# Eqt (EQT.US)

Canonical: https://gigainvestors.com/s/EQT

Analysis as of: 2026-10-16T07:28:20.341Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $52.45 per share; close as of 2026-10-15.

Estimated value: low $26.86 per share, central $30.56 per share, high $35.49 per share. Buy at or below the central value $30.56 per share. Valuation as of 2026-10-16T07:28:20.341Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 11.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: -0.59×

- FY2019: -0.30×

- FY2020: -0.33×

- FY2021: -0.20×

- FY2022: 0.22×

- FY2023: 0.46×

- FY2024: 0.13×

- FY2025: 0.35×

- LTM to Jun 2026: 0.43×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 27.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: -1.5%

- ROIC, second-lowest year: -7.4%

- Typical minus recent gross margin: 27.8 pp

- Typical gross margin (annual median): 46.3%

- Recent gross margin (lower of latest and 3-year median): 18.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 41.0%

- ROIC including acquisitions, ten-year median: -1.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -7.4%

- FY2017: 1.9%

- FY2018: -13.4%

- FY2019: -6.0%

- FY2020: -4.9%

- FY2021: -6.9%

- FY2022: 13.4%

- FY2023: 9.3%

- FY2024: 2.3%

- FY2025: 8.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.5B

- Net income, five-year total: $4.6B

- Return on incremental invested capital: 52.1%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -4.1 pp

- Working capital / revenue, final three-year average: 4.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.43×

- FY2022: 1.13×

- FY2023: 0.83×

- FY2024: 1.00×

- FY2025: 1.13×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -7.4% vs 8.4%

- Per-share earnings: 0.30 to 3.31 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.2%

- Ordinary dilution, 5-year annual growth: 18.8%

- Market cap gain: $27B

- Cumulative retained earnings: $1.7B

- Diluted shares, 10-year annual growth: 8.2%

- Diluted shares, 5-year annual growth: 18.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 34.8%

- Per-share value change: $3.01

- Per-share value, starting three-year median: $0.30

- Per-share value, ending three-year median: $3.31

- Buybacks concentrated in cheaper years (correlation): -0.32

- Average buyback yield: 2.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $2.9B

- Cumulative net income, 10 years: $1.3B

- ROIC, first three-year median: -7.4%

- ROIC, last three-year median: 8.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$2.71

- FY2017: $8.04

- FY2018: -$8.60

- FY2019: -$4.79

- FY2020: -$3.68

- FY2021: -$3.54

- FY2022: $4.36

- FY2023: $4.20

- FY2024: $0.45

- FY2025: $3.31

### accounting: pass

- Sloan accruals: -7.4%

- Receivables to sales index (DSRI): 0.70×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.8%

- FY2017: -0.4%

- FY2018: -25.2%

- FY2019: -16.3%

- FY2020: -13.8%

- FY2021: -12.3%

- FY2022: -7.5%

- FY2023: -5.7%

- FY2024: -6.5%

- FY2025: -7.4%

## Holders

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 7.7% a year for ten years · "EQT Raises Production Outlook and Lowers Capital Spending Forecast" (finance.yahoo.com, Jul 2026) · sales +2.3%

Story as of 2026-10-16T09:58:42.539Z; price observation 2026-10-15.

Price needs cash profits to grow 7.7% a year for ten years

- 2025-07-10: EQT Corporation (EQT) Falls Amid Declining Gas Prices ([finance.yahoo.com](https://finance.yahoo.com/news/eqt-corporation-eqt-falls-amid-125751008.html))

- 2025-08-18: Gas producers Antero, EQT, Range, Expand Energy cut at Roth as gas oversupply returns ([seekingalpha.com](https://seekingalpha.com/news/4486703-gas-producers-antero-eqt-range-expand-energy-cut-at-roth-as-gas-oversupply-returns?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-09-08: EQT signs 20-year deal to buy LNG from Commonwealth LNG's Louisiana plant ([seekingalpha.com](https://seekingalpha.com/news/4493211-eqt-to-buy-lng-from-commonwealth-lng-louisiana-plant-in-20-year-deal?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-23: EQT (EQT) Valuation Check After Weather Driven Natural Gas Spike And Rising Investor Interest ([finance.yahoo.com](https://finance.yahoo.com/news/eqt-eqt-valuation-check-weather-081157783.html))

- 2026-02-18: EQT Q4 Earnings Top Estimates on Higher Realized Gas-Equivalent Prices ([finance.yahoo.com](https://finance.yahoo.com/news/eqt-q4-earnings-top-estimates-145300006.html))

- 2026-08-24: EQT (EQT) Stock May Be Undervalued After A 10 Year Gas Deal ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/eqt-eqt-stock-may-undervalued-160940429.html))

### Sales · FY2025–2026

sales +2.3%; source https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm; observed 2026-02-18.

