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

EQNR •

EnergyIntegrated Oil & GasIntegrated gas and LNG value chain

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 $106.16B +3.6%
EBITDA $37.15B -9.0%
Net Income $5.06B -42.6%
EPS (Diluted) 1.95 -37.3%
Gross Margin 26.84% -35.5%
EBITDA Margin 35% -12.1%
Operating Margin 25.7% -14.8%
Net Margin 4.77% -44.5%
ROE 12.21% -37.0%
ROIC 30.71% -10.6%
Debt/Equity 0.83 +16.3%
Interest Coverage 18.94 -35.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.3%
✓Good 3Y average ROE of 18.3%
✓Share count reduced 8.0% through buybacks
✓Healthy 5Y average net margin of 10.7%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.3%

5Y18.33%

3Y-10.69%

TTM3.56%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-43.96%

TTM-42.76%

EPS CAGR

10Y-

5Y-

3Y-40%

TTM-39.87%

ROCE

10Y Avg23.46%

5Y Avg38.6%

3Y Avg30.17%

Latest27.81%

Peer Comparison

Integrated gas and LNG value chain

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BPBP p.l.c.	99.55B	38.86	1904.90	0.31%	0.03%	0.08%	11.35%	1.14
EEni S.p.A.	69.11B	46.94	24.27	-5.25%	3.23%	5.19%	8.69%	0.63
SLNGStabilis Solutions, Inc.	104.98M	5.65	22.58	0.24%	1.4%	1.52%	4.33%	0.14
EQNREquinor ASA	74.46B	29.83	15.30	3.56%	4.75%	12.45%	8.05%	0.83
SHELShell plc	235.77B	83.51	13.87	-5.91%	6.67%	10.17%	9.25%	0.60
TTETotalEnergies SE	172.1B	80.34	13.35	-2.99%	7.2%	11.18%	6.28%	0.52

