Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 6.9x · ROE 7.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $31.9B | $33.5B | $25.8B | $16.0B | $13.8B | $7.0B | $3.3B | $2.8B | $4.9B | $5.8B | $5.9B |
| Enterprise Value | $39.6B | $41.2B | $35.0B | $21.7B | $18.0B | $12.6B | $8.2B | $8.1B | $10.4B | $13.0B | $8.1B |
| P/E Ratio → | 15.43 | 16.19 | 112.46 | 9.20 | 7.72 | — | — | — | — | 3.85 | — |
| P/S Ratio | 3.52 | 3.69 | 4.94 | 3.15 | 1.13 | 1.03 | 1.25 | 0.73 | 1.04 | 1.95 | 3.20 |
| P/B Ratio | 1.17 | 1.22 | 1.06 | 1.08 | 1.23 | 0.71 | 0.36 | 0.28 | 0.45 | 0.32 | 0.65 |
| P/FCF | 11.26 | 11.80 | 45.01 | 13.77 | 6.66 | 11.61 | 6.69 | 11.16 | — | — | — |
| P/OCF | 6.23 | 6.53 | 9.13 | 5.03 | 3.97 | 4.24 | 2.15 | 1.50 | 1.66 | 3.55 | 5.59 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.54 | 6.70 | 4.29 | 1.48 | 1.84 | 3.10 | 2.13 | 2.20 | 4.35 | 4.38 |
| EV / EBITDA | 6.89 | 7.16 | 12.28 | 5.37 | 4.11 | 36.16 | 14.53 | 18.16 | — | 9.00 | 47.04 |
| EV / EBIT | 12.59 | 12.59 | 48.63 | 9.36 | 6.97 | — | — | — | — | 35.47 | — |
| EV / FCF | — | 14.51 | 61.00 | 18.74 | 8.72 | 20.71 | 16.64 | 32.49 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 48.9% | 48.9% | 14.7% | 18.6% | 66.4% | 43.8% | 40.8% | 54.5% | 61.9% | 51.6% | 32.6% |
| Operating Margin | 34.7% | 34.7% | 13.1% | 45.6% | 22.4% | -19.9% | -33.0% | -30.3% | -58.8% | 12.8% | -40.7% |
| Net Profit Margin | 22.5% | 22.5% | 4.4% | 34.2% | 14.6% | -16.7% | -36.1% | -32.2% | -47.4% | 50.5% | -24.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.9% | 7.9% | 1.2% | 13.4% | 16.7% | -11.9% | -10.1% | -11.8% | -15.3% | 11.0% | -5.3% |
| ROA | 5.0% | 5.0% | 0.7% | 7.2% | 7.8% | -5.6% | -5.2% | -6.2% | -8.9% | 6.7% | -3.1% |
| ROIC | 6.9% | 6.9% | 1.9% | 9.6% | 13.2% | -6.9% | -4.5% | -5.5% | -9.9% | 1.6% | -5.4% |
| ROCE | 8.2% | 8.2% | 2.3% | 11.0% | 14.9% | -8.0% | -5.2% | -6.4% | -11.9% | 1.8% | -5.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.39 | 0.40 | 0.51 | 0.57 | 0.53 | 0.54 | 0.50 | 0.40 | 0.36 |
| Debt / EBITDA | 1.36 | 1.36 | 3.29 | 1.44 | 1.30 | 16.22 | 8.73 | 11.94 | — | 5.07 | 19.03 |
| Net Debt / Equity | — | 0.28 | 0.38 | 0.39 | 0.38 | 0.55 | 0.53 | 0.54 | 0.50 | 0.39 | 0.24 |
| Net Debt / EBITDA | 1.34 | 1.34 | 3.22 | 1.42 | 0.97 | 15.89 | 8.69 | 11.93 | — | 4.97 | 12.64 |
| Debt / FCF | — | 2.71 | 15.99 | 4.97 | 2.06 | 9.11 | 9.95 | 21.33 | — | — | — |
| Interest Coverage | 7.46 | 7.46 | 1.58 | 10.58 | 10.35 | -4.42 | -3.84 | -6.99 | -12.44 | 2.18 | -5.82 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.76 | 0.76 | 0.70 | 0.99 | 1.08 | 0.44 | 0.69 | 1.30 | 0.84 | 0.94 | 2.27 |
| Quick Ratio | 0.76 | 0.76 | 0.70 | 0.99 | 1.08 | 0.44 | 0.69 | 1.30 | 0.63 | 0.75 | 2.23 |
| Cash Ratio | 0.04 | 0.04 | 0.08 | 0.04 | 0.39 | 0.02 | 0.01 | 0.00 | 0.00 | 0.12 | 1.73 |
| Asset Turnover | — | 0.22 | 0.13 | 0.20 | 0.54 | 0.30 | 0.15 | 0.20 | 0.23 | 0.10 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 3.75 | 4.78 | 31.18 |
| Days Sales Outstanding | — | 59.77 | 85.97 | 65.88 | 48.35 | 76.74 | 77.78 | 87.31 | 105.84 | 82.95 | 67.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.2% | 1.2% | 1.3% | 1.4% | 1.5% | — | 0.2% | 1.1% | 0.6% | 0.4% | 0.3% |
| Payout Ratio | 19.1% | 19.1% | 141.6% | 13.2% | 11.5% | — | — | — | — | 1.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 6.2% | 0.9% | 10.9% | 12.9% | — | — | — | — | 25.9% | — |
| FCF Yield | 8.9% | 8.5% | 2.2% | 7.3% | 15.0% | 8.6% | 15.0% | 9.0% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.3% | 3.0% | 0.2% | 0.0% | 0.0% | 10.9% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.2% | 1.2% | 1.3% | 2.7% | 4.5% | 0.2% | 0.2% | 1.1% | 11.6% | 0.4% | 0.3% |
| Shares Outstanding | — | $625M | $560M | $413M | $406M | $323M | $261M | $255M | $261M | $188M | $167M |
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Quick answers to the most common questions about buying EQT stock.
