— Know what they know.
/
Not Investment Advice

EQT

NYSE · USD
EQT Corporation
Energy · Oil & Gas Exploration & Production
CEO Toby Z. Rice Employees 1,523 R&D / revenue 0.0%
Last price
$54.31+3.56%last session
Market cap
$34.0B
P/E (TTM)
11.9x
From 52w high
−20.4%
From 52w low
+13.3%
1-year return
+3.2%
RSI 14 · vs SMA200
59.6 · −1.7%
IS score
76.2/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

EQT   SPY   XLE (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26XLE 160SPY 116EQT 103

Score DNA

Each bar is a 0-100 score within the scored universe
64
Profitability
69
Growth
83
Value
95
Momentum
50
Risk (safety)
83
Quality
68
Balance sheet
74
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Weak, Intangible AssetsPiotroski 7 / 9Altman Z 2.3Beta 0.583 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
5 open-market sales, $15.3M
Form 144 notices (12m): 11, $14.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
18
Last disclosed purchase 2026-08-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−64
128 new holders, 179 closed
1,104 filers hold 94.8% · 433 added, 385 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+279
928 funds adding shares
649 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
46.3%
20-day avg 51.7%, 50-day avg 49.8%
Latest 5.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$9.1B
Revenue growth YoY+73.7%
Gross margin48.9%
Operating income$3.1B
Operating margin34.7%
Net income$2.0B
Net margin22.5%
EPS (diluted)$3.31
Cash flow
Operating cash flow$5.1B
Capital expenditure$2.3B
Free cash flow$2.8B
FCF conversion (FCF / OCF)55.4%
Stock-based compensation$60.8M
FCF less SBC$2.8B
Buybacks$0
Dividends$389.6M
Balance sheet & returns
Cash & short-term investments$110.8M
Total debt$7.8B
Net debt$7.7B
Shareholders' equity$27.4B
Goodwill & intangibles$2.3B
Debt / equity0.22
ROE (TTM)11.7%
ROIC (TTM)7.9%
Operating margin by fiscal year
-19.9%FY202122.4%FY202245.6%FY202313.1%FY202434.7%FY2025
Revenue $6.8B (FY2021) to $9.1B (FY2025), a 7.3% CAGR.

Valuation

P/E (TTM)11.9x
EV / EBITDA5.7x
Price / sales3.66x
Price / FCF9.0x
FCF yield11.09%
Buyback yield0.00%
SBC / revenue0.6%
Price / book1.35x
Forward P/E FY202613.6x
Forward P/E FY202714.8x
Forward P/E FY202810.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $64.00 across 3 analysts last quarter is theirs, not ours.

EQT vs industry median

473 companies in Oil & Gas Exploration & Production
Gross margin 68.4% 45.9% Operating margin 43.2% 19.2% Net margin 30.7% 12.3% ROIC 7.9% 5.3%
EQT (TTM)Industry median Asset turnover 0.22 vs industry 0.24 · financial leverage 1.64

Earnings delivery

Next report 2026-10-27 · consensus EPS $0.39
92%
beat rate, 11 of 12 quarters
+28.3%
median EPS surprise
9
longest beat streak
+37+350+0+27+59+58+30+15+7+44+18+12
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-25 to 2026-04-21. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
EQT EQT Corporation $34.0B11.9x11.7%30.7%+73.7% +3.2%
WDS Woodside Energy Group Ltd $44.8B14.5x17.0%22.5%−10.8% +62.5%
TPL Texas Pacific Land Corporati $24.2B44.7x36.6%62.6%+20.8% +11.3%
EXE Expand Energy Corporation $21.6B8.0x14.9%17.6%+56.8% −4.8%
DVN Devon Energy Corporation $55.8B12.0x11.5%25.8%+17.0% +62.4%
PR Permian Resources Corporatio $20.6B15.9x11.5%42.7%+12.8% —
FANG Diamondback Energy, Inc. $57.1B39.8x4.1%33.8%+22.0% —
OVV Ovintiv Inc. $19.2B19.7x8.4%15.1%+4.7% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-10-13Earnings Release
2026-10-07Material Agreement; Financial Obligation; Exhibits
2026-07-21Earnings Release; Exhibits
2026-07-14Earnings Release
2026-04-21Earnings Release; Exhibits
2026-04-15Officer/Director Change; Shareholder Vote

