The company has achieved a conservative capital structure with a debt-to-equity ratio of 0.04 as of 2026Q1, down from 0.33 in 2024Q4, while simultaneously growing its cash reserves to $2.2 billion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Jun'97 | Jun'96 |
|---|
| Total Current Assets | 4.39B | 2.92B | 2B | 2.61B | 2.7B | 2.1B | 1.11B | 1.25B | 1.6B | 1.52B | 2.14B | 2.48B | 7.47B | 3.66B | 2.95B | 3.18B | 3.27B | 2.45B | 4.29B | 1.4B | 1.15B | 1.18B | 567.54M | 342.4M | 435.32M | 361.38M | 166.93M | 166.93M | 118M | 250.3M | 87.6M |
| Cash & Short-Term Investments | 2.22B | 960M | 317M | 1.08B | 130M | 905M | 298M | 140M | 213M | 32M | 882M | 1.19B | 5.03B | 912M | 456M | 408M | 1.05B | 999M | 2.83B | 204M | 227.51M | 70.53M | 57.96M | 40.58M | 247.64M | 117.59M | 0 | 0 | 29.52M | 140.7M | 28.9M |
| Cash Only | 2.22B | 696M | 317M | 1.08B | 130M | 905M | 279M | 6M | 4M | 5M | 882M | 825M | 4.11B | 837M | 398M | 395M | 102M | 307M | 1.75B | 1M | 2.52M | 60.03M | 6.9M | 40.58M | 247.64M | 117.59M | 0 | 0 | 29.52M | 140.7M | 28.9M |
| Short-Term Investments | 0 | 264M | 0 | 0 | 0 | 0 | 19M | 134M | 0 | 0 | 0 | 0 | 0 | 75M | 58M | 13M | 947M | 692M | 1.08B | 203M | 225M | 10.5M | 51.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.29B | 1.6B | 1.21B | 585M | 1.41B | 1.08B | 746M | 990M | 1.17B | 1.14B | 964M | 903M | 2.01B | 2.22B | 2.25B | 2.5B | 1.97B | 1.32B | 1.32B | 1.07B | 844.85M | 791.19M | 459.37M | 241.39M | 147.63M | 93.71M | 117.44M | 117.44M | 76.3M | 66.2M | 52.5M |
| Days Sales Outstanding | 32.3 | 50.11 | 104.46 | 27.46 | 45.1 | 53.84 | 52.26 | 42.57 | 41.74 | 43.74 | 44.7 | 25.82 | 31.73 | 42.51 | 66.53 | 78.58 | 76.93 | 62.79 | 41.56 | 50.26 | 42.09 | 61.9 | 61.89 | 51.3 | 72.97 | 35.3 | 68.26 | 120.77 | 44.35 | 89.79 | 131.62 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 58M | 87M | 81.5M | 87.08M | 32.15M | 19.26M | 15.36M | 10.63M | 5.16M | 3.17M | 5.33M | 7.1M | 5.6M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.62 | 16.09 | 10.88 | 13.19 | 16.88 | 11.03 | 11.23 | 19.07 | 15.35 | 8.29 | 8.82 | 8.55 | 7.95 | 37.62 |
| Other Current Assets | 877M | 357M | 472M | 945M | 1.15B | 121M | 64M | 121M | 424M | 382M | 296M | 752M | 1.35B | 522M | 247M | 264M | 243M | 97M | 79M | 31M | 0 | 234.59M | 18.07M | 41.17M | 24.69M | 139.45M | 44.32M | 46.32M | 6.86M | 36.3M | 600K |
| Total Non-Current Assets | 25.13B | 25.37B | 25.9B | 11.77B | 12.77B | 8.91B | 5.48B | 14.94B | 11.14B | 10.9B | 10.89B | 14.83B | 33.28B | 38.13B | 38.66B | 38.66B | 33.91B | 27.47B | 34.15B | 29.34B | 23.26B | 14.94B | 7.68B | 4.23B | 2.44B | 1.93B | 1.27B | 1.27B | 694.62M | 610.3M | 235.9M |
| Property, Plant & Equipment | 528M | 24.36B | 24.43B | 10.2B | 11.31B | 8.84B | 5.26B | 14.77B | 10.8B | 10.66B | 10.58B | 14.2B | 32.42B | 36.4B | 36.53B | 36.74B | 32.38B | 26.71B | 33.15B | 28.34B | 21.9B | 14.41B | 7.44B | 4.13B | 2.39B | 1.79B | 888.23M | 888.23M | 663.99M | 598.5M | 228.9M |
