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EQT Corporation USD

At a glance: strengths & risks
✓Revenue growing (+64%)✓Profit growing (+784%)✓Margins improving (54%→68%)✓Cheaper than own history (EV/EBITDA 5.8 vs avg 9.6)✗Only 12 years of reserves✗Commodity price -17% vs 1-yr · -8% vs 3-yr✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_EQT

Price chart

53.72 USDDay -0.32%

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
53.72 USD · -0.32%
Market cap
33.6 bn USD

Growth

Δ revenue y/y
-29.2%
Δ EBITDA y/y
-38.3%

Multiples

P/E (LTM)
12.4x
3y avg: 54.3x
P/B (FY)
1.4x
P/E (ann.)
39.7x
EV/EBITDA (LTM)
5.8x
3y avg: 9.6x
EV/EBITDA (ann.)
9.0x

Cash return

Dividend yield
1.2%
FCF yield (LTM)
7.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-35.0%
↓ details

Liquidity

Daily turnover (listing)
286.4 mln USD

Shares: sec_companyfacts/33213

Financial results

Monetary columns are in M 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1809.9
y/y -29.2%
394.0
y/y -65.3%
689.6
y/y 10.6%
1083.6
y/y -38.3%
211.4
y/y -73.0%
1048.0-650.241320.8
y/y 4.2%
25258.9
y/y 17.9%
3.4%5542.9Link
2026-03-31Q1 2026 (3M)OK3378.7
y/y 94.2%
2036.0
y/y 310.3%
654.8
y/y 5.5%
2690.8
y/y 140.9%
1487.2
y/y 514.2%
3055.0-598.541692.3
y/y 5.0%
25118.8
y/y 21.2%
24.3%5665.8Link
2025-12-31Q4 2025 (3M)OK2388.1
y/y 47.0%
1016.1
y/y 30.0%
667.8
y/y 7.6%
1683.9
y/y 20.1%
677.1
y/y 61.8%
1125.4-611.541792.9
y/y 4.9%
23752.7
y/y 15.3%
8.7%7805.0Link
2025-09-30Q3 2025 (3M)OK1958.6
y/y 52.6%
603.2
y/y —
688.4
y/y 16.8%
1291.6
y/y 320.1%
335.9
y/y —
1017.7-1011.041195.3
y/y 3.1%
23151.6
y/y 13.9%
2.0%7982.1Link
2025-06-30Q2 2025 (3M)OK2557.7
y/y 168.5%
1134.0
y/y —
623.5
y/y 33.8%
1757.5
y/y 274.8%
784.1
y/y 8139.4%
1241.7-639.839666.7
y/y 60.6%
21423.3
y/y 41.7%
14.9%7759.5Link
2025-03-31Q1 2025 (3M)OK1739.8
y/y 23.2%
496.2
y/y 171.6%
620.8
y/y 27.5%
1117.0
y/y 66.9%
242.1
y/y 134.0%
1741.2-509.639703.4
y/y 56.1%
20717.9
y/y 36.6%
4.7%8111.0Link
2024-12-31Q4 2024 (3M)OK1624.7
y/y -20.5%
781.4
y/y 8.1%
620.3
y/y 23.6%
1401.8
y/y 14.5%
418.4
y/y -16.7%
756.3-601.639830.3
y/y 57.5%
20597.6
y/y 39.4%
1.1%9222.6Link
2024-09-30Q3 2024 (3M)OK1283.8
y/y 8.2%
-281.8
y/y -1883.0%
589.3
y/y 31.9%
307.5
y/y -33.6%
-300.8
y/y -470.2%
593.0-1196.039945.6
y/y 62.7%
20334.8
y/y 43.2%
-2.3%13704.6Link
2024-06-30Q2 2024 (3M)OK952.5
y/y -6.5%
3.0
y/y —
466.0
y/y 17.8%
469.0
y/y 30.0%
9.5
y/y —
322.0-765.924706.5
y/y 16.1%
15117.8
y/y 25.9%
0.3%4921.8Link
2024-03-31Q1 2024 (3M)OK1412.3
y/y -46.9%
182.7
y/y -88.7%
486.8
y/y 25.5%
669.5
y/y -66.5%
103.5
y/y -91.5%
1155.7-564.525438.3
y/y 12.1%
15164.2
y/y 25.2%
2.8%4856.7Link
2023-12-31Q4 2023 (3M)OK2043.0
y/y —
722.7
y/y —
501.8
y/y —
1224.5
y/y —
502.1
y/y —
624.4-516.825285.1
y/y —
14773.2
y/y —
12.0%5760.5Link
2023-09-30Q3 2023 (3M)OK1186.1
y/y —
15.8
y/y —
446.9
y/y —
462.7
y/y —
81.3
y/y —
454.6-2792.324555.0
y/y —
14201.3
y/y —
0.8%5851.1Link
2023-06-30Q2 2023 (3M)OK1018.8
y/y —
-35.0
y/y —
395.7
y/y —
360.7
y/y —
-66.6
y/y —
437.1-487.021273.5
y/y —
12005.8
y/y —
-2.2%4606.8Link
2023-03-31Q1 2023 (3M)OK2661.1
y/y —
1610.9
y/y —
387.7
y/y —
1998.6
y/y —
1218.5
y/y —
1662.8-494.822690.5
y/y —
12112.1
y/y —
—5407.1Link