Context

Shares outstanding625,516,000
Free float99.0%
Institutional ownership94.8%
Beta0.58
Dividend yield1.22%
Last dividend$0.17 on 2026-11-04
50 / 200-day average$52.85 / $55.45
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where EQT sits among 48 scored companies in Oil & Gas Exploration & Production (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureEQTIndustry medianIndustry percentileSector median
P/E (TTM) 11.9x 11.0x
59th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 3.7x 2.0x
85th		 1.8x
Price / book 1.3x 1.5x
41st		 1.9x
Price / tangible book 1.4x 1.3x
61st		 1.9x
Price / free cash flow 9.0x 11.4x
41st		 11.9x
Price / operating cash flow 5.4x 4.5x
59th		 6.9x
Enterprise value $39.5B $6.1B
87th		 $5.3B
EV / sales 4.3x 2.7x
87th		 2.4x
EV / EBITDA 5.7x 6.0x
45th		 9.0x
EV / EBIT 9.4x 10.0x
39th		 14.1x
EV / free cash flow 10.5x 12.3x
41st		 14.6x
Earnings yield 8.4% 6.5%
57th		 4.6%
FCF yield 11.1% 8.4%
68th		 5.8%
Operating cash flow yield 18.4% 21.3%
43rd		 13.6%
Graham number (per share) $64.32 $45.98
65th		 $32.92

Profitability (TTM)

MeasureEQTIndustry medianIndustry percentileSector median
Gross margin 68.4% 48.6%
83rd		 31.9%
EBITDA margin 74.2% 48.0%
91st		 26.7%
Operating margin 43.2% 24.6%
91st		 15.2%
EBIT margin 45.1% 25.8%
85th		 13.3%
Net margin 30.7% 17.5%
87th		 8.0%
NOPAT margin 33.6% 20.3%
83rd		 12.4%
FCF margin 40.6% 20.0%
83rd		 7.8%
Operating cash flow margin 67.3% 46.3%
91st		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 4.4% 6.7%
36th		 6.7%
Stock comp / revenue 0.6% 0.9%
38th		 0.7%
Effective tax rate 22.3% 21.0%
78th		 21.0%

Returns on capital

MeasureEQTIndustry medianIndustry percentileSector median
ROE (on average equity) 12.2% 13.7%
43rd		 12.2%
ROA 7.0% 7.0%
51st		 4.8%
ROIC 10.1% 10.7%
47th		 9.9%
ROCE 10.6% 9.8%
55th		 9.8%
Return on tangible assets 10.3% 9.4%
55th		 8.3%
Cash ROIC (OCF / invested capital) 20.3% 25.0%
40th		 18.4%
Gross profitability (GP / assets) 15.4% 15.7%
45th		 14.8%
ROIC, 3-yr average 5.3% 8.5%
27th		 7.0%
ROIC, 5-yr average 6.4% 17.7%
18th		 10.1%
ROE, 5-yr average 8.4% 21.1%
18th		 14.8%
Incremental ROIC 189.3% 18.2%
91st		 14.8%

Growth

MeasureEQTIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 16.0% 14.4%
54th		 10.2%
Revenue growth (QoQ) -46.4% 25.4%
2nd		 13.0%
Revenue CAGR, 3 yr 1.2% 2.1%
45th		 2.0%
Revenue CAGR, 5 yr 20.4% 19.9%
51st		 13.7%
Gross profit CAGR, 3 yr -3.7% -1.3%
45th		 1.7%
Operating income CAGR, 3 yr -6.0% -14.4%
66th		 -2.0%
Net income growth (TTM YoY) 149.0% 23.5%
81st		 23.5%
Net income CAGR, 3 yr -7.1% -12.5%
76th		 -7.8%
EPS growth (TTM YoY) 140.0% 23.6%
81st		 19.9%
EPS CAGR, 3 yr -22.5% -20.5%
38th		 -9.8%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 77.5% 27.0%
67th		 19.9%
FCF CAGR, 3 yr 12.9% 3.0%
67th		 -3.4%
Operating cash flow CAGR, 3 yr 13.1% 4.9%
71st		 3.2%
Book value CAGR, 3 yr 6.8% 7.9%
49th		 5.6%
Dividend CAGR, 3 yr -14.4% -4.9%
25th		 -0.1%
Sustainable growth rate 10.5% 11.9%
41st		 9.4%

