EQT
EQT Corporation
EQT's fundamentals are strong: revenue grew 19% and it turned 41% of its revenue into free cash flow. At 12x earnings, it's trading below its usual 18x. Analysts expect earnings to decline, though they disagree widely on how much.
EQT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Healthy |
EQT's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
EQT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.9x | $20.68 | -60% |
| Current | 12x | $52.36 | — |
| Forward | 17x | $52.36 | — |
| Fair | 18x | $77.17 | +47% |
| Expensive | 55x | $234 | +347% |
Historical ranges are pointers, not guarantees.
EQT's PE is in its fair range at 12x. Analysts expect earnings to fall, which would put today's price at 17x next year's earnings.
EQT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Decline | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect EQT's revenue to grow, but its earnings and profitability to decline. However, they disagree widely on these estimates.
EQT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.08 | -27% |
| Q3 2026 | $4.22 | +42% |
| Q2 2026 | $4.31 | +127% |
| Q1 2026 | $5.27 | +750% |
| Q4 2025 | $3.31 | +636% |
| Q3 2025 | $2.97 | +267% |
| Q2 2025 | $1.90 | +23% |
| Q1 2025 | $0.62 | -54% |
| Q4 2024 | $0.45 | -89% |
EQT's earnings per share have fallen from their peak: $4.22 over the past year, against $11.53 in early 2023.
EQT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.8B | -9.6% |
| Q2 2026 | $1.8B | -29% |
| Q1 2026 | $3.4B | +94% |
| Q4 2025 | $2.4B | +47% |
| Q3 2025 | $2B | +53% |
| Q2 2025 | $2.6B | +169% |
| Q1 2025 | $1.7B | +23% |
| Q4 2024 | $1.6B | -20% |
EQT's revenue is growing: $1.8B last quarter, down 9.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | -4.9 points |
| Q2 2026 | 22% | -23 points |
| Q1 2026 | 60% | +32 points |
| Q4 2025 | 43% | -5.6 points |
| Q3 2025 | 31% | +53 points |
| Q2 2025 | 44% | +44 points |
| Q1 2025 | 29% | +16 points |
| Q4 2024 | 48% | +13 points |
EQT's operating margin was 26% last quarter, down 4.9 points from the same quarter a year ago.
EQT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $435.9M | +11% |
| Q2 2026 | $397.8M | -43% |
| Q1 2026 | $2.5B | +98% |
| Q4 2025 | $512.7M | +211% |
| Q3 2025 | $391.3M | +1564% |
| Q2 2025 | $692.1M | +$928.2M |
| Q1 2025 | $1.2B | +100% |
| Q4 2024 | $164.7M | +80% |
EQT generated $3.8B in free cash flow over the past year, up 53% from the year before.
EQT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +123K shares |
| 1 year | +0.1% | +848K shares |
| 3 years | +51% | +213M shares |
| 5 years | +126% | +350M shares |
| Available history | +147% | +374M shares |
EQT has 629M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | $201M |
EQT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.8x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.7x | Healthy |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 3.2x | Elevated |
EQT's net debt is less than a year of its operating earnings (EBITDA), down from 1.4 years a year ago.
EQT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.6 | Neutral |
| Stochastic | 46.1 | Neutral |
EQT's weekly RSI is 48 (neutral) and its Stochastic is 46 (neutral).
EQT PE vs Energy Sector
| Metric | EQT | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 5.4% below |
| PE % | 40 | 61 | 21 pts below |
EQT is trading at 12x earnings, in line with the Energy sector's median of 13x.
EQT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $52.6 | 0.5% below |
| 20 week MA | $52.6 | 0.4% below |
| 50 week MA | $55.4 | 5.5% below |
| 100 week MA | $54.1 | 3.3% below |
| 200 week MA | $45.8 | 14% above |
EQT has fallen below most of its moving averages, though it's still 14% above its 200-week average.
EQT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.5 | $13.9 | +33% |
| 2021 | $13.9 | $22.1 | +59% |
| 2022 | $22.1 | $36.2 | +64% |
| 2023 | $36.2 | $38.7 | +6.8% |
| 2024 | $38.7 | $44.3 | +15% |
| 2025 | $44.3 | $53.9 | +22% |
| 2026 YTD | $53.9 | $52.4 | -2.9% |
EQT has finished every year since 2020 higher, and it's down 2.9% so far in 2026.