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Norway's state-controlled oil and gas major, producing crude oil and natural gas and building out offshore wind.
Norway's state-controlled oil and gas major, producing crude oil and natural gas and building out offshore wind.
Earns by selling oil and gas from fields on the Norwegian continental shelf, with gas piped to Europe under contracts and sold at market-linked prices. The Norwegian state owns most of the shares and also markets its own separate share of the fields' output through Equinor. It was renamed from Statoil in 2018 as it added offshore wind.
In one line: A European ConocoPhillips with a state stake like Petrobras.
Moat: narrow (scale, regulatory licence, installed base). Operator of Norway's continental shelf fields with government backing; oil/gas itself is a commodity.
Headquarters: Stavanger, Norway · Founded: 1972 · Employees: 24,620
Size Equinor (EQNR.OL) is a Norway Energy company (Integrated Oil) with a market value of $102B, the largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 394.90 on 6 Nov 2026.
Performance Over six months the shares gained 12.4%, against +2.6% for the median peer and +2.7% for the Norway market (cap-weighted) — 5th highest of 19 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +16.1%); the operating margin is 32.6% (peer median 22.8%).
Valuation It trades at 7.2× forward earnings against a peer median of 7.7× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -36 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 50.0 points above its cost of capital (10.9% WACC).
Credit Equinor has 11 bonds outstanding ($7.80B), rated AA- by the agencies and trading like AA+ at a weighted spread of 67 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 1.17T | NOK 1.10T | NOK 1.10T | NOK 1.13T | NOK 1.43T |
| Revenue growth | — | 0% | -2% | -21% | — |
| Gross profit | NOK 392B | NOK 289B | NOK 328B | NOK 382B | NOK 746B |
| EBITDA | NOK 481B | NOK 385B | NOK 425B | NOK 487B | NOK 802B |
| Net income | NOK 113B | NOK 52.4B | NOK 94.7B | NOK 126B | NOK 277B |
| Free cash flow | NOK 106B | NOK 62.1B | NOK 78.4B | NOK 149B | NOK 255B |
| Capital expenditure | NOK 127B | NOK 145B | NOK 131B | NOK 112B | NOK 82.8B |
| Total debt | NOK 284B | NOK 315B | NOK 342B | NOK 323B | NOK 317B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Equinor EQNR.OL | $102B | +12% | +2% | 33% | 7.2× | -15.4% |
| Shell SHEL.L | $284B | +18% | +15% | 16% | 7.7× | -10.9% |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| ConocoPhillips COP | $164B | +21% | +9% | 22% | 11.5× | -6.2% |
| Bp PLC BP..L | $116B | +2% | +23% | 13% | 5.4× | -16.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EQNR.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -2.9% | 10th highest of 19 |
| 6-month return | +12.4% | +2.6% | 5th highest of 19 |
| Distance from 52-week high | -13.1% | -14.7% | 9th highest of 19 |
| Revenue growth (TTM) | +2.2% | +16.1% | 4th lowest of 19 |
| Operating margin | 32.6% | 22.8% | 6th highest of 19 |
| Forward P/E | 7.2× | 7.7× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -15.4% | -12.2% | 6th least demanding of 19 |
| Growth delivered (Del g) | +20.7% | +15.4% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | -36.1 pp | -27.6 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | +50.0 pp | +8.8 pp | highest of 19 |
| EV / EBITDA | 2.1× | 4.9× | cheapest of 19 |
| Net debt / EBITDA | 0.1× | 0.6× | 2nd least indebted of 19 |
| Bond spread | 67 bp | 77 bp | 3rd tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Equinor EQNR.OL | Norway | $102B | +12% | +2% | 33% | 7.2× | -15.4% | +20.7% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
| Bp PLC BP..L | United Kingdom | $116B | +2% | +23% | 13% | 5.4× | -16.3% | +11.7% |
| Petroleo Brasileiro SA Sponsored ADR PBR | United States | $118B | -9% | +21% | 35% | 3.7× | -19.8% | +11.0% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| CNOOC 600938.SS | China | $141B | -22% | +7% | 46% | 9.0× | -21.8% | +20.6% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| TotalEnergies TTE.PA | France | $200B | +2% | +11% | 17% | 7.0× | -15.6% | +9.0% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Shell SHEL.L | United Kingdom | $284B | +18% | +15% | 16% | 7.7× | -10.9% | +8.1% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| PetroChina 601857.SS | China | $336B | +4% | -3% | 9% | 12.1× | -5.1% | +8.6% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
Equinor has 11 bonds outstanding with $7.80B face value. The agencies rate it AA-; its bonds trade like AA+. Weighted yield 4.56%, a spread of 67 bp over government bonds.