— Know what they know.
/
Not Investment Advice

EXE

NASDAQ · USD
Expand Energy Corporation
Energy · Oil & Gas Exploration & Production
CEO Michael A. Wichterich Employees 1,600 R&D / revenue 0.0%
Last price
$93.41+2.87%last session
Market cap
$21.6B
P/E (TTM)
8.0x
From 52w high
−26.2%
From 52w low
+12.2%
1-year return
−4.8%
RSI 14 · vs SMA200
60.9 · −4.0%
IS score
77.4/ 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

EXE   SPY   XLE (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26XLE 160SPY 116EXE 95

Score DNA

Each bar is a 0-100 score within the scored universe
69
Profitability
77
Growth
87
Value
100
Momentum
65
Risk (safety)
89
Quality
77
Balance sheet
71
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+✓ Insider buying
Warnings
None of the computed warning flags fires for EXE (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 9 / 9Altman Z 2.7Beta 0.323 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
4
$0.56M bought
Form 144 notices (12m): 8, $3.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−46
111 new holders, 149 closed
855 filers hold 92.8% · 364 added, 269 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+87
869 funds adding shares
782 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
71.3%
20-day avg 59.6%, 50-day avg 57.6%
Latest 11.7 pp over 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$11.6B
Revenue growth YoY+176.0%
Gross margin46.5%
Operating income$2.0B
Operating margin17.5%
Net income$1.8B
Net margin15.6%
EPS (diluted)$7.57
Cash flow
Operating cash flow$4.6B
Capital expenditure$2.7B
Free cash flow$1.8B
FCF conversion (FCF / OCF)40.2%
Stock-based compensation$46.0M
FCF less SBC$1.8B
Buybacks$100.0M
Dividends$765.0M
Balance sheet & returns
Cash & short-term investments$960.0M
Total debt$5.1B
Net debt$4.1B
Shareholders' equity$18.6B
Goodwill & intangibles$0
Debt / equity0.19
ROE (TTM)14.7%
ROIC (TTM)10.9%
Operating margin by fiscal year
31.8%FY202133.0%FY202240.4%FY2023-19.0%FY202419.2%FY2025
Revenue $7.3B (FY2021) to $11.6B (FY2025), a 12.4% CAGR.

Valuation

P/E (TTM)8.0x
EV / EBITDA3.7x
Price / sales1.62x
Price / FCF8.5x
FCF yield11.76%
Buyback yield0.46%
SBC / revenue0.3%
Price / book1.15x
Forward P/E FY202610.8x
Forward P/E FY202711.4x
Forward P/E FY20289.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $123.94 across 18 analysts last quarter is theirs, not ours.

EXE vs industry median

473 companies in Oil & Gas Exploration & Production
Gross margin 63.1% 45.9% Operating margin 26.0% 19.2% Net margin 20.8% 12.3% ROIC 10.9% 5.3%
EXE (TTM)Industry median Asset turnover 0.48 vs industry 0.24 · financial leverage 1.44

Earnings delivery

Next report 2026-10-27 · consensus EPS $1.31
67%
beat rate, 8 of 12 quarters
+5.8%
median EPS surprise
3
longest beat streak
+587-14+465-69-15633+414+6+6-4+8+7+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-08-01 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
EXE Expand Energy Corporation $21.6B8.0x14.7%20.8%+176.0% −4.8%
PR Permian Resources Corporatio $20.6B15.9x11.5%42.7%+12.8% +105.9%
TPL Texas Pacific Land Corporati $24.2B44.7x36.6%62.6%+20.8% +11.3%
OVV Ovintiv Inc. $19.2B19.7x8.4%15.1%+4.7% +91.7%
APA APA Corporation $17.2B10.4x25.9%31.1%−12.2% +116.0%
COG Cabot Oil & Gas Corporation $17.1B10.2x11.4%47.0%+26.0% —
EQT EQT Corporation $34.0B11.9x12.2%15.6%+16.0% —
AR Antero Resources Corporation $11.9B11.0x13.9%20.8%+19.6% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-10-13Officer/Director Change
2026-10-06Material Agreement; Financial Obligation; Exhibits
2026-09-17Material Agreement; Financial Obligation; Other Events; Exhibits
2026-09-16Material Agreement; Regulation FD; Exhibits
2026-09-16Officer/Director Change; Other Events
2026-07-30Other Events; Exhibits

