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Research · S&P 500 · Energy

EQT · EQT Corporation

The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.

Price · last 3 months · daily close

EQT price

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Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

41/60
moderate value score

Earnings & returns

EPS Trend

2/5

Diluted EPS: $4.38 (2022), $4.22 (2023), $0.45 (2024), $3.31 (2025). It ended at or below 2022; the framework scores that as 2.

ROE Trend

3/5

ROE (net income / common equity): 15.9% (2022), 11.7% (2023), 1.1% (2024), 8.6% (2025). Median 10.2%, lowest 1.1%; the framework scores a median 10-15% as 3.

ROIC

2/5

ROIC of 8.3%: operating income of $3.25B divided by $39.31B of capital (total assets $41.79B minus current liabilities $2.48B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.

Profit Margins

5/5

Net margin of 29.2%; the framework scores above 20% as 5; gross margin 80.7%, operating margin 23.4%.

Balance sheet & cash

Debt-to-Equity

5/5

Debt-to-equity of 0.20; the framework scores below 0.3 as 5 (total debt $5.66B, total cash $112.86M).

Free Cash Flow

3/5

Free cash flow (operating cash flow minus capital expenditure): $2.07B (2022), $1.16B (2023), $573.26M (2024), $2.84B (2025). It ended above 2022 but did not rise in 2 of 3 years; the framework scores that as 3.

Retained Earnings

4/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $1.28B (2022), $2.68B (2023), $2.59B (2024), $4.24B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.

Valuation models

Graham IV

1/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $4.31 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $35.82 (EPS CAGR -11.4% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $54.30; price is 51.6% above the model value.

DCF Value

5/5

FCF/share = $3.934, stage 1 growth = 20.0% (revenue CAGR 28.4% capped at 20%) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $25.73, PV of terminal value = $89.44, DCF value = $115.17. Current price $54.30; price is 52.9% below the model value.

Margin of Safety

3/5

Graham value $35.82 (price is 51.6% above the model value); DCF value $115.17 (price is 52.9% below the model value).

Price-to-Book

4/5

P/B of 1.34; the framework scores 1.0-1.5 as 4.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 0 of 10 years (2016-2025); lowest -15.2%, highest 14.4%.

2016: -5.1%, 2017: 1.4%, 2018: -15.2%, 2019: -6.6%, 2020: -5.4%, 2021: -8.3%, 2022: 14.4%, 2023: 10.0%, 2024: 1.8%, 2025: 8.3%

Gross margin, each year

Between 35.5% and 82.5% over 10 years (a range of 47.0 points).

2016: 36.5%, 2017: 62.3%, 2018: 64.0%, 2019: 53.8%, 2020: 35.5%, 2021: 71.5%, 2022: 82.5%, 2023: 57.2%, 2024: 63.7%, 2025: 82.3%

Competition, in the company’s own words · 10-K filed Feb 18, 2026

Other natural gas producers compete with us in the acquisition of properties; the search for, and development of, reserves; the production and sale of natural gas and NGLs; and the securing of services, labor, equipment and transportation required to conduct operations. Our competitors include independent oil and gas companies, major oil and gas companies, individual producers, operators and marketing companies and

The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

4/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $1.76B paid out against $6.64B of free cash flow (pass); total debt $5.71B to $7.86B, up 37.5%, 1.3x EBITDA (pass: at most 2x EBITDA); shares outstanding 0.37B to 0.62B, up 70.8% (fail: up more than 2%). 3 of 4 tests passed; the framework scores that as 4.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated
  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $4.31, g = 0.0%, Y = 4.5
    g floored at 0.0% (3-year EPS CAGR was -11.4%; below -4.25% the formula returns a negative value)
    IV = $35.82
    Current price $54.30 vs Graham value $35.82 — price is 51.6% above the model value.

  DCF:
    FCF/share = $3.934
    Stage 1 growth = 20.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
    Stage 1 g capped at 20.0% (3-year revenue CAGR was 28.4%)
      Y1: $4.721 → PV $4.292
      Y2: $5.665 → PV $4.682
      Y3: $6.798 → PV $5.108
      Y4: $8.158 → PV $5.572
      Y5: $9.790 → PV $6.079
    Stage 1 PV sum = $25.73
    Terminal value at end of Y5 = $144.05
    PV of terminal value = $89.44
    DCF value = $115.17
    Current price $54.30 vs DCF value $115.17 — price is 52.9% below the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $54.30. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.