

TTM-39.18%

EPS CAGR

10Y12.95%

5Y41.41%

3Y5.75%

TTM-36.2%

ROCE

10Y Avg21.37%

5Y Avg32.37%

3Y Avg44.54%

Latest30.48%

Peer Comparison

European Integrated Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BPBP p.l.c.	90.33B	35.15	251.07	-9.2%	0.81%	1.96%	13.28%	0.91
EEni S.p.A.	56.41B	38.19	23.29	-5.25%	2.89%	4.62%	9.03%	0.63
SHELShell plc	208.21B	73.42	14.51	-10.2%	5.43%	8.21%	16.85%	0.43
TTETotalEnergies SE	140.7B	65.67	9.82	-10.66%	7.72%	12.03%	11.33%	0.45
EQNREquinor ASA	61.71B	24.70	7.94	-4.07%	5.35%	14.11%	12.85%	0.71

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	57.64B	45.69B	60.97B	78.77B	62.91B	45.75B	88.74B	149B	106.85B	102.5B
Revenue Growth %	-0.4%	-0.21%	0.33%	0.29%	-0.2%	-0.27%	0.94%	0.68%	-0.28%	-0.04%
Cost of Goods Sold+	50.21B	43.16B	47.88B	59.47B	42.74B	36.22B	46.88B	60.2B	58.81B	59.88B
COGS % of Revenue	0.87%	0.94%	0.79%	0.76%	0.68%	0.79%	0.53%	0.4%	0.55%	0.58%
Gross Profit+	7.43B	2.53B	13.09B	19.3B	20.18B	9.53B	41.87B	88.81B	48.04B	42.63B
Gross Margin %	0.13%	0.06%	0.21%	0.24%	0.32%	0.21%	0.47%	0.6%	0.45%	0.42%
Gross Profit Growth %	-0.64%	-0.66%	4.18%	0.47%	0.05%	-0.53%	3.39%	1.12%	-0.46%	-0.11%
Operating Expenses+	396.42M	762M	738M	758M	10.88B	12.96B	8.2B	10B	12.27B	11.7B
OpEx % of Revenue	0.01%	0.02%	0.01%	0.01%	0.17%	0.28%	0.09%	0.07%	0.11%	0.11%
Selling, General & Admin	582.25M	464M	431M	443M	809M	706M	780M	986M	1.22B	1.25B
SG&A % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%
Research & Development	334.48M	298M	307M	315M	0	0	0	0	0	0
R&D % of Revenue	0.01%	0.01%	0.01%	0%	-	-	-	-	-	-
Other Operating Expenses	11.56B	12.09B	10.21B	10.65B	10.07B	12.25B	7.42B	9.01B	11.05B	10.45B
Operating Income+	7.04B	1.77B	12.36B	18.54B	9.3B	-3.42B	33.66B	78.81B	35.77B	30.93B
Operating Margin %	0.12%	0.04%	0.2%	0.24%	0.15%	-0.07%	0.38%	0.53%	0.33%	0.3%
Operating Income Growth %	-0.65%	-0.75%	5.99%	0.5%	-0.5%	-1.37%	10.83%	1.34%	-0.55%	-0.14%
EBITDA+	18.68B	12.44B	22.47B	28.85B	22.5B	11.81B	45.38B	85.54B	46.35B	40.83B
EBITDA Margin %	0.32%	0.27%	0.37%	0.37%	0.36%	0.26%	0.51%	0.57%	0.43%	0.4%
EBITDA Growth %	-0.44%	-0.33%	0.81%	0.28%	-0.22%	-0.48%	2.84%	0.88%	-0.46%	-0.12%
D&A (Non-Cash Add-back)	11.64B	10.67B	10.11B	10.31B	13.2B	15.23B	11.72B	6.73B	10.58B	9.91B
EBIT	1.07B	565M	13.72B	19.16B	10.29B	-3.28B	32.35B	79.53B	39.01B	32.04B
Net Interest Income+	-185.82M	-234M	-174M	-374M	-568M	-759M	-657M	200M	1.11B	744M
Interest Income	309.71M	390M	316M	204M	425M	221M	112M	1.13B	2.23B	1.8B
Interest Expense	495.53M	624M	490M	578M	993M	980M	769M	929M	1.12B	1.06B
Other Income/Expense	-6.5B	-1.95B	1.06B	335M	-7M	-836M	-2.08B	-207M	2.11B	59M