Margin history & stability

MeasureEQTIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 50.6% 46.5%
61st		 31.0%
Operating margin, 3-yr average 30.0% 26.4%
61st		 15.4%
Net margin, 3-yr average 20.1% 16.5%
64th		 8.7%
FCF margin, 3-yr average 25.5% 15.4%
82nd		 7.2%
Revenue stability (0-1) 0.46 0.70
34th		 0.64
Earnings stability (0-1) 0.45 0.14
84th		 0.22
Margin stability (0-1) 0.71 0.80
27th		 0.73

Liquidity (latest quarter)

MeasureEQTIndustry medianIndustry percentileSector median
Cash & short-term investments $112.9M $119.5M
47th		 $248.6M
Net cash (− = net debt) −$5.5B −$1.1B
13th		 −$1.1B
Working capital −$572.5M −$48.6M
11th		 $205.0M
Current ratio 0.67 0.95
34th		 1.41
Quick ratio 0.67 0.90
36th		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.06 0.27
19th		 0.36
Defensive interval (days) 148 days 340 days
6th		 768 days

Leverage & solvency (latest quarter)

MeasureEQTIndustry medianIndustry percentileSector median
Total debt $5.7B $1.3B
85th		 $1.3B
Debt / equity 0.22 0.48
22nd		 0.61
Net debt / equity 0.22 0.38
24th		 0.45
Debt / assets 13.7% 23.7%
19th		 28.7%
Debt / capital 18.3% 32.6%
22nd		 37.9%
Debt / EBITDA 0.82 1.74
27th		 1.98
Net debt / EBITDA 0.81 1.32
32nd		 1.43
Interest coverage (EBIT / interest) 10.8x 4.9x
71st		 4.1x
Cash interest coverage 16.1x 11.9x
63rd		 6.7x
Debt payback (years of OCF) 0.9 yrs 1.4 yrs
28th		 2.3 yrs
Liabilities / assets 30.1% 47.1%
9th		 54.6%
IS credit model rating AA- — —
Implied credit spread (bps) 100 312
19th		 275

Efficiency

MeasureEQTIndustry medianIndustry percentileSector median
Asset turnover 0.23 0.39
4th		 0.49
Fixed asset turnover 0.28 0.47
9th		 0.94
Inventory turnover —
Receivables turnover 11.2 9.4
66th		 7.8
Days sales outstanding 32 days 39 days
34th		 46 days
Days inventory outstanding —
Days payables outstanding 144 days 49 days
83rd		 41 days
Cash conversion cycle (days) −112 days −2 days
13th		 18 days
Capex / revenue 26.7% 24.8%
52nd		 11.9%
Capex / depreciation 0.92 0.99
46th		 1.04
Operating expense ratio 48.1% 25.0%
89th		 16.5%

Cash flow & earnings quality

MeasureEQTIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.19 2.19
50th		 2.02
FCF / net income 1.32 0.98
65th		 0.96
FCF / operating cash flow 60.3% 45.0%
75th		 48.4%
Capex / operating cash flow 39.7% 54.4%
27th		 51.6%
Accruals ratio -8.4% -12.1%
77th		 -7.7%
Sloan accruals ratio -6.4% -9.7%
77th		 -4.7%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureEQTIndustry medianIndustry percentileSector median
Dividend yield 1.2% 2.3%
36th		 1.7%
Dividend per share (TTM) $0.66 $0.78
45th		 $0.66
Payout ratio (dividends / net income) 14.3% 27.5%
24th		 29.4%
Dividends / FCF 10.8% 21.1%
31st		 28.1%
Dividend growth (YoY) 4.5% -1.5%
67th		 0.5%
Buyback yield -0.0% 0.3%
4th		 0.2%
Shareholder yield (dividends + buybacks) 1.2% 3.5%
23rd		 3.2%
Share count change (YoY) 3.8% 0.2%
66th		 0.2%
Buybacks, last 5 years $0 $74.3M
0th		 $38.8M