| Fixed Asset Turnover | 0.77x | 0.48x | 0.17x | 0.76x | 1.01x | 0.83x | 0.99x | 0.57x | 0.95x | 0.89x | 0.74x | 0.90x | 0.71x | 0.52x | 0.34x | 0.32x | 0.29x | 0.29x | 0.35x | 0.28x | 0.33x | 0.32x | 0.36x | 0.42x | 0.31x | 0.54x | 0.71x | 0.40x | 0.95x | 0.45x | 0.64x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.01B | 360M | 307M | 238M | 18M | 0 | 0 | 0 | 0 | 0 | 0 | 136M | 265M | 481M | 728M | 1.53B | 1.21B | 464M | 705M | 616M | 1.04B | 376.3M | 136.91M | 31.54M | 9.07M | 29.85M | 128.43M | 126.43M | 0 | 0 | 0 |
| Other Non-Current Assets | 24.61B | 488M | 1.16B | 1.33B | 1.45B | 69M | 215M | 174M | 334M | 236M | 306M | 495M | 596M | 1.24B | 1.4B | 388M | 327M | 294M | 302M | 385M | 320.86M | 146.88M | 95.67M | 65.23M | 39.26M | 42.17M | 27.01M | 29.01M | 30.63M | 11.8M | 7M |
| Total Assets | 29.52B | 28.29B | 27.89B | 14.38B | 15.47B | 11.01B | 6.58B | 16.19B | 12.73B | 12.43B | 13.03B | 17.31B | 40.75B | 41.78B | 41.61B | 41.84B | 37.18B | 29.91B | 38.44B | 30.73B | 24.42B | 16.12B | 8.24B | 4.57B | 2.88B | 2.29B | 1.44B | 1.44B | 812.62M | 860.6M | 323.5M |
| Asset Turnover | 0.50x | 0.41x | 0.15x | 0.54x | 0.74x | 0.66x | 0.79x | 0.52x | 0.80x | 0.76x | 0.60x | 0.74x | 0.57x | 0.46x | 0.30x | 0.28x | 0.25x | 0.26x | 0.30x | 0.25x | 0.30x | 0.29x | 0.33x | 0.38x | 0.26x | 0.42x | 0.44x | 0.25x | 0.77x | 0.31x | 0.45x |
| Asset Growth % | 217.28% | 1.41% | 94.03% | -7.06% | 40.5% | 67.21% | -59.34% | 27.15% | 2.5% | -4.63% | -24.75% | -57.51% | -2.47% | 0.41% | -0.54% | 12.52% | 24.29% | -22.19% | 25.09% | 25.87% | 51.49% | 95.51% | 80.31% | 59% | 25.75% | 58.76% | 0% | 77.26% | -5.58% | 166.03% | 91.65% |
| Total Current Liabilities | 3.95B | 2.9B | 3.12B | 1.31B | 2.7B | 2.45B | 3.09B | 2.39B | 2.89B | 2.36B | 3.65B | 3.69B | 5.66B | 5.51B | 6.27B | 7.08B | 4.49B | 2.69B | 3.62B | 2.76B | 1.89B | 1.96B | 963.95M | 513.16M | 265.55M | 173.38M | 162.7M | 162.7M | 131.28M | 127.1M | 93M |
| Accounts Payable | 881M | 753M | 777M | 425M | 603M | 308M | 346M | 498M | 763M | 654M | 672M | 944M | 2.05B | 1.6B | 1.71B | 3.31B | 2.07B | 957M | 1.61B | 1.26B | 859.75M | 516.79M | 367.18M | 164.26M | 86M | 79.94M | 62.94M | 62.94M | 36.85M | 72.3M | 50.4M |
| Days Payables Outstanding | 44.59 | 44.12 | 92.08 | 56.7 | 66.96 | 23.03 | 27.51 | 22.46 | 31.1 | 28.36 | 28.78 | 27.3 | 38.96 | 36.27 | 61.92 | 141.23 | 121.33 | 100.35 | 446.82 | 157.8 | 139.1 | 100.17 | 125.95 | 95.81 | 106.76 | 115.45 | 101.1 | 175.24 | 59.2 | 80.97 | 338.6 |
| Short-Term Debt | 875M | 51M | 389M | 0 | 0 | 0 | 1.96B | 403M | 381M | 52M | 503M | 381M | 386M | 0 | 463M | 199M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 602K | 836K | 836K | 25M | 6.7M | 7.2M |
| Deferred Revenue (Current) | 3.38B | 1.23B | 0 | 0 | 0 | 0 | 305M | 571M | 0 | 0 | 0 | 0 | 0 | 1.41B | 1.34B | 1.09B | 0 | 565M | 431M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.19B | 608M | 1.37B | 491M | 1.65B | 1.84B | 340M | 614M | 1.14B | 1.08B | 1.95B | 1.78B | 2.34B | 2.19B | 2.53B | 2.28B | 2.42B | 1.17B | 1.11B | 1.5B | 991.58M | 1.45B | 596.78M | 92.65M | 33.7M | 0 | 0 | 0 | 0 | 48.1M | 35.4M |