Context

Shares outstanding231,504,000
Free float99.5%
Institutional ownership92.8%
Beta0.32
Dividend yield2.46%
Last dividend$0.57 on 2026-08-13
50 / 200-day average$92.52 / $97.51
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 EXE 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

MeasureEXEIndustry medianIndustry percentileSector median
P/E (TTM) 7.8x 11.0x
18th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.6x 2.0x
30th		 1.8x
Price / book 1.1x 1.5x
22nd		 1.9x
Price / tangible book 1.1x 1.3x
37th		 1.9x
Price / free cash flow 8.5x 11.4x
30th		 11.9x
Price / operating cash flow 3.8x 4.5x
39th		 6.9x
Enterprise value $24.0B $6.1B
85th		 $5.3B
EV / sales 1.8x 2.7x
13th		 2.4x
EV / EBITDA 3.6x 6.0x
11th		 9.0x
EV / EBIT 6.5x 10.0x
15th		 14.1x
EV / free cash flow 9.4x 12.3x
24th		 14.6x
Earnings yield 12.9% 6.5%
87th		 4.6%
FCF yield 11.8% 8.4%
77th		 5.8%
Operating cash flow yield 26.1% 21.3%
62nd		 13.6%
Graham number (per share) $146.21 $45.98
91st		 $32.92

Profitability (TTM)

MeasureEXEIndustry medianIndustry percentileSector median
Gross margin 63.1% 48.6%
81st		 31.9%
EBITDA margin 49.6% 48.0%
55th		 26.7%
Operating margin 26.0% 24.6%
53rd		 15.2%
EBIT margin 27.7% 25.8%
53rd		 13.3%
Net margin 20.8% 17.5%
64th		 8.0%
NOPAT margin 20.4% 20.3%
51st		 12.4%
FCF margin 19.0% 20.0%
49th		 7.8%
Operating cash flow margin 42.2% 46.3%
30th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 17.9% 6.7%
91st		 6.7%
Stock comp / revenue 0.3% 0.9%
26th		 0.7%
Effective tax rate 21.3% 21.0%
67th		 21.0%

Returns on capital

MeasureEXEIndustry medianIndustry percentileSector median
ROE (on average equity) 14.9% 13.7%
57th		 12.2%
ROA 10.0% 7.0%
77th		 4.8%
ROIC 12.6% 10.7%
62nd		 9.9%
ROCE 14.8% 9.8%
74th		 9.8%
Return on tangible assets 13.3% 9.4%
70th		 8.3%
Cash ROIC (OCF / invested capital) 25.9% 25.0%
53rd		 18.4%
Gross profitability (GP / assets) 30.1% 15.7%
94th		 14.8%
ROIC, 3-yr average 5.6% 8.5%
32nd		 7.0%
ROIC, 5-yr average 21.1% 17.7%
67th		 10.1%
ROE, 5-yr average 21.3% 21.1%
51st		 14.8%
Incremental ROIC —

Growth

MeasureEXEIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 56.8% 14.4%
91st		 10.2%
Revenue growth (QoQ) -32.7% 25.4%
9th		 13.0%
Revenue CAGR, 3 yr 4.4% 2.1%
52nd		 2.0%
Revenue CAGR, 5 yr 44.0% 19.9%
87th		 13.7%
Gross profit CAGR, 3 yr 6.6% -1.3%
69th		 1.7%
Operating income CAGR, 3 yr -14.6% -14.4%
49th		 -2.0%
Net income growth (TTM YoY) 1,250.0% 23.5%
100th		 23.5%
Net income CAGR, 3 yr -23.6% -12.5%
21st		 -7.8%
EPS growth (TTM YoY) 1,262.5% 23.6%
100th		 19.9%
EPS CAGR, 3 yr -35.5% -20.5%
7th		 -9.8%
EPS CAGR, 5 yr -26.3% 22.1%
0th		 20.5%
FCF growth (TTM YoY) 118.4% 27.0%
73rd		 19.9%
FCF CAGR, 3 yr 14.9% 3.0%
70th		 -3.4%
Operating cash flow CAGR, 3 yr 14.4% 4.9%
79th		 3.2%
Book value CAGR, 3 yr 3.9% 7.9%
34th		 5.6%
Dividend CAGR, 3 yr -2.2% -4.9%
59th		 -0.1%
Sustainable growth rate 10.8% 11.9%
44th		 9.4%

