Recent News
On July 22, 2025 EQT reported second-quarter results showing sales volume of 568 Bcfe, $554 million of capital expenditures, net cash provided by operations of $1,242 million and $240 million of free cash flow attributable to EQT after a securities class action settlement. On July 16, 2025 the board declared a quarterly cash dividend of $0.1575 per share payable September 2, 2025. The company scheduled its Q2 release and conference call in early July and posted related investor materials and guidance updates.
Technical Analysis
ADX at 20.88 signals an emerging trend strength rather than a fully developed trend; that strength supports a near-term directional bias but does not imply strong momentum yet.
DI+ at 22.38 and rising indicates bullish directional pressure; DI- registered a peak-and-reversal at 19.86, which also reads as bullish by the directional-index rules. Together they bias short-term price direction upward.
MACD sits at 0.19, above the signal line at -0.31, with the MACD trend increasing; the cross above the signal line represents bullish momentum and supports continuation of upside pressure into the coming weeks.
MRO at -12.76 (negative) implies the price sits below the model target and therefore carries upside potential; the MRO trend increasing strengthens the case for price moving toward that target.
RSI at 50.21 and rising shows building momentum without overbought readings; combined with the MACD and DI signals, momentum appears constructive but not extended.
Price closed at $54.46, trading above the 20-, 50- and 200-day averages (20-day $51.29; 50-day $51.77; 200-day $51.78) and following a 12-day EMA dip-and-reversal—technical placement that supports continued upside relative to those averages.
The close lies above the 1x upper Bollinger band ($53.33) and sits below the 2x upper band ($55.37), which indicates short-term strength while suggesting proximity to the upper volatility envelope.
Fundamental Analysis
Profitability: EBIT totaled $1,197,939,000 and EBITDA $1,821,410,000. EBIT margin registered 65.19%, above the industry peer mean of 16.75%; EBIT margin increased by +2.08 percentage points quarter-over-quarter and by +27.01 percentage points year-over-year, reflecting materially improved operating leverage.
Revenue and earnings: Total revenue reached $1,837,755,000 while YoY revenue growth measured -24.34% and QoQ revenue growth reported -171.15%. Net income equaled $784,147,000. EPS came in at $0.45 versus an estimate of $0.41, an EPS beat of $0.04 or +9.76%.
Cash flow and capital allocation: Operating cash flow reached $1,241,699,000 and free cash flow $692,059,000, producing a free cash flow yield of 2.17%, which stands above the industry peer mean of 1.25%. Capital expenditures totaled $549,640,000 and capex-to-depreciation registered -88.16%.
Balance sheet and leverage: Total debt measured $8,315,037,000 with net debt $7,759,545,000; debt-to-EBITDA ran 4.57x and interest coverage reached 11.34x, indicating coverage capacity despite elevated leverage. Current ratio at 0.71 sits below the industry peer mean of 1.20, reflecting a lower short-term liquidity buffer.
Returns and efficiency: Return on equity registered 3.66% and return on assets 1.98%, both improving year-over-year (ROE YoY +57.10%, ROA YoY +51.00%). Asset turnover remained low at 0.0463, consistent with the capital-intensive nature of the business.