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	45.69B	60.97B	78.77B	62.91B	45.75B	88.74B	149B	106.85B	102.5B	106.16B
Revenue Growth %	-20.74%	33.45%	29.19%	-20.13%	-27.27%	93.96%	67.9%	-28.29%	-4.07%	3.56%
Cost of Goods Sold+	43.16B	47.88B	59.47B	42.74B	36.22B	46.88B	60.2B	58.81B	59.88B	77.66B
COGS % of Revenue	94.46%	78.52%	75.5%	67.93%	79.17%	52.83%	40.4%	55.04%	58.41%	73.16%
Gross Profit+	2.53B	13.09B	19.3B	20.18B	9.53B	41.87B	88.81B	48.04B	42.63B	28.5B
Gross Margin %	5.54%	21.48%	24.5%	32.07%	20.83%	47.17%	59.6%	44.96%	41.59%	26.84%
Gross Profit Growth %	-65.96%	417.55%	47.37%	4.55%	-52.75%	339.2%	112.13%	-45.91%	-11.27%	-33.15%
Operating Expenses+	762M	738M	758M	10.88B	12.96B	8.2B	10B	12.27B	11.7B	1.21B
OpEx % of Revenue	1.67%	1.21%	0.96%	17.29%	28.32%	9.24%	6.71%	11.48%	11.41%	1.14%
Selling, General & Admin	464M	431M	443M	809M	706M	780M	986M	1.22B	1.25B	1.21B
SG&A % of Revenue	1.02%	0.71%	0.56%	1.29%	1.54%	0.88%	0.66%	1.14%	1.22%	1.14%
Research & Development	298M	307M	315M	0	0	0	0	0	0	0
R&D % of Revenue	0.65%	0.5%	0.4%	-	-	-	-	-	-	-
Other Operating Expenses	12.09B	10.21B	10.65B	10.07B	12.25B	7.42B	9.01B	11.05B	10.45B	0
Operating Income+	1.77B	12.36B	18.54B	9.3B	-3.42B	33.66B	78.81B	35.77B	30.93B	27.28B
Operating Margin %	3.87%	20.27%	23.54%	14.78%	-7.48%	37.93%	52.89%	33.48%	30.17%	25.7%
Operating Income Growth %	-74.87%	598.87%	50.04%	-49.84%	-136.81%	1083.44%	134.12%	-54.61%	-13.54%	-11.78%
EBITDA+	12.44B	22.47B	28.85B	22.5B	11.81B	45.38B	85.54B	46.35B	40.83B	37.15B
EBITDA Margin %	27.22%	36.85%	36.63%	35.77%	25.82%	51.14%	57.41%	43.38%	39.84%	35%
EBITDA Growth %	-33.43%	80.68%	28.41%	-22.01%	-47.51%	284.2%	88.5%	-45.82%	-11.9%	-9.02%
D&A (Non-Cash Add-back)	10.67B	10.11B	10.31B	13.2B	15.23B	11.72B	6.73B	10.58B	9.91B	9.87B
EBIT	565M	13.72B	19.16B	10.29B	-3.28B	32.35B	79.53B	39.01B	32.04B	26.59B
Net Interest Income+	-234M	-174M	-374M	-568M	-759M	-657M	200M	1.11B	744M	-261.81M
Interest Income	390M	316M	204M	425M	221M	112M	1.13B	2.23B	1.8B	1.18B
Interest Expense	624M	490M	578M	993M	980M	769M	929M	1.12B	1.06B	1.44B
Other Income/Expense	-1.95B	1.06B	335M	-7M	-836M	-2.08B	-207M	2.11B	59M	-2.12B
Pretax Income+	-178M	13.42B	18.87B	9.29B	-4.26B	31.58B	78.6B	37.88B	30.99B	25.17B
Pretax Margin %	-0.39%	22.01%	23.96%	14.77%	-9.31%	35.59%	52.75%	35.46%	30.23%	23.71%
Income Tax+	2.72B	8.82B	11.34B	7.44B	1.24B	23.01B	49.86B	25.98B	22.16B	20.09B
Effective Tax Rate %	1641.57%	34.2%	39.92%	19.83%	129.37%	27.11%	36.57%	31.37%	28.42%	20.1%
Net Income+	-2.92B	4.59B	7.54B	1.84B	-5.51B	8.56B	28.75B	11.88B	8.81B	5.06B
Net Margin %	-6.4%	7.53%	9.57%	2.93%	-12.04%	9.65%	19.29%	11.12%	8.59%	4.77%
Net Income Growth %	31.5%	257.08%	64.16%	-75.54%	-398.97%	255.41%	235.7%	-58.66%	-25.91%	-42.55%
Net Income (Continuing)	-2.9B	4.6B	7.54B	1.85B	-5.5B	8.58B	28.74B	11.9B	8.83B	5.07B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	27M	24M	19M	20M	19M	14M	1M	10M	38M	74M
EPS (Diluted)+	-0.91	1.40	2.27	0.55	-1.68	2.63	9.03	3.93	3.11	1.95
EPS Growth %	32.09%	253.85%	62.14%	-75.77%	-405.45%	256.55%	243.35%	-56.48%	-20.87%	-37.3%
EPS (Basic)	-0.91	1.40	2.27	0.55	-1.68	2.64	9.06	3.93	3.12	1.95
Diluted Shares Outstanding	3.19B	3.27B	3.33B	3.33B	3.27B	3.25B	3.18B	3.03B	2.83B	2.6B
Basic Shares Outstanding	3.19B	3.27B	3.33B	3.33B	3.27B	3.25B	3.17B	3.02B	2.82B	2.59B
Dividend Payout Ratio	-	32.48%	35.46%	181.33%	-	20.99%	8.69%	28.04%	97.41%	95%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	25.4B	27.19B	26.06B	24.78B	30.82B	62.5B	78.17B	60.99B	53.19B	38.03B
