EXE
Expand Energy Corporation
EXE's fundamentals are strong: revenue grew 28% and its operating margin rose 13 points to 26%. At 7.6x earnings, it's trading in line with its usual 7.2x. Analysts expect earnings to hold roughly steady, though they disagree widely on how much.
EXE Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
EXE's revenue, profitability, cash flow and balance sheet are all currently healthy.
EXE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2x | $23.41 | -73% |
| Fair | 7x | $81.38 | -7.3% |
| Current | 7.6x | $87.80 | — |
| Forward | 11x | $87.80 | — |
| Expensive | 33x | $387 | +341% |
Historical ranges are pointers, not guarantees.
EXE's PE is in its fair range at 7.6x. On analysts' estimates for next year's earnings, today's price would be 11x.
EXE Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| Low |
Analysts expect EXE's profitability to weaken, with its earnings and revenue holding steady. However, they disagree widely on these estimates.
EXE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.86 | -32% |
| Q3 2026 | $11.57 | +274% |
| Q2 2026 | $11.61 | +$11.65 |
| Q1 2026 | $13.44 | +$19.23 |
| Q4 2025 | $7.57 | +$12.12 |
| Q3 2025 | $3.09 | +82% |
| Q2 2025 | -$0.04 | -101% |
| Q1 2025 | -$5.79 | -177% |
| Q4 2024 | -$4.55 | -127% |
EXE's earnings per share have fallen from their peak: $11.57 over the past year, against $49.28 in early 2023.
EXE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.3B | +11% |
| Q2 2026 | $3B | -20% |
| Q1 2026 | $4.4B | +100% |
| Q4 2025 | $3.3B | +64% |
| Q3 2025 | $3B | +358% |
| Q2 2025 | $3.7B | +631% |
| Q1 2025 | $2.2B | +103% |
| Q4 2024 | $2B | +2.7% |
EXE's revenue is growing: $3.3B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -5 points |
| Q2 2026 | 22% | -12 points |
| Q1 2026 | 35% | +47 points |
| Q4 2025 | 23% | +42 points |
| Q3 2025 | 24% | +48 points |
| Q2 2025 | 34% | +93 points |
| Q1 2025 | -12% | -15 points |
| Q4 2024 | -19% | -57 points |
EXE's operating margin was 19% last quarter, down 5 points from the same quarter a year ago.
EXE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $339M | -20% |
| Q2 2026 | $343M | -48% |
| Q1 2026 | $1.7B | +218% |
| Q4 2025 | $215M | +$369M |
| Q3 2025 | $426M | +244% |
| Q2 2025 | $665M | +$758M |
| Q1 2025 | $533M | +307% |
| Q4 2024 | -$154M | -269% |
EXE generated $2.6B in free cash flow over the past year, up 76% from the year before.
EXE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.8% | -6.6M shares |
| 1 year | -3.4% | -8.2M shares |
| 3 years | +62% | +88.5M shares |
| 5 years | +137% | +134M shares |
EXE has 232M diluted shares, down 3.4% from a year ago, with $900M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $320M |
| Q2 2026 | $514M |
| Q1 2026 | $66M |
| Q4 2025 | — |
| Q3 2025 | $1M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
EXE spent $900M buying back its own shares over the past year.
EXE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.4x | Very low |
| Q4 2025 | 0.8x | Very low |
| Q3 2025 | 1.0x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 5.2x | High |
| Q4 2024 | 5.8x | High |
EXE's net debt is less than a year of its operating earnings (EBITDA), down from a year a year ago.
EXE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.5 | Neutral |
| Stochastic | 26.1 | Neutral |
EXE's weekly RSI is 43 (neutral) and its Stochastic is 26 (neutral).
EXE PE vs Energy Sector
| Metric | EXE | Sector median | Relative |
|---|---|---|---|
| PE | 7.6x | 13x | 42% below |
| PE % | 54 | 53 | 1 pt above |
EXE is trading at 7.6x earnings, a 42% discount to the Energy sector's median of 13x.
EXE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $88.8 | 1.1% below |
| 20 week MA | $91.2 | 3.7% below |
| 50 week MA | $98.2 | 11% below |
| 100 week MA | $101.9 | 14% below |
| 200 week MA | $92.5 | 5.1% below |
EXE is in a downtrend: it's below all five of its weekly moving averages, and 5.1% below its 200-week average.
EXE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $42.5 | $63.2 | +49% |
| 2022 | $63.2 | $97.4 | +54% |
| 2023 | $97.4 | $76.9 | -21% |
| 2024 | $76.9 | $96.6 | +26% |
| 2025 | $96.6 | $109.5 | +13% |
| 2026 YTD | $109.5 | $87.8 | -20% |
EXE has finished higher in four of the last five years. It's down 20% so far in 2026.