Latest Ratios: P/E Ratio 7.1x · EV/EBITDA 3.8x · ROE 10.1%. (1995–2025 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 | $19.6B | $26.5B | $15.6B | $11.0B | $13.8B | $7.6B | — | — | — | — | — |
| Enterprise Value | $23.9B | $30.9B | $21.1B | $12.0B | $16.9B | $9.0B | — | — | — | — | — |
| P/E Ratio → | 7.12 | 14.58 | — | 4.55 | 2.83 | 1.20 | — | — | — | — | — |
| P/S Ratio | 1.43 | 2.28 | 3.70 | 1.41 | 1.20 | 1.04 | — | — | — | — | — |
| P/B Ratio | 1.09 | 1.43 | 0.89 | 1.03 | 1.51 | 1.34 | — | — | — | — | — |
| P/FCF | 7.98 | 14.42 | 1953.53 | 19.96 | 5.98 | 7.23 | — | — | — | — | — |
| P/OCF | 4.28 | 5.80 | 9.99 | 4.62 | 3.34 | 4.26 | — | — | — | — | — |
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 | — | 2.65 | 5.01 | 1.55 | 1.47 | 1.24 | — | — | — | — | — |
| EV / EBITDA | 3.78 | 6.16 | 22.83 | 2.58 | 3.05 | 2.72 | — | — | — | — | — |
| EV / EBIT | 11.76 | 12.27 | — | 3.73 | 4.42 | 1.43 | — | — | — | — | — |
| EV / FCF | — | 16.80 | 2642.03 | 21.87 | 7.32 | 8.57 | — | — | — | — | — |
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 | 46.5% | 46.5% | 27.0% | 64.8% | 71.3% | 33.1% | 11.9% | 4.7% | 12.5% | 11.4% | -8.3% |
| Operating Margin | 17.5% | 17.5% | -19.0% | 40.4% | 33.0% | 31.8% | -167.0% | -0.4% | 3.7% | -1.5% | -56.0% |
| Net Profit Margin | 15.6% | 15.6% | -16.9% | 31.1% | 43.1% | 86.7% | -186.8% | -3.6% | 2.2% | -5.3% | -55.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | -5.0% | 24.4% | 66.7% | 3835.2% | — | -9.4% | 25.7% | — | -735.3% |
| ROA | 6.5% | 6.5% | -3.4% | 16.2% | 37.3% | 71.9% | -85.5% | -2.1% | 1.8% | -4.0% | -28.9% |
| ROIC | 6.6% | 6.6% | -3.5% | 19.7% | 29.4% | 101.9% | -127.5% | -0.2% | 2.9% | -1.2% | -32.0% |
| ROCE | 8.1% | 8.1% | -4.2% | 24.3% | 35.4% | 38.6% | -100.7% | -0.3% | 3.8% | -1.4% | -38.3% |
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 | 0.27 | 0.27 | 0.33 | 0.20 | 0.35 | 0.41 | — | 2.16 | 3.62 | — | — |
| Debt / EBITDA | 1.01 | 1.01 | 6.29 | 0.46 | 0.58 | 0.70 | — | 4.15 | 3.49 | 11.64 | — |
| Net Debt / Equity | — | 0.23 | 0.31 | 0.10 | 0.34 | 0.25 | — | 2.16 | 3.62 | — | — |
| Net Debt / EBITDA | 0.87 | 0.87 | 5.95 | 0.22 | 0.56 | 0.42 | — | 4.15 | 3.48 | 11.63 | — |
| Debt / FCF | — | 2.37 | 688.50 | 1.90 | 1.34 | 1.34 | 76.50 | — | — | — | — |
| Interest Coverage | 10.71 | 10.71 | -5.78 | 31.06 | 23.82 | 75.07 | -28.08 | 0.02 | 1.34 | 0.56 | -15.01 |
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 | 1.01 | 1.01 | 0.64 | 1.99 | 1.00 | 0.86 | 0.36 | 0.52 | 0.55 | 0.65 | 0.59 |
| Quick Ratio | 1.01 | 1.01 | 0.64 | 1.99 | 1.00 | 0.86 | 0.36 | 0.52 | 0.55 | 0.65 | 0.59 |
| Cash Ratio | 0.33 | 0.33 | 0.10 | 0.82 | 0.05 | 0.37 | 0.10 | 0.06 | 0.00 | 0.00 | 0.24 |
| Asset Turnover | — | 0.41 | 0.15 | 0.54 | 0.74 | 0.66 | 0.79 | 0.52 | 0.80 | 0.76 | 0.60 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 50.11 | 104.46 | 27.46 | 45.10 | 53.84 | 52.26 | 42.57 | 41.74 | 43.74 | 44.70 |
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 | 3.8% | 2.9% | 2.5% | 4.4% | 8.8% | 1.6% | — | — | — | — | — |
| Payout Ratio | 42.1% | 42.1% | — | 20.1% | 24.6% | 1.9% | — | — | 40.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.0% | 6.9% | — | 22.0% | 35.4% | 83.2% | — | — | — | — | — |