Scores & forensic checks

MeasureEQTIndustry medianIndustry percentileSector median
IS score 76 57
81st		 51
IS profitability 64 66
45th		 50
IS growth 69 61
67th		 61
IS value 83 71
74th		 57
IS momentum 95 86
70th		 77
IS risk (safety) 50 30
62nd		 50
IS quality 83 81
66th		 68
IS balance sheet 68 56
72nd		 55
IS earnings quality 74 61
83rd		 65
IS cash flow 87 61
81st		 50
Piotroski F-score (0-9) 7 7
43rd		 6
Altman Z-score 2.3 1.6
72nd		 2.0
Beneish M-score −2.99 −2.72
40th		 −2.62
Ohlson O-score −10.62 −8.38
11th		 −7.87
IS credit score 80 54
77th		 58

Per share

MeasureEQTIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.55 $2.27
68th		 $1.88
Book value per share $40.38 $18.64
77th		 $14.22
Tangible book per share $42.54 $19.14
81st		 $12.86
Revenue per share $14.84 $14.22
53rd		 $19.06
FCF per share $6.02 $2.65
74th		 $2.05
Operating cash flow per share $9.99 $6.43
66th		 $4.95
Cash per share $0.18 $1.32
17th		 $1.70

Size (TTM)

MeasureEQTIndustry medianIndustry percentileSector median
Market cap $34.0B $4.3B
87th		 $4.1B
Revenue $9.3B $1.9B
83rd		 $2.0B
EBITDA $6.9B $719.1M
87th		 $606.3M
Net income $2.8B $288.8M
89th		 $134.0M
Free cash flow $3.8B $254.3M
87th		 $199.4M
Total assets $41.3B $5.6B
87th		 $4.4B
Shareholders' equity $25.3B $2.1B
87th		 $1.8B
Employees 1,523 429
79th		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Mccartney John
Director
 Award / grant 48——9,122
2026-10-01Rice Daniel J. Iv
Director
 Award / grant 592——31,767
2026-08-14Rice Toby Z.
Director, PRESIDENT & CEO
 Open-market sale 175,328$55.03$9.6M2,157,865
2026-07-27Bolen J.E.B.
EVP OPERATIONS
 Tax withholding 3,904$52.00$203,00879,805
2026-07-27Fenton Sarah
EVP UPSTREAM
 Tax withholding 3,904$52.00$203,00849,207
2026-07-24Knop Jeremy
CHIEF FINANCIAL OFFICER
 Tax withholding 1,011$53.03$53,613135,807
2026-07-01Mccartney John
Director
 Award / grant 44——9,047
2026-07-01Rice Daniel J. Iv
Director
 Award / grant 541——31,083
2026-06-08Rice Toby Z.
Director, PRESIDENT & CEO
 Open-market sale 1,731$53.46$92,5392,333,193
2026-06-05Rice Toby Z.
Director, PRESIDENT & CEO
 Open-market sale 86,472$54.17$4.7M2,345,435
2026-06-05Rice Toby Z.
Director, PRESIDENT & CEO
 Open-market sale 10,511$55.17$579,8922,334,924
2026-04-27Bailey Vicky A
Director
 Open-market sale 4,116$59.80$246,1370

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulAugOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired283,651,225$346.8M
Open-market saleDisposed5278,158$15.3M
Tax withholdingDisposed38,819$459,629
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 11 notices · 250,546 shares · $14.7M
FiledFilerShares proposedEst. proceeds
2026-06-08Rice Toby Z.1,731$92,541
2026-06-05Rice Toby Z.96,983$5.4M
2026-04-27Bailey Vicky A4,116$246,121
2026-03-16Fenton Sarah4,876$314,444
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 25 trades (25 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-27Michael McCaulHousePurchase$1,001 - $15,0002026-10-16
2026-08-24Michael McCaulHousePurchase$1,001 - $15,0002026-10-16
2026-08-14Michael McCaulHousePurchase$1,001 - $15,0002026-10-16
2026-08-05Michael McCaulHousePurchase$1,001 - $15,0002026-10-16
2024-07-22Bill HagertySenatereceive$15,001 - $50,0002025-08-12
2024-07-22William Francis HagertySenatereceive$15,001 - $50,0002025-08-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.60,261,896$3.2B9.63%
VANGUARD CAPITAL MANAGEMENT LLC40,864,324$2.2B6.53%
STATE STREET CORP39,679,249$2.1B6.34%
VANGUARD PORTFOLIO MANAGEMENT LLC32,757,657$1.7B5.24%
WELLINGTON MANAGEMENT GROUP LLP22,565,479$1.2B3.61%
JPMORGAN CHASE & CO18,678,043$971.3M2.99%
GEODE CAPITAL MANAGEMENT, LLC17,026,838$901.9M2.72%
Orbis Allan Gray Ltd15,706,047$835.1M2.51%
PRICE T ROWE ASSOCIATES INC /MD/14,724,619$782.9M2.35%
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main11,670,803$620.5M1.87%
Invesco Ltd.9,979,275$530.6M1.60%
Bank of New York Mellon Corp9,450,992$502.5M1.51%
MORGAN STANLEY7,441,304$395.7M1.19%
Capital International Investors7,146,523$380.0M1.14%
GOLDMAN SACHS GROUP INC6,493,142$345.2M1.04%