Pretax Income+	532.69M	-178M	13.42B	18.87B	9.29B	-4.26B	31.58B	78.6B	37.88B	30.99B
Pretax Margin %	0.01%	-0%	0.22%	0.24%	0.15%	-0.09%	0.36%	0.53%	0.35%	0.3%
Income Tax+	5.15B	2.72B	8.82B	11.34B	7.44B	1.24B	23.01B	49.86B	25.98B	22.16B
Effective Tax Rate %	-8.01%	16.42%	0.34%	0.4%	0.2%	1.29%	0.27%	0.37%	0.31%	0.28%
Net Income+	-4.27B	-2.92B	4.59B	7.54B	1.84B	-5.51B	8.56B	28.75B	11.88B	8.81B
Net Margin %	-0.07%	-0.06%	0.08%	0.1%	0.03%	-0.12%	0.1%	0.19%	0.11%	0.09%
Net Income Growth %	-2.45%	0.32%	2.57%	0.64%	-0.76%	-3.99%	2.55%	2.36%	-0.59%	-0.26%
Net Income (Continuing)	-4.62B	-2.9B	4.6B	7.54B	1.85B	-5.5B	8.58B	28.74B	11.9B	8.83B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	34.13M	27M	24M	19M	20M	19M	14M	1M	10M	38M
EPS (Diluted)+	-1.34	-0.91	1.40	2.27	0.55	-1.68	2.63	9.03	3.93	3.11
EPS Growth %	-2.46%	0.32%	2.54%	0.62%	-0.76%	-4.05%	2.57%	2.43%	-0.56%	-0.21%
EPS (Basic)	-1.34	-0.91	1.40	2.27	0.55	-1.68	2.64	9.06	3.93	3.12
Diluted Shares Outstanding	3.18B	3.19B	3.27B	3.33B	3.33B	3.27B	3.25B	3.18B	3.03B	2.83B
Basic Shares Outstanding	3.18B	3.19B	3.27B	3.33B	3.33B	3.27B	3.25B	3.17B	3.02B	2.82B
Dividend Payout Ratio	-	-	0.32%	0.35%	1.81%	-	0.21%	0.09%	0.28%	0.97%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	28.22B	25.4B	27.19B	26.06B	24.78B	30.82B	62.5B	78.17B	60.99B	53.19B
Cash & Short-Term Investments	18.49B	13.3B	12.84B	14.6B	12.6B	18.62B	33.28B	39.31B	38.87B	23.45B
Cash Only	8.65B	5.09B	4.39B	7.56B	5.18B	3.14B	12.03B	9.44B	9.64B	8.12B
Short-Term Investments	9.84B	8.21B	8.45B	7.04B	7.43B	15.48B	21.25B	29.88B	29.22B	15.34B
Accounts Receivable	6.67B	7.84B	9.43B	9B	8.23B	8.23B	17.93B	22.45B	16.93B	17.46B
Days Sales Outstanding	42.24	62.63	56.42	41.69	47.77	65.67	73.74	55	57.84	62.16
Inventory	2.5B	3.23B	3.4B	2.14B	3.36B	3.08B	3.4B	5.21B	3.81B	4.03B
Days Inventory Outstanding	18.19	27.29	25.91	13.16	28.72	31.08	26.43	31.56	23.67	24.57
Other Current Assets	1.08B	1.56B	1.97B	318M	578M	886M	7.9B	11.2B	1.38B	8.25B
Total Non-Current Assets+	81.77B	79.13B	83.91B	86.45B	95.08B	93.98B	84.62B	79.85B	82.59B	77.95B
Property, Plant & Equipment	62.14B	59.56B	63.64B	65.26B	71.75B	68.51B	64.03B	58.1B	58.82B	55.56B
Fixed Asset Turnover	0.93x	0.77x	0.96x	1.21x	0.88x	0.67x	1.39x	2.56x	1.82x	1.84x
Goodwill	329.9M	328M	339M	565M	1.46B	1.48B	1.47B	1.38B	1.73B	1.44B
Intangible Assets	9.16B	8.91B	8.28B	9.11B	9.28B	475M	3.03B	2.18B	770M	4.21B
Long-Term Investments	3.17B	4.59B	5.39B	5.32B	5.04B	9.44B	6.03B	5.49B	5.95B	8.09B
Other Non-Current Assets	4.96B	3.55B	3.82B	2.9B	3.67B	9.11B	3.8B	3.97B	7.38B	3.74B
Total Assets+	109.96B	104.53B	111.1B	112.51B	119.86B	124.81B	147.12B	158.02B	143.58B	131.14B
