EQT
EnergyEQT Corporation
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Market Data
Financials
XBRL · SEC EDGAR2016–2025(10yr)| Metric | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025Latest | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $3.1B | $4.6B | $4.4B | $3.1B | $3.1B | $7.5B | $6.9B | $5.3B | $8.6B | +63.9% |
| Gross Profit | $506.9M | $1.9B | $2.9B | $2.7B | $1.3B | $1.1B | $5.4B | $4.8B | $3.4B | $7.1B | +111.8% |
| Gross Margin | 36.5% | 62.3% | 62.8% | 60.3% | 44.1% | 36.6% | 71.8% | 68.8% | 63.7% | 82.3% | +18.6pp |
| Operating Income | -$278.3M | $933.0M | -$2.8B | -$1.2B | -$877.7M | -$1.4B | $2.7B | $2.3B | $685.3M | $3.2B | +374.2% |
| Operating Margin | -20.1% | 30.2% | -61.1% | -26.1% | -28.7% | -44.4% | 36.3% | 33.5% | 13.0% | 37.6% | +24.6pp |
| Net Income | -$453.0M | $1.5B | -$2.2B | -$1.2B | -$967.2M | -$1.2B | $1.8B | $1.7B | $230.6M | $2.0B | +784.4% |
| Net Margin | -32.7% | 48.8% | -49.2% | -27.7% | -31.6% | -37.7% | 23.6% | 25.1% | 4.4% | 23.6% | +19.2pp |
| Free Cash Flow | -$475.2M | -$301.5M | $11.3M | $249.3M | $495.5M | $607.3M | $2.1B | $1.2B | $573.3M | $2.8B | +395.0% |
| FCF Margin | -34.3% | -9.8% | 0.2% | 5.6% | 16.2% | 19.8% | 27.5% | 16.8% | 10.9% | 32.8% | +22.0pp |
| EPS (Diluted) | $-2.71 | $8.04 | $-8.60 | $-4.79 | $-3.71 | $-3.58 | $4.38 | $4.22 | $0.45 | $3.31 | +635.6% |
1. THE BIG PICTURE
EQT is attempting to transform from a traditional driller into a self-contained energy utility by owning the very pipelines that carry its gas to market. This vertical integration is designed to protect profit margins across commodity cycles, but the strategy has saddled EQT Corporation with $8.5 billion in net debt, making its "low-cost" identity a necessity for survival rather than just a competitive choice (XBRL).
2. WHERE THE RISKS HIT HARDEST
EQT’s primary strength—its "integrated business model" that uses midstream infrastructure to provide stable revenue—is directly threatened by its extreme geographic concentration (10-K Item 1). Because substantially all producing properties are in the Appalachian Basin, a single regional pipeline constraint or a localized weather event like "Winter Storm Fern" can jeopardize the cash flow needed to fund EQT Corporation’s $5.0 billion debt retirement goal (8-K). Furthermore, the "leading low-cost producer" status is challenged by the fact that 93% of proved developed reserves are natural gas; any sustained dip in gas prices forces EQT to use its cash for debt service rather than the "combo-development" projects that drive its operational efficiencies (10-K Item 1A).
3. WHAT THE NUMBERS SAY TOGETHER
The financial data reveals a company in the midst of a massive, acquisition-led expansion that the market has yet to fully reward. EQT leads its peer group in revenue growth at 63.9%, yet it ranks near the bottom in net margin at 14.1% (XBRL). This disconnect suggests that while the Olympus Energy and Equitrans Midstream deals have ballooned the top line, the costs of integration and debt servicing are weighing heavily on the bottom line.
While sales volumes only increased slightly from 609 Bcfe to 605 Bcfe year-over-year, the average realized price rose from $3.01 to $3.44 per Mcfe, accounting for much of the recent performance (8-K). This highlights EQT's sensitivity: the business is currently a passenger to commodity prices rather than a driver of organic volume growth. Short interest stands at 3.6% of the float, indicating a moderate level of bearish sentiment as EQT Corporation works toward its 2026 goal of reducing net debt to $4.7 billion (8-K).
4. IS IT WORTH IT AT THIS PRICE?
At a forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations of 13.3x, EQT trades at a 6% discount to the peer median of 14.1x (XBRL). According to CAPM analysis, the market is currently pricing in a long-term growth rate of just 1.0%. This valuation appears to be a reflection of EQT's "Elevated" risk profile rather than its growth potential; investors are demanding a discount to compensate for the $8.5 billion net debt load and the lack of a buyback program, which every other peer in the group currently offers (XBRL).
The current price is only "right" if EQT can successfully execute its maintenance CapExCapExCapital Expenditures — money spent on physical assets like factories, servers, or infrastructure plan of $2.07 billion to $2.21 billion while generating the projected $3.5 billion in free cash flow (8-K). If long-term growth were to align with broader GDP at 2.5%, the justified multiple would rise to 16.7x, representing significant upside. However, the 3.6x net leverage remains a significant anchor on the valuation compared to peers like EOG, which carries less than half that debt (XBRL).