EQT Corporation's current P/E ratio is 15.4x. The historical average is 17.7x. This places it at the 67th percentile of its historical range.
EQT Corporation's current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
EQT Corporation's return on equity (ROE) is 7.9%. The historical average is 9.6%.
Based on historical data, EQT Corporation is trading at a P/E of 15.4x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
EQT Corporation's current dividend yield is 1.22% with a payout ratio of 19.1%.
EQT Corporation has 48.9% gross margin and 34.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
EQT Corporation's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity price volatility
Metrics are mathematically derived from official filings.
Margin Swings Reflect Gas Price Exposure
EQT's gross margin swung from -23.2% in 2024Q2 to 98.4% in 2026Q1, per quarterly reports, illustrating extreme commodity price sensitivity. Operating margin averaged around 30% over the period, but volatility remains the defining feature.
The wide range in gross margins, from -23.2% to 98.4%, indicates that EQT's cost structure is not purely variable; fixed costs amplify margin swings when gas prices fall. The 2026Q1 operating margin of 60.3% appears unsustainable, as it likely reflects a peak in natural gas prices. Investors should focus on mid-cycle margins, which may be closer to the 20-30% range observed in more normalized quarters like 2025Q1 and 2024Q4.
Returns on Capital Remain Cyclical
ROIC ranged from -0.8% in 2024Q3 to 4.4% in 2026Q1, per financial statements, indicating that capital returns are highly sensitive to commodity prices. The 2026Q1 ROIC of 4.4% is still below the cost of capital, suggesting value creation is limited.
Over the last ten quarters, ROIC has been consistently low, with only one quarter exceeding 4%. This suggests that EQT's capital intensity and commodity price volatility prevent consistent value creation. The improvement in 2026Q1 is encouraging but may not be durable if gas prices retreat. Compared to peers like Range Resources (ROIC 11.2%) and Coterra (10.9%), EQT's returns appear structurally lower, possibly due to higher cost structure or less efficient capital allocation.
Working Capital Efficiency Distorted by Gas Prices
EQT's cash conversion cycle was -13 days in 2024Q1, but data is unavailable for most quarters, per reported figures. DPO spiked to 2282 days in 2026Q1, suggesting extreme timing distortions in payables.
The extreme DPO figures, such as 2282 days in 2026Q1, are likely due to large prepayments or timing mismatches, not operational efficiency. The negative CCC in 2024Q1 indicates that EQT was able to finance operations with supplier credit, but this is not consistent across quarters. Asset turnover remains very low (0.04-0.08), reflecting the heavy PP&E base, which is typical for E&P companies but underscores the need for high margins to generate adequate returns.
Leverage Reduced but Coverage Remains Volatile
D/E improved from 0.67 in 2024Q3 to 0.20 in 2026Q2, per balance sheet data, while interest coverage swung from -1.54 to 21.53. The debt reduction enhances financial flexibility, but coverage is still commodity-dependent.
The dramatic deleveraging, with total debt down from $13.8B to $5.7B, is a positive development, but the D/EBITDA ratio of 14.35 in 2026Q2 is misleading due to depressed EBITDA in that quarter. Interest coverage of 5.22 in 2026Q2 is adequate but far below the 21.53 seen in 2026Q1. This volatility suggests that EQT's debt service capability is closely tied to gas prices, and a sustained downturn could strain coverage despite the lower debt load.
Thin Liquidity Despite Low Leverage
Current ratio stood at 0.67 in 2026Q2, with cash of only $112.9M, per balance sheet data, indicating a tight liquidity position. Quick ratio equals current ratio, suggesting minimal inventory buffer.
The current ratio below 1.0 indicates that EQT may struggle to meet short-term obligations without relying on cash flow or credit lines. The low cash balance is concerning given the capital-intensive nature of the business and the potential for gas price declines. However, the low D/E and access to credit markets may mitigate this risk, but investors should monitor liquidity if commodity prices weaken.
EV/EBITDA Misleads in Cyclical Downturns
EV/EBITDA of 7.22 appears attractive, but this metric is distorted by depressed EBITDA in trough quarters, as seen in 2024Q3 when D/EBITDA hit 44.86. Investors should use mid-cycle EBITDA or cash flow multiples instead.
For EQT, EV/EBITDA is highly volatile because EBITDA swings with gas prices. In 2024Q3, EBITDA was so low that EV/EBITDA would have been meaningless, while in 2026Q1 it would have been artificially low. A more reliable approach is to use EV/EBITDAX or EV/2P reserves, which smooth out commodity cycles. Additionally, P/FCF of 11.92 may be more indicative of value, but FCF is also volatile. Investors should normalize earnings over a full commodity cycle before applying multiples.