Asset Turnover	0.52x	0.44x	0.55x	0.70x	0.52x	0.37x	0.60x	0.94x	0.74x	0.78x
Asset Growth %	-0.17%	-0.05%	0.06%	0.01%	0.07%	0.04%	0.18%	0.07%	-0.09%	-0.09%
Total Current Liabilities+	15.39B	16.8B	19.02B	16.6B	19.56B	19.5B	39.14B	43.8B	35.72B	36.05B
Accounts Payable	2.67B	2.98B	3.18B	2.53B	10.45B	2.75B	6.25B	6.21B	11.87B	6.84B
Days Payables Outstanding	19.44	25.19	24.25	15.54	89.25	27.69	48.65	37.64	73.67	41.68
Short-Term Debt	2.33B	3.67B	4.09B	2.46B	2.94B	5.78B	5.27B	4.36B	6B	7.22B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	0	0
Other Current Liabilities	10.39B	10.15B	-3.49B	6.9B	462M	9.83B	6.7B	5.28B	10.82B	5.11B
Current Ratio	1.83x	1.51x	1.43x	1.57x	1.27x	1.58x	1.60x	1.78x	1.71x	1.48x
Quick Ratio	1.67x	1.32x	1.25x	1.44x	1.09x	1.42x	1.51x	1.67x	1.60x	1.36x
Cash Conversion Cycle	41	64.73	58.08	39.31	-12.76	69.06	51.52	48.92	7.84	45.05
Total Non-Current Liabilities+	54.18B	52.63B	52.2B	52.91B	59.15B	71.42B	68.96B	60.23B	59.36B	52.71B
Long-Term Debt	30.03B	28B	24.18B	23.26B	21.75B	29.12B	27.4B	24.14B	22.23B	19.36B
Capital Lease Obligations	0	0	0	375M	3.19B	3.22B	2.45B	2.41B	2.29B	2.26B
Deferred Tax Liabilities	7.44B	6.43B	7.65B	8.67B	9.41B	11.22B	14.04B	12B	13.35B	12.73B
Other Non-Current Liabilities	24.15B	1M	20.36B	20.6B	24.79B	27.85B	25.07B	21.68B	21.5B	18.36B
Total Liabilities	69.58B	69.43B	71.22B	69.52B	78.7B	90.92B	108.1B	104.03B	95.08B	88.76B
Total Debt+	32.36B	31.67B	28.27B	25.73B	29.03B	38.12B	36.24B	32.17B	31.8B	30.09B
Net Debt	23.72B	26.58B	23.88B	18.17B	23.86B	34.98B	24.21B	22.73B	22.16B	21.97B
Debt / Equity	0.80x	0.90x	0.71x	0.60x	0.71x	1.12x	0.93x	0.60x	0.66x	0.71x
Debt / EBITDA	1.73x	2.55x	1.26x	0.89x	1.29x	3.23x	0.80x	0.38x	0.69x	0.74x
Net Debt / EBITDA	1.27x	2.14x	1.06x	0.63x	1.06x	2.96x	0.53x	0.27x	0.48x	0.54x
Interest Coverage	14.20x	2.83x	25.22x	32.07x	9.36x	-3.49x	43.78x	84.83x	31.88x	29.26x
Total Equity+	40.38B	35.1B	39.88B	42.99B	41.16B	33.89B	39.02B	53.99B	48.5B	42.38B
Equity Growth %	-0.21%	-0.13%	0.14%	0.08%	-0.04%	-0.18%	0.15%	0.38%	-0.1%	-0.13%
Book Value per Share	12.70	10.99	12.20	12.93	12.35	10.37	11.99	16.96	16.02	14.99
Total Shareholders' Equity	40.35B	35.07B	39.86B	42.97B	41.14B	33.87B	39.01B	53.99B	48.49B	42.34B
Common Stock	910.08M	1.16B	1.18B	1.19B	1.19B	1.16B	1.16B	1.14B	1.1B	1.05B
Retained Earnings	24.47B	32.57B	34.41B	38.79B	37.48B	30.05B	36.68B	58.24B	56.52B	52.41B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	10.42B	-5.26B	-3.66B	-5.25B	-5.26B	-4.19B	-5.25B	-8.43B	-9.13B	-11.12B
Minority Interest	34.13M	27M	24M	19M	20M	19M	14M	1M	10M	38M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	12.4B	9.03B	14.36B	19.69B	13.75B	10.39B	28.82B	35.14B	24.7B	20.11B