Valuation multiples: P/E at 123.07x and forward P/E at 86.70x imply high earnings multiple expectations; price-to-book at 1.49 sits slightly below the industry peer mean of 1.55, while price-to-sales at 17.34 stands above the industry peer mean of 5.95. WMDST values the stock as over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-22 |
| NEXT REPORT DATE: | 2025-10-21 |
| CASH FLOW | Begin Period Cash Flow | $ 281.8 M |
| Operating Cash Flow | $ 1.2 B | |
| Capital Expenditures | $ -549.64 M | |
| Change In Working Capital | $ 323.8 M | |
| Dividends Paid | $ -94.28 M | |
| Cash Flow Delta | $ 273.7 M | |
| End Period Cash Flow | $ 555.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ 221.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 B | |
| Depreciation | $ 623.5 M | |
| Depreciation and Amortization | $ 623.5 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 733.6 M | |
| EBITDA | $ 1.8 B | |
| EBIT | $ 1.2 B | |
| Operating Income | $ 420.3 M | |
| Interest Income | — | |
| Interest Expense | $ 105.7 M | |
| Net Interest Income | $ -105.67 M | |
| Income Before Tax | $ 1.1 B | |
| Tax Provision | $ 235.6 M | |
| Tax Rate | 21.571 % | |
| Net Income | $ 784.1 M | |
| Net Income From Continuing Operations | $ 856.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.41 | |
| EPS Actual | $ 0.45 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 9.756 % | |
| Forward EPS | $ 0.63 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 39.7 B | |
| Intangible Assets | $ 2.3 B | |
| Net Tangible Assets | $ 19.2 B | |
| Total Current Assets | $ 1.6 B | |
| Cash and Short-Term Investments | $ 555.5 M | |
| Cash | $ 555.5 M | |
| Net Receivables | $ 817.4 M | |
| Inventory | — | |
| Long-Term Investments | $ 517.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.2 B | |
| Short-Term Debt | $ 391.8 M | |
| Total Current Liabilities | $ 2.3 B | |
| Net Debt | $ 7.8 B | |
| Total Debt | $ 8.3 B | |
| Total Liabilities | $ 14.6 B | |
| EQUITY | ||
| Total Equity | $ 21.4 B | |
| Retained Earnings | $ 3.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 35.78 | |
| Shares Outstanding | 598.812 M | |
| Revenue Per-Share | $ 3.07 | |
| VALUATION | Market Capitalization | $ 31.9 B |
| Enterprise Value | $ 39.6 B | |
| Enterprise Multiple | 21.755 | |
| Enterprise Multiple QoQ | -35.096 % | |
| Enterprise Multiple YoY | -35.181 % | |
| Enterprise Multiple IPRWA | high: 75.659 mean: 30.442 median: 28.835 EQT: 21.755 low: -7.608 |
|
| EV/R | 21.561 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.852 | |
| Asset To Liability | 2.723 | |
| Debt To Capital | 0.28 | |
| Debt To Assets | 0.21 | |
| Debt To Assets QoQ | -0.837 % | |
| Debt To Assets YoY | 80523.077 % | |
| Debt To Assets IPRWA | high: 0.609 mean: 0.236 median: 0.212 EQT: 0.21 low: 0.002 |
|
| Debt To Equity | 0.388 | |
| Debt To Equity QoQ | -4.189 % | |
| Debt To Equity YoY | 92311.905 % | |
| Debt To Equity IPRWA | high: 1.807 mean: 0.729 median: 0.533 EQT: 0.388 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.487 | |
| Price To Book QoQ | 3.247 % | |
| Price To Book YoY | 35.916 % | |
| Price To Book IPRWA | high: 3.756 median: 1.768 mean: 1.552 EQT: 1.487 low: 0.005 |
|
| Price To Earnings (P/E) | 123.067 | |
| Price To Earnings QoQ | 191.25 % | |
| Price To Earnings YoY | -126.28 % | |
| Price To Earnings IPRWA | high: 185.623 EQT: 123.067 mean: 51.282 median: 48.382 low: -96.671 |
|
| PE/G Ratio | -1.989 | |
| Price To Sales (P/S) | 17.339 | |
| Price To Sales QoQ | 40.516 % | |
| Price To Sales YoY | -6.601 % | |
| Price To Sales IPRWA | high: 30.921 EQT: 17.339 mean: 5.949 median: 5.84 low: 0.012 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 86.702 | |
| Forward PE/G | -1.401 | |
| Forward P/S | 144.16 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -5.584 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.046 | |
| Asset Turnover Ratio QoQ | -23.857 % | |
| Asset Turnover Ratio YoY | 30.304 % | |
| Asset Turnover Ratio IPRWA | high: 0.422 median: 0.165 mean: 0.155 EQT: 0.046 low: 0.002 |