Margin history & stability

MeasureEXEIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 48.1% 46.5%
55th		 31.0%
Operating margin, 3-yr average 14.2% 26.4%
16th		 15.4%
Net margin, 3-yr average 10.7% 16.5%
36th		 8.7%
FCF margin, 3-yr average 12.3% 15.4%
43rd		 7.2%
Revenue stability (0-1) 0.49 0.70
39th		 0.64
Earnings stability (0-1) 0.22 0.14
59th		 0.22
Margin stability (0-1) 0.39 0.80
0th		 0.73

Liquidity (latest quarter)

MeasureEXEIndustry medianIndustry percentileSector median
Cash & short-term investments $1.4B $119.5M
91st		 $248.6M
Net cash (− = net debt) −$2.4B −$1.1B
40th		 −$1.1B
Working capital −$123.0M −$48.6M
43rd		 $205.0M
Current ratio 0.96 0.95
53rd		 1.41
Quick ratio 0.96 0.90
53rd		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.46 0.27
66th		 0.36
Defensive interval (days) 181 days 340 days
13th		 768 days

Leverage & solvency (latest quarter)

MeasureEXEIndustry medianIndustry percentileSector median
Total debt $3.7B $1.3B
72nd		 $1.3B
Debt / equity 0.19 0.48
17th		 0.61
Net debt / equity 0.12 0.38
17th		 0.45
Debt / assets 13.3% 23.7%
15th		 28.7%
Debt / capital 16.1% 32.6%
17th		 37.9%
Debt / EBITDA 0.56 1.74
11th		 1.98
Net debt / EBITDA 0.36 1.32
14th		 1.43
Interest coverage (EBIT / interest) 17.0x 4.9x
84th		 4.1x
Cash interest coverage 25.9x 11.9x
80th		 6.7x
Debt payback (years of OCF) 0.7 yrs 1.4 yrs
20th		 2.3 yrs
Liabilities / assets 30.8% 47.1%
13th		 54.6%
IS credit model rating AA — —
Implied credit spread (bps) 80 312
13th		 275

Efficiency

MeasureEXEIndustry medianIndustry percentileSector median
Asset turnover 0.48 0.39
70th		 0.49
Fixed asset turnover 0.55 0.47
59th		 0.94
Inventory turnover —
Receivables turnover 12.5 9.4
74th		 7.8
Days sales outstanding 29 days 39 days
26th		 46 days
Days inventory outstanding —
Days payables outstanding 63 days 49 days
62nd		 41 days
Cash conversion cycle (days) −33 days −2 days
34th		 18 days
Capex / revenue 23.2% 24.8%
41st		 11.9%
Capex / depreciation 1.06 0.99
52nd		 1.04
Operating expense ratio 56.2% 25.0%
96th		 16.5%

Cash flow & earnings quality

MeasureEXEIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.03 2.19
44th		 2.02
FCF / net income 0.91 0.98
44th		 0.96
FCF / operating cash flow 45.0% 45.0%
50th		 48.4%
Capex / operating cash flow 55.0% 54.4%
51st		 51.6%
Accruals ratio -10.3% -12.1%
70th		 -7.7%
Sloan accruals ratio -8.6% -9.7%
60th		 -4.7%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureEXEIndustry medianIndustry percentileSector median
Dividend yield 2.5% 2.3%
53rd		 1.7%
Dividend per share (TTM) $2.30 $0.78
87th		 $0.66
Payout ratio (dividends / net income) 27.5% 27.5%
52nd		 29.4%
Dividends / FCF 30.1% 21.1%
67th		 28.1%
Dividend growth (YoY) 57.2% -1.5%
100th		 0.5%
Buyback yield 2.7% 0.3%
77th		 0.2%
Shareholder yield (dividends + buybacks) 6.2% 3.5%
72nd		 3.2%
Share count change (YoY) -0.9% 0.2%
32nd		 0.2%
Buybacks, last 5 years $1.0B $74.3M
81st		 $38.8M

