EQT Corporation (EQT) 10-Year Financial Performance & Capital Metrics

EQT • • Industrial / General

EnergyOil & Gas E&PUnconventional Shale E&PAppalachian Basin Gas Focused

AboutEQT Corporation operates as a natural gas production company in the United States. The company produces natural gas, natural gas liquids (NGLs), including ethane, propane, isobutane, butane, and natural gasoline. As of December 31, 2021, it had 25.0 trillion cubic feet of proved natural gas, NGLs, and crude oil reserves across approximately 2.0 million gross acres, including 1.7 million gross acres in the Marcellus play. The company was founded in 1878 and is headquartered in Pittsburgh, Pennsylvania.Show more

Revenue $5.22B +3.0%
EBITDA $2.85B -29.6%
Net Income $231M -86.7%
EPS (Diluted) 0.41 -90.2%
Gross Margin 14.69% -20.9%
EBITDA Margin 54.53% -31.7%
Operating Margin 13.12% -71.3%
Net Margin 4.42% -87.1%
ROE 1.18% -91.2%
ROIC 1.9% -80.2%
Debt/Equity 0.39 -2.4%
Interest Coverage 1.51 -85.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Dividend payout exceeds 100% of earnings
✗Shares diluted 35.4% in last year
✗Thin 5Y average net margin of 0.1%
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.78%

5Y6.57%

3Y-8.6%

TTM79.88%

Profit (Net Income) CAGR

10Y-5.05%

5Y-

3Y-

TTM466.62%

EPS CAGR

10Y-16.67%

5Y-

3Y-

TTM247.04%

ROCE

10Y Avg-0.25%

5Y Avg2.98%

3Y Avg9.38%

Latest2.26%

Peer Comparison

Appalachian Basin Gas Focused

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ARAntero Resources Corporation	9.8B	31.78	176.56	-3.75%	11.13%	7.29%	7.62%	0.56
EQTEQT Corporation	31.15B	49.92	121.76	3%	20.69%	6.65%	1.84%	0.39
EPSNEpsilon Energy Ltd.	134.52M	4.50	51.19	2.58%	12.86%	5.87%		0.00
RRCRange Resources Corporation	7.96B	33.60	30.83	-7.65%	20%	13.65%	3.97%	0.46
INRInfinity Natural Resources, Inc.	216M	13.82	3.72	60.16%	-0.58%	-0.2%		0.51
BKVBKV Corporation	2.47B	25.50	-12.62	-18.23%	5.54%	2.48%	0.71%	0.11
EXEExpand Energy Corporation	23.7B	99.52	-21.87	-45.71%	7.99%	4.78%	0.03%	0.33
CNXCNX Resources Corporation	5.18B	35.90	-59.83	-7.99%	14.17%	7.1%	5.32%	0.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.95B	1.86B	2.99B	4.74B	3.8B	2.66B	6.84B	12.14B	5.07B	5.22B
Revenue Growth %	-0.21%	-0.05%	0.61%	0.59%	-0.2%	-0.3%	1.57%	0.78%	-0.58%	0.03%
Cost of Goods Sold+	997.15M	1.03B	1.16B	1.81B	1.73B	1.57B	3.84B	4.08B	4.13B	4.45B
COGS % of Revenue	0.51%	0.55%	0.39%	0.38%	0.45%	0.59%	0.56%	0.34%	0.81%	0.85%
Gross Profit+	956.85M	605.42M	1.54B	2.93B	2.07B	1.08B	3B	8.06B	941.58M	767.22M
Gross Margin %	0.49%	0.33%	0.52%	0.62%	0.55%	0.41%	0.44%	0.66%	0.19%	0.15%
Gross Profit Growth %	-0.37%	-0.37%	1.55%	0.9%	-0.29%	-0.48%	1.76%	1.69%	-0.88%	-0.19%
Operating Expenses+	393.71M	1.36B	1.16B	5.71B	3.22B	1.96B	4.36B	5.34B	-1.37B	81.92M
OpEx % of Revenue	0.2%	0.73%	0.39%	1.21%	0.85%	0.74%	0.64%	0.44%	-0.27%	0.02%
Selling, General & Admin	249.93M	218.95M	208.99M	232.54M	170.61M	174.77M	196.31M	252.65M	236.17M	336.72M
SG&A % of Revenue	0.13%	0.12%	0.07%	0.05%	0.04%	0.07%	0.03%	0.02%	0.05%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	143.78M	1.14B	952.07M	5.48B	3.05B	1.79B	4.16B	5.09B	-1.61B	-254.8M
Operating Income+	563.14M	-755.03M	382.21M	-2.78B	-1.15B	-877.67M	-1.36B	2.72B	2.31B	685.3M
Operating Margin %	0.29%	-0.41%	0.13%	-0.59%	-0.3%	-0.33%	-0.2%	0.22%	0.46%	0.13%
Operating Income Growth %	-0.34%	-2.34%	1.51%	-8.28%	0.59%	0.24%	-0.55%	3%	-0.15%	-0.7%
EBITDA+	1.38B	172.89M	1.44B	-1.01B	445.85M	567.29M	347.9M	4.38B	4.05B	2.85B
EBITDA Margin %	0.71%	0.09%	0.48%	-0.21%	0.12%	0.21%	0.05%	0.36%	0.8%	0.55%
EBITDA Growth %	-0.1%	-0.87%	7.36%	-1.7%	1.44%	0.27%	-0.39%	11.6%	-0.08%	-0.3%
D&A (Non-Cash Add-back)	819.22M	927.92M	1.06B	1.77B	1.6B	1.44B	1.71B	1.67B	1.73B	2.16B
EBIT	573.09M	-763.1M	366.58M	-2.85B	-1.4B	-994.83M	-1.28B	2.58B	2.32B	719.02M
Net Interest Income+	-146.53M	-131.16M	-167.97M	-228.96M	-199.85M	-259.27M	-289.75M	-249.66M	-219.66M	-454.82M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	146.53M	131.16M	167.97M	228.96M	199.85M	259.27M	289.75M	249.66M	219.66M	454.82M
Other Income/Expense	-136.58M	-139.23M	-183.6M	-294.31M	-445.36M	-376.44M	-208.56M	-383.33M	-210.91M	-421.1M
Pretax Income+	426.56M	-894.26M	198.61M	-3.08B	-1.6B	-1.25B	-1.57B	2.33B	2.1B	264.19M
Pretax Margin %	0.22%	-0.48%	0.07%	-0.65%	-0.42%	-0.47%	-0.23%	0.19%	0.41%	0.05%
Income Tax+	104.67M	-362.77M	-1.19B	-696.51M	-375.78M	-295.29M	-428.04M	553.72M	368.95M	22.08M
Effective Tax Rate %	0.2%	0.51%	7.6%	0.73%	0.76%	0.76%	0.73%	0.76%	0.82%	0.87%
Net Income+	85.17M	-452.98M	1.51B	-2.24B	-1.22B	-958.8M	-1.14B	1.77B	1.74B	230.58M
Net Margin %	0.04%	-0.24%	0.5%	-0.47%	-0.32%	-0.36%	-0.17%	0.15%	0.34%	0.04%
Net Income Growth %	-0.78%	-6.32%	4.33%	-2.49%	0.46%	0.22%	-0.19%	2.55%	-0.02%	-0.87%
Net Income (Continuing)	321.89M	-531.49M	1.39B	-2.38B	-1.22B	-958.81M	-1.14B	1.78B	1.73B	242.12M
Discontinued Operations	0	0	121.5M	136.35M	0	0	0	0	0	0
Minority Interest	2.95B	3.26B	5.09B	0	0	7.49M	16.24M	40.85M	7.62M	3.68B
EPS (Diluted)+	0.56	-2.71	8.04	-8.60	-4.79	-3.71	-3.57	4.38	4.20	0.41
EPS Growth %	-0.78%	-5.84%	3.97%	-2.07%	0.44%	0.23%	0.04%	2.23%	-0.04%	-0.9%
EPS (Basic)	0.56	-2.71	8.05	-8.60	-4.79	-3.71	-3.57	4.79	4.56	0.45
Diluted Shares Outstanding	152.94M	166.98M	187.73M	260.93M	255.14M	260.61M	323.2M	406.5M	413.22M	559.6M
Basic Shares Outstanding	152.4M	166.98M	187.38M	260.93M	255.14M	260.61M	323.2M	370.05M	380.9M	509.6M
Dividend Payout Ratio	0.21%	-	0.01%	-	-	-	-	0.11%	0.13%	1.42%

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+	2.25B	1.83B	1.16B	1.97B	1.75B	1.22B	2.29B	4.01B	2.01B	1.71B
Cash & Short-Term Investments	1.6B	1.39B	147.31M	3.49M	4.6M	18.21M	113.96M	1.46B	80.98M	202.09M
Cash Only	1.6B	1.1B	147.31M	3.49M	4.6M	18.21M	113.96M	1.46B	80.98M	202.09M
Short-Term Investments	0	286.4M	0	0	0	0	0	0	0	0
Accounts Receivable	176.96M	341.63M	679.07M	1.37B	908.94M	566.55M	1.44B	1.61B	915.11M	1.23B
Days Sales Outstanding	33.05	67.14	82.95	105.84	87.31	77.78	76.74	48.35	65.88	85.97
Inventory	417.4M	33.05M	241.95M	481.65M	0	0	0	0	0	0
Days Inventory Outstanding	152.79	11.71	76.28	97.33	-	-	-	-	-	-
Other Current Assets	417.4M	33.05M	412.6M	481.65M	812.66M	609.63M	691.11M	912.99M	1.02B	282.6M
Total Non-Current Assets+	11.73B	13.64B	28.36B	18.75B	17.05B	16.9B	20.46B	18.66B	23.27B	38.12B
Property, Plant & Equipment	11.47B	13.16B	24.89B	17.39B	16.16B	16.05B	18.42B	18.17B	23B	31.84B
Fixed Asset Turnover	0.17x	0.14x	0.12x	0.27x	0.24x	0.17x	0.37x	0.67x	0.22x	0.16x
Goodwill	0	0	2B	0	0	0	0	0	0	2.08B
Intangible Assets	0	0	736.36M	77.33M	26.01M	0	0	0	22.59M	215.26M
Long-Term Investments	77.03M	184.56M	460.55M	1.01B	676.01M	0	410M	0	92.7M	3.62B
Other Non-Current Assets	-1.72B	297.93M	278.9M	389.9M	-1.29B	822.15M	465.6M	-954.25M	273.15M	455.62M
Total Assets+	13.98B	15.47B	29.52B	20.72B	18.81B	18.11B	22.75B	22.67B	25.29B	39.83B
Asset Turnover	0.14x	0.12x	0.10x	0.23x	0.20x	0.15x	0.30x	0.54x	0.20x	0.13x
Asset Growth %	0.16%	0.11%	0.91%	-0.3%	-0.09%	-0.04%	0.26%	-0%	0.12%	0.58%
Total Current Liabilities+	795.82M	804.64M	1.23B	2.36B	1.35B	1.76B	5.19B	3.73B	2.04B	2.46B
Accounts Payable	291.55M	309.98M	726.43M	1.06B	796.44M	705.46M	1.34B	1.57B	1.27B	1.18B
Days Payables Outstanding	106.72	109.78	229.02	214.18	168.19	163.5	127.16	140.82	112.51	96.49
Short-Term Debt	299M	0	12.41M	704.39M	16.2M	154.16M	1.06B	422.63M	292.43M	320.8M
Deferred Revenue (Current)	1000K	0	1000K	1000K	1000K	0	0	0	0	1000K
Other Current Liabilities	138.22M	269.41M	219.12M	389.55M	346.7M	675.29M	2.47B	1.43B	229.6M	543.35M
Current Ratio	2.83x	2.27x	0.94x	0.84x	1.30x	0.69x	0.44x	1.08x	0.99x	0.70x
Quick Ratio	2.30x	2.23x	0.75x	0.63x	1.30x	0.69x	0.44x	1.08x	0.99x	0.70x
Cash Conversion Cycle	79.12	-30.94	-69.79	-11.01	-	-	-	-	-	-
Total Non-Current Liabilities+	5.15B	5.55B	9.88B	7.41B	7.66B	7.09B	7.59B	7.72B	8.47B	13.09B
Long-Term Debt	2.79B	3.29B	5.98B	4.79B	5.28B	4.77B	4.53B	5.26B	5.5B	9B
Capital Lease Obligations	0	0	0	0	0	0	24.73M	12.55M	0	0
Deferred Tax Liabilities	1.97B	1.76B	1.77B	1.82B	1.49B	1.37B	2.05B	0	1.9B	2.85B
Other Non-Current Liabilities	386.8M	499.57M	3.89B	791.74M	897.15M	945.06M	960.04M	2.46B	1.06B	1.24B
Total Liabilities	5.95B	6.35B	11.11B	9.76B	9.01B	8.85B	12.78B	11.46B	10.5B	15.55B
Total Debt+	3.09B	3.29B	7.33B	5.5B	5.32B	4.95B	5.64B	5.71B	5.84B	9.37B
Net Debt	1.49B	2.19B	7.18B	5.49B	5.32B	4.93B	5.53B	4.26B	5.76B	9.16B
Debt / Equity	0.39x	0.36x	0.40x	0.50x	0.54x	0.53x	0.57x	0.51x	0.40x	0.39x
Debt / EBITDA	2.24x	19.03x	5.07x	-	11.94x	8.73x	16.22x	1.30x	1.44x	3.29x
Net Debt / EBITDA	1.08x	12.64x	4.97x	-	11.93x	8.69x	15.89x	0.97x	1.42x	3.22x
Interest Coverage	3.84x	-5.76x	2.28x	-12.16x	-5.76x	-3.39x	-4.70x	10.89x	10.54x	1.51x
Total Equity+	8.03B	9.12B	18.41B	10.96B	9.8B	9.26B	9.97B	11.21B	14.78B	24.28B
Equity Growth %	0.26%	0.14%	1.02%	-0.4%	-0.11%	-0.06%	0.08%	0.12%	0.32%	0.64%
Book Value per Share	52.49	54.61	98.09	42.00	38.42	35.54	30.85	27.59	35.77	43.38
Total Shareholders' Equity	5.08B	5.86B	13.32B	10.96B	9.8B	9.26B	9.95B	11.17B	14.77B	20.6B
Common Stock	2.15B	3.44B	9.39B	7.83B	7.82B	8.24B	10.07B	9.89B	12.09B	18.01B
Retained Earnings	2.98B	2.51B	4B	3.18B	2.02B	1.05B	-115.78M	1.28B	2.68B	2.59B
Treasury Stock	-104.08M	-91.02M	-63.6M	-49.19M	-32.51M	-29.35M	-18.05M	0	0	0
Accumulated OCI	46.38M	2.04M	-2.46M	-5.41M	-5.2M	-5.36M	-4.61M	-2.99M	-2.68M	-2.32M
Minority Interest	2.95B	3.26B	5.09B	0	0	7.49M	16.24M	40.85M	7.62M	3.68B

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+	1.22B	1.06B	1.64B	2.98B	1.85B	1.54B	1.66B	3.47B	3.18B	2.83B
Operating CF Margin %	0.62%	0.57%	0.55%	0.63%	0.49%	0.58%	0.24%	0.29%	0.63%	0.54%
Operating CF Growth %	-0.14%	-0.13%	0.54%	0.82%	-0.38%	-0.17%	0.08%	1.08%	-0.08%	-0.11%
Net Income	321.89M	-131.06M	1.86B	-2.01B	-1.22B	-958.81M	-1.14B	1.78B	1.73B	242.12M
Depreciation & Amortization	819.22M	927.92M	1.06B	1.77B	1.6B	1.44B	1.71B	1.67B	1.73B	2.16B
Stock-Based Compensation	58.63M	44.6M	94.59M	25.19M	31.23M	19.55M	28.17M	45.2M	49.83M	158.34M
Deferred Taxes	17.88M	-180.26M	-1.05B	-510.4M	-275.06M	-152.28M	-427.47M	534.61M	384.67M	14.73M
Other Non-Cash Items	-66.23M	577.39M	-316.32M	3.81B	1.7B	1.05B	1.86B	-660.39M	-1.11B	531.24M
Working Capital Changes	65.56M	-173.12M	-10.66M	-119.5M	19.54M	139.18M	-366.71M	99.23M	383.63M	-281.81M
Change in Receivables	131.03M	-130.63M	-21.26M	-439.06M	432.32M	-36.3M	-699.99M	-168.98M	867.68M	-220.45M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-37.62M	40.55M	-16.68M	457.11M	-238.67M	-29.19M	456.99M	181.46M	-406.11M	16.51M
Cash from Investing+	-2.53B	-2.89B	-4.2B	-3.98B	-1.6B	-1.56B	-2.07B	-1.42B	-4.31B	-1.58B
Capital Expenditures	-2.43B	-2.59B	-1.94B	-3.73B	-1.6B	-1.04B	-1.06B	-1.4B	-2.02B	-2.25B
CapEx % of Revenue	1.25%	1.39%	0.65%	0.79%	0.42%	0.39%	0.15%	0.12%	0.4%	0.43%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-17.13M	69.74M	-7.85M	573.6M	1.31M	126.05M	-11.74M	-3.82M	-10.64M	1.7B
Cash from Financing+	1.83B	1.4B	1.53B	859.02M	-249.45M	31.71M	506.05M	-699.13M	-242.86M	-1.13B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-18.31M	-20.16M	-20.83M	-31.38M	-30.66M	-7.66M	0	-203.63M	-228.34M	-326.58M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-131.81M	-219.33M	-343.13M	-746.33M	-8.14M	-64.15M	-26.7M	-168.97M	-47.66M	-81.62M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.22B	-1.53B	-1.12B	-755.51M	249.25M	495.47M	607.32M	2.07B	1.16B	573.26M
FCF Margin %	-0.62%	-0.82%	-0.37%	-0.16%	0.07%	0.19%	0.09%	0.17%	0.23%	0.11%
FCF Growth %	-0.17%	-0.25%	0.27%	0.33%	1.33%	0.99%	0.23%	2.4%	-0.44%	-0.51%
FCF per Share	-7.96	-9.14	-5.97	-2.90	0.98	1.90	1.88	5.08	2.81	1.02
FCF Conversion (FCF/Net Income)	14.29x	-2.35x	1.09x	-1.33x	-1.52x	-1.60x	-1.45x	1.96x	1.83x	12.26x
Interest Paid	147.55M	144.66M	189.37M	260.96M	198.56M	195.68M	280.51M	236.8M	213.14M	401.77M
Taxes Paid	95.71M	-41.14M	3.64M	3.67M	1.71M	448.91M	19.16M	20.77M	13.35M	7.96M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.18%	-5.28%	10.96%	-15.28%	-11.77%	-10.06%	-11.88%	16.72%	13.35%	1.18%
Return on Invested Capital (ROIC)	4.74%	-5.44%	1.55%	-9.93%	-5.47%	-4.49%	-6.87%	13.16%	9.64%	1.9%
Gross Margin	48.97%	32.6%	51.65%	61.87%	54.51%	40.76%	43.8%	66.38%	18.57%	14.69%
Net Margin	4.36%	-24.39%	50.49%	-47.39%	-32.15%	-36.06%	-16.71%	14.59%	34.23%	4.42%
Debt / Equity	0.39x	0.36x	0.40x	0.50x	0.54x	0.53x	0.57x	0.51x	0.40x	0.39x
Interest Coverage	3.84x	-5.76x	2.28x	-12.16x	-5.76x	-3.39x	-4.70x	10.89x	10.54x	1.51x
FCF Conversion	14.29x	-2.35x	1.09x	-1.33x	-1.52x	-1.60x	-1.45x	1.96x	1.83x	12.26x
Revenue Growth	-20.88%	-4.95%	60.88%	58.52%	-19.77%	-30.03%	157.26%	77.5%	-58.24%	3%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Oil Sales	-	-	-	35.83M	33.62M	20.57M	92.33M	79.16M	96.19M	4.93B
Oil Sales Growth	-	-	-	-	-6.15%	-38.80%	348.79%	-14.27%	21.51%	5029.76%
Natural Gas Sales	-	-	-	4.22B	3.56B	2.46B	6.18B	11.45B	4.52B	-
Natural Gas Sales Growth	-	-	-	-	-15.60%	-30.90%	151.24%	85.24%	-60.51%	-
NGLs Sales	-	-	-	442.01M	197.99M	169.87M	531.51M	586.72M	427.76M	-
NGLs Sales Growth	-	-	-	-	-55.21%	-14.20%	212.89%	10.39%	-27.09%	-
EQT Production	1.15B	1.59B	2.65B	-	-	-	-	-	-	-
EQT Production Growth	-	38.16%	66.23%	-	-	-	-	-	-	-
EQT Transmission	-	347.32M	390.88M	-	-	-	-	-	-	-
EQT Transmission Growth	-	-	12.54%	-	-	-	-	-	-	-
RMP Gathering	-	-	-	-	-	-	-	-	-	-
RMP Gathering Growth	-	-	-	-	-	-	-	-	-	-
RMP Water	-	-	-	-	-	-	-	-	-	-
RMP Water Growth	-	-	-	-	-	-	-	-	-	-
EQT Gathering	-	-	-	-	-	-	-	-	-	-
EQT Gathering Growth	-	-	-	-	-	-	-	-	-	-
EQT Midstream	309.98M	-	-	-	-	-	-	-	-	-
EQT Midstream Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

EQT Corporation (EQT) has a price-to-earnings (P/E) ratio of 121.8x. This suggests investors expect higher future growth.

Growth & Financials

EQT Corporation (EQT) reported $8.61B in revenue for fiscal year 2024. This represents a 425% increase from $1.64B in 2011.

EQT Corporation (EQT) grew revenue by 3.0% over the past year. Growth has been modest.

Yes, EQT Corporation (EQT) is profitable, generating $1.78B in net income for fiscal year 2024 (4.4% net margin).

Dividend & Returns

Yes, EQT Corporation (EQT) pays a dividend with a yield of 1.17%. This makes it attractive for income-focused investors.

EQT Corporation (EQT) has a return on equity (ROE) of 1.2%. This is below average, suggesting room for improvement.

EQT Corporation (EQT) generated $2.49B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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