Is the business good?
How good a business is EQT?
EQT Corporation earns 10% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
10%
Return on invested capital · cost of capital 9.0% · 1.4 points above what the capital costs: growth creates value
- Operating margin
- 42%
Operating margin · Oil & Gas E&P median 30% · 12 months to Q2 2026
- Cash conversion
- 1.39×
Cash conversion · 1.85× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +4.3%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −29% |
| FY2021 | −44% |
| FY2022 | 36% |
| FY2023 | 34% |
| FY2024 | 13% |
| FY2025 | 38% |
Details›
- Gross margin12 months to Q2 2026
- 84%
- Operating margin12 months to Q2 2026
- 42%
- Net margin12 months to Q2 2026
- 28%
- Free cash flow margin
- 39%
- Revenue, trailing twelve months
- $9.54B
- Free cash flow, trailing twelve months
- $3.76B
- Net income, trailing twelve months
- $2.71B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 10%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.