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Equinor (EQNR) USD

Equinor ASA is an energy company that explores for, develops, and produces oil and gas, and also invests in renewable energy sources such as offshore wind and solar power. It additionally handles marketing, trading, and transportation of energy products.

At a glance: strengths & risks
✓Revenue growing (+37% y/y, Q2 2026)✓Profit growing (+269% y/y, Q2 2026)✓Margins improving (36%→47%, Q2 2026)✓Low leverage (0.7x EBITDA)✗Pricier than own history (EV/EBITDA 3.4 vs avg 2.2)

Sector: Natural gas

Geography: Norway, United States, Brazil

COMM_EQNR

Price chart

48.82 USDDay 5.17%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
48.82 USD · 5.17%
Market cap
127.0 bn USD

Growth

Δ revenue y/y
37.4%
Δ EBITDA y/y
70.3%

Multiples

P/E (LTM)
14.0x
3y avg: 8.7x
P/B (FY)
3.1x
P/E (ann.)
6.5x
EV/EBITDA (LTM)
3.4x
3y avg: 2.2x
EV/EBITDA (ann.)
2.4x

Cash return

Dividend yield
3.1%
FCF yield (LTM)
7.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-38.0%
↓ details

Liquidity

Daily turnover (listing)
325.1 mln USD

Shares: yahoo_fundamentals_timeseries/EQNR

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK34.5
y/y 37.4%
12.9
y/y 124.8%
2.7
y/y -20.6%
15.6
y/y 70.3%
4.8
y/y 269.2%
9.5-2.9140.9
y/y 1.3%
43.1
y/y 2.7%
44.8%20.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK27.8
y/y -5.3%
8.8
y/y -0.7%
2.5
y/y 9.5%
11.3
y/y 1.5%
3.1
y/y 18.2%
5.2-3.1141.2
y/y 2.4%
43.6
y/y -4.9%
29.6%21.8Yahoo Finance
2025-12-31Q4 2025 (3M)OK25.3
y/y -8.5%
4.9
y/y -45.1%
3.4
y/y 26.5%
8.2
y/y -28.6%
1.3
y/y -34.1%
2.1-4.1131.7
y/y 0.4%
40.4
y/y -4.5%
12.5%26.2Yahoo Finance
2025-09-29Q3 2025 (3M)OK26.0
y/y 2.4%
5.3
y/y -23.7%
3.4
y/y 38.9%
8.6
y/y -7.4%
-0.2
y/y -109.2%
6.3-3.4135.8
y/y 0.5%
40.5
y/y -8.6%
-0.7%22.8Yahoo Finance
2025-06-30Q2 2025 (3M)OK25.1
y/y -1.3%
5.7
y/y -24.2%
3.4
y/y 43.9%
9.1
y/y -7.9%
1.3
y/y -29.4%
2.6-3.4139.1
y/y 3.7%
41.9
y/y -4.0%
12.0%24.9Yahoo Finance
2025-03-31Q1 2025 (3M)OK29.4
y/y 17.1%
8.9
y/y 16.7%
2.3
y/y -1.2%
11.2
y/y 12.5%
2.6
y/y -1.5%
9.0-3.0137.9
y/y 0.5%
45.8
y/y -8.5%
23.8%18.9Yahoo Finance
2024-12-31Q4 2024 (3M)OK27.7
y/y -4.8%
8.9
y/y 1.5%
2.7
y/y -6.6%
11.5
y/y -0.5%
2.0
y/y -23.3%
2.0-3.6131.1
y/y -8.7%
42.3
y/y -12.7%
20.3%18.5Yahoo Finance
2024-09-30Q3 2024 (3M)OK25.4
y/y -2.0%
6.9
y/y -7.4%
2.4
y/y -28.0%
9.3
y/y -13.8%
2.3
y/y -8.6%
7.1-3.1135.1
y/y -3.1%
44.4
y/y -9.0%
6.9%23.4Yahoo Finance
2024-06-30Q2 2024 (3M)OK25.5
y/y 11.3%
7.5
y/y 7.0%
2.4
y/y 6.2%
9.9
y/y 6.8%
1.9
y/y 2.0%
1.6-3.0134.1
y/y -4.2%
43.7
y/y -12.2%
15.9%24.0Yahoo Finance
2024-03-31Q1 2024 (3M)OK25.1
y/y -14.1%
7.6
y/y -39.3%
2.3
y/y 6.3%
9.9
y/y -32.5%
2.7
y/y -46.2%
9.0-2.5137.2
y/y -10.0%
50.1
y/y -12.4%
21.7%17.0Yahoo Finance
2023-12-31Q4 2023 (3M)OK29.1
y/y —
8.7
y/y —
2.8
y/y —
11.6
y/y —
2.6
y/y —
2.7-3.0143.6
y/y —
48.5
y/y —
24.5%18.6Yahoo Finance
2023-09-30Q3 2023 (3M)OK25.9
y/y —
7.5
y/y —
3.4
y/y —
10.8
y/y —
2.5
y/y —
5.2-2.7139.4
y/y —
48.7
y/y —
6.8%17.1Yahoo Finance
2023-06-30Q2 2023 (3M)OK22.9
y/y —
7.1
y/y —
2.2
y/y —
9.3
y/y —
1.8
y/y —
1.9-2.8140.1
y/y —
49.7
y/y —
13.7%10.9Yahoo Finance
2023-03-31Q1 2023 (3M)OK29.2
y/y —
12.5
y/y —
2.2
y/y —
14.7
y/y —
5.0
y/y —
14.9-2.3152.5
y/y —
57.2
y/y —
—13.2Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)6 807
Long-term debt (incl. LT leases)21 594
− Cash & equivalents8 062
Net debt20 339