Operating CF Margin %	0.22%	0.2%	0.24%	0.25%	0.22%	0.23%	0.32%	0.24%	0.23%	0.2%
Operating CF Growth %	-0.27%	-0.27%	0.59%	0.37%	-0.3%	-0.24%	1.77%	0.22%	-0.3%	-0.19%
Net Income	489.17M	-178M	13.42B	18.87B	9.29B	-4.26B	8.56B	28.75B	11.88B	8.81B
Depreciation & Amortization	15.22B	11.55B	8.64B	9.25B	13.2B	15.23B	10.61B	9.22B	11.17B	10.36B
Stock-Based Compensation	167K	102K	175K	197K	147K	100K	100K	200K	300K	0
Deferred Taxes	0	0	0	0	-147K	-100K	0	0	0	0
Other Non-Cash Items	-4.32B	-718M	-7.16B	-9.52B	-9.01B	-66M	14.19B	1.79B	-3.32B	-1.27B
Working Capital Changes	1.01B	-1.62B	-542M	1.09B	259M	-524M	-4.55B	-4.62B	4.96B	2.22B
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-13.09B	-10.45B	-9.68B	-11.21B	-10.59B	-12.09B	-16.21B	-15.86B	-12.41B	-3.53B
Capital Expenditures	-14.19B	-12.19B	-10.76B	-11.37B	-10.2B	-8.48B	-8.04B	-8.76B	-10.57B	-12.18B
CapEx % of Revenue	0.25%	0.27%	0.18%	0.14%	0.16%	0.19%	0.09%	0.06%	0.1%	0.12%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.49B	984M	1.08B	3.71B	-10M	707M	-8.06B	-7.25B	-639M	10.36B
Cash from Financing+	-853.2M	-1.96B	-5.82B	-5.02B	-5.5B	2.99B	-4.84B	-15.41B	-18.14B	-17.74B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.61B	-1.88B	-1.49B	-2.67B	-3.34B	-2.33B	-1.8B	-5.38B	-10.91B	-8.58B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	444M	0	-278M	0	1.2B	-5.1B	0	933M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.79B	-3.16B	3.61B	8.33B	3.54B	1.91B	20.78B	26.38B	14.13B	7.93B
FCF Margin %	-0.03%	-0.07%	0.06%	0.11%	0.06%	0.04%	0.23%	0.18%	0.13%	0.08%
FCF Growth %	-4.4%	-0.77%	2.14%	1.31%	-0.57%	-0.46%	9.88%	0.27%	-0.46%	-0.44%
FCF per Share	-0.56	-0.99	1.10	2.50	1.06	0.58	6.38	8.29	4.67	2.81
FCF Conversion (FCF/Net Income)	-2.91x	-3.09x	3.13x	2.61x	7.46x	-1.88x	3.37x	1.22x	2.08x	2.28x
Interest Paid	0	0	0	0	0	0	698M	747M	0	891M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-9.31%	-7.74%	12.24%	18.18%	4.38%	-14.68%	23.49%	61.81%	23.19%	19.38%
Return on Invested Capital (ROIC)	7.8%	2.11%	14.77%	22.26%	11.05%	-3.84%	38.23%	84.47%	36.41%	34.36%
Gross Margin	12.89%	5.54%	21.48%	24.5%	32.07%	20.83%	47.17%	59.6%	44.96%	41.59%
Net Margin	-7.4%	-6.4%	7.53%	9.57%	2.93%	-12.04%	9.65%	19.29%	11.12%	8.59%
Debt / Equity	0.80x	0.90x	0.71x	0.60x	0.71x	1.12x	0.93x	0.60x	0.66x	0.71x
Interest Coverage	14.20x	2.83x	25.22x	32.07x	9.36x	-3.49x	43.78x	84.83x	31.88x	29.26x
FCF Conversion	-2.91x	-3.09x	3.13x	2.61x	7.46x	-1.88x	3.37x	1.22x	2.08x	2.28x
Revenue Growth	-40.1%	-20.74%	33.45%	29.19%	-20.13%	-27.27%	93.96%	67.9%	-28.29%	-4.07%