Scores & forensic checks

MeasureEXEIndustry medianIndustry percentileSector median
IS score 77 57
85th		 51
IS profitability 69 66
55th		 50
IS growth 77 61
87th		 61
IS value 87 71
85th		 57
IS momentum 100 86
89th		 77
IS risk (safety) 65 30
77th		 50
IS quality 89 81
85th		 68
IS balance sheet 77 56
85th		 55
IS earnings quality 71 61
77th		 65
IS cash flow 74 61
66th		 50
Piotroski F-score (0-9) 9 7
96th		 6
Altman Z-score 2.7 1.6
79th		 2.0
Beneish M-score −7.07 −2.72
4th		 −2.62
Ohlson O-score −11.05 −8.38
6th		 −7.87
IS credit score 87 54
85th		 58

Per share

MeasureEXEIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.67 $2.27
94th		 $1.88
Book value per share $81.43 $18.64
91st		 $14.22
Tangible book per share $81.48 $19.14
91st		 $12.86
Revenue per share $56.09 $14.22
91st		 $19.06
FCF per share $10.66 $2.65
85th		 $2.05
Operating cash flow per share $23.68 $6.43
89th		 $4.95
Cash per share $5.73 $1.32
91st		 $1.70

Size (TTM)

MeasureEXEIndustry medianIndustry percentileSector median
Market cap $21.6B $4.3B
83rd		 $4.1B
Revenue $13.4B $1.9B
87th		 $2.0B
EBITDA $6.6B $719.1M
85th		 $606.3M
Net income $2.8B $288.8M
87th		 $134.0M
Free cash flow $2.5B $254.3M
85th		 $199.4M
Total assets $28.0B $5.6B
85th		 $4.4B
Shareholders' equity $19.4B $2.1B
85th		 $1.8B
Employees 1,600 429
81st		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Lacy Christopher W
EVP - GENERAL COUNSEL
 Tax withholding 1,839$90.80$166,98157,192
2026-10-08Grose Sarah Tintera
VP-Chief Accounting Officer
 — 246——0
2026-06-12Wichterich Michael
Director, Interim President and CEO
 Open-market buy 1,000$88.90$88,90085,498
2026-06-04Emerson Sarah A.
Director
 Award / grant 2,331$96.53$225,01117,932
2026-06-04Duster Benjamin
Director
 Award / grant 2,331$96.53$225,01117,932
2026-06-04Duncan Timothy S.
Director
 Award / grant 2,331$96.53$225,01119,051
2026-06-04Gallagher Matthew
Director
 Award / grant 2,331$96.53$225,01120,248
2026-06-04Konar Shameek
Director
 Award / grant 2,331$96.53$225,01110,042
2026-06-04Kehr Catherine A
Director
 Award / grant 2,331$96.53$225,0119,335
2026-06-04Johnson S P Iv
Director
 Award / grant 2,331$96.53$225,01119,895
2026-06-04Steck Brian
Director
 Award / grant 2,746$96.53$265,07120,258
2026-06-04Wichterich Michael
Director, Interim President and CEO
 Open-market buy 1,000$93.36$93,36084,498