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

Short-term debt (incl. ST leases)115
Long-term debt (incl. LT leases)5 541
− Cash & equivalents113
Net debt5 543

Net debt / LTM EBITDA: 0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

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

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 00001 0002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 2.51x of reported net profit; after capex, 1.39x.
year202320242025
cash flow / profit1.83x12.26x2.51x
accruals, % of assets-5.7%-6.5%-7.4%
Last twelve months (to 2025-Q3): 2.30x of profit came back as operating cash flow.
net debt / EBITDA 1.3x · EBIT covers interest 7.4x · capex 1.0x of depreciation · dividends 21% of free cash flow · share count +22.1% a year
● Diluted share count grew 22.1% 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.

Production & Reserves

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

Oil and Gas E and P

Proved reserves
28 046 000 mln cfe
2025
Reserve life (R/P)
11.7 yrs
reserves ÷ annual output
Annual production
2 395 008 mln cfe
2025

Production, mln cfe

1 862 41720211 958 43820222 026 51720232 233 90620242 395 0082025

Proved reserves

YearReserves, mln cfe
202528 046 000
202426 265 000
202327 597 000
202225 003 000
202124 962 000
202019 802 000

Production

YearProduction, mln cfeper day, mln cfe
20261 259 007 * (6M)
+9.3%		6 894
20252 395 008
+7.2%		6 562
20242 233 906
+10.2%		6 120
20232 026 517
+3.5%		5 552
20221 958 438
+5.2%		5 366
20211 862 4175 103
2020767 075 * (6M)4 200

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -17%

Commodity-player potential

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

Upside: -35.0% ▲ +0.7 pp 1d

Main driver: Henry Hub Gas -17% vs LTM; revenue ×0.88 vs costs ×1.03; EBITDA 6 636→5 419; at 6.5× EV/EBITDA → -35%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+91%2.793.383.11-17%-8%
Liquified Natural Gas (rev)+7%17.6111.6512.61+51%+8%
Henry Hub Gas (cost)-5%2.793.383.11-17%-8%
US Diesel Index (EIA) (cost)-2%5.454.214.14+29%-2%
WTI Crude Oil (rev)+1%86.8071.9676.29+21%+6%

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

1 · Reported baseline (LTM)
LTM revenue9 302
LTM EBITDA6 636
LTM cash costs (revenue − EBITDA)2 666
2 · Revenue projection
Revenue multiplier — spot×0.879 (-12%)
= Spot revenue8 176
Revenue multiplier — 3y price×0.934 (-7%)
= 3-year-price revenue8 688
3 · Costs projection
Cost multiplier — spot×1.034 (+3%)
= Spot cash costs2 757
Cost multiplier — 3y price×1.033 (+3%)
= 3-year-price cash costs2 753
4 · EBITDA projection (revenue − costs)
= Spot EBITDA5 419
= 3-year-price EBITDA5 934
Conservative EBITDA = min(spot, avg)5 419
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.5x
Target EV = EV/EBITDA × conservative EBITDA35 168
Net debt5 543
Hedge book at scenario price (net debt adjustment)+425 $M
Target market cap = EV − net debt30 050
Current market cap33 689