5. WHAT WOULD CHANGE THIS VIEW?
- Cautious if EQT fails to exit 2026 with the projected $4.7 billion net debt, as any delay in the debt retirement plan would signal that commodity volatility is overwhelming the integrated model's "annuity-like" protections (8-K).
- Constructive if EQT Corporation initiates a buyback program or raises its 1.1% dividend yield—the lowest among its peers—signaling that management believes the balance sheet is finally sufficiently repaired (XBRL).
6. BOTTOM LINE
Structural Advantage: Vertical integration of upstream production with a proprietary midstream gathering and transmission network in the Appalachian Basin.
Bottom Line: EQT is a high-leverage bet on natural gas prices that is currently being priced as a low-growth utility while it works to pay off its expansion.
1. Top 5 Material Risks
- Commodity Price Volatility: EQT Corporation’s financial results are highly sensitive to natural gas prices, which comprised approximately 93% of its equivalent proved developed reserves as of December 31, 2025. Significant price declines can trigger non-cash impairment charges, reduce cash flows, and force revisions to shareholder return initiatives.
- Geographic Concentration: Substantially all of EQT Corporation’s producing properties and midstream infrastructure are located in the Appalachian Basin. This concentration makes EQT Corporation disproportionately vulnerable to regional supply-demand imbalances, pipeline capacity constraints, and localized weather or regulatory events.
- Debt Obligations: As of December 31, 2025, EQT Corporation had $7.8 billion of debt outstanding. High leverage requires a substantial portion of cash flow for debt service, limits the ability to obtain additional financing, and subjects EQT Corporation to potential credit rating downgrades.
- Midstream Infrastructure Risks: EQT Corporation’s production is dependent on a small number of key compression and processing stations. Operational issues at these facilities, or the inability to renew long-term gathering and transmission contracts at favorable rates, could materially impact production volumes and revenue.
- Regulatory and Legal Challenges: EQT Corporation faces significant risks from evolving environmental regulations, including those related to GHG emissions and hydraulic fracturing. Regulatory delays or the loss of permits for major projects, such as those experienced with the MVP Mainline, can lead to cost overruns and threaten the realization of expected investment returns.
2. Company-Specific Risks
- Debt Retirement Plan Execution: EQT Corporation’s ability to de-lever depends on generating sufficient proceeds from asset monetizations and free cash flow; failure to execute this plan on the anticipated timeframe could result in lowered credit ratings and reduced capital expenditure flexibility.
- Combo-Development Strategy: EQT Corporation has allocated substantial resources to "combo-development" (developing multiple multi-well pads in tandem). If this strategy fails to generate expected operational efficiencies or returns, it could adversely affect EQT Corporation’s financial position and growth prospects.
- Lease Expirations: Approximately 5% of EQT Corporation’s net undeveloped acres are subject to leases that could expire over the next three years, potentially leading to the impairment of unproved oil and gas properties.
- Joint Venture Dependencies: EQT Corporation relies on joint ventures (such as the MVP Joint Venture and Eureka Holdings) where it lacks full control. Partners may fail to support or fund projects, or may not act in EQT Corporation’s best interests, complicating the completion of critical infrastructure.
3. Regulatory/Legal Risks
- FERC Rate Challenges: Approximately 95% of the Transmission segment’s contracted firm capacity is subscribed under "negotiated rate" agreements. These rates are subject to challenge by customers or the FERC, which could force a move to less favorable rate structures.
- Pipeline Safety Compliance: EQT Corporation is subject to PHMSA regulations requiring integrity management programs for transmission pipelines and storage wells. Compliance costs are significant and can increase if new integrity issues are identified or if safety standards become more stringent.
- Climate-Related Disclosure: Emerging state-level regulations, such as those in California, may require mandatory disclosure of GHG emissions and climate-related financial risks, increasing compliance and reporting costs.
- Civil Penalties: The FERC is authorized to impose civil penalties of up to approximately $1.6 million per violation, per day for non-compliance with the Natural Gas Act or the Natural Gas Policy Act.
4. Financial Impact Map
- Commodity Price Volatility → Revenue / Operating Income → 93% of equivalent proved developed reserves are natural gas; price fluctuations directly impact sales volume and operating revenues.
- Debt Obligations → Cash Flows / Interest Expense → $7.8 billion of debt outstanding as of December 31, 2025, requires significant cash flow for service payments, reducing funds for shareholder returns and capital expenditures.
- Asset Impairment → Carrying Amount of Assets / Earnings → Impairment and expiration of leases recorded at $51.2 million, $97.4 million, and $109.4 million for 2025, 2024, and 2023, respectively; future price declines may trigger additional non-cash charges.
- Midstream Contract Expirations → Gathering and Transmission Segment Revenues → Inability to renew or replace contracts at favorable rates could lead to "turnback" of firm capacity and reduced reservation fee revenues.
