EQT EQT

NYSE · Crude Petroleum & Natural Gas · $32.9B

$50.62−3.62%Nov 5 close · Databento

Every report since 2025 →

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EQT Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $50.621D −3.62%3M −6.40%SMA20 $54.15SMA50 $53.11RSI(14) 37.4

50.62

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 37.4

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

After a story on EQT, the first close moved a median −0.57%. Up 0 of 3; over the next three trading days, a median −0.57%.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$32.9B

EV / True FCF14.8x

Revenue$8.6B +63.9%

True FCF (ex-SBC)$2.8B +395.0%

Rule of 4096.7%

ROIC7.1%

True FCF Yield8.5%

EPS, diluted$3.31 +635.6%

Modern Valuation (EOD)

Market Cap$32.9B

Enterprise Value$41.0B

EV / True FCF14.78

EV / FCF14.47

EV / Gross Profit—

EV / EBIT12.63

EV / Sales4.75

P / E (GAAP)16.11

P / FCF11.58

P / Oper. CF6.41

P / Book1.20

Owner & Cash Yields

True FCF Yield8.5%

FCF Yield8.6%

Owner Earn. Yield7.0%

Earnings Yield6.2%

Shareholder Yield+1.0%

Buyback Yield0.0%

Dividend Yield1.26%

Dividend / sh$0.64

Payout Ratio19%

FCF / sh$4.54

EPS (diluted)$3.31

Compounder & Returns

Rule of 4096.7%

ROIC7.1%

Cash ROIC (CROIC)8.0%

GP / Assets—

ROE7.5%

ROA4.9%

Gross Margin—

Oper. Margin37.6%

Net Margin23.6%

FCF Margin32.8%

True FCF Margin32.1%

Quality & Dilution

Cash Conversion139%

Accrual Ratio−7.4%

SBC % of FCF2.1%

SBC % of Rev0.7%

Reinvest. Rate45%

Sales Growth Y/Y+63.9%

Sales 3Y CAGR−10.6%

EPS Growth Y/Y+635.6%

FCF Growth Y/Y+395.0%

FCF 3Y CAGR+11.2%

Share Change Y/Y+19.7%

Balance Sheet & Scale

Revenue (FY)$8.6B

Gross Profit (FY)—

Oper. Income (FY)$3.2B

GAAP Net Income$2.0B

True FCF (ex-SBC)$2.8B

Cash & Equiv$110.8M

Total Debt$8.3B

Net Cash (Debt)$-8.2B

Net Cash % MCap−25.0%

Debt / FCF (yrs)2.9y

Current Ratio0.76625.55M sh

Price & Technicals (EOD)

Perf Week−7.19%

Perf Month−3.23%

Perf Quarter−2.07%

Perf Half Y−9.96%

Perf YTD−11.19%

SMA 20 Dist−6.53%$54.15

SMA 50 Dist−4.69%$53.11

SMA 100 Dist−3.82%$52.63

Window High−15.75%$60.08

Window Low+4.24%$48.56

RSI (14) · Vol37.433%v

Income Distribution & Cash Flow ConversionHow every dollar of EQT revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$1.5B ($17.7 / $100)

SG&A & Other OpEx$3.9B ($44.7 / $100)

Tax & Non-Operating$1.2B ($14.0 / $100)

Net Profit Kept$2.0B ($23.6 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$2.0B (23.6% margin)

Operating Cash Flow (OCF)$5.1B(59.3% of rev)

Less: Capital Expenditures−$2.3B(26.5% of rev)

Standard Free Cash Flow (FCF)$2.8B(32.8% margin)

Less: Stock-Based Comp (SBC)−$60.8M(2.1% of FCF)

