Last 47 quarters of trend data · Energy · Oil & Gas Integrated
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 25.04 | 3.94 | 8.51 | 11.36 | — | 12.57 | 7.11 | 8.11 | 7.72 | 10.98 | 7.43 | 8.99 | 9.76 | 12.17 | 4.47 | 3.57 | 2.79 | 4.12 | 6.42 | 6.33 | 14.83 |
| — | -68.6% | +19.7% | +40.0% | — | +14.4% | -4.3% | -9.7% | -20.9% | -9.7% | +66.1% | +152.0% | +250.2% | +195.5% | -30.4% | -43.6% | -81.2% | -53.4% | -24.7% | — | — | |
| P/S Ratio | 1.10 | 0.55 | 0.95 | 0.59 | 0.63 | 0.66 | 0.64 | 0.61 | 0.69 | 0.80 | 0.79 | 0.81 | 0.94 | 0.97 | 0.76 | 0.83 | 0.61 | 0.76 | 0.84 | 0.67 | 0.90 |
| — | -15.7% | +49.2% | -3.9% | -9.3% | -17.9% | -19.7% | -24.5% | -26.8% | -17.7% | +4.2% | -2.3% | +54.0% | +27.5% | -9.7% | +24.8% | -31.9% | -23.1% | -14.3% | -40.9% | -11.8% | |
| P/B Ratio | 3.14 | 1.78 | 2.42 | 1.47 | 1.60 | 1.57 | 1.63 | 1.53 | 1.58 | 1.87 | 1.59 | 1.93 | 2.00 | 1.79 | 1.55 | 2.08 | 2.45 | 2.70 | 2.81 | 2.19 | 2.24 |
| — | +12.8% | +48.5% | -4.3% | +1.6% | -15.6% | +2.7% | -20.5% | -21.2% | +4.2% | +2.2% | -7.3% | -18.1% | -33.6% | -44.7% | -5.0% | +9.2% | +44.7% | +58.6% | +38.9% | +66.9% | |
| P/FCF | 19.47 | 2.90 | 12.59 | — | 5.56 | — | 3.11 | — | 4.43 | — | 3.04 | — | 9.45 | — | 1.77 | 14.87 | 5.78 | 4.08 | 2.23 | 3.68 | 3.42 |
| — | — | +305.1% | — | +25.4% | — | +2.2% | — | -53.1% | — | +72.1% | — | +63.6% | — | -20.9% | +304.3% | +69.1% | +15.8% | -45.9% | — | -72.9% | |
| EV / EBITDA | 3.91 | 1.62 | 2.90 | 2.52 | 2.54 | 2.49 | 2.17 | 1.89 | 2.53 | 2.67 | 2.49 | 2.59 | 2.64 | 2.76 | 1.72 | 1.87 | 1.04 | 1.56 | 1.65 | 1.47 | 2.24 |
| — | -34.9% | +33.6% | +33.8% | +0.5% | -6.9% | -12.8% | -27.1% | -4.1% | -3.1% | +44.6% | +38.1% | +153.2% | +76.9% | +4.4% | +27.8% | -53.4% | -51.2% | -40.7% | -82.8% | -67.1% | |
| EV / EBIT | 5.32 | 1.87 | 3.23 | 3.57 | 4.37 | 3.72 | 2.64 | 2.70 | 3.06 | 3.37 | 2.98 | 3.27 | 3.64 | 3.21 | 1.80 | 2.30 | 1.03 | 1.54 | 1.93 | 2.00 | 2.78 |
| — | -49.6% | +22.7% | +32.2% | +42.8% | +10.4% | -11.5% | -17.4% | -16.0% | +5.0% | +65.4% | +41.9% | +253.8% | +108.1% | -6.5% | +14.9% | -62.9% | -66.1% | -58.4% | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.8% | 46.0% | 44.3% | 25.1% | 33.8% | 35.7% | 39.6% | 40.9% | 39.3% | 43.1% | 43.1% | 42.4% | 39.7% | 42.7% | 54.0% | 58.5% | 65.7% | 56.1% | 56.9% | 49.2% | 52.0% |
| — | +28.8% | +12.0% | -38.5% | -14.0% | -17.2% | -8.2% | -3.5% | -0.9% | +0.9% | -20.1% | -27.6% | -39.6% | -23.9% | -5.1% | +18.9% | +26.3% | +23.8% | +48.9% | +104.0% | +411.2% | |
| Operating Margin | 25.7% | 37.3% | 31.6% | 24.0% | 20.3% | 22.8% | 30.2% | 32.9% | 27.2% | 30.1% | 30.4% | 30.3% | 28.7% | 30.8% | 42.9% | 49.0% | 61.1% | 48.7% | 51.0% | 42.3% | 41.4% |
| — | +63.7% | +4.8% | -27.2% | -25.4% | -24.3% | -0.7% | +8.5% | -5.5% | -2.5% | -29.0% | -38.1% | -52.9% | -36.7% | -16.0% | +15.9% | +47.6% | +59.9% | +57.6% | +607.5% | +330.7% | |
| Net Margin | 4.8% | 14.0% | 11.2% | 5.2% | -0.8% | 5.2% | 8.9% | 7.5% | 9.0% | 7.3% | 10.6% | 9.0% | 9.6% | 8.0% | 17.0% | 23.3% | 22.0% | 18.6% | 13.1% | 10.5% | 6.1% |
| — | +168.8% | +24.9% | -31.0% | -109.0% | -28.5% | -15.9% | -16.6% | -6.8% | -8.4% | -37.4% | -61.3% | -56.1% | -57.1% | +30.0% | +122.5% | +261.0% | +66.5% | +13.8% | +151.4% | +132.2% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 11.2% | 7.4% | 3.2% | -0.5% | 3.0% | 6.0% | 4.6% | 5.2% | 4.0% | 5.4% | 5.4% | 5.1% | 3.4% | 8.9% | 16.3% | 22.4% | 16.0% | 11.5% | 8.9% | 3.8% |
| — | +273.8% | +24.0% | -29.7% | -109.8% | -24.7% | +10.0% | -14.1% | +2.2% | +16.3% | -39.4% | -67.2% | -77.3% | -78.7% | -22.0% | +84.4% | +489.1% | +200.7% | +115.5% | +224.4% | +162.2% | |
| ROA | 3.8% | 3.4% | 2.3% | 1.0% | -0.2% | 0.9% | 2.0% | 1.5% | 1.7% | 1.4% | 1.9% | 1.8% | 1.8% | 1.2% | 3.2% | 5.1% | 6.2% | 4.3% | 3.1% | 2.4% | 1.1% |
| — | +262.6% | +16.6% | -34.6% | -109.0% | -30.9% | +2.8% | -18.5% | -5.1% | +10.0% | -40.5% | -63.8% | -71.0% | -71.3% | +3.8% | +114.3% | +478.7% | +179.8% | +105.4% | +217.2% | +157.4% | |
| ROIC | 30.7% | 14.1% | 9.5% | 6.9% | 6.1% | 6.4% | 10.0% | 9.9% | 7.6% | 8.2% | 7.9% | 9.3% | 8.8% | 8.1% | 12.9% | 19.7% | 37.2% | 24.1% | 23.5% | 17.1% | 11.9% |
| — | +121.6% | -5.0% | -30.8% | -19.9% | -22.7% | +27.4% | +6.1% | -14.3% | +1.9% | -39.1% | -52.6% | -76.2% | -66.5% | -44.8% | +15.2% | +211.9% | +276.9% | +280.3% | +1589.3% | +598.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.75 | 0.73 | 0.83 | 0.76 | 0.82 | 0.65 | 0.71 | 0.67 | 0.75 | 0.58 | 0.66 | 0.61 | 0.62 | 0.54 | 0.60 | 0.75 | 0.81 | 0.79 | 0.93 | 0.93 |
| — | -8.1% | +12.5% | +16.3% | +14.4% | +9.7% | +12.4% | +8.3% | +9.2% | +21.2% | +6.0% | +10.0% | -18.5% | -23.9% | -31.0% | -35.8% | -19.6% | -15.7% | -19.1% | -17.4% | -15.1% | |
| Debt / EBITDA | 0.90 | 2.08 | 2.81 | 3.84 | 3.58 | 3.75 | 2.66 | 2.61 | 3.21 | 3.26 | 2.87 | 2.75 | 2.74 | 3.37 | 2.10 | 1.81 | 1.18 | 1.68 | 1.67 | 1.97 | 2.98 |
| — | -44.6% | +5.6% | +47.2% | +11.8% | +15.2% | -7.4% | -5.1% | +17.1% | -3.4% | +36.7% | +51.8% | +132.1% | +101.3% | +25.7% | -8.3% | -60.4% | -65.0% | -61.6% | -87.1% | -77.9% | |
| Current Ratio | 1.24 | 1.18 | 1.24 | 1.24 | 1.23 | 1.23 | 1.54 | 1.48 | 1.49 | 1.54 | 1.88 | 1.71 | 1.79 | 1.83 | 1.95 | 1.77 | 1.66 | 1.59 | 1.52 | 1.59 | 1.66 |
| — | -4.1% | -19.3% | -15.8% | -17.6% | -20.2% | -18.5% | -13.6% | -16.7% | -16.0% | -3.1% | -3.6% | +8.1% | +15.2% | +27.8% | +11.8% | -0.4% | -6.8% | -12.4% | +0.3% | -10.7% | |
| Quick Ratio | 1.13 | 1.10 | 1.12 | 1.13 | 1.12 | 1.12 | 1.45 | 1.36 | 1.40 | 1.44 | 1.77 | 1.60 | 1.65 | 1.72 | 1.86 | 1.65 | 1.52 | 1.48 | 1.45 | 1.50 | 1.56 |
| — | -1.9% | -22.2% | -16.8% | -19.9% | -22.2% | -18.3% | -14.8% | -15.4% | -15.9% | -5.0% | -3.1% | +8.3% | +15.8% | +28.3% | +10.3% | -2.6% | -7.1% | -8.3% | +5.3% | -6.5% | |
| Interest Coverage | 18.46 | 30.95 | 23.50 | 15.46 | 13.75 | 17.41 | 28.36 | — | 20.65 | 20.11 | 20.23 | 24.91 | 19.12 | 18.64 | 30.60 | — | 81.82 | 61.42 | 65.75 | 44.93 | 30.22 |
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Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying EQNR stock.
Equinor ASA's current P/E is 25.0x. The average P/E over the last 3 quarters is 7.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Equinor ASA's current operating margin is 25.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Equinor ASA's business trajectory between earnings reports.