| Current Ratio | 1.11x | 1.01x | 0.64x | 1.99x | 1.00x | 0.86x | 0.36x | 0.52x | 0.55x | 0.65x | 0.59x | 0.67x | 1.32x | 0.66x | 0.47x | 0.45x | 0.73x | 0.91x | 1.19x | 0.51x | 0.61x | 0.60x | 0.59x | 0.67x | 1.64x | 2.08x | 1.03x | 1.03x | 0.90x | 1.97x | 0.94x |
| Quick Ratio | 1.11x | 1.01x | 0.64x | 1.99x | 1.00x | 0.86x | 0.36x | 0.52x | 0.55x | 0.65x | 0.59x | 0.67x | 1.32x | 0.66x | 0.47x | 0.45x | 0.73x | 0.90x | 1.17x | 0.47x | 0.57x | 0.56x | 0.56x | 0.63x | 1.58x | 2.02x | 0.99x | 1.01x | 0.86x | 1.91x | 0.88x |
| Cash Conversion Cycle | -12.29 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -34.93 | -389.18 | -96.67 | -83.82 | -21.39 | -53.04 | -33.28 | -14.73 | -64.8 | -24.54 | -45.65 | -6.3 | 16.77 | -169.36 |
| Total Non-Current Liabilities | 6.03B | 6.81B | 7.21B | 2.33B | 3.64B | 2.89B | 8.83B | 9.4B | 7.71B | 10.44B | 10.58B | 11.23B | 16.89B | 18.13B | 17.45B | 16.79B | 17.43B | 14.88B | 18.53B | 15.84B | 11.28B | 7.98B | 4.12B | 2.33B | 1.7B | 1.35B | 964.49M | 964.49M | 929.9M | 249.4M | 175.7M |
| Long-Term Debt | 0 | 5.01B | 5.29B | 2.03B | 3.09B | 2.28B | 0 | 9.07B | 7.34B | 9.92B | 9.94B | 10.31B | 11.15B | 12.89B | 12.16B | 10.63B | 12.64B | 12.29B | 14.18B | 10.95B | 7.38B | 5.49B | 3.08B | 2.06B | 1.65B | 1.33B | 944.85M | 944.85M | 919.08M | 220.1M | 159.7M |
| Capital Lease Obligations | 0 | 0 | 74M | 15M | 33M | 9M | 0 | 25M | 0 | 0 | 0 | 0 | 0 | 31M | 175M | 143M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53M | 0 | 0 | 0 | 4.39B | 3.41B | 2.81B | 3.48B | 2.38B | 1.06B | 3.76B | 3.97B | 3.32B | 1.8B | 0 | 191.03M | 0 | 0 | 11.85M | 11.85M | 0 | 23.2M | 11M |
| Other Non-Current Liabilities | 6.03B | 824M | 1.84B | 290M | 514M | 604M | 8.83B | 293M | 374M | 520M | 645M | 892M | 5.69B | 1.8B | 2.31B | 2.43B | 2.4B | 1.46B | 530M | 885M | 582.88M | 685.33M | 1.04B | 77.59M | 50.98M | 16.53M | 7.8M | 7.8M | 10.82M | 6.1M | 5M |
| Total Liabilities | 9.97B | 9.71B | 10.33B | 3.65B | 6.34B | 5.34B | 11.93B | 11.79B | 10.6B | 12.8B | 14.23B | 14.92B | 22.55B | 23.64B | 23.71B | 23.87B | 21.91B | 17.57B | 22.15B | 18.6B | 13.17B | 9.94B | 5.08B | 2.84B | 1.97B | 1.52B | 1.13B | 1.13B | 1.06B | 376.5M | 268.7M |
| Total Debt | 875M | 5.06B | 5.83B | 2.13B | 3.21B | 2.32B | 1.96B | 9.5B | 7.72B | 9.97B | 10.44B | 10.72B | 11.58B | 12.92B | 12.79B | 10.77B | 12.64B | 12.29B | 14.18B | 10.95B | 7.38B | 5.49B | 3.08B | 2.06B | 1.65B | 1.33B | 945.68M | 945.68M | 944.08M | 226.8M | 166.9M |
| Net Debt | -1.34B | 4.36B | 5.51B | 1.05B | 3.08B | 1.41B | 1.68B | 9.49B | 7.72B | 9.97B | 9.56B | 9.9B | 7.47B | 12.08B | 12.51B | 10.42B | 12.54B | 11.99B | 12.44B | 10.95B | 7.37B | 5.43B | 3.07B | 2.02B | 1.4B | 1.21B | 945.68M | 945.68M | 914.56M | 86.1M | 138M |
| Debt / Equity | 0.04x | 0.27x | 0.33x | 0.20x | 0.35x | 0.41x | - | 2.16x | 3.62x | - | - | 4.47x | 0.64x | 0.71x | 0.71x | 0.60x | 0.83x | 1.00x | 0.87x | 0.90x | 0.66x | 0.89x | 0.97x | 1.19x | 1.82x | 1.73x | 3.02x | 3.02x | - | 0.47x | 3.05x |