True FCF (Owner Cash ex-SBC)$2.8B(32.1% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$6.8B	$12.1B	$6.9B	$5.3B	$8.6B	+63.9%	+6.2%
Cost of Revenue (COGS)	$1.9B	$2.1B	$2.2B	$1.9B	$1.5B	−20.0%	−5.8%
Selling, General & Admin (SG&A)	$196.3M	$252.6M	$236.2M	$336.7M	$380.1M	+12.9%	+18.0%
Operating Income (EBIT)	$-1.4B	$2.7B	$2.3B	$685.3M	$3.2B	+374.2%	—
Interest Expense	$289.8M	$249.7M	$219.7M	$454.8M	$438.7M	−3.5%	+10.9%
Income Tax Expense	$-428.0M	$553.7M	$369.0M	$22.1M	$651.9M	+2852.5%	—
GAAP Net Income	$-1.1B	$1.8B	$1.7B	$230.6M	$2.0B	+784.4%	—
Diluted EPS	$-3.54	$4.38	$4.22	$0.45	$3.31	+635.6%	—
Diluted Shares	323.2M	406.5M	413.2M	514.6M	615.7M	+19.7%	+17.5%
Balance Sheet
Cash & Equivalents	$114.0M	$1.5B	$81.0M	$202.1M	$110.8M	−45.2%	−0.7%
Total Current Assets	$2.3B	$4.0B	$2.0B	$1.7B	$1.9B	+10.5%	−4.6%
Total Assets	$21.6B	$22.7B	$25.3B	$39.8B	$41.8B	+4.9%	+17.9%
Total Current Liabilities	$5.2B	$3.7B	$2.0B	$2.5B	$2.5B	+0.9%	−16.8%
Total Debt (Short + Long Term)	$6.7B	$6.1B	$6.1B	$9.6B	$8.3B	−13.9%	+5.7%
Total Liabilities	$11.6B	$11.5B	$10.5B	$15.6B	$14.4B	−7.2%	+5.5%
Stockholders' Equity	$10.0B	$11.2B	$14.8B	$24.3B	$27.4B	+12.7%	+28.7%
Net Cash / (Net Debt)	$-6.5B	$-4.6B	$-6.0B	$-9.4B	$-8.2B	+13.2%	—
Invested Capital	$16.5B	$15.9B	$20.8B	$33.7B	$35.6B	+5.4%	+21.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.7B	$3.5B	$3.2B	$2.8B	$5.1B	+81.3%	+32.5%
Depreciation & Amortization (D&A)	$1.7B	$1.7B	$1.7B	$2.2B	$2.6B	+20.3%	+11.6%
Stock-Based Compensation (SBC)	$28.2M	$45.2M	$49.8M	$158.3M	$60.8M	−61.6%	+21.2%
Capital Expenditures (CapEx)	$1.1B	$1.4B	$2.0B	$2.3B	$2.3B	+1.5%	+21.4%
Free Cash Flow (FCF)	$607.3M	$2.1B	$1.2B	$573.3M	$2.8B	+395.0%	+47.0%
True FCF (ex-SBC Owner Cash)	$579.2M	$2.0B	$1.1B	$414.9M	$2.8B	+569.2%	+48.0%
Share Repurchases (Buybacks)	$12.9M	$409.5M	$201.0M	$0	$0	—	—
Dividends Paid	$0	$203.6M	$228.3M	$326.6M	$389.6M	+19.3%	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what EQT did at the next close after each story

Oct 27

EQT beats Q3 EPS estimates as revenue misses forecasts

Investing.com · 4:51 PM ET

−0.09%

Oct 26

EQT agrees to buy Range Resources in an all-stock gas merger

PR Newswire · 6:00 AM ET

−1.40%

Oct 15

EQT raises fundraising target after Q3 FAUM jumps €42bn

Investing.com · 4:16 AM ET

−0.57%

The record, by topic

last 90 days · stories · median first close

earnings2−0.33%

energy1−1.40%

What happened · big days

16 big days in a year, and what we hold on each

A big day is a close more than 3.46% from the one before, three times EQT’s median day (1.15%). On 5 of the 16, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.46%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayEQTWhat we hold that dayGroup (median of 4) · each

