EQNR
Equinor ASA
EQNR lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
EQNR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Healthy |
EQNR's revenue, profitability, cash flow and balance sheet are all currently healthy.
EQNR PE Valuation
EQNR has no meaningful PE right now: it lost money over the past year.
EQNR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for EQNR, with profitability improving. However, they disagree widely on these estimates.
EQNR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.67 | +23% |
| Q1 2026 | $2.18 | -30% |
| Q4 2025 | $1.87 | -40% |
| Q3 2025 | $2.08 | -36% |
| Q2 2025 | $2.98 | -9.1% |
| Q1 2025 | $3.13 | -3.1% |
| Q4 2024 | $3.11 | -20% |
| Q3 2024 | $3.26 | -41% |
EQNR's earnings per share have fallen from their peak: $3.67 over the past year, against $9.18 in early 2023.
EQNR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $34.5B | +37% |
| Q1 2026 | $27.8B | -5.3% |
| Q4 2025 | $25.3B | -4.5% |
| Q3 2025 | $26B | +2.4% |
| Q2 2025 | $25.1B | -1.3% |
| Q1 2025 | $29.4B | +17% |
| Q4 2024 | $26.5B | -8% |
| Q3 2024 | $25.4B | -2% |
EQNR's revenue is recovering but still below its 2022 peak: $34.5B last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 37% | +15 points |
| Q1 2026 | 32% | +1.4 points |
| Q4 2025 | 22% | -11 points |
| Q3 2025 | 20% | -6.9 points |
| Q2 2025 | 23% | -7.3 points |
| Q1 2025 | 30% | -0.2 points |
| Q4 2024 | 33% | +2.6 points |
| Q3 2024 | 27% | -1.6 points |
EQNR's operating margin was 37% last quarter, up 14 points from the same quarter a year ago.
EQNR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.6B | +$7.5B |
| Q1 2026 | $2.1B | -65% |
| Q4 2025 | -$2B | -$815M |
| Q3 2025 | $2.9B | -26% |
| Q2 2025 | -$889.8M | +$249.2M |
| Q1 2025 | $6B | -8% |
| Q4 2024 | -$1.2B | -$931M |
| Q3 2024 | $4B | +53% |
EQNR still generates free cash flow, though less than at its 2022 peak: $9.6B over the past year.
EQNR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.6% | -64M shares |
| 1 year | -7.2% | -190M shares |
| 3 years | -20% | -610M shares |
| 5 years | -25% | -818M shares |
| Available history | -27% | -898M shares |
EQNR has 2.4B diluted shares, down 7.2% from a year ago, with $5.5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $83M |
| Q1 2026 | $271M |
| Q4 2025 | $389M |
| Q3 2025 | $4.7B |
| Q2 2025 | $271.5M |
| Q1 2025 | $549M |
| Q4 2024 | $502M |
| Q3 2024 | $4.6B |
EQNR spent $5.5B buying back its own shares over the past year, down 7% from the year before.
EQNR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.6x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.5x | Very low |
| Q3 2024 | 0.5x | Very low |
EQNR's net debt is less than a year of its operating earnings (EBITDA).
EQNR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.8 | Neutral |
| Stochastic | 56.0 | Neutral |
EQNR's weekly RSI is 54 (neutral) and its Stochastic is 56 (neutral).
EQNR PE vs Energy Sector
| Metric | EQNR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
EQNR has no meaningful PE right now: it lost money over the past year.
EQNR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $44.6 | 4.2% below |
| 20 week MA | $41.8 | 2.2% above |
| 50 week MA | $36.0 | 19% above |
| 100 week MA | $30.2 | 42% above |
| 200 week MA | $29.4 | 46% above |
EQNR's trend is up, with a small recent dip: it's below only its 8-week average, and 46% above its 200-week average.
EQNR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.9 | $16.3 | -18% |
| 2021 | $16.3 | $27.4 | +68% |
| 2022 | $27.4 | $37.0 | +35% |
| 2023 | $37.0 | $31.6 | -15% |
| 2024 | $31.6 | $23.1 | -27% |
| 2025 | $23.1 | $23.0 | -0.1% |
| 2026 YTD | $23.0 | $42.8 | +86% |
EQNR has finished three years in a row lower, and it's up 86% so far in 2026.