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired819,063$1.8M
Open-market buyAcquired46,000$560,880
Tax withholdingDisposed11,839$166,981
—Disposed2246—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 8 notices · 28,201 shares · $3.2M
FiledFilerShares proposedEst. proceeds
2026-03-19Domenic Dell'Osso, Jr.10,000$1.1M
2026-03-17Domenic Dell'Osso Jr.5,000$546,250
2026-03-17Domenic Dell'Osso Jr.4,972$546,250
2026-03-17Domenic Dell'Osso Jr.28$3,055
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (4 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-02-17Julia LetlowHouseSale$1,001 - $15,0002026-03-13
2026-02-17Julia LetlowHouseSale$1,001 - $15,0002026-03-13
2026-02-10Gilbert CisnerosHousePurchase$1,001 - $15,0002026-03-10
2025-12-19Gilbert CisnerosHouseSale$1,001 - $15,0002026-01-13
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.19,497,795$1.8B8.42%
VANGUARD CAPITAL MANAGEMENT LLC15,619,960$1.4B6.75%
STATE STREET CORP15,619,193$1.4B6.75%
VANGUARD PORTFOLIO MANAGEMENT LLC11,834,044$1.1B5.11%
GEODE CAPITAL MANAGEMENT, LLC6,732,861$611.7M2.91%
Capital Research Global Investors6,643,659$605.8M2.87%
Invesco Ltd.6,060,800$552.7M2.62%
VICTORY CAPITAL MANAGEMENT INC5,396,426$492.1M2.33%
OAKTREE CAPITAL MANAGEMENT LP5,237,477$477.6M2.26%
PRICE T ROWE ASSOCIATES INC /MD/3,554,701$324.2M1.54%
Capital World Investors3,291,597$300.2M1.42%
Bank of New York Mellon Corp2,924,257$266.7M1.26%
DIMENSIONAL FUND ADVISORS LP2,776,965$253.1M1.20%
GOLDMAN SACHS GROUP INC2,705,214$246.7M1.17%
Pacer Advisors, Inc.2,553,833$232.9M1.10%

Institutional ownership by quarter

2023-092026-0692.8%
% of shares held by 13F filers
2023-092026-06855
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3085592.8%111364269149
2026-03-3190191.7%165376238126
2025-12-3187493.7%19133723870
2025-09-3076593.7%107314234148
2025-06-3081490.6%15232323771
2025-03-3174193.2%16726520759
2024-12-3164395.4%2332729646
2024-09-3046965.6%7217915172
2024-06-3047260.5%6417016584
2024-03-3149759.4%10214618168
2023-12-3146755.6%6812620873
2023-09-3047857.3%8418214153

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION6.5%15,631,873
2026-05-14SCHEDULE 13G/ACapital Research Global Investors2.8%6,798,764
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%17,930,392
2026-02-12SCHEDULE 13G/ACapital Research Global Investors8.9%21,258,937
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$616.8M
VSMPX0.03%$616.8M
VTSAX0.03%$616.8M
VTI0.03%$616.8M
VOO0.03%$511.0M
VFFSX0.03%$511.0M

