EQT Corp (EQT)
Fair ValueFundamental
76
Price
$55.63
Market Cap
$33.82B
Part 1 · What the company is worth
Overview
EQT Corporation is a vertically integrated natural gas producer headquartered in Pennsylvania, focused on the Appalachian Basin. The company operates three segments: upstream production of natural gas, natural gas liquids, and oil; midstream gathering services via pipeline infrastructure; and transmission operations. As of 2024, EQT controlled approximately 26.3 trillion cubic feet equivalent of proved reserves across 2.1 million gross acres and operated roughly 2,925 miles of pipeline infrastructure.
How it makes money
EQT generates revenue from three channels: sales of extracted natural gas, natural gas liquids, and oil to end-users and intermediaries; gathering fees for transportation services moving produced hydrocarbons through owned pipeline networks; and transmission fees for throughput across transmission systems. The production segment dominates total revenues, while gathering and transmission provide more stable, annuity-like cash flows.
Revenue by segment
Extraction and sale of natural gas, natural gas liquids, and crude oil from the Marcellus Shale and other formations in the Appalachian Basin, which holds approximately 92% of EQT's proved reserves.
Transportation services that collect natural gas and liquids from production wells through gathering pipelines owned and operated by EQT, generating revenue from throughput volumes and fees.
Long-distance transmission pipeline operations that move natural gas across the regional transmission system to end-users and distribution companies, generating revenue from capacity charges and throughput fees.
Competitive moat
Scale · WideEQT is positioned as the only large-scale, vertically integrated natural gas producer in the United States. Its scale advantages include: contiguous ownership of approximately 92% of proved reserves within the Marcellus Shale formation, enabling efficient combo-development of multiple well pads; proprietary pipeline infrastructure reducing transportation costs; a cost structure enabling profitability as the 'lowest-cost producer of natural gas'; and proprietary digital capabilities in drilling execution and field operations. The company has identified 3,600 gross undeveloped drilling locations representing 30+ years of development visibility, creating durable barriers to competitive replication.
What drives demand
Moderately cyclicalNatural gas demand has both defensive and cyclical components. Defensive demand comes from residential and commercial heating (particularly seasonal in northeastern U.S.), baseload power generation as coal plants retire, and essential industrial/chemical feedstock uses. Cyclical demand comes from petrochemical production and manufacturing activity tied to economic cycles. Growth tailwinds include expanding U.S. LNG export capacity and increasing global demand for natural gas, providing multi-year demand visibility, though LNG markets themselves are subject to geopolitical and macroeconomic cycles.
Key risks
- Commodity price volatility — Changes in natural gas, natural gas liquids, and oil prices substantially affect revenues, operating income, and asset valuations. Lower prices could result in non-cash impairments to the book value of oil and gas properties. The company's Standardized Measure of discounted future net cash flows declined from $40.1 billion in 2022 to $8.0 billion in 2024, illustrating the materiality of price sensitivity.
- Geographic concentration — Majority of assets, infrastructure, and customers are concentrated in the Appalachian Basin, creating vulnerability to region-specific disruptions, including potential water contamination concerns, local opposition to development, or region-specific economic factors.
- Energy transition and regulatory risk — Growing consumer demand for alternatives to natural gas and negative public perception of fossil fuels could adversely impact demand and earnings. Increasing environmental regulations, methane emissions requirements, and potential restrictions on natural gas infrastructure could materially increase compliance costs or limit operational flexibility.
- Capital intensity and financial leverage — Operations require substantial ongoing capital investment to maintain and develop reserves. The company carries significant leverage requiring sustained cash generation; commodity price stress could impair the ability to meet debt obligations while maintaining development programs and shareholder returns.
Customer concentration
The 10-K does not disclose specific customer concentration percentages. The company references exposure to 'non-end users' (intermediaries and distributors) as a concentration risk factor but does not quantify top customer exposure.
The case for
Buyers argue that EQT's vertically integrated, low-cost structure provides resilience and cash generation across commodity price cycles. The company generated $2.8 billion in operating cash flows in 2024 and is targeting debt reduction to $5 billion by end of 2025 while maintaining shareholder dividends and buybacks. The 30+ year drilling inventory provides multi-decade development visibility with reduced exploration risk. LNG export capacity is expanding significantly, and EQT is well-positioned to benefit from growing global natural gas demand. The cost advantage enables profitability at lower natural gas prices than most competitors, while the midstream segments provide downside protection through stable, annuity-like cash flows during commodity downturns.
The case against
Sellers fear that EQT's revenues and valuations are highly dependent on volatile natural gas prices, which have declined significantly from 2022 peaks and remain depressed relative to historical levels. The company explicitly warns of impairment risk: the Standardized Measure of proved reserve value collapsed from $40.1 billion in 2022 to $8.0 billion in 2024, demonstrating the magnitude of downside exposure. Long-term structural decline in fossil fuel demand as renewable energy adoption accelerates and electrification progresses could reduce natural gas demand trajectory below historical levels. Geographic concentration in the Appalachian Basin creates vulnerability to region-specific disruptions. Sustained capital requirements and significant leverage create financial stress if commodity prices remain weak or decline further, potentially forcing reductions in development programs or shareholder returns.
