Latest Ratios: P/E Ratio 12.6x · EV/EBITDA N/A · ROE 10.1%. (2005–2025 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 | — | $24.3B | $14.2B | — | — | — | — | — | — | — | — |
| Enterprise Value | — | $23.7B | $19.5B | — | — | — | — | — | — | — | — |
| P/E Ratio → | 12.59 | 13.34 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | 2.00 | 3.33 | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.00 | 1.31 | 0.81 | — | — | — | — | — | — | — | — |
| P/FCF | — | 13.20 | — | — | — | — | — | — | — | — | — |
| P/OCF | — | 5.31 | 9.11 | — | — | — | — | — | — | — | — |
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 | — | 1.95 | 4.59 | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | 4.34 | 20.14 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 8.98 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 12.87 | — | — | — | — | — | — | — | — | — |
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 | 80.4% | 80.4% | -5.7% | 10.1% | 45.0% | 33.1% | -8.7% | 4.3% | 11.7% | 15.1% | 2.5% |
| Operating Margin | 20.4% | 20.4% | -17.9% | 7.7% | 43.7% | 31.8% | -14.5% | 0.4% | 8.5% | 12.6% | -0.2% |
| Net Profit Margin | 15.0% | 15.0% | -16.8% | 40.1% | 35.0% | 86.7% | -211.0% | -3.6% | 2.2% | 10.3% | -50.2% |
| 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% | 25.6% | — | -735.3% |
| ROA | 6.5% | 6.5% | -3.4% | 16.2% | 37.3% | 71.9% | -85.5% | -2.1% | 1.8% | 7.4% | -28.9% |
| ROIC | 9.1% | 9.1% | -3.3% | 2.9% | 48.0% | 102.1% | -9.8% | 0.2% | 6.7% | 9.6% | -0.1% |
| ROCE | 9.9% | 9.9% | -4.0% | 3.6% | 57.8% | 38.6% | -7.7% | 0.3% | 8.8% | 11.8% | -0.1% |
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 | — | — | 0.33 | 0.20 | 0.35 | 0.41 | — | 2.16 | 3.62 | — | — |
| Debt / EBITDA | — | — | 5.93 | 1.06 | 0.40 | 0.69 | 2.32 | 4.03 | 2.85 | 4.66 | 9.58 |
| Net Debt / Equity | — | -0.03 | 0.30 | 0.10 | 0.33 | 0.25 | — | 2.16 | 3.62 | — | — |
| Net Debt / EBITDA | -0.11 | -0.11 | 5.53 | 0.52 | 0.39 | 0.42 | 1.99 | 4.03 | 2.85 | 4.66 | 8.77 |
| Debt / FCF | — | -0.33 | — | 1.87 | 1.32 | 1.33 | 76.50 | — | — | — | — |
| Interest Coverage | 11.21 | 11.21 | -5.84 | 30.97 | 23.82 | 75.07 | -28.51 | 0.02 | 1.34 | 3.25 | -15.05 |
Net cash position: cash ($616M) exceeds total debt ($0)
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 | 0.21 | 0.21 | 0.15 | 0.82 | 0.05 | 0.37 | 0.10 | 0.06 | 0.07 | 0.01 | 0.24 |
| Asset Turnover | — | 0.43 | 0.15 | 0.42 | 0.91 | 0.66 | 0.70 | 0.53 | 0.81 | 0.73 | 0.67 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 48.14 | 105.17 | 35.85 | 41.51 | 55.74 | 59.01 | 42.28 | 44.07 | 53.11 | 44.11 |
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% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 7.5% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | 7.6% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | — | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | — | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $240M | $157M | $150M | $146M | $118M | $10M | $8M | $5M | $5M | $4M |
Commodity price basis volatility
According to recent market data, Expand Energy trades at a 12.59x TTM P/E ratio, which appears to reflect investor caution regarding the sustainability of post-merger earnings and the inherent cyclicality of natural gas prices compared to the broader peer group's valuation multiples.
The lack of a forward P/E multiple suggests that the market is struggling to price the combined entity's earnings power following the Southwestern Energy merger. Investors should monitor whether this valuation gap persists as the company demonstrates its ability to realize projected synergies and stabilize production costs.
Based on reported figures, the company's ROIC reached 6.4% in 2026Q1, a notable improvement from the negative returns observed in 2024, yet this recovery warrants further investigation to determine if it represents sustainable compounding or merely a cyclical rebound in commodity pricing.
The historical volatility in ROIC, ranging from -1.7% to 6.4%, highlights the difficulty in generating consistent returns on invested capital within a capital-intensive, commodity-dependent business model. Future performance will likely depend on management's ability to maintain high-margin production while optimizing the capital-intensive asset base.
As reported in financial statements, the company's asset turnover ratio of 0.15 in 2026Q1 indicates a gradual improvement in capital utilization, though this remains low compared to historical levels, suggesting that the massive asset base requires significant production volume to drive meaningful efficiency gains.
The fluctuation in DSO and DPO metrics suggests that the company is still refining its working capital management following the recent merger. Investors should monitor whether the company can sustain these efficiency improvements as it integrates the Southwestern Energy operations into its existing supply chain.
According to recent SEC filings, the company's interest coverage ratio improved to 25.95x in 2026Q1, a significant recovery from the negative coverage seen in 2024, which suggests that the current debt service burden is becoming increasingly manageable for the consolidated entity.
The reduction in debt-to-EBITDA ratios indicates a shift toward a more conservative capital structure, which may provide a buffer against future commodity price downturns. However, the company's reliance on gas pricing means that this improved leverage profile remains sensitive to external market shocks.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to Expand Energy, as it fails to account for the massive non-cash DD&A charges and derivative mark-to-market adjustments that distort reported net income in the energy sector.
Investors should prioritize EV/EBITDA or FCF-based metrics, as these provide a clearer view of the company's operational cash-generating capacity. Relying solely on P/E ratios may lead to an inaccurate assessment of the company's true valuation and its ability to fund future capital expenditures.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying EXEEZ stock.
Expand Energy Corporation's current P/E ratio is 12.6x. The historical average is 13.3x.
Expand Energy Corporation's return on equity (ROE) is 10.1%. The historical average is 0.8%.
Based on historical data, Expand Energy Corporation is trading at a P/E of 12.6x. 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 80.4% gross margin and 20.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.