Equinor ASA (EQNR) Financial Ratios
28 years of historical data (1998–2025) · Energy · Oil & Gas Integrated
EV/EBITDA
↓
3.54
↑+59% vs avg
5yr avg: 2.23
30Y Low1.4·High7.5
P/FCF
↑
17.22
↑+154% vs avg
5yr avg: 6.78
30Y Low4.1·High175.4
P/B Ratio
↓
2.66
↑+42% vs avg
5yr avg: 1.88
30Y Low1.1·High3.1
ROE
↓
12.2%
↑-56% vs avg
5yr avg: 28.0%
30Y Low-15%·High62%
Debt/EBITDA
↑
0.90
↑+29% vs avg
5yr avg: 0.70
30Y Low0.2·High3.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
EQNR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Equinor ASA trades at 21.2x earnings, 154% above its 5-year average of 8.4x, sitting at the 91st percentile of its historical range. Compared to the Energy sector median P/E of 17.1x, the stock trades at a premium of 24%. On a free-cash-flow basis, the stock trades at 17.2x P/FCF, 154% above the 5-year average of 6.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $103.2B | $61.5B | $67.0B | $95.8B | $114.0B | $85.7B | $53.7B | $66.4B | $70.4B | $70.0B | $58.3B |
| Enterprise Value | $131.7B | $89.9B | $88.9B | $117.9B | $136.7B | $109.9B | $88.7B | $90.2B | $88.6B | $93.9B | $84.9B |
| P/E Ratio → | 21.21 | 12.12 | 7.62 | 8.05 | 3.97 | 10.01 | — | 36.20 | 9.33 | 15.30 | — |
| P/S Ratio | 0.97 | 0.58 | 0.65 | 0.90 | 0.76 | 0.97 | 1.17 | 1.06 | 0.89 | 1.15 | 1.28 |
| P/B Ratio | 2.66 | 1.52 | 1.58 | 1.97 | 2.11 | 2.20 | 1.58 | 1.61 | 1.64 | 1.76 | 1.66 |
| P/FCF | 17.22 | 10.25 | 8.44 | 6.78 | 4.32 | 4.12 | 28.10 | 18.72 | 8.46 | 19.40 | — |
| P/OCF | 5.15 | 3.07 | 3.33 | 3.88 | 3.24 | 2.97 | 5.17 | 4.83 | 3.58 | 4.87 | 6.45 |
P/E links to full P/E history page with 30-year chart
EQNR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Equinor ASA's enterprise value stands at 3.5x EBITDA, 59% above its 5-year average of 2.2x. The Energy sector median is 8.0x, placing the stock at a 56% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.85 | 0.87 | 1.10 | 0.92 | 1.24 | 1.94 | 1.43 | 1.12 | 1.54 | 1.86 |
| EV / EBITDA | 3.54 | 2.42 | 2.18 | 2.54 | 1.60 | 2.42 | 7.51 | 4.01 | 3.07 | 4.18 | 6.82 |
| EV / EBIT | 4.83 | 3.38 | 2.78 | 3.02 | 1.72 | 3.40 | — | 8.77 | 4.62 | 6.84 | 150.19 |
| EV / FCF | — | 14.99 | 11.21 | 8.35 | 5.18 | 5.29 | 46.42 | 25.45 | 10.64 | 26.02 | — |
EQNR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Equinor ASA earns an operating margin of 25.7%, above the Energy sector average of 14.4%. Operating margins have compressed from 33.5% to 25.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 12.2% is modest. ROIC of 30.7% represents excellent returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.8% | 26.8% | 41.6% | 45.0% | 59.6% | 47.2% | 20.8% | 32.1% | 24.5% | 21.5% | 5.5% |
| Operating Margin | 25.7% | 25.7% | 30.2% | 33.5% | 52.9% | 37.9% | -7.5% | 14.8% | 23.5% | 20.3% | 3.9% |
| Net Profit Margin | 4.8% | 4.8% | 8.6% | 11.1% | 19.3% | 9.6% | -12.0% | 2.9% | 9.6% | 7.5% | -6.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 12.2% | 19.4% | 23.2% | 61.8% | 23.5% | -14.7% | 4.4% | 18.2% | 12.2% | -7.7% |
| ROA | 3.8% | 3.8% | 6.4% | 7.9% | 18.8% | 6.3% | -4.5% | 1.6% | 6.7% | 4.3% | -2.7% |
| ROIC | 30.7% | 30.7% | 34.4% | 36.4% | 84.5% | 38.2% | -3.8% | 11.1% | 22.3% | 14.8% | 2.1% |
| ROCE | 27.8% | 27.8% | 30.5% | 32.2% | 70.9% | 31.6% | -3.3% | 9.5% | 19.7% | 13.7% | 1.9% |
EQNR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Equinor ASA carries a Debt/EBITDA ratio of 0.9x, which is very conservative (62% below the sector average of 2.4x). Net debt stands at $28.4B ($33.4B total debt minus $5.0B cash). Interest coverage of 18.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.83 | 0.71 | 0.66 | 0.60 | 0.93 | 1.12 | 0.71 | 0.60 | 0.71 | 0.90 |
| Debt / EBITDA | 0.90 | 0.90 | 0.74 | 0.69 | 0.38 | 0.80 | 3.23 | 1.29 | 0.89 | 1.26 | 2.55 |
| Net Debt / Equity | — | 0.70 | 0.52 | 0.46 | 0.42 | 0.62 | 1.03 | 0.58 | 0.42 | 0.60 | 0.76 |
| Net Debt / EBITDA | 0.76 | 0.76 | 0.54 | 0.48 | 0.27 | 0.53 | 2.96 | 1.06 | 0.63 | 1.06 | 2.14 |
| Debt / FCF | — | 4.74 | 2.77 | 1.57 | 0.86 | 1.17 | 18.31 | 6.73 | 2.18 | 6.62 | — |
| Interest Coverage | 18.94 | 18.94 | 29.26 | 31.88 | 84.83 | 43.78 | -3.49 | 9.36 | 32.07 | 25.22 | 2.83 |
EQNR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.24x means Equinor ASA can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.71x to 1.24x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.24 | 1.24 | 1.48 | 1.71 | 1.78 | 1.60 | 1.58 | 1.27 | 1.57 | 1.43 | 1.51 |
| Quick Ratio | 1.13 | 1.13 | 1.36 | 1.60 | 1.67 | 1.51 | 1.42 | 1.09 | 1.44 | 1.25 | 1.32 |
| Cash Ratio | 0.63 | 0.63 | 0.65 | 1.09 | 0.90 | 0.85 | 0.95 | 0.64 | 0.88 | 0.68 | 0.79 |
| Asset Turnover | — | 0.81 | 0.78 | 0.74 | 0.94 | 0.60 | 0.37 | 0.52 | 0.70 | 0.55 | 0.44 |
| Inventory Turnover | 23.32 | 23.32 | 14.85 | 15.42 | 11.57 | 13.81 | 11.74 | 12.71 | 27.74 | 14.09 | 13.37 |
| Days Sales Outstanding | — | 37.20 | 62.16 | 57.84 | 55.00 | 73.74 | 65.67 | 47.77 | 41.69 | 56.42 | 62.63 |
EQNR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Equinor ASA returns 10.2% to shareholders annually — split between a 4.5% dividend yield and 5.7% buyback yield. The payout ratio of 95.0% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 4.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 7.8% | 12.8% | 3.5% | 2.2% | 2.1% | 4.3% | 5.0% | 3.8% | 2.1% | 3.2% |
| Payout Ratio | 95.0% | 95.0% | 97.4% | 28.0% | 8.7% | 21.0% | — | 181.3% | 35.5% | 32.5% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 8.3% | 13.1% | 12.4% | 25.2% | 10.0% | — | 2.8% | 10.7% | 6.5% | — |
| FCF Yield | 5.8% | 9.8% | 11.8% | 14.7% | 23.1% | 24.2% | 3.6% | 5.3% | 11.8% | 5.2% | — |
| Buyback Yield | 5.7% | 9.7% | 9.0% | 5.8% | 2.9% | 0.4% | 2.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 10.2% | 17.5% | 21.8% | 9.3% | 5.1% | 2.5% | 6.3% | 5.7% | 3.8% | 2.1% | 3.2% |
| Shares Outstanding | — | $2.6B | $2.8B | $3.0B | $3.2B | $3.3B | $3.3B | $3.3B | $3.3B | $3.3B | $3.2B |
Peer Comparison
Compare EQNR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 EQNRYou | $103B | 21.2 | 3.5 | 17.2 | 26.8% | 25.7% | 12.2% | 30.7% | 0.9 |
 BP | $121B | 2279.4 | 5.0 | 10.7 | 17.7% | 8.2% | 0.1% | 9.8% | 2.5 |
 SHEL | $254B | 14.9 | 7.9 | 11.6 | 16.7% | 7.3% | 10.1% | 6.3% | 2.5 |
 TTE | $208B | 16.2 | 7.2 | 19.3 | 28.4% | 10.9% | 11.0% | 9.9% | 1.8 |
 E | $83B | 32.1 | 7.9 | 15.9 | 5.5% | 7.3% | 4.6% | 5.2% | 3.0 |
 EC | $29B | 12.9 | 5.3 | 6.7 | 31.4% | 22.3% | 7.7% | 8.8% | 2.8 |
 XOM | $656B | 23.1 | 11.5 | 27.8 | 21.7% | 10.5% | 10.7% | 8.6% | 0.7 |
 CVX | $384B | 29.1 | 11.4 | 23.2 | 30.4% | 9.0% | 7.1% | 6.2% | 1.3 |
 COP | $150B | 19.4 | 7.2 | 9.0 | 24.6% | 19.6% | 12.4% | 10.4% | 1.0 |
 OXY | $59B | 36.9 | 7.1 | 14.3 | 33.8% | 17.2% | 6.7% | 4.7% | 2.1 |
 DVN | $32B | 12.1 | 5.3 | 10.2 | 24.7% | 22.0% | 17.5% | 12.3% | 1.2 |
| Energy Median | — | 17.1 | 8.0 | 13.8 | 33.2% | 14.4% | 8.5% | 6.3% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
Full EQNR Stock Analysis
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Start ComparisonEQNR — Frequently Asked Questions
Quick answers to the most common questions about buying EQNR stock.
What is Equinor ASA's P/E ratio?
Equinor ASA's current P/E ratio is 21.2x. The historical average is 11.6x. This places it at the 91th percentile of its historical range.
What is Equinor ASA's EV/EBITDA?
Equinor ASA's current EV/EBITDA is 3.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.0x.
What is Equinor ASA's ROE?
Equinor ASA's return on equity (ROE) is 12.2%. The historical average is 18.4%.
Is EQNR stock overvalued?
Based on historical data, Equinor ASA is trading at a P/E of 21.2x. This is at the 91th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Equinor ASA's dividend yield?
Equinor ASA's current dividend yield is 4.47% with a payout ratio of 95.0%.
What are Equinor ASA's profit margins?
Equinor ASA has 26.8% gross margin and 25.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Equinor ASA have?
Equinor ASA's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.