EQT Corporation

EQT
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
13.6%
FY2025 · FCF / Invested Capital (Debt + Equity)

Financial Snapshot

ticker: EQT step: 04 generated: 2026-05-12 source: quick-research

EQT Corporation (EQT) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$8.5B ~$5.1B ~$5.3B +3.9%
Net Income ~$1.5B ~$1.4B ~$0.7B -50%
EPS (diluted) $4.79 $4.56 ~$1.70 nm

FY2022 was an extraordinary year of record Henry Hub prices following Russia's Ukraine invasion. FY2023 saw a sharp gas price collapse (NYMEX avg ~$2.65/MMBtu from ~$6.45 in FY2022). FY2024 GAAP earnings were pressured by Equitrans acquisition-related charges; adjusted FCF improved significantly. FY2025: FCF surged 343% to $3B as prices recovered.

Cash Flow & Balance Sheet (FY2024/2025)

Metric Value
Free Cash Flow (FY2025) ~$3.0B (+343% YoY)
Free Cash Flow (FY2026E) ~$3.8B
FCF Breakeven (Henry Hub) ~$2.00/MMBtu (lowest large-cap peer)
Production (FY2025 guidance) 2,175–2,275 Bcfe
Net Debt ~$10–12B (post-Equitrans acquisition)
Hedged Production ~60% at ~$3.25/MMBtu floor

Debt was elevated by the Equitrans acquisition but FCF generation at current prices is rapidly deleveraging the balance sheet. FCF yield at current stock price is ~10.5%.

Key Ratios (approximate)

  • EV/EBITDA: ~8x | FCF Yield: ~10.5%
  • FCF Breakeven: ~$2.00/MMBtu Henry Hub
  • Proved Reserves: 27.6 Tcfe (as of Dec 2023)
  • Production: ~2.2 Tcfe/year

Growth Profile

EQT's financial profile is highly leveraged to Henry Hub natural gas prices — revenue swings dramatically with commodity cycles. The FY2022 record followed by the FY2023–FY2024 trough illustrates this volatility. The structural story is the Equitrans vertical integration, which: (1) lowered cost breakeven, (2) added midstream earnings stability, and (3) positioned EQT as the primary beneficiary of structural demand growth from LNG exports and AI data center power.

Forward Estimates

  • FY2026 Revenue: ~$9.6B (consensus; +21.6% growth, reflecting gas price recovery + Equitrans contribution)
  • FY2026 FCF: ~$3.8B
  • Analyst EPS growth forecast: +16.6% per annum over next 3 years
  • Street mean price target: $67.30 (27 analysts)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $EQT.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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