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Largest US natural-gas producer, pumping gas from Appalachian shale and moving it through its own pipelines.
Largest US natural-gas producer, pumping gas from Appalachian shale and moving it through its own pipelines.
Sells gas to utilities, power plants, LNG exporters and industry mostly at market-index prices, using hedges to smooth part of the output, while owning the pipelines that gather and carry it. The 2024 purchase of Equitrans Midstream, its former pipeline arm spun off in 2018, brought that infrastructure back in-house, and 2023 purchases of Tug Hill and XcL Midstream added acreage and gathering.
Moat: narrow (scale, cost advantage). Low-cost Appalachian acreage plus owned midstream pipelines lower costs versus non-integrated peers.
Headquarters: Pittsburgh, Pennsylvania, US · Founded: 1888 · Employees: 1,523
Size EQT (EQT) is a United States Energy company (Integrated Oil) with a market value of $30.9B, the 359th largest of 3,117 United States companies the cockpit tracks. Shares closed at $49.40 on 6 Nov 2026.
Performance Over six months the shares fell 11.7%, against +5.4% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 18.2% over the last twelve months (peer median +15.6%); the operating margin is 42.0% (peer median 24.0%).
Valuation It trades at 16.0× forward earnings against a peer median of 7.7× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points above its cost of capital (7.8% WACC).
Backlog Backlog (remaining performance obligations) was $10.6B at 30 Sep 2026, down 9% on a year earlier — 1.1 years of trailing revenue. Backlog detail →
Credit EQT has 8 bonds outstanding ($4.66B), rated BBB- by the agencies and trading like BBB+ at a weighted spread of 79 bp.
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.33B | $8.35B | $5.22B | $5.07B | $12.1B |
| Revenue growth | — | +60% | +3% | -58% | — |
| Gross profit | $4.46B | $3.60B | $654M | $923M | $8.05B |
| EBITDA | $6.57B | $5.58B | $2.13B | $2.33B | $9.41B |
| Net income | $2.65B | $2.04B | $231M | $1.74B | $1.77B |
| Free cash flow | $3.81B | $2.84B | $573M | $1.16B | $2.07B |
| Capital expenditure | $2.50B | $2.29B | $2.25B | $2.02B | $1.40B |
| Total debt | $5.55B | $7.92B | $9.42B | $5.90B | $5.76B |
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 |
|---|---|---|---|---|---|---|
| EQT EQT | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% |
| Expand Energy EXE | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% |
| Antero Resources AR | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% |
| Range Resources RRC | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% |
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 | EQT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.7% | -4.8% | 8th lowest of 21 |
| 6-month return | -11.7% | +5.4% | 3rd lowest of 21 |
| Distance from 52-week high | -27.4% | -17.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +18.2% | +15.6% | 9th highest of 21 |
| Operating margin | 42.0% | 24.0% | 4th highest of 21 |
| Forward P/E | 16.0× | 7.7× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.9% | -10.9% | 4th most demanding of 20 |
| Growth delivered (Del g) | +25.7% | +17.9% | 7th highest of 20 |
| Hurdle (Req g minus delivered) | -27.6 pp | -30.6 pp | 9th most demanding of 20 |
| ROIC minus cost of capital | +1.1 pp | +7.7 pp | 3rd lowest of 21 |
| EV / EBITDA | 6.1× | 4.3× | 4th most expensive of 21 |
| Net debt / EBITDA | 0.8× | 0.7× | 6th most indebted of 21 |
| Bond spread | 79 bp | 104 bp | 3rd tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
EQT has 8 bonds outstanding with $4.66B face value. The agencies rate it BBB-; its bonds trade like BBB+. Weighted yield 5.35%, a spread of 79 bp over government bonds.
EQT reported $10.6B of remaining performance obligations at 30 Sep 2026, down 9% from a year earlier and down 2% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.86.