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Expand Energy (EXE) USD

Expand Energy Corporation is an independent energy company focused on the acquisition, exploration, and development of natural gas and oil properties in the United States, primarily in the Appalachian and Haynesville shale basins.

At a glance: strengths & risks
✓Low leverage (0.8x EBITDA)✓Cheaper than own history (EV/EBITDA 3.6 vs avg 4.9)✗Revenue declining (-20% y/y, Q2 2026)✗Profit falling (-46% y/y, Q2 2026)✗Margins compressing (55%→49%, Q2 2026)

Sector: Natural gas

Geography: United States

COMM_EXE

Price chart

88.33 USDDay -0.46%

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
88.33 USD · -0.46%
Market cap
21.1 bn USD

Growth

Δ revenue y/y
-19.8%
Δ EBITDA y/y
-29.2%

Multiples

P/E (LTM)
7.6x
3y avg: 11.0x
P/B (FY)
1.1x
P/E (ann.)
10.1x
EV/EBITDA (LTM)
3.6x
3y avg: 4.9x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
2.6%
FCF yield (LTM)
10.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+10.2%
↓ details

Liquidity

Daily turnover (listing)
250.9 mln USD

Shares: yahoo_fundamentals_timeseries/EXE

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)OK3.0
y/y -19.8%
0.7
y/y -43.2%
0.7
y/y -6.1%
1.4
y/y -29.2%
0.5
y/y -46.1%
1.1-0.828.0
y/y 0.9%
19.4
y/y 8.2%
10.7%3.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK4.4
y/y 100.2%
1.5
y/y —
0.7
y/y 0.0%
2.2
y/y 406.1%
1.2
y/y —
2.4-0.729.5
y/y 5.7%
19.5
y/y 13.7%
24.3%2.8Link
2025-12-31Q4 2025 (3M)OK3.3
y/y 63.5%
0.7
y/y 293.0%
0.8
y/y 17.3%
1.5
y/y 476.2%
0.6
y/y 238.6%
1.0-0.728.3
y/y 1.4%
18.6
y/y 5.8%
9.9%4.5Link
2025-09-30Q3 2025 (3M)OK3.0
y/y 357.7%
0.7
y/y —
0.7
y/y 121.2%
1.5
y/y 714.4%
0.5
y/y —
1.2-0.827.6
y/y 106.1%
18.1
y/y 78.2%
4.0%4.5Link
2025-06-30Q2 2025 (3M)OK3.7
y/y 630.7%
1.3
y/y —
0.8
y/y 121.0%
2.0
y/y 3674.1%
1.0
y/y —
1.3-0.727.8
y/y 104.1%
17.9
y/y 73.0%
22.0%4.5Link
2025-03-31Q1 2025 (3M)OK2.2
y/y 103.1%
-0.3
y/y -937.5%
0.7
y/y 78.2%
0.4
y/y 2.8%
-0.2
y/y -1057.7%
1.1-0.627.9
y/y 99.3%
17.2
y/y 60.9%
-5.7%5.0Link
2024-12-31Q4 2024 (3M)OK2.0
y/y 2.7%
-0.4
y/y -153.2%
0.6
y/y 70.7%
0.3
y/y -76.4%
-0.4
y/y -170.1%
0.4-0.927.9
y/y 94.0%
17.6
y/y 63.7%
-5.1%5.5Link
2024-09-30Q3 2024 (3M)OK0.6
y/y -57.1%
-0.2
y/y -296.2%
0.3
y/y -12.3%
0.2
y/y -61.0%
-0.1
y/y -262.9%
0.4-0.313.4
y/y -6.0%
10.2
y/y -0.8%
-1.5%1.0Link
2024-06-30Q2 2024 (3M)OK0.5
y/y -73.3%
-0.3
y/y -156.9%
0.3
y/y -7.4%
0.1
y/y -94.0%
-0.2
y/y -158.1%
0.2-0.313.6
y/y -5.7%
10.4
y/y -0.3%
-8.6%1.1Link
2024-03-31Q1 2024 (3M)OK1.1
y/y -67.9%
0.0
y/y -98.2%
0.4
y/y 2.3%
0.4
y/y -80.5%
0.0
y/y -98.1%
0.6-0.414.0
y/y -3.9%
10.7
y/y 3.9%
1.0%0.9Link
2023-12-31Q4 2023 (3M)OK1.9
y/y —
0.7
y/y —
0.4
y/y —
1.1
y/y —
0.6
y/y —
0.5-0.314.4
y/y —
10.7
y/y —
23.0%1.0Link
2023-09-30Q3 2023 (3M)OK1.5
y/y —
0.1
y/y —
0.4
y/y —
0.5
y/y —
0.1
y/y —
0.5-0.514.2
y/y —
10.3
y/y —
0.9%1.4Link
2023-06-30Q2 2023 (3M)OK1.9
y/y —
0.5
y/y —
0.4
y/y —
0.9
y/y —
0.4
y/y —
0.5-0.514.4
y/y —
10.4
y/y —
15.1%1.2Link
2023-03-31Q1 2023 (3M)OK3.4
y/y —
1.8
y/y —
0.4
y/y —
2.2
y/y —
1.4
y/y —
0.9-0.514.6
y/y —
10.3
y/y —
—2.0Link

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

Long-term debt (incl. LT leases)3 685
− Cash & equivalents663
Net debt3 022

Net debt / LTM EBITDA: 0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 000-50005001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