|
| Receivables Turnover | 1.816 | |
| Receivables Turnover Ratio QoQ | -12.186 % | |
| Receivables Turnover Ratio YoY | 5.183 % | |
| Receivables Turnover Ratio IPRWA | high: 6.047 mean: 1.941 EQT: 1.816 median: 1.804 low: 0.322 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 50.238 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.722 | |
| CapEx To Revenue | -0.299 | |
| CapEx To Depreciation | -0.882 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 29.3 B | |
| Net Invested Capital | $ 29.7 B | |
| Invested Capital | $ 29.7 B | |
| Net Tangible Assets | $ 19.2 B | |
| Net Working Capital | $ -675.07 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.241 | |
| Current Ratio | 0.707 | |
| Current Ratio QoQ | 24.546 % | |
| Current Ratio YoY | -3.058 % | |
| Current Ratio IPRWA | high: 5.453 median: 1.249 mean: 1.203 EQT: 0.707 low: 0.329 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.565 | |
| Cost Of Debt | 0.992 % | |
| Interest Coverage Ratio | 11.337 | |
| Interest Coverage Ratio QoQ | 160.499 % | |
| Interest Coverage Ratio YoY | 2946.222 % | |
| Interest Coverage Ratio IPRWA | high: 22.447 EQT: 11.337 mean: 6.91 median: 6.558 low: -20.714 |
|
| Operating Cash Flow Ratio | 0.699 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 104.404 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 8.318 | |
| Dividend Payout Ratio | 0.12 | |
| Dividend Rate | $ 0.16 | |
| Dividend Yield | 0.003 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.092 % | |
| Revenue Growth | -24.021 % | |
| Revenue Growth QoQ | -171.15 % | |
| Revenue Growth YoY | -24.343 % | |
| Revenue Growth IPRWA | high: 43.755 % median: -3.744 % mean: -4.839 % EQT: -24.021 % low: -35.032 % |
|
| Earnings Growth | -61.864 % | |
| Earnings Growth QoQ | -187.115 % | |
| Earnings Growth YoY | -43.635 % | |
| Earnings Growth IPRWA | high: 122.222 % median: -21.739 % mean: -23.194 % EQT: -61.864 % low: -180.0 % |
|
| MARGINS | ||
| Gross Margin | 39.921 % | |
| Gross Margin QoQ | -43.518 % | |
| Gross Margin YoY | 10.142 % | |
| Gross Margin IPRWA | high: 82.166 % EQT: 39.921 % mean: 24.739 % median: 22.581 % low: -39.892 % |
|
| EBIT Margin | 65.185 % | |
| EBIT Margin QoQ | 208.145 % | |
| EBIT Margin YoY | 2701.246 % | |
| EBIT Margin IPRWA | high: 95.08 % EQT: 65.185 % mean: 16.746 % median: 13.652 % low: -39.515 % |
|
| Return On Sales (ROS) | 22.871 % | |
| Return On Sales QoQ | 8.117 % | |
| Return On Sales YoY | 882.853 % | |
| Return On Sales IPRWA | high: 90.781 % EQT: 22.871 % mean: 13.834 % median: 10.832 % low: -39.515 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 692.1 M | |
| Free Cash Flow Yield | 2.172 % | |
| Free Cash Flow Yield QoQ | -47.788 % | |
| Free Cash Flow Yield YoY | -252.207 % | |
| Free Cash Flow Yield IPRWA | high: 8.634 % EQT: 2.172 % median: 1.276 % mean: 1.252 % low: -11.931 % |
|
| Free Cash Growth | -44.257 % | |
| Free Cash Growth QoQ | -106.768 % | |
| Free Cash Growth YoY | -67.932 % | |
| Free Cash Growth IPRWA | high: 300.833 % mean: -15.961 % median: -24.008 % EQT: -44.257 % low: -616.098 % |
|
| Free Cash To Net Income | 0.883 | |
| Cash Flow Margin | 87.681 % | |
| Cash Flow To Earnings | 2.055 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.976 % | |
| Return On Assets QoQ | 224.466 % | |
| Return On Assets YoY | 5100.0 % | |
| Return On Assets IPRWA | high: 4.797 % EQT: 1.976 % mean: 1.189 % median: 0.982 % low: -3.385 % |
|
| Return On Capital Employed (ROCE) | 3.206 % | |
| Return On Equity (ROE) | 0.037 | |
| Return On Equity QoQ | 213.088 % | |
| Return On Equity YoY | 5709.524 % | |
| Return On Equity IPRWA | high: 0.111 EQT: 0.037 mean: 0.028 median: 0.027 low: -0.087 |
|
| DuPont ROE | 3.722 % | |
| Return On Invested Capital (ROIC) | 3.159 % | |
| Return On Invested Capital QoQ | 122.465 % | |
| Return On Invested Capital YoY | -104.548 % | |
| Return On Invested Capital IPRWA | high: 6.932 % EQT: 3.159 % mean: 2.629 % median: 2.373 % low: -4.078 % |
|