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Largest independent US natural gas producer, formed from Chesapeake Energy's merger with Southwestern Energy.
Largest independent US natural gas producer, formed from Chesapeake Energy's merger with Southwestern Energy.
Sells natural gas, plus some oil and natural-gas liquids, at market-based prices, so revenue follows gas prices unless protected by hedges. Appalachia is the lower-cost base, while the Haynesville in Louisiana and East Texas sits nearer Gulf Coast LNG plants. Chesapeake emerged from bankruptcy in 2021 and renamed itself Expand Energy after buying Southwestern in 2024.
Moat: narrow (scale, cost advantage). Scale from the Chesapeake-Southwestern merger gives low-cost gas inventory near LNG export demand.
Headquarters: Oklahoma City, Oklahoma, US · Founded: 2024 · Employees: 1,600
Size Expand Energy (EXE) is a United States Energy company (Integrated Oil) with a market value of $19.5B, the 503rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $84.60 on 6 Nov 2026.
Performance Over six months the shares fell 11.3%, against -0.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 19.6% over the last twelve months (peer median +13.4%); the operating margin is 20.3% (peer median 28.9%).
Valuation It trades at 10.8× forward earnings against a peer median of 7.4× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points above its cost of capital (6.5% WACC).
Credit Expand Energy has 3 bonds outstanding ($2.99B), rated BBB- by the agencies and trading like BBB at a weighted spread of 104 bp.
Short interest Short interest is 4.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.9B | $11.6B | $4.25B | $6.04B | $14.1B |
| Revenue growth | — | +174% | -30% | -57% | — |
| Gross profit | $6.32B | $5.42B | -$242M | $609M | $6.36B |
| EBITDA | $5.56B | $5.02B | $969M | $1.99B | $7.92B |
| Net income | $2.75B | $1.82B | -$714M | $2.42B | $4.94B |
| Free cash flow | $2.46B | $1.63B | -$3.00M | $551M | $2.30B |
| Capital expenditure | $3.17B | $2.93B | $1.56B | $1.83B | $1.82B |
| Total debt | $4.67B | $5.06B | $5.75B | $2.11B | $3.18B |
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 |
|---|---|---|---|---|---|---|
| Expand Energy EXE | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% |
| EQT EQT | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% |
| 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 | EXE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.8% | -6.3% | 9th highest of 21 |
| 6-month return | -11.3% | -0.1% | 4th lowest of 21 |
| Distance from 52-week high | -32.4% | -18.9% | 2nd lowest of 21 |
| Revenue growth (TTM) | +19.6% | +13.4% | 7th highest of 21 |
| Operating margin | 20.3% | 28.9% | 5th lowest of 21 |
| Forward P/E | 10.8× | 7.4× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -7.6% | -10.9% | 10th most demanding of 20 |
| Growth delivered (Del g) | +20.3% | +21.1% | 10th lowest of 20 |
| Hurdle (Req g minus delivered) | -27.9 pp | -30.6 pp | 9th most demanding of 20 |
| ROIC minus cost of capital | +2.1 pp | +4.9 pp | 5th lowest of 21 |
| EV / EBITDA | 4.3× | 4.1× | 8th most expensive of 21 |
| Net debt / EBITDA | 0.8× | 0.8× | 11th least indebted of 21 |
| Bond spread | 104 bp | 100 bp | 5th widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| 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 |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| 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% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| 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% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
Expand Energy has 3 bonds outstanding with $2.99B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 5.61%, a spread of 104 bp over government bonds.