Institutional ownership by quarter

2023-092026-0694.8%
% of shares held by 13F filers
2023-092026-061,104
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,10494.8%128433385179
2026-03-311,16891.9%210440378131
2025-12-311,10393.0%20046830098
2025-09-301,01992.9%138406338166
2025-06-301,06089.1%17244132269
2025-03-3196789.7%19039926083
2024-12-3187494.2%21531423855
2024-09-3072995.7%15440411185
2024-06-3066872.3%10028219071
2024-03-3164966.9%9723721387
2023-12-3164963.9%10825120472
2023-09-3062261.8%8422022673

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.1%32,054,991
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%46,650,272
2026-02-10SCHEDULE 13G/AWellington Investment Advisors Holdings LLP4.3%26,539,413
2025-08-14SCHEDULE 13G/AT. Rowe Price Associates, Inc.2.2%13,368,618
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$962.4M
VTSAX0.04%$962.4M
VSMPX0.04%$962.4M
VTI0.04%$962.4M
VFFSX0.05%$797.7M
VFINX0.05%$797.7M

Share structure

Shares outstanding625,516,000
Float619,110,716
Free float99.0%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$6.8B$12.1B$5.1B$5.2B$9.1B
Cost of revenue$3.8B$4.1B$4.1B$4.5B$4.6B
Gross profit$3.0B$8.1B$941.6M$767.2M$4.4B
R&D$0$0$0$0$0
SG&A$196.3M$252.6M$236.2M$336.7M$380.1M
Operating income−$1.4B$2.7B$2.3B$685.3M$3.1B
EBITDA$429.1M$4.3B$4.1B$2.9B$5.9B
Pretax income−$1.6B$2.3B$2.1B$264.2M$3.0B
Income tax−$428.0M$553.7M$369.0M$22.1M$651.9M
Net income−$1.1B$1.8B$1.7B$230.6M$2.0B
EPS, diluted$-3.57$4.38$4.20$0.41$3.31
Diluted shares323.2M406.5M413.2M559.6M624.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$114.0M$1.5B$81.0M$202.1M$110.8M
Receivables$1.4B$1.6B$915.1M$1.2B$1.5B
Inventory$0$0$0$0$0
Total current assets$2.3B$4.0B$2.0B$1.7B$1.9B
PP&E, net$18.4B$18.2B$23.0B$31.8B$33.6B
Goodwill & intangibles$0$0$22.6M$2.3B$2.3B
Total assets$22.8B$22.7B$25.3B$39.8B$41.8B
Accounts payable$1.3B$1.6B$1.3B$1.2B$1.4B
Total current liabilities$5.2B$3.7B$2.0B$2.5B$2.5B
Long-term debt$4.5B$5.3B$5.5B$9.0B$7.3B
Total liabilities$12.8B$11.5B$10.5B$15.6B$14.4B
Shareholders' equity$10.0B$11.2B$14.8B$24.3B$27.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income−$1.1B$1.8B$1.7B$242.1M$2.3B
Depreciation & amortization$1.7B$1.7B$1.7B$2.2B$2.6B
Stock-based compensation$28.2M$45.2M$49.8M$158.3M$60.8M
Change in working capital−$366.7M$99.2M$383.6M−$281.8M−$230.1M
Operating cash flow$1.7B$3.5B$3.2B$2.8B$5.1B
Capital expenditure−$1.1B−$1.4B−$2.0B−$2.3B−$2.3B
Free cash flow$607.3M$2.1B$1.2B$573.3M$2.8B
Investing cash flow−$2.1B−$1.4B−$4.3B−$1.6B−$2.8B
Net debt issued / repaid$545.7M$83.0M$234.2M−$4.1B−$1.5B
Buybacks−$12.9M−$409.5M−$201.0M$0$0
Dividends paid$0−$203.6M−$228.3M−$326.6M−$389.6M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin72.2%83.8%60.9%25.1%48.9%
Operating margin-19.9%22.4%45.6%13.1%34.7%
Net margin-16.9%14.6%34.2%4.4%22.5%
FCF margin8.9%17.0%22.9%11.0%31.4%
ROE-12.0%16.8%13.4%1.3%9.2%
ROIC-6.9%13.4%9.3%2.1%7.8%
ROA-5.6%7.8%7.2%0.7%5.0%
Debt / equity0.570.510.400.450.33
Interest coveragen/m10.4x10.6x1.6x7.8x
Current ratio0.441.080.990.700.76
Revenue growth+157.3%+77.5%−58.2%+3.0%+73.7%
EPS growth+15.0%+247.5%−12.1%−90.2%+753.2%
P/E at year endn/m7.3x9.6x119.1x16.4x
EV / EBITDA at year end29.8x4.0x5.5x12.7x6.8x
FCF yield at year end7.73%15.98%6.94%2.09%8.50%
Dividend payout—11.5%13.2%141.6%19.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Natural Gas Sales$6.2B$11.4B$4.5B——
Oil Sales$92.3M$79.2M$96.2M$4.9B$7.7B
NGLs Sales$531.5M$586.7M$427.8M——