| Debt / EBITDA | 0.12x | 1.01x | 6.29x | 0.46x | 0.58x | 0.70x | - | 4.25x | 3.64x | 6.40x | - | - | 1.81x | 2.60x | 11.45x | 2.22x | 2.86x | - | 3.94x | 2.37x | 1.52x | 2.03x | 1.92x | 1.95x | 3.91x | 1.91x | 2.46x | 4.57x | 2.46x | - | 1.88x |
| Net Debt / EBITDA | -0.19x | 0.87x | 5.95x | 0.22x | 0.56x | 0.43x | - | 4.25x | 3.64x | 6.39x | - | - | 1.17x | 2.43x | 11.20x | 2.15x | 2.84x | - | 3.45x | 2.37x | 1.52x | 2.00x | 1.92x | 1.91x | 3.33x | 1.74x | 2.46x | 4.57x | 2.38x | - | 1.55x |
| Interest Coverage | 17.53x | 8.67x | -5.78x | 31.06x | 23.82x | 75.07x | -28.08x | 0.02x | 1.34x | 0.56x | -15.01x | -57.04x | 19.50x | 14.51x | -9.78x | 97.00x | 16.22x | -26.91x | 4.76x | 7.55x | 11.84x | 7.57x | 5.81x | 4.25x | 1.60x | 4.68x | 3.27x | 1.43x | 3.27x | - | - |
| Total Equity | 19.55B | 18.58B | 17.57B | 10.73B | 9.12B | 5.67B | -5.34B | 4.4B | 2.13B | -372M | -1.2B | 2.4B | 18.2B | 18.14B | 17.9B | 17.96B | 15.26B | 12.34B | 16.3B | 12.13B | 11.25B | 6.17B | 3.16B | 1.73B | 907.88M | 767.41M | 313.23M | 313.23M | -248.57M | 484.1M | 54.8M |
| Equity Growth % | 170.59% | 5.77% | 63.72% | 17.59% | 60.89% | 206.18% | -221.36% | 106.33% | 673.39% | 69.08% | -150.19% | -86.83% | 0.36% | 1.36% | -0.36% | 17.67% | 23.69% | -24.27% | 34.35% | 7.81% | 82.23% | 95.21% | 82.53% | 90.86% | 18.3% | 145% | 0% | 226.01% | -151.35% | 783.39% | 46.92% |
| Book Value per Share | 81.18 | 77.29 | 111.89 | 75.04 | 62.51 | 48.09 | -546.51 | 528.65 | 469.31 | -82.12 | -314.92 | 724.17 | 4716.32 | 5555.90 | 5566.41 | 4776.86 | 4324.08 | 4033.01 | 5980.55 | 4981.52 | 4906.85 | 3367.66 | 2069.15 | 1340.32 | 1051.30 | 882.17 | 413.33 | 613.95 | -328.00 | 27.35 | 1.52 |
| Total Shareholders' Equity | 19.55B | 18.58B | 17.57B | 10.73B | 9.12B | 5.67B | -5.34B | 4.36B | 2.09B | -496M | -1.33B | 2.14B | 16.9B | 15.99B | 15.57B | 16.62B | 15.26B | 11.44B | 16.3B | 12.13B | 11.25B | 6.17B | 3.16B | 1.73B | 907.88M | 767.41M | 313.23M | 313.23M | -248.57M | 484.1M | 54.8M |
| Common Stock | 2M | 2M | 2M | 1M | 1M | 1M | 0 | 19M | 9M | 9M | 9M | 7M | 7M | 7M | 7M | 7M | 7M | 6M | 6M | 5M | 4.59M | 3.75M | 3.17M | 2.22M | 1.95M | 1.7M | 1.58M | 1.58M | 1.05M | 0 | 0 |
| Retained Earnings | 5.79B | 4.83B | 3.88B | 4.97B | 3.4B | 825M | -23.95B | -14.22B | -13.91B | -16.52B | -17.47B | -13.2B | 1.48B | 688M | 437M | 1.61B | 190M | -1.26B | 4.69B | 4.15B | 2.91B | 1.1B | 262.99M | -168.62M | -426.08M | -442.97M | -659.29M | -659.29M | -1.13B | 56.5M | 23M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32M | -31M | -31M | -27M | -33M | -37M | -46M | -48M | -33M | -24M | -15M | -10M | -6M | -26.3M | -25.99M | -22.09M | -22.09M | -19.98M | -19.98M | -19.95M | -19.95M | -29.96M | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 45M | 12M | -23M | -57M | -96M | -99M | -143M | -162M | -182M | -166M | -168M | 102M | 267M | -11M | 528.32M | -194.97M | 20.43M | -20.31M | -3.46M | 43.51M | -3.9M | -3.9M | -4.73M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37M | 41M | 124M | 128M | 259M | 1.3B | 2.15B | 2.33B | 1.34B | 0 | 897M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Midstream contract liability exposure