Upside = target market cap ÷ current − 1 = -35.0%

Life of mine: 12 yrs — before haircut -10.8%

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
2024 Q11 4121 340+5.4%669616+8.6%
2024 Q29531 302-26.8%469553-15.2%
2024 Q31 2841 274+0.8%307570-46.1%
2024 Q41 6251 751-7.2%1 402970+44.5%
2025 Q11 7402 032-14.4%1 1171 394-19.9%
2025 Q22 5581 711+49.5%1 7581 114+57.7%
2025 Q31 9591 760+11.3%1 2921 089+18.6%
2025 Q42 3882 317+3.1%1 6841 719-2.0%
2026 Q13 3792 054+64.5%2 6911 340+100.8%
2026 Q21 8102 224-18.6%1 2031 492-19.4%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

1017993.2969.0944.7920.520232024Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 11.8 yr

4599454444884433437720232024Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2024-12-311,017.44,377.4——
2023-12-31920.54,599.4——

2025-12-31 · FY

Production & proved reserves

Line itemAmount

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 7 Upstream sales-by-product table (eqt-20251231.htm). NGLs (14,746 MBbl @ $38.04/Bbl) and ethane (7,422 MBbl @ $8.01/Bbl) are combined into a single NGL bucket of 22,168 MBbl @ $27.99/Bbl (volume-weighted). Realised prices exclude cash-settled derivatives.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil1.8 MMBbls49.08 USD/bbl87.61.1%
Natural gas2,238,652 MMcf3.13 USD/Mcf7,00790.8%
NGLs22.2 MMBbls27.99 USD/bbl620.58.0%
Total (implied product revenue)7,715100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)8,644.2USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)91.5USD mln
Depreciation, depletion & amortization2,600.4USD mln
Exploration expense3.6USD mln
Income tax expense (benefit)651.9USD mln
Total costs and expenses (consolidated)5,394.6USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

Line itemAmount
Crude oil equivalent (net, Mboe/d)1,017.4
Proved reserves (net, MMboe)4,377.4

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)5,273.3USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)81USD mln
Depreciation, depletion & amortization2,162.3USD mln
Exploration expense2.7USD mln
Income tax expense (benefit)22.1USD mln
Total costs and expenses (consolidated)4,588USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

Line itemAmount
Crude oil equivalent (net, Mboe/d)920.5
Proved reserves (net, MMboe)4,599.4

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)6,908.9USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)53.3USD mln
Depreciation, depletion & amortization1,732.1USD mln
Exploration expense3.3USD mln
Interest expense219.7USD mln
Impairment — oil & gas properties17.4USD mln
Income tax expense (benefit)369USD mln
Total costs and expenses (consolidated)4,594.5USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +64% vs -24% the year before — a +87.6 pp move. 3-year CAGR —.
revenue growth by year: 2024 -24% · 2025 +64%
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 5.2x · target 75th pct (3y) 6.5x · LTM avg 12.2x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-050.165 USDEx-dividend: 0.165 USD per sharePaidYahoo Finance (ex-div)
2026-05-060.165 USDEx-dividend: 0.165 USD per sharePaidYahoo Finance (ex-div)
2026-02-170.165 USDEx-dividend: 0.165 USD per sharePaidYahoo Finance (ex-div)
2025-11-050.165 USDEx-dividend: 0.165 USD per sharePaidYahoo Finance (ex-div)
2025-08-060.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2025-05-070.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2025-02-180.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2024-11-060.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2024-08-070.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2024-05-070.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2024-02-160.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2023-11-070.158 USDEx-dividend: 0.158 USD per sharePaidYahoo Finance (ex-div)
2023-08-080.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-05-090.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-02-170.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-11-080.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-08-080.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-05-100.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2022-02-110.125 USDEx-dividend: 0.125 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).

Investor reporting (IR): https://ir.eqt.com/

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 EQT Corporation — from primary filings.

Appalachian natural gas producer with integrated gathering and midstream exposure.

Frequently asked questions

What is EQT Corporation's P/E ratio?
EQT Corporation trades at a P/E of 12.4x (price to trailing 12-month earnings).
What is EQT Corporation's EV/EBITDA?
EQT Corporation trades at 5.8x EV/EBITDA.
What is EQT Corporation's P/B ratio?
EQT Corporation trades at a P/B of 1.4x.
What is EQT Corporation's dividend yield?
EQT Corporation's trailing 12-month dividend yield is 1.2%.
What is EQT Corporation's return on equity (ROE)?
EQT Corporation's ROE is 3.4%.
What is EQT Corporation's market capitalization?
EQT Corporation's market cap is 33.6 bn USD.

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