Is the business good?
How good a business is EXE?
Expand Energy earns 15% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
15%
Return on invested capital · cost of capital 9.0% · 6.1 points above what the capital costs: growth creates value
- Operating margin
- 30%
Operating margin · Oil & Gas E&P median 30% · 12 months to Q1 2026
- Cash conversion
- 0.93×
Cash conversion · some of the reported profit has not turned into cash yet
- Share count, year on year
- +2.7%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −166% |
| FY2022 | 32% |
| FY2023 | 36% |
| FY2024 | −19% |
| FY2025 | 20% |
Details›
- Operating margin12 months to Q1 2026
- 30%
- Net margin12 months to Q1 2026
- 23%
- Free cash flow margin
- 21%
- Revenue, trailing twelve months
- $14.3B
- Free cash flow, trailing twelve months
- $3.00B
- Net income, trailing twelve months
- $3.23B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 15%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.