Generated with artificial intelligence on September 21, 2026, shared with all users
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 18, 2026, shared with all users
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.
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 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.
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 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
Fair Value
$62.18
Current Price
$55.63
Margin of Safety
+10.5%
Fair Value Range
$57.83 - $66.52
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
12.91
ROE
8.6%
P/B Ratio
1.38
P/FCF
9.26
Gross Margin
83.7%
ROIC
8.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
8.1%
WACC
8.1%
ROIC − WACC
+0.0 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (19)
- EPS shows upward trend
- ROIC 8.1%
- Gross margin 83.7%
- P/FCF 9.26
- P/B ratio 1.38
- 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%
- Earnings surprise, average 11.8%
- Earnings quality (operating cash flow / net income) 2.30
- Net margin trend 28.4% vs 15.5%
- Piotroski F-Score 8/9
Failed (6)
- EPS CAGR 2.56%
- Price CAGR 4.01%
- CapEx intensity
- Current ratio
- DCF valuation (Overvalued)
- Share dilution 20.2%
Unavailable (2)
- Dividend payout –
- PEG ratio (needs P/E > 0 and growth > 0)
Piotroski F-Score
Strong financial health
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Toby Z. Rice | President, CEO & Director | 43 |
| Mr. Jeremy T. Knop | Chief Financial Officer | 36 |
| Mr. J. E.B. Bolen | Executive Vice President of Operations | 46 |
| Mr. William E. Jordan | Chief Legal, Policy Officer & Corporate Secretary | 45 |
| Ms. Sarah Fenton | Executive Vice President of Upstream | 46 |
| Mr. Todd M. James | Chief Accounting Officer | 42 |
| Mr. Richard Anthony Duran | Chief Information & Technology Officer | 46 |
| Mr. Cameron Jeffrey Horwitz C.F.A. | Managing Director of Investor Relations & Strategy | - |
| Ms. Lesley Evancho | Chief Human Resources Officer | 47 |
| Ms. Amy Rogers | Head of Strategic Communications | - |
Audit Risk
8
Board Risk
9
Compensation Risk
1
Shareholder Rights Risk
5
Documents
- View document
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 2026-10-13
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much EQT moves, measured on its daily prices.
More volatile than 28% of the tracked stocks (90-day volatility).
- Volatility 30d
- 29.9%
- Volatility 90d
- 28.0%
- Beta vs S&P 500 (1y)
- 0.02Correlation 0.01
- Max drawdown (12m)
- -28.5%
- ATR (14d, % of price)
- 2.54%
Earnings reactions
How EQT moved around its past quarterly results.
Next earnings release
Oct 27, 2026 · In 3 days · After the close
EPS estimate: 0.36Revenue estimate: $1.8B
What usually happens
- Over the last 12 releases the stock moved a median of 3.2% the next day, up or down.
- Next-day moves: up 9, down 3 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026 | After the close | 0.40 | 0.39 | -3.5% | +2.6% | +8.5% | +3.7% |
| Apr 21, 2026 | After the close | 2.10 | 2.33 | +11.0% | +2.3% | +3.1% | +4.3% |
| Feb 17, 2026 | After the close | 0.75 | 0.90 | +20.0% | -2.5% | +1.5% | +1.1% |
| Oct 21, 2025 | After the close | 0.43 | 0.52 | +19.8% | -0.7% | -4.0% | -6.3% |
| Jul 22, 2025 | After the close | n/a | n/a | n/a | -1.9% | -4.4% | -2.3% |
| Apr 22, 2025 | After the close | n/a | n/a | n/a | +3.0% | +0.4% | +5.5% |
| Feb 18, 2025 | After the close | n/a | n/a | n/a | +2.2% | +0.9% | -9.2% |
| Oct 29, 2024 | After the close | n/a | n/a | n/a | -0.1% | +3.4% | +0.6% |
| Jul 23, 2024 | After the close | n/a | n/a | n/a | +1.6% | +0.1% | -0.7% |
| Apr 23, 2024 | After the close | n/a | n/a | n/a | +1.6% | +3.8% | +5.6% |
| Feb 13, 2024 | After the close | n/a | n/a | n/a | -4.0% | -3.3% | +9.4% |
| Oct 25, 2023 | After the close | n/a | n/a | n/a | -3.6% | +1.9% | +1.7% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on EQT and what the price did next.
- 7/3/2026PositiveCPP Invests $1.75 Billion in EQT’s AI Infrastructure Buildout
- +1 day
- -2.6%
- +3 days
- -2.8%
- 3/1/2026PositiveJapan Pledges to Invest $36 Billion in U.S. Oil, Gas, and Mineral Projects. Here Are 2 Stocks That Could Soar as a Result.
- +1 day
- +0.3%
- +3 days
- -0.1%
- 2/26/2026PositiveIf You Invested $100 In EQT Stock 5 Years Ago, You Would Have This Much Today
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for EQT.
- 7/3/2026POSITIVECPP 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.
- 4/22/2026NEUTRALEQT 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.
- 3/23/2026NEUTRALEQT 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.
- 3/1/2026POSITIVEJapan 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.
- 2/26/2026POSITIVEIf 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.