Share structure

Shares outstanding231,504,000
Float230,332,380
Free float99.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.3B$11.4B$7.8B$4.2B$11.6B
Cost of revenue$4.9B$3.3B$2.7B$3.1B$6.2B
Gross profit$2.4B$8.2B$5.0B$1.1B$5.4B
R&D$0$0$0$0$0
SG&A$118.0M$4.4B$2.6B$1.5B$3.3B
Operating income$2.3B$3.8B$3.1B−$803.0M$2.0B
EBITDA$7.3B$5.6B$4.8B$1.0B$5.0B
Pretax income$6.2B$3.7B$3.1B−$841.0M$2.3B
Income tax−$106.0M−$1.3B$698.0M−$127.0M$463.0M
Net income$6.3B$4.9B$2.4B−$714.0M$1.8B
EPS, diluted$53.66$33.36$16.92$-4.55$7.57
Diluted shares117.9M146.0M143.0M157.0M240.4M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$905.0M$130.0M$1.1B$317.0M$960.0M
Receivables$1.1B$1.4B$585.0M$1.2B$1.6B
Inventory$0$0$0$0$0
Total current assets$2.1B$2.7B$2.6B$2.0B$2.9B
PP&E, net$8.8B$11.3B$10.2B$24.4B$24.4B
Goodwill & intangibles$0−$47.0M$0$0$0
Total assets$11.0B$15.5B$14.4B$27.9B$28.3B
Accounts payable$308.0M$603.0M$425.0M$777.0M$753.0M
Total current liabilities$2.4B$2.7B$1.3B$3.1B$2.9B
Long-term debt$2.3B$3.1B$2.0B$5.3B$5.0B
Total liabilities$5.3B$6.3B$3.6B$10.3B$9.7B
Shareholders' equity$5.7B$9.1B$10.7B$17.6B$18.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$6.3B$4.9B$2.4B−$714.0M$1.8B
Depreciation & amortization$995.0M$0$0$1.7B$3.0B
Stock-based compensation$0$22.0M$33.0M$38.0M$46.0M
Change in working capital$814.0M−$123.0M$275.0M−$315.0M−$285.0M
Operating cash flow$1.8B$4.1B$2.4B$1.6B$4.6B
Capital expenditure−$735.0M−$1.8B−$1.8B−$1.6B−$2.7B
Free cash flow$1.1B$2.3B$551.0M$8.0M$1.8B
Investing cash flow−$916.0M−$3.4B$473.0M−$1.9B−$2.8B
Net debt issued / repaid−$719.0M$829.0M−$1.1B−$20.0M−$663.0M
Buybacks$0−$1.1B−$355.0M$0−$100.0M
Dividends paid−$119.0M−$1.2B−$487.0M−$388.0M−$765.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin33.1%43.4%56.4%23.7%50.1%
Operating margin31.8%33.0%40.4%-19.0%19.2%
Net margin86.7%43.1%31.1%-16.9%15.3%
FCF margin14.4%20.1%7.1%0.1%14.3%
ROE111.6%66.7%24.4%-5.0%10.1%
ROIC33.4%41.9%20.7%-2.7%8.0%
ROA57.5%37.3%16.2%-3.4%6.5%
Debt / equity0.410.350.200.330.27
Interest coverage75.1x23.8x31.0xn/m10.7x
Current ratio0.861.001.990.641.01
Revenue growth—+56.7%−32.1%−45.7%+181.8%
EPS growth—−37.1%−49.3%−118.0%+345.5%
P/E at year end1.0x2.5x4.3xn/m14.6x
EV / EBITDA at year end1.0x2.8x2.4x27.5x5.6x
FCF yield at year end16.94%18.39%5.34%0.02%6.42%
Dividend payout1.9%24.6%20.1%—42.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Oil and Gas$4.4B$9.9B$3.5B$3.0B$8.5B
Natural Gas Sales—$7.8B$2.9B$2.7B$7.4B
Natural Gas, Gathering, Transportation, Marketing and Processing$2.3B$4.2B$2.5B$1.3B$3.2B
Oil Sales—$1.9B$596.0M$69.0M$319.0M
Natural Gas Liquids Sales—$225.0M$98.0M$214.0M$724.0M

Revenue by region · FY2025

Haynesville$3.5B · 41%
Northeast Appalachia$2.9B · 34%
Southwest Appalachia$2.1B · 25%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $1.31 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$13.1B$12.4B – $13.5B$8.64$7.87 – $9.74410.8x
2027$12.4B$11.7B – $13.0B$8.17$7.22 – $8.93611.4x
2028$13.3B$12.4B – $14.3B$10.39$8.60 – $13.5039.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$3.69$3.83+3.8%$3.5B$4.4B+24.6%
2026-02-17$1.87$2.00+7.0%$2.9B$3.3B+11.4%
2025-10-28$0.90$0.97+8.0%$2.7B$3.0B+9.3%
2025-07-29$1.14$1.10−3.5%$2.5B$3.7B+44.9%
2025-04-29$1.91$2.02+5.8%$2.6B$2.2B−14.0%
2025-02-26$0.52$0.55+5.8%$2.0B$2.0B+1.5%
2024-10-29$-0.05$0.16+413.7%$709.0M$646.0M−8.9%
2024-07-29$-0.01$-1.73−15,632.7%$822.5M$514.0M−37.5%
2024-04-30$0.59$0.18−69.1%$1.3B$1.1B−17.4%
2024-02-21$0.71$4.02+464.6%$1.6B$1.8B+10.3%
2023-10-31$0.57$0.49−14.0%$1.5B$1.5B+3.0%
2023-08-01$0.40$2.73+587.1%$1.6B$1.4B−10.2%
2023-05-02$1.70$9.60+464.7%$1.4B$3.0B+113.3%
2023-02-22$2.93$24.46+734.8%$1.6B$3.1B+90.5%
2022-08-02$4.45$8.27+85.8%$1.8B$4.0B+123.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.406-290.507-060.407-130.407-200.507-270.308-030.308-100.408-170.308-240.208-31
Week ofNotionalSharesTrades
2026-08-31$220.3M2,224,64161,346
2026-08-24$308.1M3,185,45566,728
2026-08-17$385.6M4,044,51982,476
2026-08-10$279.7M2,903,78570,939
2026-08-03$273.3M2,938,95373,268
2026-07-27$526.9M5,760,327105,444