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

Profit and cash

Worth a look
In a typical year of 2022–2025 operating cash flow came to 0.98x of reported net profit; after capex, 0.47x. Loss years (2024) are left out of the ratio.
year2022202320242025
cash flow / profit0.84x0.98x—2.52x
accruals, % of assets5.2%0.3%-8.2%-9.7%
Last twelve months (to 2026-06-30): 2.03x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · EBIT covers interest 10.5x · capex 1.0x of depreciation · dividends 61% of free cash flow · share count +18.1% a year
● Diluted share count grew 18.1% a year.
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

gas_ep

Proved reserves
25 880 000 mln cfe
2025
Reserve life (R/P)
9.9 yrs
reserves ÷ annual output
Annual production
2 622 000 mln cfe
2025

Proved reserves

YearReserves, mln cfe
202525 880 000

Production

YearProduction, mln cfeper day, mln cfe
20252 622 0007 184

10-K FY2025 (SEC, manual onboard 2026-07-23)

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -15%

Commodity-player potential

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

Upside: +10.2% ▼ -0.5 pp 1d

Main driver: Henry Hub Gas -15% vs LTM; revenue ×0.90 vs costs ×1.04; EBITDA 6 650→4 994; at 7.3× EV/EBITDA → +10%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+85%2.873.383.12-15%-8%
Propane (NGL) (rev)+12%0.850.690.77+23%+11%

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

1 · Reported baseline (LTM)
LTM revenue13 663
LTM EBITDA6 650
LTM cash costs (revenue − EBITDA)7 013
2 · Revenue projection
Revenue multiplier — spot×0.899 (-10%)
= Spot revenue12 287
Revenue multiplier — 3y price×0.947 (-5%)
= 3-year-price revenue12 937
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs7 294
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs7 294
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4 994
= 3-year-price EBITDA5 643
Conservative EBITDA = min(spot, avg)4 994
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct) — capped at 2x current7.3x
Target EV = EV/EBITDA × conservative EBITDA36 278
Net debt3 022
Hedge book at scenario price (net debt adjustment)+1327 $M
Target market cap = EV − net debt34 583
Current market cap21 133

Upside = target market cap ÷ current − 1 = +10.2%

Life of mine: 10 yrs — before haircut +63.6%

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 Q31 5121 862-18.8%461499-7.6%
2023 Q41 9482 303-15.4%1 1051 110-0.5%
2024 Q11 0811 812-40.3%431773-44.3%
2024 Q25051 507-66.5%54599-91.0%
2024 Q36481 153-43.8%180386-53.4%
2024 Q42 0011 271+57.5%261652-60.0%
2025 Q12 1961 611+36.3%443763-42.0%
2025 Q23 6901 625+127.1%2 038495+312.1%
2025 Q32 9662 066+43.6%1 466627+133.7%
2025 Q43 3403 127+6.8%1 5051 424+5.7%
2026 Q14 3972 847+54.4%2 2421 120+100.2%
2026 Q22 9603 138-5.7%1 4371 308+9.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +186% vs -51% the year before — a +237.7 pp move. 3-year CAGR +1%.
revenue growth by year: 2023 -26% · 2024 -51% · 2025 +186%
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 4.1x · target 75th pct (3y) 9.0x · LTM avg 10.4x

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
Equinorglobal115.03.1x
SandRidge Energyglobal0.53.6x
Gulfport Energyglobal3.03.9x
Kimbell Royalty Partnersglobal1.47.1x
Black Stone Mineralsglobal3.110.8x
Group median3.9x
Group average5.7x
This companyglobal21.23.6x

Group median 3.9x; this company 3.6x — a 7% discount.

Group average 5.7x; against the average this company is at a 36% discount. The average sits 46% above the median: Black Stone Minerals (10.8x) skews the group.

At the adjusted group median the market cap would be +9% 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 23.2x, Russia 3.8x, South Africa 5.3x, Kazakhstan 5.0x, India 18.3x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-17; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-130.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2026-05-140.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2026-03-050.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2025-11-130.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2025-08-141.465 USDEx-dividend: 1.465 USD per sharePaidYahoo Finance (ex-div)
2025-05-150.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2025-03-110.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2024-11-140.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2024-08-150.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2024-05-150.715 USDEx-dividend: 0.715 USD per sharePaidYahoo Finance (ex-div)
2024-03-060.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2023-11-150.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2023-08-160.575 USDEx-dividend: 0.575 USD per sharePaidYahoo Finance (ex-div)
2023-05-171.18 USDEx-dividend: 1.18 USD per sharePaidYahoo Finance (ex-div)
2023-03-061.29 USDEx-dividend: 1.29 USD per sharePaidYahoo Finance (ex-div)
2022-11-143.16 USDEx-dividend: 3.16 USD per sharePaidYahoo Finance (ex-div)
2022-08-162.32 USDEx-dividend: 2.32 USD per sharePaidYahoo Finance (ex-div)
2022-05-182.34 USDEx-dividend: 2.34 USD per sharePaidYahoo Finance (ex-div)
2022-03-041.768 USDEx-dividend: 1.768 USD per sharePaidYahoo Finance (ex-div)
2021-11-230.438 USDEx-dividend: 0.438 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 Expand Energy (EXE) — from primary filings.

Frequently asked questions

What is Expand Energy (EXE)'s P/E ratio?
Expand Energy (EXE) trades at a P/E of 7.6x (price to trailing 12-month earnings).
What is Expand Energy (EXE)'s EV/EBITDA?
Expand Energy (EXE) trades at 3.6x EV/EBITDA.
What is Expand Energy (EXE)'s P/B ratio?
Expand Energy (EXE) trades at a P/B of 1.1x.
What is Expand Energy (EXE)'s dividend yield?
Expand Energy (EXE)'s trailing 12-month dividend yield is 2.6%.
What is Expand Energy (EXE)'s return on equity (ROE)?
Expand Energy (EXE)'s ROE is 10.7%.
What is Expand Energy (EXE)'s market capitalization?
Expand Energy (EXE)'s market cap is 21.1 bn USD.

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