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Expand Energy (EXE) USD

At a glance: strengths & risks
✓Revenue growing (+186%)✓Margins improving (22%→45%)✓Low leverage (0.8x EBITDA)

Sector: Natural gas

Geography: United States

COMM_EXE

Price chart

94.66 USDDay 2.42%

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
94.03 USD · 1.74%
Market cap
22.6 bn USD

Growth

Δ revenue y/y
-32.0%
Δ EBITDA y/y
-67.6%

Multiples

P/E (LTM)
8.1x
3y avg: 11.0x
P/B (FY)
1.2x
P/E (ann.)
10.8x
EV/EBITDA (LTM)
4.3x
3y avg: 4.9x
EV/EBITDA (ann.)
9.5x

Cash return

Dividend yield
3.4%
FCF yield (LTM)
12.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-24.0%
↓ details

Liquidity

Daily turnover (listing)
301.4 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)PARTIAL2.5
y/y -32.0%
0.7
y/y -47.9%
—
y/y —
0.7
y/y -67.6%
0.5
y/y -46.1%
1.1——
y/y —
16.5
y/y -8.2%
11.6%2.6Link
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) 2026-03-31

Short-term debt (incl. ST leases)926
Long-term debt (incl. LT leases)4 133
− Cash & equivalents2 220
Net debt2 839

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

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 -16%

Commodity-player potential

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

Upside: -24.0% ▼ -5.5 pp 1d

Main driver: Henry Hub Gas -18% vs LTM; revenue ×0.84 vs costs ×1.04; EBITDA 5 451→3 280; at 9.0× EV/EBITDA → -24%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+85%2.763.373.11-18%-8%
Propane (NGL) (rev)+12%0.680.690.77-2%+11%

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

1 · Reported baseline (LTM)
LTM revenue12 124
LTM EBITDA5 451
LTM cash costs (revenue − EBITDA)6 673
2 · Revenue projection
Revenue multiplier — spot×0.843 (-16%)
= Spot revenue10 220
Revenue multiplier — 3y price×0.947 (-5%)
= 3-year-price revenue11 486
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs6 940
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs6 940
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 280
= 3-year-price EBITDA4 546
Conservative EBITDA = min(spot, avg)3 280
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)9.0x
Target EV = EV/EBITDA × conservative EBITDA29 554
Net debt4 492
Hedge book at scenario price (net debt adjustment)+1501 $M
Target market cap = EV − net debt26 563
Current market cap23 528

Upside = target market cap ÷ current − 1 = -24.0%

Life of mine: 10 yrs — before haircut +12.9%

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 2723 127+4.6%1 5041 424+5.6%
2026 Q14 3972 831+55.3%2 2421 121+99.9%
2026 Q22 5113 123-19.6%—1 310—

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 5.4x · target 75th pct (3y) 23.1x · LTM avg 10.4x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-08-230.344 USDEx-dividend: 0.344 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.

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.

Frequently asked questions

What is Expand Energy (EXE)'s P/E ratio?
Expand Energy (EXE) trades at a P/E of 8.1x (price to trailing 12-month earnings).
What is Expand Energy (EXE)'s EV/EBITDA?
Expand Energy (EXE) trades at 4.3x EV/EBITDA.
What is Expand Energy (EXE)'s P/B ratio?
Expand Energy (EXE) trades at a P/B of 1.2x.
What is Expand Energy (EXE)'s dividend yield?
Expand Energy (EXE)'s trailing 12-month dividend yield is 3.4%.
What is Expand Energy (EXE)'s return on equity (ROE)?
Expand Energy (EXE)'s ROE is 11.6%.
What is Expand Energy (EXE)'s market capitalization?
Expand Energy (EXE)'s market cap is 22.6 bn USD.