Net debt / LTM EBITDA: 0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.28x of reported net profit; after capex, 1.19x.
year20212022202320242025
cash flow / profit3.37x1.22x2.08x2.28x3.96x
accruals, % of assets-13.8%-4.0%-8.9%-8.6%-11.4%
Last twelve months (to - H1 2025): 2.55x of profit came back as operating cash flow.
net debt / EBITDA 0.7x · capex 1.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Natural Gas

Proved reserves
5 356 mln boe
2021
Reserve life (R/P)
7.8 yrs
reserves ÷ annual output
Annual production
689.96 mln boe
2024

Production, mln boe

757.032021748.662022689.962024

Proved reserves

YearReserves, mln boe
20215 356
20205 260

Production

YearProduction, mln boeper day, mln boe
20252 123 * (6M)
+592.2%		11.6
2024689.961.89
2023563.02 * (9M)
+1.1%		2.06
2022748.66
−1.1%		2.05
2021757.032.07
2020369.82 * (6M)2.03

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 117spot vs LTM +42%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -38.0% ▲ +0.1 pp 1d

Main driver: Brent +53% vs LTM; revenue ×1.49 vs costs ×1.11; EBITDA 44 394→70 794; at 2.0× EV/EBITDA → -38%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, NOK3y vs LTM
Brent (rev)+54%116.7276.5181.20+53%+45%+6%
Nat. gas in Europe (Dutch TTF) (rev)+14%1 104.01443.18487.99+149%+136%+10%
Henry Hub Gas (cost)-10%2.633.383.12-22%-26%-8%
Electricity Spot (cost)-5%265.4077.9264.17+241%+223%-18%
Henry Hub Gas (rev)+2%2.633.383.12-22%-26%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue113 652
LTM EBITDA44 394
LTM cash costs (revenue − EBITDA)69 258
2 · Revenue projection
Revenue multiplier — spot×1.488 (+49%)
= Spot revenue169 130
Revenue multiplier — 3y price×1.046 (+5%)
= 3-year-price revenue118 848
3 · Costs projection
Cost multiplier — spot×1.114 (+11%)
= Spot cash costs77 164
Cost multiplier — 3y price×1.000 (-0%)
= 3-year-price cash costs69 225
4 · EBITDA projection (revenue − costs)
= Spot EBITDA91 965
= 3-year-price EBITDA49 623
Conservative EBITDA = min(spot, avg)70 794
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.0x
Target EV = EV/EBITDA × conservative EBITDA141 588
Net debt9 009
Target market cap = EV − net debt135 625
Current market cap122 063