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $0.39 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$9.2B$9.0B – $9.7B$3.98$3.53 – $4.441313.6x
2027$9.0B$8.8B – $9.2B$3.67$2.78 – $4.25914.8x
2028$10.2B$9.2B – $11.2B$5.20$3.73 – $7.42910.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-21$2.08$2.33+12.0%$3.2B$3.4B+5.1%
2026-02-17$0.76$0.90+18.4%$2.1B$2.4B+12.2%
2025-10-21$0.36$0.52+43.8%$1.8B$1.8B+0.7%
2025-07-22$0.42$0.45+7.3%$1.8B$2.6B+45.2%
2025-04-22$1.03$1.18+14.6%$2.2B$2.4B+11.9%
2025-02-18$0.53$0.69+29.7%$1.8B$1.8B+1.9%
2024-10-29$0.08$0.12+58.3%$1.4B$1.2B−10.2%
2024-07-23$-0.19$-0.08+58.8%$1.1B$891.2M−16.1%
2024-04-23$0.65$0.82+26.9%$1.6B$1.3B−17.3%
2024-02-13$0.48$0.480.0%$1.6B$1.4B−12.7%
2023-10-25$-0.12$0.30+350.0%$1.1B$1.0B−10.9%
2023-07-25$-0.27$-0.17+37.0%$1.0B$854.4M−17.0%
2023-04-26$1.32$1.70+28.8%$1.2B$1.8B+56.3%
2023-02-15$0.43$0.42−2.3%$1.4B$2.6B+78.6%
2022-10-26$0.99$1.04+5.1%$1.8B$3.7B+110.8%
2022-07-27$0.81$0.83+2.5%$1.6B$3.4B+109.4%
2022-04-27$1.04$0.81−22.1%$1.6B$2.5B+53.8%
2022-02-09$0.51$0.41−19.6%$1.5B$2.8B+92.4%
2021-10-27$-0.05$0.12+340.0%$1.1B$1.8B+64.1%
2021-07-28$0.06$0.07+22.6%$1.0B$1.1B+7.7%
2021-05-05$0.27$0.30+11.1%$1.1B$1.1B+3.6%
2021-02-17$-0.24$-0.02+91.7%$1.5B$841.1M−42.1%
2020-10-22$-0.22$-0.15+31.8%$298.4M$599.3M+100.9%
2020-07-27$-0.15$-0.18−20.0%$380.7M$500.6M+31.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.506-220.306-290.407-060.407-130.707-200.407-270.408-030.308-100.508-170.508-240.408-31
Week ofNotionalSharesTrades
2026-08-31$351.0M6,348,655111,770
2026-08-24$457.9M8,393,615110,030
2026-08-17$464.6M8,687,133123,139
2026-08-10$333.2M6,167,864105,556
2026-08-03$354.1M6,791,316111,843
2026-07-27$437.1M8,348,750125,292

