Latest Ratios: P/E Ratio 13.5x · EV/EBITDA N/A · 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 | — | $25.3B | $14.1B | — | — | — | — | — | — | — | — |
| Enterprise Value | — | $29.7B | $19.6B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 13.54 | 13.90 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | 2.17 | 3.33 | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.00 | 1.36 | 0.80 | — | — | — | — | — | — | — | — |
| P/FCF | — | 13.75 | 1758.87 | — | — | — | — | — | — | — | — |
| P/OCF | — | 5.53 | 8.99 | — | — | — | — | — | — | — | — |
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 | — | 2.55 | 4.64 | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | 5.91 | 21.14 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 14.56 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 16.13 | 2447.37 | — | — | — | — | — | — | — | — |
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 | — | 4.25 | 3.64 | 6.40 | — |
| 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 | — | 4.25 | 3.64 | 6.39 | — |
| Debt / FCF | — | 2.37 | 688.50 | 1.90 | 1.34 | 1.34 | 76.50 | — | — | — | — |
| Interest Coverage | 8.67 | 8.67 | -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 | 100.0% | — | — | — | — | — | — | — | — | — | — |
| 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 | 7.4% | 7.2% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | 7.3% | 0.1% | — | — | — | — | — | — | — | — |
| Buyback Yield | — | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | — | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $240M | $157M | $143M | $146M | $118M | $10M | $8M | $5M | $5M | $4M |
Midstream contract liability exposure
As reported in recent financial statements, Expand Energy’s operating margins have fluctuated wildly, ranging from a -58.4% deficit in 2024Q2 to a 34.8% peak in 2026Q1, suggesting that the company's true earning power remains obscured by the ongoing integration of Southwestern Energy’s legacy cost structure.
The wide variance in operating margins indicates that the firm has yet to achieve a stable cost-efficiency baseline following its massive inorganic expansion. Investors should monitor whether the recent improvement in margins is a sustainable result of operational synergies or merely a temporary benefit from favorable commodity price movements.
Based on the company's reported figures, ROIC has struggled to maintain positive momentum, oscillating from a -1.9% low in 2024Q2 to a 5.6% return in 2026Q1, which suggests that the firm is still in the early stages of compounding returns on its expanded asset base.
The inconsistent ROIC trend highlights the difficulty of generating superior returns when integrating large-scale acquisitions in a capital-intensive industry. Until the company demonstrates a sustained ability to exceed its cost of capital, the current returns appear to be driven more by scale than by superior operational efficiency.
According to quarterly data, the company's asset turnover ratio remains exceptionally low at 0.15 in 2026Q1, which, when compared to the broader energy sector, suggests that the firm’s massive asset base is not yet being utilized with the efficiency required to drive meaningful organic growth.
The low asset turnover ratio may imply that the company is carrying significant idle or underperforming capacity within its 5,000-well portfolio. Further investigation into the utilization rates of its Haynesville and Marcellus assets is warranted to determine if this is a structural inefficiency or a temporary byproduct of the merger.
As indicated by recent filings, Expand Energy has maintained a disciplined debt-to-equity ratio of 0.04 as of 2026Q1, a significant improvement from the 0.33 level seen in 2024Q4, which suggests a strategic shift toward balance sheet preservation despite the company's massive increase in operational scale.
This deleveraging trend provides a critical buffer against the inherent volatility of natural gas prices and the firm's significant fixed-cost midstream commitments. The current interest coverage ratio of 25.95 suggests that the company is well-positioned to service its debt obligations, even in a more challenging commodity price environment.
The market's reliance on the 13.54 TTM P/E ratio is likely misapplied to Expand Energy, as it fails to account for the massive non-cash derivative gains and integration-related charges that frequently distort net income in the wake of the Southwestern Energy merger and corporate rebranding.
Investors should prioritize EV/EBITDA or FCF-based metrics over P/E, as these provide a clearer view of the company's ability to generate cash after accounting for the heavy capital intensity of its shale operations. Relying on P/E in this context risks ignoring the underlying cash-generating reality of the business.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EXEEW stock.
Expand Energy Corporation's current P/E ratio is 13.5x. The historical average is 13.9x.
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 13.5x. Compare with industry peers and growth rates for a complete picture.
Expand Energy Corporation's current dividend yield is 100.00% 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.