| FCF Yield | 12.5% | 6.9% | 0.1% | 5.0% | 16.7% | 13.8% | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.4% | 0.0% | 3.2% | 7.8% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 4.3% | 3.3% | 2.5% | 7.7% | 16.6% | 1.6% | — | — | — | — | — |
| Shares Outstanding | — | $240M | $157M | $143M | $146M | $118M | $10M | $8M | $5M | $5M | $4M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EXE stock.
Expand Energy Corporation's current P/E ratio is 7.1x. The historical average is 5.8x. This places it at the 75th percentile of its historical range.
Expand Energy Corporation's current EV/EBITDA is 3.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.5x.
Expand Energy Corporation's return on equity (ROE) is 10.1%. The historical average is 28.1%.
Based on historical data, Expand Energy Corporation is trading at a P/E of 7.1x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Expand Energy Corporation's current dividend yield is 3.76% with a payout ratio of 42.1%.
Expand Energy Corporation has 46.5% gross margin and 17.5% operating margin. Operating margin between 10-20% is typical for established companies.
Expand Energy Corporation's Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Asset reclassification distorting ratio comparability
Metrics are mathematically derived from official filings.
Merger Discount Embedded in Multiples
EXE trades at 5.24x EV/EBITDA and 12.5x trailing P/E, materially below Appalachian peers RRC at 11.78x and AR at 11.29x per current market multiples, suggesting the market prices persistent integration and gas-price risk rather than scale synergies management is pursuing.
The compression to 4.79x forward EV/EBITDA and 10.95x forward P/E implies the market expects only modest EBITDA expansion, which appears consistent with the deceleration in revenue growth from triple-digit merger-driven surges to 10.8% in 2026Q3. The 3.4% dividend yield exceeds every listed peer except CTRA at 2.8%, so income support is arguably doing work in the valuation floor. The 1.22x P/B versus RRC's 3.13x likely reflects both a structurally lower ROE (2.7% quarterly versus RRC's 19.3% annualized run) and the 2026Q3 asset reclassification, which makes book-value comparisons across peers hazardous rather than purely a discount signal.
Gross Strength, Overhead Drag
Gross margin of 79.4% in 2026Q3 contrasts with a 19.5% operating margin, implying roughly 60 points of midstream and corporate costs, per Expand Energy's quarterly ratios, a spread far wider than CNX's or CTRA's, suggesting post-merger overhead has not yet scaled down.
The persistence of this spread across 2025Q3 (79.5% gross, 24.4% operating) and 2026Q2 (78.6% gross, 22.3% operating) indicates the operating drag is structural rather than a one-quarter merger charge, supporting the earlier finding that overhead absorption is the bear case's core argument. Net margin of 15.8% appears to be the most reliable proxy for true earning power, as gross margin dispersion from -37.6% in 2024Q2 to 79.5% in 2025Q3 is almost certainly amplified by non-cash derivative settlements rather than wellhead economics. Investors should monitor whether Q2-to-Q3 operating margin slippage from 22.3% to 19.5% reflects sustained GP&T cost inflation or simply weaker realizations during the low gas price environment.