As reported in recent financial filings, Expand Energy's total assets surged from $13.4 billion in 2024Q3 to $29.5 billion by 2026Q1, reflecting the significant inorganic growth trajectory initiated by the Southwestern Energy merger and subsequent consolidation of the firm's dual-basin production footprint.
The rapid doubling of the asset base suggests a fundamental shift in the company's scale, though it warrants caution regarding the integration of legacy liabilities. Investors should monitor whether this expanded asset base can generate commensurate returns on invested capital as the company moves past the initial acquisition phase.
Based on the company's reported figures, the debt-to-equity ratio remains remarkably low at 0.04 as of 2026Q1, a significant improvement from the 0.33 level observed in 2024Q4, indicating a disciplined approach to capital structure despite the massive increase in operational scale.
This low leverage profile suggests that the company is prioritizing balance sheet flexibility, which may provide a buffer against the inherent volatility of natural gas pricing. However, the reliance on equity to fund growth may dilute long-term shareholder value if the anticipated synergies from the merger fail to materialize.
According to quarterly balance sheet data, Expand Energy's cash reserves reached $2.2 billion in 2026Q1, representing a substantial increase from the $317 million reported in 2024Q4, which significantly enhances the firm's liquidity buffer against potential sector-specific demand downturns or regulatory shocks.
The improvement in the current ratio to 1.11 suggests that the company is better positioned to meet its short-term obligations than it was during the 2025 fiscal year. This liquidity build appears to be a strategic move to manage the high fixed-cost nature of its midstream commitments.
As indicated by the balance sheet, the transition from $24.4 billion in net PPE during 2025Q4 to $528 million in 2026Q1 warrants further investigation, as such a dramatic shift may imply significant accounting reclassifications or asset impairments following the recent corporate rebranding and merger.
This volatility in reported PPE values suggests that the headline asset figures may be subject to accounting nuances that obscure the true quality of the underlying well inventory. Analysts should remain skeptical of these figures until the company provides further clarity on its depreciation and asset valuation methodologies.
Quick answers to the most common questions about buying EXEEW stock.
As of 2025, Expand Energy Corporation (EXEEW) had total assets of $28.29B including $2.92B in current assets.
Expand Energy Corporation (EXEEW) carries total debt of $5.06B, offset by $960.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Expand Energy Corporation (EXEEW) has total shareholders' equity (book value) of $18.58B ($77.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Expand Energy Corporation (EXEEW) reported a current ratio of 1.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.