1 Nov 20, 2025−4.31%
Before our storiesgroup −0.8%, did not move with it
1Nov 20, 2025−4.31%
Before our stories
−0.8% did not move with itFANG −1.6 · EOG −0.9 · OXY −0.6 · DVN −0.3
2 Nov 26, 2025+3.95%
Before our storiesgroup +1.1%, did not move with it
2Nov 26, 2025+3.95%
Before our stories
+1.1% did not move with itDVN +1.6 · FANG +1.6 · EOG +0.7 · OXY +0.0
3 Dec 3, 2025+4.39%
Before our storiesgroup +1.3%, did not move with it
3Dec 3, 2025+4.39%
Before our stories
+1.3% did not move with itEOG +2.3 · FANG +1.5 · DVN +1.1 · OXY +1.1
4 Jan 8, 2026−4.20%
Before our storiesgroup +4.9%, did not move with it
4Jan 8, 2026−4.20%
Before our stories
+4.9% did not move with itEOG +2.9 · DVN +4.7 · FANG +5.1 · OXY +5.5
5 Jan 21, 2026+6.51%
Before our storiesgroup +3.0%, did not move with it
5Jan 21, 2026+6.51%
Before our stories
+3.0% did not move with itDVN +4.0 · OXY +3.0 · FANG +2.9 · EOG +1.7
6 Jan 27, 2026−3.55%
Before our storiesgroup +1.8%, did not move with it
6Jan 27, 2026−3.55%
Before our stories
+1.8% did not move with itEOG +0.9 · OXY +1.4 · DVN +2.1 · FANG +3.6
7 Feb 2, 2026−5.16%
Before our storiesgroup −3.3%, moved with EQT
7Feb 2, 2026−5.16%
Before our stories
−3.3% moved with EQTOXY −3.5 · EOG −3.3 · FANG −3.2 · DVN −0.2
8 Mar 25, 2026+3.98%
Before our storiesgroup +0.4%, did not move with it
8Mar 25, 2026+3.98%
Before our stories
+0.4% did not move with itOXY +1.0 · EOG +0.5 · DVN +0.3 · FANG −0.5
9 Mar 30, 2026−4.60%
Before our storiesgroup −0.4%, did not move with it
9Mar 30, 2026−4.60%
Before our stories
−0.4% did not move with itFANG −1.6 · DVN −1.1 · EOG +0.2 · OXY +1.4
10 Apr 1, 2026−4.01%
Before our storiesgroup −3.5%, moved with EQT
10Apr 1, 2026−4.01%
Before our stories
−3.5% moved with EQTOXY −4.3 · FANG −3.6 · DVN −3.4 · EOG −2.9
11 May 19, 2026+4.04%
Before our storiesgroup +1.0%, did not move with it
11May 19, 2026+4.04%
Before our stories
+1.0% did not move with itOXY +1.7 · FANG +1.1 · EOG +0.9 · DVN +0.0
12 Jul 22, 2026+8.45%
Resultsgroup +1.7%, did not move with it
12Jul 22, 2026+8.45%
ResultsFirst close after the Jul 21 results filing
+1.7% did not move with itOXY +1.8 · DVN +1.8 · FANG +1.6 · EOG +0.4
13 Aug 10, 2026+4.62%
Nothing on EQTgroup +5.5%, moved with EQT
13Aug 10, 2026+4.62%
Nothing on EQTNo EQT story, brief or results filing in our record that day
+5.5% moved with EQTFANG +5.8 · EOG +5.5 · DVN +5.5 · OXY +4.9
14 Sep 16, 2026−5.10%
Nothing on EQTgroup −6.1%, moved with EQT
14Sep 16, 2026−5.10%
Nothing on EQTNo EQT story, brief or results filing in our record that day
−6.1% moved with EQTFANG −8.0 · OXY −6.5 · EOG −5.7 · DVN −5.6
15 Oct 16, 2026+3.53%
Nothing on EQTgroup +3.3%, moved with EQT
15Oct 16, 2026+3.53%
Nothing on EQTNo EQT story, brief or results filing in our record that day
+3.3% moved with EQTFANG +4.3 · EOG +3.5 · DVN +3.0 · OXY +2.8
16 Nov 5, 2026−3.62%
Nothing on EQTgroup −1.8%, did not move with it
16Nov 5, 2026−3.62%
Nothing on EQTNo EQT story, brief or results filing in our record that day
−1.8% did not move with itDVN −2.8 · FANG −1.8 · OXY −1.7 · EOG −1.5

A story on the same day is not a cause, and a group move is not proof either. Group: the median of EOG, OXY, FANG and DVN that day, the largest companies in EQT’s SEC industry; “moved with EQT” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). EQT reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Feb 17, 2026

day 1+1.52%day 6+2.82%

Reported Apr 21, 2026

day 1+3.05%day 6+3.74%

Reported Jul 21, 2026

day 1+8.45%day 6+5.56%

Reported Oct 27, 2026

day 1−0.09%day 6−6.66%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 27 report: −10.04%. Four reports is a small sample.

Every report since 2025 →

Each line is EQT’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

EQT against four oil and gas peers, a year at 100

EQT is down 12.7% in a year. EOG Resources is up 37.4%, Occidental Petroleum 36.4%, Devon Energy 27.2% and Diamondback Energy 25.0%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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EQT −12.7%. EOG Resources +37.4%, Occidental Petroleum +36.4%, Devon Energy +27.2%, Diamondback Energy +25.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in EQT’s SEC industry (Crude Petroleum & Natural Gas) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

EOG	EOG Resources	$77.1B	−1.48%
OXY	Occidental Petroleum	$57.3B	−1.69%
FANG	Diamondback Energy	$51.2B	−1.80%
DVN	Devon Energy	$48.5B	−2.81%
EXE	EXPAND ENERGY	$20.2B	−2.26%
PR	Permian Resources	$18.8B	−4.86%
OVV	Ovintiv	$17.3B	−2.85%
RRC	Range Resources	$12.2B	−3.67%