Returns Modest Despite Debt-Free Base
ROIC of 2.3% annualizes to roughly 9%, well below RRC at 11.2% and CTRA at 10.9% according to the ratio history, indicating the enlarged post-merger capital base has yet to earn a meaningful spread over its cost of capital.
Because the company has eliminated its debt, ROE and ROIC have converged in the 2.2%–2.3% range, which means there is no financial leverage artificially inflating the equity return — the low print is genuinely an operating outcome. The binding constraint is asset turnover of 0.11, versus 0.13–0.15 in stronger quarters, confirming that the $29.7 billion post-merger asset base is being underutilized relative to the $13.4 billion pre-merger entity. If the Southwestern integration delivers even partial G&A synergies, the 2026Q1 ROIC of 5.1% (roughly 20% annualized) may prove closer to the achievable run-rate than the current sub-2.5% quarters.
Zero Debt Shifts Risk to Liquidity
With total debt extinguished and interest coverage at 14.55x in 2026Q3, covenant and refinancing risk appears negligible; as reported in recent quarterly filings, the debt-to-equity ratio fell from 0.31 to effectively zero, a deleveraging cadence that prioritizes balance sheet invulnerability over levered returns.
Coverage easing from 26.24x in 2026Q1 to 14.55x reflects earnings compression rather than incremental borrowing, which is a materially healthier form of ratio deterioration than the leverage-driven decline seen in 2025Q1 when coverage was -4.41x. The notable tension is that EXE returned approximately 1.9x its free cash flow in 2026Q2 ($652M of buybacks and dividends versus $343M of FCF), a distribution policy that looks comfortable today but would compress coverage rapidly if the low gas price environment persists into 2027. With D/EBITDA at just 2.70x at the last print, the company retains statistical room to re-lever, though the current trajectory suggests management would only do so defensively.
Sub-Unity Current Ratio Tests Resilience
The current ratio has compressed from 2.16 in 2024Q2 to 0.90 in 2026Q3, per Expand Energy's reported liquidity ratios, with the quick ratio identical, indicating virtually no inventory buffer and leaving short-term obligations covered only by operating cash generation and available facilities.
The identical current and quick ratios confirm working capital is dominated by receivables and payables rather than inventories, so the 144-day payables stretch in 2026Q3 — versus 36 days in 2026Q1 — is the key swing factor and may indicate supplier financing timing effects around the reclassification quarter rather than distress. Cash of $118 million at quarter-end, down from $2.2 billion two quarters prior, means the 0.90x ratio is genuinely thin on a standalone basis, though the zero-debt position suggests, but does not confirm, untapped borrowing capacity. Under a severe stress scenario with a warm winter and depressed realizations, the combination of sub-unity liquidity, elevated capex at $838 million per quarter, and 1.9x shareholder returns would quickly become incompatible.
P/E Misreads Asset-Replacement Economics
The 12.50x trailing P/E is the most commonly misapplied metric for EXE, since depletion near $750 million per quarter and volatile derivative settlements make reported earnings a poor proxy for distributable cash; P/FCF of 11.91x, set against capex exceeding D&A, is the more honest read.
In E&P models, P/E obscures the fact that book depletion is an estimate-driven non-cash charge whose magnitude depends on trailing twelve-month gas prices used to size proved reserves, so a low P/E during a recovering price environment can simply reflect under-depreciated assets rather than cheapness. EV/EBITDA at 5.24x carries a related distortion: if EBITDA is inflated by non-cash hedge gains or depressed by merger-related charges, the multiple becomes unreliable in both directions, which matters here given the 2026Q3 reclassification that collapsed PPE to $555 million and introduced $349 million of goodwill. The more defensible framing, consistent with the earlier margin analysis, is cash flow relative to capital intensity, where the requirement to invest beyond maintenance levels makes headline earnings-based multiples look cheaper than the underlying reinvestment economics justify.