EQT Corporation (EQT) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: EQT Corporation

Updated on October 31, 2026 · accounts published on October 27, 2026

A business at record margins with a weak history of returns through the cycle

EQT trades at a P/E of 12.4 over the last 12 months, 28 % below its sector median, with an operating margin far above its decade average.

• Is EQT expensive or cheap? EQT trades at a P/E of 12.4 over the last 12 months, 28 % below the 17.3 median of its sector.
• How is the business doing? Revenue grew 74 % over the last 12 months and the operating margin reached 42 %, against a 2014-2025 average of 0.8 %.
• How strong is the balance sheet? Net debt was $13.01 per share in fiscal 2025, equal to 1.3× EBITDA and 24 % of the current share price.
• What to expect from the next earnings? Next results on February 16, 2027; analysts expect EPS of $0.73, while the 2026 EPS consensus fell 6 % in 30 days.
• Does EQT generate cash through the cycle and cover its dividend? Free cash flow covered the dividend 7.3× in fiscal 2025, but it was positive in only 7 of the last 10 fiscal years.

Is EQT expensive or cheap?

Over the last 12 months EQT trades at a P/E of 12.4, against a median of 17.3 across 140 companies in its sector. Its EV/EBITDA of 6.0× sits far below its nine-year average of 19.3×, and the free cash flow yield is 7.8 %. In energy a low multiple can also be a warning. The P/E is under 70 % of its four-year average of 33.5×, a pattern that often marks a peak in the cycle, when earnings are temporarily high. The stock is 18 % below its 52-week high of $67.93 and up 6 % over the last 12 months.

How is the business doing?

Over the last 12 months revenue rose 74 % and EPS jumped 707 %, which lifted the operating margin to 42 %. That is above the 35 % of fiscal 2025 and far from the 0.8 % average of 2014-2025. The net margin is 30 %. Returns on capital tell a more modest story. ROIC of 7.6 % is just 0.2 points above the sector median of 7.4 %, and it topped 10 % in only one of the last ten fiscal years, with a low of −11.3 % in 2018. Today's margins are the exception in the company's own history, which fits a business whose profits follow commodity prices.

How strong is the balance sheet?

In fiscal 2025 EQT carried net debt of $13.01 per share. That equals 24 % of the current price and 1.3× EBITDA, under the 2× that the sector treats as healthy. Debt to equity is a low 0.22 over the last 12 months. Two figures call for attention. A current ratio of 0.71 means short-term liabilities exceed short-term assets, and the Altman Z of 2.0 sits in the grey zone. The Piotroski score of 8 out of 9 points the other way, with fundamentals passing almost every test. The dividend yields 1.2 % and took 19 % of earnings in fiscal 2025.

What to expect from the next earnings?

On October 27, 2026 EQT reported EPS of $0.42 against $0.37 expected, a 14 % beat, and it has beaten EPS estimates in 7 of the last 8 quarters. Analysts are still trimming their numbers. Over the last 30 days the 2026 EPS consensus fell 5.6 %, from $4.05 to $3.83 across 13 analysts, and the revenue consensus slipped 1.8 %. Of 45 analysts, 30 recommend buying, 15 holding and none selling. For the February 16, 2027 report the bar is EPS of $0.73 for the quarter, so the downward revisions are the figure to watch.

Does EQT generate cash through the cycle and cover its dividend?

Oil and gas producers are cyclical: profits rise and fall with the commodity price. That is why the sector looks at cash across the whole cycle and at whether the dividend survives the bad years. In fiscal 2025 EQT's free cash flow covered its dividend 7.3×, above the 1.2× healthy threshold. The longer record is weaker. Free cash flow was positive in 7 of 10 fiscal years (2016-2025), short of the 8 the sector expects. The five-year average ROIC of 4.3 % trails the 10 % benchmark, and capex took 25 % of revenue in fiscal 2025, above the healthy 10-20 % range.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.