Upside = target market cap ÷ current − 1 = -38.0%

Life of mine: 7 yrs — before haircut +11.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q325 92428 664-9.6%10 82214 973-27.7%
2023 Q429 05426 613+9.2%11 59812 533-7.5%
2024 Q125 08925 313-0.9%9 93010 760-7.7%
2024 Q225 46225 841-1.5%9 92910 994-9.7%
2024 Q325 41625 689-1.1%9 33110 165-8.2%
2024 Q427 65425 838+7.0%11 5429 989+15.5%
2025 Q129 38426 494+10.9%11 52810 091+14.2%
2025 Q225 13024 828+1.2%9 1487 713+18.6%
2025 Q326 01725 344+2.7%8 6398 365+3.3%
2025 Q425 29724 810+2.0%8 2387 252+13.6%
2026 Q127 81528 879-3.7%11 33310 942+3.6%
2026 Q234 52332 922+4.9%16 18416 201-0.1%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +4% vs -4% the year before — a +7.6 pp move. 3-year CAGR -11%.
revenue growth by year: 2023 -28% · 2024 -4% · 2025 +4%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.2x · target 75th pct (3y) 1.9x · LTM avg 2.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Natural gas. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
SandRidge Energyglobal0.53.7x
Expand Energyglobal22.33.8x
Gulfport Energyglobal3.14.0x
Birchcliff Energyglobal1.35.6x
Advantage Energyglobal1.36.3x
Peyto Explorationglobal3.87.0x
Kimbell Royalty Partnersglobal1.78.3x
Black Stone Mineralsglobal3.211.0x
Tourmaline Oilglobal18.516.8x
Group median6.3x
Group average7.4x
This companyglobal127.03.4x

Group median 6.3x; this company 3.4x — a 46% discount.

Group average 7.4x; against the average this company is at a 54% discount.

At the adjusted group median the market cap would be +105% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-140.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2026-05-150.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2026-02-170.37 USDEx-dividend: 0.37 USD per sharePaidYahoo Finance (ex-div)
2025-11-140.37 USDEx-dividend: 0.37 USD per sharePaidYahoo Finance (ex-div)
2025-08-190.37 USDEx-dividend: 0.37 USD per sharePaidYahoo Finance (ex-div)
2025-05-160.37 USDEx-dividend: 0.37 USD per sharePaidYahoo Finance (ex-div)
2025-02-140.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2024-11-190.7 USDEx-dividend: 0.7 USD per sharePaidYahoo Finance (ex-div)
2024-08-190.7 USDEx-dividend: 0.7 USD per sharePaidYahoo Finance (ex-div)
2024-05-150.7 USDEx-dividend: 0.7 USD per sharePaidYahoo Finance (ex-div)
2024-02-140.9 USDEx-dividend: 0.9 USD per sharePaidYahoo Finance (ex-div)
2023-11-140.9 USDEx-dividend: 0.9 USD per sharePaidYahoo Finance (ex-div)
2023-08-140.9 USDEx-dividend: 0.9 USD per sharePaidYahoo Finance (ex-div)
2023-05-110.9 USDEx-dividend: 0.9 USD per sharePaidYahoo Finance (ex-div)
2023-01-090.9 USDEx-dividend: 0.9 USD per sharePaidYahoo Finance (ex-div)
2022-11-100.7 USDEx-dividend: 0.7 USD per sharePaidYahoo Finance (ex-div)
2022-08-110.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-05-120.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-02-110.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2021-11-100.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Equinor (EQNR) — from primary filings.

Frequently asked questions

What is Equinor (EQNR)'s P/E ratio?
Equinor (EQNR) trades at a P/E of 14.0x (price to trailing 12-month earnings).
What is Equinor (EQNR)'s EV/EBITDA?
Equinor (EQNR) trades at 3.4x EV/EBITDA.
What is Equinor (EQNR)'s P/B ratio?
Equinor (EQNR) trades at a P/B of 3.1x.
What is Equinor (EQNR)'s dividend yield?
Equinor (EQNR)'s trailing 12-month dividend yield is 3.1%.
What is Equinor (EQNR)'s return on equity (ROE)?
Equinor (EQNR)'s ROE is 44.8%.
What is Equinor (EQNR)'s market capitalization?
Equinor (EQNR)'s market cap is 127.0 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map