Cash & Short-Term Investments	13.3B	12.84B	14.6B	12.6B	18.62B	33.28B	39.31B	38.87B	23.45B	19.33B
Cash Only	5.09B	4.39B	7.56B	5.18B	3.14B	12.03B	9.44B	9.64B	8.12B	5.04B
Short-Term Investments	8.21B	8.45B	7.04B	7.43B	15.48B	21.25B	29.88B	29.22B	15.34B	14.3B
Accounts Receivable	7.84B	9.43B	9B	8.23B	8.23B	17.93B	22.45B	16.93B	17.46B	10.82B
Days Sales Outstanding	62.63	56.42	41.69	47.77	65.67	73.74	55	57.84	62.16	37.2
Inventory	3.23B	3.4B	2.14B	3.36B	3.08B	3.4B	5.21B	3.81B	4.03B	3.33B
Days Inventory Outstanding	27.29	25.91	13.16	28.72	31.08	26.43	31.56	23.67	24.57	15.65
Other Current Assets	1.56B	1.97B	318M	578M	886M	7.9B	11.2B	1.38B	8.25B	4.55B
Total Non-Current Assets+	79.13B	83.91B	86.45B	95.08B	93.98B	84.62B	79.85B	82.59B	77.95B	93.69B
Property, Plant & Equipment	59.56B	63.64B	65.26B	71.75B	68.51B	64.03B	58.1B	58.82B	55.56B	61.24B
Fixed Asset Turnover	0.77x	0.96x	1.21x	0.88x	0.67x	1.39x	2.56x	1.82x	1.84x	1.73x
Goodwill	328M	339M	565M	1.46B	1.48B	1.47B	1.38B	1.73B	1.44B	5.95B
Intangible Assets	8.91B	8.28B	9.11B	9.28B	475M	3.03B	2.18B	770M	4.21B	0
Long-Term Investments	4.59B	5.39B	5.32B	5.04B	9.44B	6.03B	5.49B	5.95B	8.09B	16.36B
Other Non-Current Assets	3.55B	3.82B	2.9B	3.67B	9.11B	3.8B	3.97B	7.38B	3.74B	5.09B
Total Assets+	104.53B	111.1B	112.51B	119.86B	124.81B	147.12B	158.02B	143.58B	131.14B	131.73B
Asset Turnover	0.44x	0.55x	0.70x	0.52x	0.37x	0.60x	0.94x	0.74x	0.78x	0.81x
Asset Growth %	-4.94%	6.29%	1.27%	6.54%	4.13%	17.88%	7.41%	-9.14%	-8.66%	0.45%
Total Current Liabilities+	16.8B	19.02B	16.6B	19.56B	19.5B	39.14B	43.8B	35.72B	36.05B	30.6B
Accounts Payable	2.98B	3.18B	2.53B	10.45B	2.75B	6.25B	6.21B	11.87B	6.84B	9.7B
Days Payables Outstanding	25.19	24.25	15.54	89.25	27.69	48.65	37.64	73.67	41.68	45.59
Short-Term Debt	3.67B	4.09B	2.46B	2.94B	5.78B	5.27B	4.36B	6B	7.22B	5.24B
Deferred Revenue (Current)	2.9B	4.79B	4.65B	0	0	0	0	0	0	0
Other Current Liabilities	10.15B	-3.49B	6.9B	462M	9.83B	6.7B	5.28B	10.82B	5.11B	4.67B
Current Ratio	1.51x	1.43x	1.57x	1.27x	1.58x	1.60x	1.78x	1.71x	1.48x	1.24x
Quick Ratio	1.32x	1.25x	1.44x	1.09x	1.42x	1.51x	1.67x	1.60x	1.36x	1.13x
Cash Conversion Cycle	64.73	58.08	39.31	-12.76	69.06	51.52	48.92	7.84	45.05	7.26
Total Non-Current Liabilities+	52.63B	52.2B	52.91B	59.15B	71.42B	68.96B	60.23B	59.36B	52.71B	60.63B
Long-Term Debt	28B	24.18B	23.26B	21.75B	29.12B	27.4B	24.14B	22.23B	19.36B	25.98B
Capital Lease Obligations	0	0	375M	3.19B	3.22B	2.45B	2.41B	2.29B	2.26B	2.22B
Deferred Tax Liabilities	6.43B	7.65B	8.67B	9.41B	11.22B	14.04B	12B	13.35B	12.73B	14.52B
Other Non-Current Liabilities	1M	20.36B	20.6B	24.79B	27.85B	25.07B	21.68B	21.5B	18.36B	17.9B
Total Liabilities	69.43B	71.22B	69.52B	78.7B	90.92B	108.1B	104.03B	95.08B	88.76B	91.23B
Total Debt+	31.67B	28.27B	25.73B	29.03B	38.12B	36.24B	32.17B	31.8B	30.09B	33.44B
Net Debt	26.58B	23.88B	18.17B	23.86B	34.98B	24.21B	22.73B	22.16B	21.97B	28.41B
Debt / Equity	0.90x	0.71x	0.60x	0.71x	1.12x	0.93x	0.60x	0.66x	0.71x	0.83x
Debt / EBITDA	2.55x	1.26x	0.89x	1.29x	3.23x	0.80x	0.38x	0.69x	0.74x	0.90x
Net Debt / EBITDA	2.14x	1.06x	0.63x	1.06x	2.96x	0.53x	0.27x	0.48x	0.54x	0.76x
Interest Coverage	2.83x	25.22x	32.07x	9.36x	-3.49x	43.78x	84.83x	31.88x	29.26x	18.94x
Total Equity+	35.1B	39.88B	42.99B	41.16B	33.89B	39.02B	53.99B	48.5B	42.38B	40.5B
Equity Growth %	-13.09%	13.64%	7.78%	-4.26%	-17.66%	15.15%	38.35%	-10.17%	-12.62%	-4.44%