- FY2017: $3.0B 

- FY2018: $4.7B 

- FY2019: $3.8B 

- FY2020: $2.7B 

- FY2021: $6.8B 

- FY2022: $12B 

- FY2023: $5.1B 

- FY2024: $5.2B 

- FY2025: $9.1B 

- FY2026: $9.3B 

### Gross margin · FY2025

gross margin 48.9%; source https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm; observed 2026-02-18.

- FY2016: 32.6% 

- FY2017: 51.6% 

- FY2018: 61.9% 

- FY2019: 54.5% 

- FY2020: 40.8% 

- FY2021: 43.8% 

- FY2022: 66.4% 

- FY2023: 18.6% 

- FY2024: 14.7% 

- FY2025: 48.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas e&p; annual sales are USD 9.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm (filed 2026-02-18); FY2025: revenue 9073181000; grossProfit 4433527000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EQT.US: EQT Corporation engages in the exploration, production, gathering, and transmission of hydrocarbons and natural gas. The company sells natural gas, natural gas liquids, and oil to marketers, utilities, and industrial customers located in the Appalachian Basin. It also provides marketing services and contractual pipeline capacity management services, as well as engages in risk management and hedging activities. In addition, it owns and operates propane storage and distribution terminals. The company was formerly known as Equitable Resources Inc. and changed its name to EQT Corporation in February 2009. EQT Corporation was founded in 1888 and is headquartered in Canonsburg, Pennsylvania.

### Why customers stay

Margins ranged from 14.7% to 48.9% during 2023–25; it lost 1.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 18.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 14.7%.

- Source: https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 48.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,-0.07439398125184045],[2017,0.01907911183382945],[2018,-0.1336403794209416],[2019,-0.060192214711626016],[2020,-0.04887091735682819],[2021,-0.06943493497915215],[2022,0.13438730223983475],[2023,0.09294288547671063],[2024,0.022687036448688132],[2025,0.08370091484621665]]; median -0.014895902761499371. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 1695594000; upkeep 1062565000; owner earnings 1508529000. Growth capex / owner earnings = 1.1240049080925856.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 1427316000; owner earnings 2009611000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 2019037000; owner earnings 1448337000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 91359000; upkeep 2162350000; owner earnings 230577000. Growth capex / owner earnings = 0.3962190504690407.

- Source: https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 2288425000; owner earnings 2312792676.258074. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,20156000],[2017,20827000],[2018,31375000],[2019,30655000],[2020,7664000],[2021,203629000],[2022,203629000],[2023,228339000],[2024,326581000],[2025,389633000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EQT.US SharesStats.PercentInsiders = 0.901 percentage points; cache date 2026-10-16.

### What could break it

"Our drilling locations are scheduled out over many years, making them susceptible to uncertainties" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm (filed 2026-02-18); Our drilling locations are scheduled out over many years, making them susceptible to uncertainties

### What the price says

The price assumes cash profits grow 7.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.09719397412432518. Price 52.45; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.2176782975327538 → FY2025 3.7562592493922917. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $35.93 per share