Revenue by Segment

	2018	2019	2020	2021	2022	2023
Crude Oil	-	-	-	-	-	56.86B
Crude Oil Growth	-	-	-	-	-	-
Natural gas	14.56B	11.28B	-	-	65.23B	26.39B
Natural gas Growth	-	-22.52%	-	-	-	-59.55%
Natural gas liquids	7.17B	5.81B	5.07B	8.49B	-	23.17B
Natural gas liquids Growth	-	-18.98%	-12.71%	67.49%	-	-
Refined products	13.12B	10.65B	6.53B	11.47B	11.09B	10.08B
Refined products Growth	-	-18.84%	-38.66%	75.59%	-3.31%	-9.10%
Other products	903M	445M	681M	1.01B	4.7B	3.03B
Other products Growth	-	-50.72%	53.03%	47.72%	367.40%	-35.52%
Trasnsportation	1.03B	967M	1.08B	921M	1.47B	1.43B
Trasnsportation Growth	-	-6.39%	12.00%	-14.96%	59.61%	-3.06%

Frequently Asked Questions

Valuation & Price

Equinor ASA (EQNR) has a price-to-earnings (P/E) ratio of 7.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Equinor ASA (EQNR) reported $107.07B in revenue for fiscal year 2024. This represents a 7% decrease from $115.16B in 2011.

Equinor ASA (EQNR) saw revenue decline by 4.1% over the past year.

Yes, Equinor ASA (EQNR) is profitable, generating $5.73B in net income for fiscal year 2024 (8.6% net margin).

Dividend & Returns

Yes, Equinor ASA (EQNR) pays a dividend with a yield of 12.28%. This makes it attractive for income-focused investors.

Equinor ASA (EQNR) has a return on equity (ROE) of 19.4%. This is reasonable for most industries.

Equinor ASA (EQNR) generated $6.83B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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