EQT
EQT Corp
Next earnings Jul 20, 2026 (after close) · consensus $0.56 EPS, $1.90B rev
Last earnings -0.0% on 2026-04-21
$52.61
▲ +1.17%$52.61▼ -8.72%
over 1Y
L $48.77H $67.74
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.2%
1W+1.9%
1M-3.8%
3M-11.6%
YTD-1.0%
1Y-8.7%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 29 analysts
Buy
Deleveraged, newly integrated gas major at a fair 15x — but FY25's blowout is M&A- and price-driven, capping upside.
P/E (price / FY diluted EPS) 15.3 · FY2025
The read
Middling fundamentals offset by an attractive price (~139% below fair value) — worth a look on the value angle.
EQT screens well on the surface: FY2025 revenue jumped 63.9% to $8.64B and net income exploded 784.4% to $2.04B (EPS $3.31), with a 37.6% operating margin and $5.13B of operating cash flow against $2.29B capex — roughly $2.8B free cash flow, a ~9% FCF yield on the $31.7B market cap. The balance sheet is genuinely strong: liabilities/equity sits at 0.61x, long-term debt fell 19% to $7.29B, and equity grew to $23.8B. At 15.3x earnings and 3.7x sales, the price is not demanding for the largest US natural gas producer.
The catch is what's behind the numbers. The MD&A attributes 2025's surge largely to inorganic events — the Olympus Energy Acquisition (closed July 1, 2025), the Equitrans Midstream Merger (which reorganized the company into Upstream/Gathering/Transmission segments and cut consolidated transport cost), and a $3.5B Midstream JV cash injection. The five-year history exposes the real character of this business: net income of -$1.14B (2021), $1.77B (2022), $1.74B (2023), then just $231M (2024) before this year's $2.04B. That is textbook commodity cyclicality, and the +784% growth is flattered by a depressed 2024 base. Paying ~15x for what looks like peak-of-cycle, partly M&A-manufactured earnings is the core reason this isn't a buy.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 12:43 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $3.06B | $7.50B | $6.91B | $5.27B | $8.64B |
| Gross profit | — | — | — | — | — |
| Operating income | -$1.36B | $2.72B | $2.31B | $685M | $3.25B |
| Net income | -$1.14B | $1.77B | $1.74B | $231M | $2.04B |
| Diluted EPS | -$3.54 | $4.38 | $4.22 | $0.45 | $3.31 |
| Net margin | -37.3% | 23.6% | 25.1% | 4.4% | 23.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$40.6B
EV / EBITDA6.9
EV / Sales4.7
EV / FCF14.3
P / FCF11.6
PEG (trailing)0.02
Earnings yield6.2%
FCF yield8.6%
Quality & risk
ROIC (est.)8.1%
Free cash flow$2.84B
Total debt$7.80B
Net cash-$7.69B
Altman Z-Score1.96 grey
Piotroski F-Score7/8
Capital returns
Buyback yield0.0%
Dividend yield (est.)1.2%
Shareholder yield1.2%
Shares Δ YoY+4.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 10-Q Quarterly report2026-04-22
Q1 2026 10-Q: sustained profitability; long-term debt continues to decline
- 8-K Earnings results2026-04-21
Q1 2026 earnings release; strong gas prices and post-Olympus volumes sustain results
- 8-K Officer / director change2026-04-15
Annual meeting vote results plus a director/officer change disclosed
- 8-K Earnings results2026-04-14
Preliminary Q1 2026 operational/results update ahead of full earnings
- 8-K Other event2026-03-24
Other-event disclosure with exhibit (likely financing or operational update)
- 8-K Other event2026-03-10
Other-event disclosure with exhibit (e.g. notes offering or guidance)
- DEF 14A Proxy statement2026-02-26
2026 proxy: exec comp and director slate for annual meeting
- 10-K Annual report2026-02-18
FY2025 10-K: Olympus deal added volumes, debt cut 19%, EPS $3.31 vs $0.45
- 8-K Earnings results2026-02-17
FY2025/Q4 earnings: net income +784%, revenue +64% on higher gas prices
Recent filings
all on EDGAR ↗4Period ending 2026-06-052026-06-09open ↗144Filing2026-06-08open ↗144Filing2026-06-05open ↗SDFiling2026-05-28open ↗SCHEDULE 13GFiling2026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗SCHEDULE 13GFiling2026-04-29open ↗4Period ending 2026-04-272026-04-28open ↗4Period ending 2026-04-272026-04-28open ↗4Period ending 2026-04-272026-04-28open ↗4Period ending 2026-04-272026-04-28open ↗4Period ending 2026-04-272026-04-28open ↗
Frequently asked
- Is EQT Corp (EQT) a buy?
- EQT currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Deleveraged, newly integrated gas major at a fair 15x — but FY25's blowout is M&A- and price-driven, capping upside.
- What is EQT's fair value?
- A Modified-Graham model based on EQT's SEC fundamentals estimates a fair value of about $125.78. It is an estimate from reported earnings, not a price target.
- Is EQT overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, EQT currently appears undervalued relative to its SEC-grounded earnings power.
- What is EQT Corp's quality score?
- EQT scores 75.68530963194246/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000033213, latest 10-Q filed 2026-04-22) · EODHD · Proprietary analysis · as of 6/21/2026, 4:43:12 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.