- Regulatory/Construction Delays → Capital Expenditures / Investment Returns → Construction expenditures occur over extended periods before revenue generation; delays or cost overruns on projects like MVP Mainline directly impact the expected investment return and cash flow timing.
Recent Filings
| Form | Filed | Period |
|---|---|---|
| 14A | Feb 2026 | — |
| 10-K | Feb 2026 | Dec 2025 |
| 8-K | Feb 2026 | — |
| 10-Q | Oct 2025 | Sep 2025 |
AI-extracted key facts from press releases and SEC filings. Significance 1–10.
EQT Real Estate sells 7.3 million square foot U.S. logistics portfolio to Ares
- ▸Sold 36-property logistics portfolio totaling 7.3 million square feet
- ▸Assets located across 12 key U.S. distribution markets
- ▸Acquired by an Ares Real Estate fund
- ▸Portfolio managed by Marq Logistics, an Ares platform
- ▸Represents second tranche of EQT's Core-Plus industrial portfolio disposition
EQT Real Estate sells 7.3 million square foot U.S. logistics portfolio to Ares
- ▸Sold 36-property logistics portfolio totaling 7.3 million square feet
- ▸Assets located across 12 key U.S. distribution markets
- ▸Acquired by an Ares Real Estate fund
- ▸Portfolio managed by Ares' platform Marq Logistics
- ▸Second tranche of significant disposition from EQT Core-Plus industrial fund
EQT upsizes cash tender offer for senior notes to $1.4 billion
- ▸Upsized cash tender offer for senior notes from $1.15B to $1.4B
- ▸Strategic move to retire larger portion of outstanding debt
- ▸Company maintains $1B pipeline of organic, fee-based midstream infrastructure projects
- ▸Current share price $65.33 vs analyst fair value estimate of $65.96
- ▸30-day share price return of 8%; 90-day return of 21%
EQT Corporation consensus EPS estimates rise 37.7% over last 30 days
- ▸Current quarter EPS expected at $2.08, +76.3% YoY
- ▸Full year EPS expected at $4.46, +46.2% YoY
- ▸Zacks Consensus Estimate for current quarter increased 37.69% in 30 days
- ▸Full year consensus estimate increased 12.1% in 30 days
- ▸Stock gained 11.9% over the past four weeks
EQT Corporation prices $1.4B aggregate tender offer for eight series of senior notes
- ▸Aggregate purchase price for senior notes capped at $1.4 billion
- ▸Tender offer covers eight series of notes maturing between 2027 and 2031
- ▸Early tender date expired March 23, 2026
- ▸Holders to receive total consideration plus accrued and unpaid interest
- ▸Withdrawal rights for tendered notes expired March 23, 2026
EQT Corporation prices $1.4B aggregate tender offer for eight series of senior notes
- ▸Aggregate purchase price for senior notes capped at $1.4 billion
- ▸Tender offer covers eight series of notes maturing between 2027 and 2031
- ▸Early tender date expired March 23, 2026; withdrawal rights now terminated
- ▸Holders receive total consideration plus accrued and unpaid interest
- ▸Aggregate offer cap and specific sub-caps previously upsized
EQT upsizes senior notes tender offer aggregate purchase cap to $1.4 billion
- ▸Aggregate purchase cap increased from $1.15B to $1.4B
- ▸Sub-cap for 2029 notes increased from $750M to $1.0B
- ▸Early tender results exceeded initial aggregate purchase cap
- ▸Company does not expect to accept tenders after Early Tender Date
- ▸Payment for accepted notes expected March 26, 2026
EQT upsizes senior notes tender offer aggregate purchase cap to $1.4 billion
- ▸Aggregate purchase cap increased from $1.15 billion to $1.4 billion
- ▸Sub-cap for 2029 notes increased from $750 million to $1.0 billion
- ▸Early tender results exceeded aggregate offer cap
- ▸Company expects no further tenders accepted after Early Tender Date
- ▸Payment for validly tendered notes expected March 26, 2026
EQT launches $1.15 billion cash tender offer to repurchase outstanding senior notes
- ▸Launched $1.15B cash tender offer for outstanding senior notes
- ▸Repurchase caps set at $400M for 2027 notes and $750M for 2029 notes
- ▸Stock gained 3.2% following debt repurchase announcement
- ▸Shares up 20.1% over past three months, outperforming Nasdaq
- ▸Consensus analyst rating remains Strong Buy with $66.73 mean price target
EQT Real Estate acquires 2 million square foot industrial logistics portfolio in New Jersey
- ▸Acquired 9 light industrial buildings totaling 2 million square feet
- ▸Assets located along I-95/I-295 corridor near Philadelphia and New York
- ▸Portfolio features 134 dock doors and clear heights of 24-33 feet
- ▸Includes mix of light industrial and mid-bulk warehouse space
- ▸Strategy focuses on redevelopment and capital improvements to drive rental growth