- 2016-11: $38.15 per share

- 2016-12: $35.60 per share

- 2017-01: $33.00 per share

- 2017-02: $32.60 per share

- 2017-03: $33.26 per share

- 2017-04: $31.65 per share

- 2017-05: $30.09 per share

- 2017-06: $31.89 per share

- 2017-07: $34.68 per share

- 2017-08: $33.94 per share

- 2017-09: $35.51 per share

- 2017-10: $34.04 per share

- 2017-11: $32.44 per share

- 2017-12: $30.99 per share

- 2018-01: $29.55 per share

- 2018-02: $27.39 per share

- 2018-03: $25.86 per share

- 2018-04: $27.32 per share

- 2018-05: $28.06 per share

- 2018-06: $30.04 per share

- 2018-07: $27.04 per share

- 2018-08: $27.77 per share

- 2018-09: $24.08 per share

- 2018-10: $18.49 per share

- 2018-11: $18.71 per share

- 2018-12: $18.89 per share

- 2019-01: $19.47 per share

- 2019-02: $18.12 per share

- 2019-03: $20.74 per share

- 2019-04: $20.45 per share

- 2019-05: $18.30 per share

- 2019-06: $15.81 per share

- 2019-07: $15.11 per share

- 2019-08: $10.17 per share

- 2019-09: $10.64 per share

- 2019-10: $10.74 per share

- 2019-11: $8.73 per share

- 2019-12: $10.90 per share

- 2020-01: $6.05 per share

- 2020-02: $5.87 per share

- 2020-03: $7.07 per share

- 2020-04: $14.59 per share

- 2020-05: $13.34 per share

- 2020-06: $11.90 per share

- 2020-07: $14.52 per share

- 2020-08: $15.87 per share

- 2020-09: $12.93 per share

- 2020-10: $15.14 per share

- 2020-11: $14.88 per share

- 2020-12: $12.71 per share

- 2021-01: $16.31 per share

- 2021-02: $17.79 per share

- 2021-03: $18.58 per share

- 2021-04: $19.10 per share

- 2021-05: $20.88 per share

- 2021-06: $22.26 per share

- 2021-07: $18.39 per share

- 2021-08: $18.33 per share

- 2021-09: $20.46 per share

- 2021-10: $19.91 per share

- 2021-11: $19.43 per share

- 2021-12: $21.81 per share

- 2022-01: $21.25 per share

- 2022-02: $23.14 per share

- 2022-03: $34.41 per share

- 2022-04: $39.75 per share

- 2022-05: $47.72 per share

- 2022-06: $34.40 per share

- 2022-07: $44.03 per share

- 2022-08: $47.80 per share

- 2022-09: $40.75 per share

- 2022-10: $41.84 per share

- 2022-11: $42.41 per share

- 2022-12: $33.83 per share

- 2023-01: $32.67 per share

- 2023-02: $33.18 per share

- 2023-03: $31.91 per share

- 2023-04: $34.84 per share

- 2023-05: $34.77 per share

- 2023-06: $41.13 per share

- 2023-07: $42.18 per share

- 2023-08: $43.22 per share

- 2023-09: $40.58 per share

- 2023-10: $42.38 per share

- 2023-11: $39.96 per share

- 2023-12: $38.66 per share

- 2024-01: $35.40 per share

- 2024-02: $37.15 per share

- 2024-03: $37.07 per share

- 2024-04: $40.09 per share

- 2024-05: $41.09 per share

- 2024-06: $36.98 per share

- 2024-07: $34.51 per share

- 2024-08: $33.51 per share

- 2024-09: $36.64 per share

- 2024-10: $36.54 per share

- 2024-11: $45.44 per share

- 2024-12: $46.11 per share

- 2025-01: $51.12 per share

- 2025-02: $48.17 per share

- 2025-03: $53.43 per share

- 2025-04: $49.44 per share

- 2025-05: $55.13 per share

- 2025-06: $58.32 per share

- 2025-07: $53.75 per share

- 2025-08: $51.84 per share

- 2025-09: $54.43 per share

- 2025-10: $53.58 per share

- 2025-11: $60.86 per share

- 2025-12: $53.60 per share

- 2026-01: $57.73 per share

- 2026-02: $61.42 per share

- 2026-03: $63.64 per share

- 2026-04: $60.08 per share

- 2026-05: $54.93 per share

- 2026-06: $53.17 per share

- 2026-07: $53.29 per share

- 2026-08: $54.18 per share

- 2026-09: $48.56 per share

- 2026-10: $52.45 per share

## Annual estimated value (USD per share)

- FY2017: low $23.11 per share, central $28.96 per share, high $33.75 per share

- FY2024: low $5.08 per share, central $5.75 per share, high $6.65 per share

- FY2025: low $26.66 per share, central $30.34 per share, high $35.23 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:02.052Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.