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1571.3%
DateShort shareShort volumeTotal volume
2026-10-1571.3%847,2431,188,468
2026-10-1472.9%1,437,7471,972,789
2026-10-1360.4%975,5031,614,619
2026-10-1253.8%461,629858,213
2026-10-0950.5%350,224693,543
2026-10-0856.5%407,477721,615
2026-10-0763.6%474,547745,703
2026-10-0660.3%458,601760,158
2026-10-0562.3%514,246825,321
2026-10-0270.4%862,4171,224,770
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.2Jan+2.8Feb+4.1Mar-1.5Apr+9.4May-5.2Jun+0.2Jul+4.2Aug+4.5Sep+1.5Oct+3.7Nov-1.3Dec
MonthAvg returnUp yearsYears
Jan+1.2%100%5
Feb+2.8%67%6
Mar+4.1%50%6
Apr−1.5%60%5
May+9.4%80%5
Jun−5.2%20%5
Jul+0.2%60%5
Aug+4.2%80%5
Sep+4.5%60%5
Oct+1.5%80%5
Nov+3.7%60%5
Dec−1.3%40%5
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1460.9
MFI74.8
ADX28.6
Stochastic %K / %D84.7 / 85.8
Williams %R-5.7
CCI178
TSI / signal-1.4 / -15.6
Chaikin money flow0.01
ATR$2.24
Bollinger width11.2%
Volume vs 20-day avg1.76x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$87.93 (+6.2%)
SMA 50$92.51 (+1.0%)
SMA 200$97.34 (−4.0%)
EMA 21$89.74 (+4.1%)
EMA 50$90.91 (+2.7%)
EMA 200$95.72 (−2.4%)
Bollinger upper$92.85 (+0.6%)
Bollinger lower$83.01 (+12.5%)
Parabolic SAR$88.37 (+5.7%)
Open the live chart, 110+ indicators

About Expand Energy Corporation

Expand Energy Corporation functions as an independent entity primarily focused on the discovery and extraction of energy resources throughout the United States. Its core operations involve the acquisition, exploration, and subsequent development of properties to produce crude oil, natural gas, and associated liquid hydrocarbons from subterranean geological formations. The company maintains significant interests in key natural gas production areas, specifically within Pennsylvania's northern Appalachian Basin (Marcellus Shale) and northwestern Louisiana (Haynesville/Bossier Shales). As of December 31, 2023, its asset base featured a diverse collection of onshore U.S. unconventional natural gas properties, including ownership stakes in approximately 5,000 natural gas wells. Established in 1989 and based in Oklahoma City, Oklahoma, the corporation was formerly known as Chesapeake Energy Corporation before officially adopting the Expand Energy Corporation name in October 2024.

http://www.expandenergy.com

Key executives

NameTitlePayBorn
Dan TurcoExecutive Vice President of Commercial Activities$2.5M1980
Joshua J. VietsExecutive Vice President & Chief Operating Officer$1.7M1978
Marcel TeunissenExecutive Vice President & Chief Financial Officer$1.5M1974
Christopher W. LacyExecutive Vice President, General Counsel & Corporate Secretary$1.4M1978
Brittany RaifordVice President of IR & Treasurer$1.3M1987
Michael A. WichterichChairman of the Board, Interim President & CEO$80,0001968
Dennis PriceVP & Chief Economist—1965
John ChristVice President & Chief Information Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
None on file.

Employees

2k20182k20191k20201k20211k20221k20232k20242k2025

Dividends

Ex-dateAmountPaid
2026-08-13$0.5752026-09-03
2026-05-14$0.5752026-06-04
2026-03-05$0.5752026-03-26
2025-11-13$0.5752025-12-04
2025-08-14$1.4652025-09-04
2025-05-15$0.5752025-06-04
2024-11-14$0.5752024-12-04
2024-08-15$0.5752024-09-05

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage28
Intangibles55
Switching costs56
Network effect32
Efficient scale63
Our component scores (0-100) and overall 47.6; 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