Book Value per Share	10.99	12.20	12.93	12.35	10.37	11.99	16.96	16.02	14.99	15.57
Total Shareholders' Equity	35.07B	39.86B	42.97B	41.14B	33.87B	39.01B	53.99B	48.49B	42.34B	40.42B
Common Stock	1.16B	1.18B	1.19B	1.19B	1.16B	1.16B	1.14B	1.1B	1.05B	995.01M
Retained Earnings	32.57B	34.41B	38.79B	37.48B	30.05B	36.68B	58.24B	56.52B	52.41B	48.03B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.26B	-3.66B	-5.25B	-5.26B	-4.19B	-5.25B	-8.43B	-9.13B	-11.12B	-8.6B
Minority Interest	27M	24M	19M	20M	19M	14M	1M	10M	38M	74M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	9.03B	14.36B	19.69B	13.75B	10.39B	28.82B	35.14B	24.7B	20.11B	20.03B
Operating CF Margin %	19.77%	23.56%	25%	21.85%	22.7%	32.47%	23.58%	23.12%	19.62%	18.87%
Operating CF Growth %	-27.14%	58.99%	37.12%	-30.19%	-24.46%	177.45%	21.93%	-29.7%	-18.59%	-0.38%
Net Income	-178M	13.42B	18.87B	9.29B	-4.26B	8.56B	28.75B	11.88B	8.81B	5.06B
Depreciation & Amortization	11.55B	8.64B	9.25B	13.2B	15.23B	10.61B	9.22B	11.17B	10.36B	9.87B
Stock-Based Compensation	102K	175K	197K	147K	100K	100K	200K	300K	0	0
Deferred Taxes	0	0	0	-147K	-100K	0	0	0	0	0
Other Non-Cash Items	-718M	-7.16B	-9.52B	-9.01B	-66M	14.19B	1.79B	-3.32B	-1.27B	3.11B
Working Capital Changes	-1.62B	-542M	1.09B	259M	-524M	-4.55B	-4.62B	4.96B	2.22B	2B
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+	-10.45B	-9.68B	-11.21B	-10.59B	-12.09B	-16.21B	-15.86B	-12.41B	-3.53B	-9.63B
Capital Expenditures	-12.19B	-10.76B	-11.37B	-10.2B	-8.48B	-8.04B	-8.76B	-10.57B	-12.18B	-14.04B
CapEx % of Revenue	26.68%	17.64%	14.43%	16.22%	18.53%	9.06%	5.88%	9.9%	11.88%	13.22%
Acquisitions	761M	406M	-3.56B	334M	505M	-111M	147M	-1.2B	-1.71B	2.44B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	984M	1.08B	3.71B	-10M	707M	-8.06B	-7.25B	-639M	10.36B	114.35M
Cash from Financing+	-1.96B	-5.82B	-5.02B	-5.5B	2.99B	-4.84B	-15.41B	-18.14B	-17.74B	-11.56B
Debt Issued (Net)	-83M	-4.78B	-2.35B	-1.43B	6.38B	-3.91B	-1.62B	-1.65B	-4.08B	641.98M
Equity Issued (Net)	0	0	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-1.88B	-1.49B	-2.67B	-3.34B	-2.33B	-1.8B	-5.38B	-10.91B	-8.58B	-4.81B
Share Repurchases	0	0	0	-442M	-1.06B	-321M	-3.31B	-5.59B	-6.01B	-5.93B
Other Financing	0	444M	0	-278M	0	1.2B	-5.1B	0	933M	-1.46B
Net Change in Cash	-3.52B	-700M	3.17B	-2.38B	1.58B	7.23B	1.59B	-5.94B	-1.52B	-1.98B
Free Cash Flow+	-3.16B	3.61B	8.33B	3.54B	1.91B	20.78B	26.38B	14.13B	7.93B	6B
FCF Margin %	-6.91%	5.92%	10.57%	5.63%	4.17%	23.41%	17.7%	13.22%	7.74%	5.65%
FCF Growth %	-76.76%	214.29%	130.79%	-57.43%	-46.12%	987.75%	26.96%	-46.45%	-43.84%	-24.42%
FCF per Share	-0.99	1.10	2.50	1.06	0.58	6.38	8.29	4.67	2.81	2.31
FCF Conversion (FCF/Net Income)	-3.09x	3.13x	2.61x	7.46x	-1.88x	3.37x	1.22x	2.08x	2.28x	3.96x
Interest Paid	0	0	0	0	0	698M	747M	0	891M	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-7.74%	12.24%	18.18%	4.38%	-14.68%	23.49%	61.81%	23.19%	19.38%	12.21%
Return on Invested Capital (ROIC)	2.11%	14.77%	22.26%	11.05%	-3.84%	38.23%	84.47%	36.41%	34.36%	30.71%
Gross Margin	5.54%	21.48%	24.5%	32.07%	20.83%	47.17%	59.6%	44.96%	41.59%	26.84%
Net Margin	-6.4%	7.53%	9.57%	2.93%	-12.04%	9.65%	19.29%	11.12%	8.59%	4.77%
Debt / Equity	0.90x	0.71x	0.60x	0.71x	1.12x	0.93x	0.60x	0.66x	0.71x	0.83x
Interest Coverage	2.83x	25.22x	32.07x	9.36x	-3.49x	43.78x	84.83x	31.88x	29.26x	18.94x
FCF Conversion	-3.09x	3.13x	2.61x	7.46x	-1.88x	3.37x	1.22x	2.08x	2.28x	3.96x
Revenue Growth	-20.74%	33.45%	29.19%	-20.13%	-27.27%	93.96%	67.9%	-28.29%	-4.07%	3.56%

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

EQNR •

EnergyIntegrated Oil & GasIntegrated gas and LNG value chain

Revenue $106.16B +3.6%
EBITDA $37.15B -9.0%
Net Income $5.06B -42.6%
EPS (Diluted) 1.95 -37.3%
Gross Margin 26.84% -35.5%
EBITDA Margin 35% -12.1%
Operating Margin 25.7% -14.8%
Net Margin 4.77% -44.5%
ROE 12.21% -37.0%
ROIC 30.71% -10.6%
Debt/Equity 0.83 +16.3%
Interest Coverage 18.94 -35.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.3%
✓Good 3Y average ROE of 18.3%
✓Share count reduced 8.0% through buybacks
✓Healthy 5Y average net margin of 10.7%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.3%

5Y18.33%

3Y-10.69%

TTM3.56%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-43.96%

TTM-42.76%

EPS CAGR

10Y-

5Y-

3Y-40%

TTM-39.87%

ROCE

10Y Avg23.46%

5Y Avg38.6%

3Y Avg30.17%

Latest27.81%

Peer Comparison

Integrated gas and LNG value chain

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BPBP p.l.c.	99.55B	38.86	1904.90	0.31%	0.03%	0.08%	11.35%	1.14
EEni S.p.A.	69.11B	46.94	24.27	-5.25%	3.23%	5.19%	8.69%	0.63
SLNGStabilis Solutions, Inc.	104.98M	5.65	22.58	0.24%	1.4%	1.52%	4.33%	0.14
EQNREquinor ASA	74.46B	29.83	15.30	3.56%	4.75%	12.45%	8.05%	0.83
SHELShell plc	235.77B	83.51	13.87	-5.91%	6.67%	10.17%	9.25%	0.60
TTETotalEnergies SE	172.1B	80.34	13.35	-2.99%	7.2%	11.18%	6.28%	0.52

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	45.69B	60.97B	78.77B	62.91B	45.75B	88.74B	149B	106.85B	102.5B	106.16B
Revenue Growth %	-20.74%	33.45%	29.19%	-20.13%	-27.27%	93.96%	67.9%	-28.29%	-4.07%	3.56%
Cost of Goods Sold+	43.16B	47.88B	59.47B	42.74B	36.22B	46.88B	60.2B	58.81B	59.88B	77.66B
COGS % of Revenue	94.46%	78.52%	75.5%	67.93%	79.17%	52.83%	40.4%	55.04%	58.41%	73.16%
Gross Profit+	2.53B	13.09B	19.3B	20.18B	9.53B	41.87B	88.81B	48.04B	42.63B	28.5B
Gross Margin %	5.54%	21.48%	24.5%	32.07%	20.83%	47.17%	59.6%	44.96%	41.59%	26.84%
Gross Profit Growth %	-65.96%	417.55%	47.37%	4.55%	-52.75%	339.2%	112.13%	-45.91%	-11.27%	-33.15%
Operating Expenses+	762M	738M	758M	10.88B	12.96B	8.2B	10B	12.27B	11.7B	1.21B
OpEx % of Revenue	1.67%	1.21%	0.96%	17.29%	28.32%	9.24%	6.71%	11.48%	11.41%	1.14%
Selling, General & Admin	464M	431M	443M	809M	706M	780M	986M	1.22B	1.25B	1.21B
SG&A % of Revenue	1.02%	0.71%	0.56%	1.29%	1.54%	0.88%	0.66%	1.14%	1.22%	1.14%
Research & Development	298M	307M	315M	0	0	0	0	0	0	0
R&D % of Revenue	0.65%	0.5%	0.4%	-	-	-	-	-	-	-
Other Operating Expenses	12.09B	10.21B	10.65B	10.07B	12.25B	7.42B	9.01B	11.05B	10.45B	0
Operating Income+	1.77B	12.36B	18.54B	9.3B	-3.42B	33.66B	78.81B	35.77B	30.93B	27.28B
Operating Margin %	3.87%	20.27%	23.54%	14.78%	-7.48%	37.93%	52.89%	33.48%	30.17%	25.7%
Operating Income Growth %	-74.87%	598.87%	50.04%	-49.84%	-136.81%	1083.44%	134.12%	-54.61%	-13.54%	-11.78%
EBITDA+	12.44B	22.47B	28.85B	22.5B	11.81B	45.38B	85.54B	46.35B	40.83B	37.15B
EBITDA Margin %	27.22%	36.85%	36.63%	35.77%	25.82%	51.14%	57.41%	43.38%	39.84%	35%
EBITDA Growth %	-33.43%	80.68%	28.41%	-22.01%	-47.51%	284.2%	88.5%	-45.82%	-11.9%	-9.02%
D&A (Non-Cash Add-back)	10.67B	10.11B	10.31B	13.2B	15.23B	11.72B	6.73B	10.58B	9.91B	9.87B
EBIT	565M	13.72B	19.16B	10.29B	-3.28B	32.35B	79.53B	39.01B	32.04B	26.59B
Net Interest Income+	-234M	-174M	-374M	-568M	-759M	-657M	200M	1.11B	744M	-261.81M
Interest Income	390M	316M	204M	425M	221M	112M	1.13B	2.23B	1.8B	1.18B
Interest Expense	624M	490M	578M	993M	980M	769M	929M	1.12B	1.06B	1.44B
Other Income/Expense	-1.95B	1.06B	335M	-7M	-836M	-2.08B	-207M	2.11B	59M	-2.12B
Pretax Income+	-178M	13.42B	18.87B	9.29B	-4.26B	31.58B	78.6B	37.88B	30.99B	25.17B
Pretax Margin %	-0.39%	22.01%	23.96%	14.77%	-9.31%	35.59%	52.75%	35.46%	30.23%	23.71%
Income Tax+	2.72B	8.82B	11.34B	7.44B	1.24B	23.01B	49.86B	25.98B	22.16B	20.09B
Effective Tax Rate %	1641.57%	34.2%	39.92%	19.83%	129.37%	27.11%	36.57%	31.37%	28.42%	20.1%
Net Income+	-2.92B	4.59B	7.54B	1.84B	-5.51B	8.56B	28.75B	11.88B	8.81B	5.06B
Net Margin %	-6.4%	7.53%	9.57%	2.93%	-12.04%	9.65%	19.29%	11.12%	8.59%	4.77%
Net Income Growth %	31.5%	257.08%	64.16%	-75.54%	-398.97%	255.41%	235.7%	-58.66%	-25.91%	-42.55%
Net Income (Continuing)	-2.9B	4.6B	7.54B	1.85B	-5.5B	8.58B	28.74B	11.9B	8.83B	5.07B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	27M	24M	19M	20M	19M	14M	1M	10M	38M	74M
EPS (Diluted)+	-0.91	1.40	2.27	0.55	-1.68	2.63	9.03	3.93	3.11	1.95
EPS Growth %	32.09%	253.85%	62.14%	-75.77%	-405.45%	256.55%	243.35%	-56.48%	-20.87%	-37.3%
EPS (Basic)	-0.91	1.40	2.27	0.55	-1.68	2.64	9.06	3.93	3.12	1.95
Diluted Shares Outstanding	3.19B	3.27B	3.33B	3.33B	3.27B	3.25B	3.18B	3.03B	2.83B	2.6B
Basic Shares Outstanding	3.19B	3.27B	3.33B	3.33B	3.27B	3.25B	3.17B	3.02B	2.82B	2.59B
Dividend Payout Ratio	-	32.48%	35.46%	181.33%	-	20.99%	8.69%	28.04%	97.41%	95%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	25.4B	27.19B	26.06B	24.78B	30.82B	62.5B	78.17B	60.99B	53.19B	38.03B
Cash & Short-Term Investments	13.3B	12.84B	14.6B	12.6B	18.62B	33.28B	39.31B	38.87B	23.45B	19.33B
Cash Only	5.09B	4.39B	7.56B	5.18B	3.14B	12.03B	9.44B	9.64B	8.12B	5.04B
Short-Term Investments	8.21B	8.45B	7.04B	7.43B	15.48B	21.25B	29.88B	29.22B	15.34B	14.3B
Accounts Receivable	7.84B	9.43B	9B	8.23B	8.23B	17.93B	22.45B	16.93B	17.46B	10.82B
Days Sales Outstanding	62.63	56.42	41.69	47.77	65.67	73.74	55	57.84	62.16	37.2
Inventory	3.23B	3.4B	2.14B	3.36B	3.08B	3.4B	5.21B	3.81B	4.03B	3.33B
Days Inventory Outstanding	27.29	25.91	13.16	28.72	31.08	26.43	31.56	23.67	24.57	15.65
Other Current Assets	1.56B	1.97B	318M	578M	886M	7.9B	11.2B	1.38B	8.25B	4.55B
Total Non-Current Assets+	79.13B	83.91B	86.45B	95.08B	93.98B	84.62B	79.85B	82.59B	77.95B	93.69B
Property, Plant & Equipment	59.56B	63.64B	65.26B	71.75B	68.51B	64.03B	58.1B	58.82B	55.56B	61.24B
Fixed Asset Turnover	0.77x	0.96x	1.21x	0.88x	0.67x	1.39x	2.56x	1.82x	1.84x	1.73x
Goodwill	328M	339M	565M	1.46B	1.48B	1.47B	1.38B	1.73B	1.44B	5.95B
Intangible Assets	8.91B	8.28B	9.11B	9.28B	475M	3.03B	2.18B	770M	4.21B	0
Long-Term Investments	4.59B	5.39B	5.32B	5.04B	9.44B	6.03B	5.49B	5.95B	8.09B	16.36B
Other Non-Current Assets	3.55B	3.82B	2.9B	3.67B	9.11B	3.8B	3.97B	7.38B	3.74B	5.09B
Total Assets+	104.53B	111.1B	112.51B	119.86B	124.81B	147.12B	158.02B	143.58B	131.14B	131.73B
Asset Turnover	0.44x	0.55x	0.70x	0.52x	0.37x	0.60x	0.94x	0.74x	0.78x	0.81x
Asset Growth %	-4.94%	6.29%	1.27%	6.54%	4.13%	17.88%	7.41%	-9.14%	-8.66%	0.45%
Total Current Liabilities+	16.8B	19.02B	16.6B	19.56B	19.5B	39.14B	43.8B	35.72B	36.05B	30.6B
Accounts Payable	2.98B	3.18B	2.53B	10.45B	2.75B	6.25B	6.21B	11.87B	6.84B	9.7B
Days Payables Outstanding	25.19	24.25	15.54	89.25	27.69	48.65	37.64	73.67	41.68	45.59
Short-Term Debt	3.67B	4.09B	2.46B	2.94B	5.78B	5.27B	4.36B	6B	7.22B	5.24B
Deferred Revenue (Current)	2.9B	4.79B	4.65B	0	0	0	0	0	0	0
Other Current Liabilities	10.15B	-3.49B	6.9B	462M	9.83B	6.7B	5.28B	10.82B	5.11B	4.67B
Current Ratio	1.51x	1.43x	1.57x	1.27x	1.58x	1.60x	1.78x	1.71x	1.48x	1.24x
Quick Ratio	1.32x	1.25x	1.44x	1.09x	1.42x	1.51x	1.67x	1.60x	1.36x	1.13x
Cash Conversion Cycle	64.73	58.08	39.31	-12.76	69.06	51.52	48.92	7.84	45.05	7.26
Total Non-Current Liabilities+	52.63B	52.2B	52.91B	59.15B	71.42B	68.96B	60.23B	59.36B	52.71B	60.63B
Long-Term Debt	28B	24.18B	23.26B	21.75B	29.12B	27.4B	24.14B	22.23B	19.36B	25.98B
Capital Lease Obligations	0	0	375M	3.19B	3.22B	2.45B	2.41B	2.29B	2.26B	2.22B
Deferred Tax Liabilities	6.43B	7.65B	8.67B	9.41B	11.22B	14.04B	12B	13.35B	12.73B	14.52B
Other Non-Current Liabilities	1M	20.36B	20.6B	24.79B	27.85B	25.07B	21.68B	21.5B	18.36B	17.9B
Total Liabilities	69.43B	71.22B	69.52B	78.7B	90.92B	108.1B	104.03B	95.08B	88.76B	91.23B
Total Debt+	31.67B	28.27B	25.73B	29.03B	38.12B	36.24B	32.17B	31.8B	30.09B	33.44B
Net Debt	26.58B	23.88B	18.17B	23.86B	34.98B	24.21B	22.73B	22.16B	21.97B	28.41B
Debt / Equity	0.90x	0.71x	0.60x	0.71x	1.12x	0.93x	0.60x	0.66x	0.71x	0.83x
Debt / EBITDA	2.55x	1.26x	0.89x	1.29x	3.23x	0.80x	0.38x	0.69x	0.74x	0.90x
Net Debt / EBITDA	2.14x	1.06x	0.63x	1.06x	2.96x	0.53x	0.27x	0.48x	0.54x	0.76x
Interest Coverage	2.83x	25.22x	32.07x	9.36x	-3.49x	43.78x	84.83x	31.88x	29.26x	18.94x
Total Equity+	35.1B	39.88B	42.99B	41.16B	33.89B	39.02B	53.99B	48.5B	42.38B	40.5B
Equity Growth %	-13.09%	13.64%	7.78%	-4.26%	-17.66%	15.15%	38.35%	-10.17%	-12.62%	-4.44%
Book Value per Share	10.99	12.20	12.93	12.35	10.37	11.99	16.96	16.02	14.99	15.57
Total Shareholders' Equity	35.07B	39.86B	42.97B	41.14B	33.87B	39.01B	53.99B	48.49B	42.34B	40.42B
Common Stock	1.16B	1.18B	1.19B	1.19B	1.16B	1.16B	1.14B	1.1B	1.05B	995.01M
Retained Earnings	32.57B	34.41B	38.79B	37.48B	30.05B	36.68B	58.24B	56.52B	52.41B	48.03B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.26B	-3.66B	-5.25B	-5.26B	-4.19B	-5.25B	-8.43B	-9.13B	-11.12B	-8.6B
Minority Interest	27M	24M	19M	20M	19M	14M	1M	10M	38M	74M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	9.03B	14.36B	19.69B	13.75B	10.39B	28.82B	35.14B	24.7B	20.11B	20.03B
Operating CF Margin %	19.77%	23.56%	25%	21.85%	22.7%	32.47%	23.58%	23.12%	19.62%	18.87%
Operating CF Growth %	-27.14%	58.99%	37.12%	-30.19%	-24.46%	177.45%	21.93%	-29.7%	-18.59%	-0.38%
Net Income	-178M	13.42B	18.87B	9.29B	-4.26B	8.56B	28.75B	11.88B	8.81B	5.06B
Depreciation & Amortization	11.55B	8.64B	9.25B	13.2B	15.23B	10.61B	9.22B	11.17B	10.36B	9.87B
Stock-Based Compensation	102K	175K	197K	147K	100K	100K	200K	300K	0	0
Deferred Taxes	0	0	0	-147K	-100K	0	0	0	0	0
Other Non-Cash Items	-718M	-7.16B	-9.52B	-9.01B	-66M	14.19B	1.79B	-3.32B	-1.27B	3.11B
Working Capital Changes	-1.62B	-542M	1.09B	259M	-524M	-4.55B	-4.62B	4.96B	2.22B	2B
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+	-10.45B	-9.68B	-11.21B	-10.59B	-12.09B	-16.21B	-15.86B	-12.41B	-3.53B	-9.63B
Capital Expenditures	-12.19B	-10.76B	-11.37B	-10.2B	-8.48B	-8.04B	-8.76B	-10.57B	-12.18B	-14.04B
CapEx % of Revenue	26.68%	17.64%	14.43%	16.22%	18.53%	9.06%	5.88%	9.9%	11.88%	13.22%
Acquisitions	761M	406M	-3.56B	334M	505M	-111M	147M	-1.2B	-1.71B	2.44B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	984M	1.08B	3.71B	-10M	707M	-8.06B	-7.25B	-639M	10.36B	114.35M
Cash from Financing+	-1.96B	-5.82B	-5.02B	-5.5B	2.99B	-4.84B	-15.41B	-18.14B	-17.74B	-11.56B
Debt Issued (Net)	-83M	-4.78B	-2.35B	-1.43B	6.38B	-3.91B	-1.62B	-1.65B	-4.08B	641.98M
Equity Issued (Net)	0	0	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-1.88B	-1.49B	-2.67B	-3.34B	-2.33B	-1.8B	-5.38B	-10.91B	-8.58B	-4.81B
Share Repurchases	0	0	0	-442M	-1.06B	-321M	-3.31B	-5.59B	-6.01B	-5.93B
Other Financing	0	444M	0	-278M	0	1.2B	-5.1B	0	933M	-1.46B
Net Change in Cash	-3.52B	-700M	3.17B	-2.38B	1.58B	7.23B	1.59B	-5.94B	-1.52B	-1.98B
Free Cash Flow+	-3.16B	3.61B	8.33B	3.54B	1.91B	20.78B	26.38B	14.13B	7.93B	6B
FCF Margin %	-6.91%	5.92%	10.57%	5.63%	4.17%	23.41%	17.7%	13.22%	7.74%	5.65%
FCF Growth %	-76.76%	214.29%	130.79%	-57.43%	-46.12%	987.75%	26.96%	-46.45%	-43.84%	-24.42%
FCF per Share	-0.99	1.10	2.50	1.06	0.58	6.38	8.29	4.67	2.81	2.31
FCF Conversion (FCF/Net Income)	-3.09x	3.13x	2.61x	7.46x	-1.88x	3.37x	1.22x	2.08x	2.28x	3.96x
Interest Paid	0	0	0	0	0	698M	747M	0	891M	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-7.74%	12.24%	18.18%	4.38%	-14.68%	23.49%	61.81%	23.19%	19.38%	12.21%
Return on Invested Capital (ROIC)	2.11%	14.77%	22.26%	11.05%	-3.84%	38.23%	84.47%	36.41%	34.36%	30.71%
Gross Margin	5.54%	21.48%	24.5%	32.07%	20.83%	47.17%	59.6%	44.96%	41.59%	26.84%
Net Margin	-6.4%	7.53%	9.57%	2.93%	-12.04%	9.65%	19.29%	11.12%	8.59%	4.77%
Debt / Equity	0.90x	0.71x	0.60x	0.71x	1.12x	0.93x	0.60x	0.66x	0.71x	0.83x
Interest Coverage	2.83x	25.22x	32.07x	9.36x	-3.49x	43.78x	84.83x	31.88x	29.26x	18.94x
FCF Conversion	-3.09x	3.13x	2.61x	7.46x	-1.88x	3.37x	1.22x	2.08x	2.28x	3.96x
Revenue Growth	-20.74%	33.45%	29.19%	-20.13%	-27.27%	93.96%	67.9%	-28.29%	-4.07%	3.56%

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare EQNR vs Peers

vs SHEL

vs TTE

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare EQNR vs Peers

vs SHEL

vs TTE

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios