Upside case
Bull case
$150+155.3%
EQT would need investors to value it at roughly 30x earnings — about 19x more generous than today's 12x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
EQT Corporation (EQT) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
45
analysts
30 bullish · 0 bearish · 45 covering EQT
Strong Buy
0
Buy
30
Hold
15
Sell
0
Strong Sell
0
Consensus Target
$41
-30.0% vs today
Scenario Range
— – $150
Model bear to bull value window
Coverage
45
Published analyst ratings
Valuation Context
11.9x
Forward P/E · Market cap $36.7B
EQT price targets
Three scenarios for where EQT stock could go
Current
~$59
Confidence
44 / 100
Updated
May 1, 2026
Where we are now
Current · $59
Base
$125
Bull
$150
Market caseClosest to today
Base case
$125+112.0%
At 25x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
EQT Corporation
EQT · NYSEEnergyOil & Gas Exploration & ProductionDecember year-end
EQT Corporation is America's largest natural gas producer, focused on developing and operating natural gas assets primarily in the Appalachian Basin. It generates revenue through the sale of natural gas (~85% of revenue) and natural gas liquids (~15%), with production concentrated in the prolific Marcellus and Utica shale formations. The company's competitive advantage stems from its massive, low-cost reserve base—it holds the largest natural gas position in the U.S.—and its operational scale in the most productive gas region.
Market Cap
$36.7B
Revenue TTM
$10.0B
Net Income TTM
$3.4B
Net Margin
33.4%
EQT Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
50%Exceptional
vs consensus estimates
Avg EPS Surprise
+54.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.45/$0.42
Revenue
$2.6B/$1.8B
Q4 2025
EPS
$0.52/$0.36
Revenue
$1.8B/$1.8B
Q1 2026
EPS
$0.90/$0.76
Revenue
$2.4B/$2.1B
Q2 2026
EPS
$2.33/$2.08
Revenue
$3.4B/$3.2B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.45/$0.42 | +7.3% | $2.6B/$1.8B | +45.2% |
| Q4 2025 | $0.52/$0.36 | +43.8% | $1.8B/$1.8B | +0.7% |
| Q1 2026 | $0.90/$0.76 | +18.4% | $2.4B/$2.1B | +12.2% |
| Q2 2026 | $2.33/$2.08 | +12.0% | $3.4B/$3.2B | +5.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$11.9B
+18.4% YoY
FY2
$15.3B
+29.0% YoY
EPS Outlook
FY1
$5.87
+9.6% YoY
FY2
$7.02
+19.5% YoY
Trailing FCF (TTM)$4.1B
FCF Margin: 40.5%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
EQT beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
EQT Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $7.7B
Product Mix
Latest annual revenue by segment or product family
Oil Sales
100.0%
+56.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Oil Sales is the largest disclosed segment at 100.0% of FY 2025 revenue, up 56.6% YoY.
EQT Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $63 — implies +6.8% from today's price.
Upside to Fair Value
6.8%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
EQT
17.7x
vs
S&P 500
25.1x
29% discount
vs Energy Trailing P/E
EQT
17.7x
vs
Energy
17.1x
In line with benchmark
vs EQT 5Y Avg P/E
Today
17.7x
vs
5Y Average
36.4x
51% discount
Forward PE
11.9x
S&P 500
19.1x
-37%
Energy
13.9x
-14%
5Y Avg
—
—
Trailing PE
17.7x
S&P 500
25.1x
-29%
Energy
17.1x
+4%
5Y Avg
36.4x
-51%
PEG Ratio
—
S&P 500
1.72x
—
Energy
0.53x
—
5Y Avg
—
—
EV/EBITDA
7.7x
S&P 500
15.2x
-49%
Energy
8.0x
-4%
5Y Avg
13.0x
-41%
Price/FCF
12.9x
S&P 500
21.1x
-39%
Energy
13.8x
-6%
5Y Avg
17.8x
-27%
Price/Sales
4.0x
S&P 500
3.1x
+29%
Energy
1.6x
+145%
5Y Avg
2.8x
+45%
Dividend Yield
1.06%
S&P 500
1.87%
-43%
Energy
2.73%
-61%
5Y Avg
1.33%
-20%
| Metric | EQT | S&P 500 | Energy | 5Y Avg EQT |
|---|---|---|---|---|
| Forward PE | 11.9x | 19.1x-37% | 13.9x-14% | — |
| Trailing PE | 17.7x | 25.1x-29% | 17.1x | 36.4x-51% |
| PEG Ratio | — | 1.72x | 0.53x | — |
| EV/EBITDA | 7.7x | 15.2x-49% | 8.0x | 13.0x-41% |
| Price/FCF | 12.9x | 21.1x-39% | 13.8x | 17.8x-27% |
| Price/Sales | 4.0x | 3.1x+29% | 1.6x+145% | 2.8x+45% |
| Dividend Yield | 1.06% | 1.87% | 2.73% | 1.33% |
EQT trades above S&P 500 benchmarks on 1 of 5 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolEQT Financial Health
Verdict
Strong
EQT generates $4.1B in free cash flow at a 40.5% margin — returns 1.1% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$10.0B
Revenue Growth
TTM vs prior year
+58.4%
Gross Margin
Gross profit as a share of revenue
64.0%
Operating Margin
Operating income divided by revenue
46.7%
Net Margin
Net income divided by revenue
33.4%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$5.36
Free Cash Flow (TTM)
Cash generation after capex
$4.1B
FCF Margin
FCF as share of revenue — the primary cash quality signal
40.5%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.9%
ROA
Return on assets, trailing twelve months
8.2%
Cash & Equivalents
Liquid assets on the balance sheet
$111M
Net Debt
Total debt minus cash
$7.7B
Debt Serviceability
Net debt as a multiple of annual free cash flow
1.9× FCF
~1.9 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
12.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
1.1%
Dividend
1.1%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$0.62
Payout Ratio
Share of earnings distributed as dividends
19.1%
Shares Outstanding
Current diluted share count
624M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageEQT Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Natural Gas Price Volatility
EQT's revenue and profitability are heavily tied to natural gas spot prices, which have historically fluctuated widely. A prolonged period of low prices can erode operating income and cash flows, directly impacting shareholder returns.
High Risk
Operational Risks
The company’s drilling, gathering, and transmission activities involve high capital intensity and regulatory scrutiny. Uncertain drilling outcomes, equipment costs, lease expirations, and pipeline bottlenecks can delay production and increase costs.
Medium
Rising Operating Expenses
Operating and maintenance expenses have more than doubled in certain periods, squeezing margins. This trend can offset gains from higher production volumes or favorable prices.
Medium
Energy Transition Threat
The global shift toward solar and wind reduces long‑term demand for fossil fuels. Regulatory pressure on gas emissions may further constrain growth opportunities for EQT.
Medium
Hedging Exposure
EQT hedges only a portion of its production, leaving a significant unhedged exposure. Price declines during volatility can therefore hit cash flows more sharply.
Medium
Market Downturn Sensitivity
During market downturns, EQT has historically lagged the broader index, experiencing sharper declines and slower recoveries. This pattern can amplify downside risk for investors.
Medium
Supply & Demand Imbalance
Record U.S. production, rising storage levels, and reduced global LNG demand create oversupply, weakening demand and depressing futures prices. Such conditions can negatively affect EQT’s earnings.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why EQT Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Operational Excellence & Financial Strength
EQT has consistently outperformed earnings expectations, with recent EPS beating analyst forecasts. The company maintains a low debt‑to‑equity ratio and is targeting net debt of approximately $7 billion by the end of 2025, underscoring its strong balance sheet. Its integrated upstream and midstream operations in the Appalachian Basin are low‑cost, backed by over 30 years of production inventory.
Strategic Growth via Acquisitions
In 2025, EQT completed a significant acquisition in Southwest Pennsylvania, adding substantial acreage that is expected to boost operational efficiencies. The company also pursues customer diversification and new market opportunities, positioning it for continued expansion.
Expansion into Gulf Coast Export Markets
EQT is increasing exposure to Gulf Coast export markets through the Mountain Valley Pipeline, enhancing its ability to serve growing LNG demand. This strategic move aligns with the company’s focus on high‑return infrastructure projects.
Rising Natural Gas Demand & Low‑Carbon Channels
EQT is well‑positioned to capture domestic and international natural gas demand, including growth from data centers and expanding LNG export capacity. The company plans to explore low‑carbon channels and align significant volumes with export windows to tap emerging market trends.
Robust Free Cash Flow & Capital Allocation
EQT projects free cash flow of about $2.6 billion in 2025 and $3.5 billion in 2026, enabling debt reduction and reinvestment in high‑return growth projects. This strong cash generation supports strategic initiatives and potential shareholder returns.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
EQT Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$58.72
52W Range Position
52%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$48.47
+21.1% from the low
52-Week High
$68.24
-14.0% from the high
1 Month
-2.81%
3 Month
+6.13%
YTD
+9.8%
1 Year
+9.7%
3Y CAGR
+22.0%
5Y CAGR
+23.8%
10Y CAGR
+4.5%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
EQT vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
11.9x
vs 10.1x median
+18% above peer median
Revenue Growth
+18.4%
vs +11.9% median
+55% above peer median
Net Margin
33.4%
vs 23.3% median
+43% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
EQT EQT EQT Corporation | $36.7B | 11.9x | +18.4% | 33.4% | Buy | -30.0% |
AR AR Antero Resources Corporation | $12.1B | 8.9x | +11.9% | 17.5% | Buy | +24.9% |
RRC RRC Range Resources Corporation | $10.1B | 10.1x | +11.5% | 28.4% | Hold | +8.2% |
CNX CNX CNX Resources Corporation | $5.4B | 13.1x | +19.3% | 50.9% | Hold | -4.9% |
CTR CTRA Coterra Energy Inc. | $27.1B | 12.6x | -15.3% | 23.3% | Buy | -4.6% |
DVN DVN Devon Energy Corporation | $31.7B | 9.7x | +21.8% | 15.9% | Buy | +5.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
EQT Dividend and Capital Return
EQT returns 1.1% total yield, led by a 1.06% dividend.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
1.1%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
1.06%
Payout Ratio
19.1%
How EQT Splits Its Return
Div 1.06%
Dividend 1.06%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.62
Growth Streak
Consecutive years of dividend increases
4Y
3Y Div CAGR
5.0%
5Y Div CAGR
84.3%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
624M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.33 | — | — | — |
| 2025 | $0.64 | +1.2% | 0.0% | 1.2% |
| 2024 | $0.63 | +3.7% | 0.0% | 1.3% |
| 2023 | $0.61 | +10.5% | 1.3% | 2.7% |
| 2022 | $0.55 | — | 3.0% | 4.5% |
FAQ
7 questionsEQT Investor Questions
Common questions answered from live analyst data and company financials.
01Is EQT Corporation (EQT) stock a buy or sell in 2026?
EQT Corporation (EQT) is rated Buy by Wall Street analysts as of 2026. Of 45 analysts covering the stock, 30 rate it Buy or Strong Buy, 15 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $41, implying -30.0% from the current price of $59.
02What is the EQT stock price target for 2026?
The Wall Street consensus price target for EQT is $41 based on 45 analyst estimates. The high-end target is $55 (-6.3% from today), and the low-end target is $23 (-60.8%). The base case model target is $125.
03Is EQT Corporation (EQT) stock overvalued in 2026?
EQT trades at 11.9x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for EQT Corporation (EQT) stock in 2026?
The primary risks for EQT in 2026 are: (1) Natural Gas Price Volatility — EQT's revenue and profitability are heavily tied to natural gas spot prices, which have historically fluctuated widely. (2) Operational Risks — The company’s drilling, gathering, and transmission activities involve high capital intensity and regulatory scrutiny. (3) Rising Operating Expenses — Operating and maintenance expenses have more than doubled in certain periods, squeezing margins. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is EQT Corporation's revenue and earnings forecast?
Analyst consensus estimates EQT will report consensus revenue of $11.9B (+18.4% year-over-year) and EPS of $5.87 (+9.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $15.3B in revenue.
06When does EQT Corporation (EQT) report its next earnings?
A confirmed upcoming earnings date for EQT is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does EQT Corporation generate?
EQT Corporation (EQT) generated $4.1B in free cash flow over the trailing twelve months — a free cash flow margin of 40.5%. EQT returns capital to shareholders through dividends (1.1% yield) and share repurchases ($0 TTM).