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1546.3%
DateShort shareShort volumeTotal volume
2026-10-1546.3%1,005,0832,169,317
2026-10-1448.0%935,6991,949,744
2026-10-1354.5%848,4241,556,555
2026-10-1252.5%900,5491,716,818
2026-10-0961.4%893,2381,454,220
2026-10-0862.6%1,270,3952,029,742
2026-10-0760.0%1,153,2621,922,647
2026-10-0653.1%1,132,7032,132,212
2026-10-0561.4%1,313,1132,139,437
2026-10-0263.6%1,461,8212,296,750
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.1Jan+1.8Feb+4.5Mar+9.5Apr+1.4May-1.6Jun+1.0Jul-0.9Aug-2.0Sep+1.9Oct+0.8Nov-0.7Dec
MonthAvg returnUp yearsYears
Jan−0.1%50%20
Feb+1.8%55%20
Mar+4.5%67%21
Apr+9.5%80%20
May+1.4%55%20
Jun−1.6%45%20
Jul+1.0%50%20
Aug−0.9%55%20
Sep−2.0%55%20
Oct+1.9%65%20
Nov+0.8%40%20
Dec−0.7%40%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1459.6
MFI73.2
ADX18.2
Stochastic %K / %D77.7 / 81.4
Williams %R-4.7
CCI111
TSI / signal6.0 / -5.0
Chaikin money flow0.17
ATR$1.38
Bollinger width12.6%
Volume vs 20-day avg1.15x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$51.55 (+5.4%)
SMA 50$52.91 (+2.7%)
SMA 200$55.23 (−1.7%)
EMA 21$52.36 (+3.7%)
EMA 50$52.50 (+3.5%)
EMA 200$53.85 (+0.9%)
Bollinger upper$54.79 (−0.9%)
Bollinger lower$48.31 (+12.4%)
Parabolic SAR$51.73 (+5.0%)
Open the live chart, 110+ indicators

About EQT Corporation

EQT Corporation primarily functions as an extractor of natural gas within the United States. In addition to natural gas, the firm also obtains various natural gas liquids (NGLs), specifically ethane, propane, isobutane, butane, and natural gasoline. By the end of 2021, EQT possessed certified reserves amounting to 25.0 trillion cubic feet of natural gas, NGLs, and crude oil. These reserves are situated across roughly 2.0 million gross acres, with a significant 1.7 million gross acres located within the Marcellus shale formation. The company, which dates back to its founding in 1878, has its principal offices in Pittsburgh, Pennsylvania.

https://www.eqt.com

Key executives

NameTitlePayBorn
Toby Z. RicePresident, Chief Executive Officer & Director$2.5M1982
Jeremy KnopChief Financial Officer$1.8M1989
William E. JordanChief Legal, Policy Officer & Corporate Secretary$1.5M1980
J. BolenExecutive Vice President of Operations$1.5M1979
Sarah FentonExecutive Vice President of Upstream$1.5M1979
Richard Anthony DuranChief Information & Technology Officer$742,0251979
Lesley EvanchoChief Human Resources Officer$599,8061978
Cameron Jeffrey HorwitzManaging Director of Investor Relations & Strategy——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Toby Z. Rice President and Chief Executive Officer2025$1$13.6M$2.5M$16.1M
Jeremy T. Knop Chief Financial Officer2025$629,808$7.6M$1.1M$9.4M
William E. Jordan Chief Legal and Policy Officer2025$525,000$2.6M$874,575$4.1M
J.E.B. Bolen Exec VP Operations2025$486,923$2.5M$946,400$3.9M
Sarah Fenton Exec VP Upstream2025$486,923$2.5M$946,400$3.9M

Employees

1k20181k20191k20201k20211k20221k20231k20242k2025

Dividends

Ex-dateAmountPaid
2026-11-04$0.172026-12-01
2026-08-05$0.1652026-09-01
2026-05-06$0.1652026-06-01
2026-02-17$0.1652026-03-02
2025-11-05$0.1652025-12-01
2025-08-06$0.15752025-09-02
2025-05-07$0.15752025-06-02
2025-02-18$0.15752025-03-03

Moat model

Weak · Intangible Assets · 2026-06-30
Cost advantage33
Intangibles61
Switching costs51
Network effect32
Efficient scale53
Our component scores (0-100) and overall 47.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms