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EQT Corp (EQT)

Fair Value
EnergyOil & Gas E&PUnited States

Fundamental

76

Price

$49.52

Market Cap

$31.19B

Part 1 · What the company is worth

Overview

EQT Corporation engages in the exploration, production, gathering, and transmission of hydrocarbons and natural gas. The company sells natural gas, natural gas liquids, and oil to marketers, utilities, and industrial customers located in the Appalachian Basin. It also provides marketing services and contractual pipeline capacity management services, as well as engages in risk management and hedging activities. In addition, it owns and operates propane storage and distribution terminals. The company was formerly known as Equitable Resources Inc. and changed its name to EQT Corporation in February 2009. EQT Corporation was founded in 1888 and is headquartered in Canonsburg, Pennsylvania.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

Compare

Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users

P/E: 6.3Score: 72Market cap: $21.20B

Expand Energy, formed by the Chesapeake–Southwestern merger, is the other giant of American dry-gas production and sells into the same Appalachian and Gulf Coast LNG markets EQT supplies.

P/E: 9.6Score: 80Market cap: $10.56B

Antero drills the same Marcellus acreage in West Virginia and Pennsylvania and competes with EQT for drilling rights, pipeline capacity and the same gas buyers.

Range Resources CorporationRRC

Range is a pure-play Marcellus producer in south-west Pennsylvania, EQT's home ground, selling natural gas and liquids to the same regional and export customers.

CNX Resources CorporationCNX

Also headquartered in Pittsburgh, CNX produces Marcellus and Utica gas across Pennsylvania, Ohio and West Virginia and bids against EQT for the same acreage and local gas contracts.

Ascent Resources Utica Holdings, LLCNot tracked

Ascent is one of the largest privately held producers in the Utica shale of Ohio, competing with EQT for Appalachian drilling inventory and pipeline takeaway even though its shares are not listed.

Balance Sheet & Liquidity

Revenue

$9.54B

Trailing 12 months (through 6/30/2026)

Net Income

$2.71B

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$2.84B

Total Equity

$23.75B

Total Liabilities

$14.43B

Current Ratio

0.67

Interest Coverage

10.44

Debt/EBITDA

0.97

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

CyclicalFairly Valued

Fair Value

$62.79

Current Price

$49.52

Margin of Safety

+21.1%

Fair Value Range

$57.97 - $67.60

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$67.58
Discounted cash flow (DCF):Not applicable to this type of company
Earnings multiple (P/E):$54.64
Graham growth formula:Not applicable to this type of company
Earnings power value (EPV):$60.30
Justified P/B:Not applicable to this type of company
Dividend discount (Gordon):Not applicable to this type of company
P/FFO, funds from operations:Not applicable to this type of company
Mid-cycle earnings:Not enough data to compute it
Revenue multiple:Not applicable to this type of company
Analyst Consensus:Strong Buy (24B / 6H / 0S)
Last Earnings Surprise:-3.49%

Valuation Metrics

P/E Ratio

11.27

ROE

8.6%

P/B Ratio

1.20

P/FCF

8.08

Gross Margin

83.7%

ROIC

8.1%

Profitability Radar

Value Creation (Economic Moat)

ROIC

8.1%

WACC

8.0%

ROIC − WACC

+0.1 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Fundamental Analysis Criteria

Passed (20)

  • EPS shows upward trend
  • ROIC 8.1%
  • Gross Margin 83.7%
  • P/FCF 8.08
  • P/B Ratio 1.20
  • Debt/Equity ratio
  • Operating Margin 42.5%
  • Positive Free Cash Flow
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • ROE 11.2%
  • Revenue Growth 5Y 25.7%
  • Analyst Consensus 80% Buy
  • Earnings Surprise avg 11.8%
  • Earnings Quality (OCF/NI) 2.30
  • Net Margin Trend 28.4% vs 15.5%
  • Piotroski F-Score 8/9

Failed (6)

  • EPS CAGR 2.56%
  • Price CAGR 4.27%
  • CapEx intensity
  • Current Ratio
  • DCF valuation (Overvalued)
  • Share Dilution 20.2%

Unavailable (2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

8/9

Strong financial health

score
criteria

Earnings Quality

2.30

High quality: earnings backed by cash

Share Dilution

20.2%

Issuing new shares, diluting ownership

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Toby Z. RicePresident, CEO & Director43
Mr. Jeremy T. KnopChief Financial Officer36
Mr. J. E.B. BolenExecutive Vice President of Operations46
Mr. William E. JordanChief Legal, Policy Officer & Corporate Secretary45
Ms. Sarah FentonExecutive Vice President of Upstream46
Mr. Todd M. JamesChief Accounting Officer42
Mr. Richard Anthony DuranChief Information & Technology Officer46
Mr. Cameron Jeffrey Horwitz C.F.A.Managing Director of Investor Relations & Strategy-
Ms. Lesley EvanchoChief Human Resources Officer47
Ms. Amy RogersHead of Strategic Communications-

Audit Risk

9

Board Risk

8

Compensation Risk

1

Shareholder Rights Risk

5

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-02-18

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-07-22

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-07-21

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for EQT, sourced from Markets Gazette.

  • 7/3/2026POSITIVE
    CPP Invests $1.75 Billion in EQT’s AI Infrastructure Buildout

    Canada Pension Plan Investment Board (CPP) has committed $1.75 billion to EQT Corporation to fund its artificial intelligence infrastructure buildout. This substantial investment highlights strong confidence in EQT's strategic direction and its potential to capitalize on the growing AI market. The capital infusion is expected to accelerate EQT's development of critical AI-focused infrastructure, potentially leading to enhanced operational efficiencies and new revenue streams. Investors will be watching EQT's progress in deploying these funds and its subsequent impact on market position and profitability.

  • 4/22/2026NEUTRAL
    EQT Reports Q1 2026 Results: Full Earnings Call Transcript

    EQT Corporation released its Q1 2026 earnings call transcript on April 22, 2026. The document provides a detailed account of the company's financial performance, strategic initiatives, and outlook for the upcoming quarters. Investors and analysts can review the transcript for in-depth insights into EQT's operational efficiency, capital allocation strategies, and market positioning within the natural gas sector. While the transcript itself is informational, it does not contain new financial figures or forward-looking statements that would directly impact the stock price at the time of its release.

  • 3/23/2026NEUTRAL
    EQT CEO Toby Rice on Energy Prices, LNG and Data Centers at CERAWeek

    EQT Corporation CEO Toby Rice participated in discussions at CERAWeek in Houston, addressing key topics including energy prices, the future of Liquefied Natural Gas (LNG), and the increasing energy consumption of data centers. The conversation, moderated by Bloomberg's Julie Fine, provided insights into the strategic considerations and market dynamics influencing the energy sector. While no specific financial figures or forward-looking guidance were released, the dialogue highlighted EQT's engagement with critical industry trends and their potential impact on future energy demand and supply.

  • 3/1/2026POSITIVE
    Japan Pledges to Invest $36 Billion in U.S. Oil, Gas, and Mineral Projects. Here Are 2 Stocks That Could Soar as a Result.

    Japan has pledged a substantial $36 billion investment in U.S. oil, gas, and mineral projects. This strategic move aims to bolster Japan's energy security and critical resource supply while simultaneously creating significant opportunities for American companies. Among the potential beneficiaries of this massive capital injection, EQT Corporation, the largest natural gas producer in the United States, has been highlighted as one of the companies poised to gain significantly. The Japanese investment could translate into increased demand for EQT's resources and services, potentially driving its stock value higher. Investors should closely monitor the development of these projects and their impact on the financials of the involved companies.

  • 2/26/2026POSITIVE
    If You Invested $100 In EQT Stock 5 Years Ago, You Would Have This Much Today

    A retrospective analysis of EQT Corporation's stock performance over the past five years suggests a significant appreciation for long-term investors. While specific return figures were not disclosed, the article's tone indicates that an initial $100 investment would have yielded substantial gains. This highlights the company's resilience and growth potential within the energy sector, particularly in natural gas. For investors, this underscores the importance of a long-term perspective and the potential rewards from selecting companies with strong fundamentals and a strategic market position. EQT's past performance could attract new capital, further solidifying its standing among leading natural gas producers in the United States.

via Markets Gazette