EQT Corporation (EQT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+255.6%

$195.19

vs $54.89 price

Levered DCF

$211.28

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.39

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.1×	102.47×	8.48×	7.06×	-6.11×	-3.43×	-2.28×	-2.2×
P/B	1.41×	1.14×	1×	1.12×	0.71×	0.36×	0.28×	0.45×
P/S	3.69×	4.5×	2.9×	1.03×	1.03×	1.25×	0.73×	1.04×
EV / EBITDA	7.01×	11.34×	5.05×	3.95×	29.31×	18.32×	40.42×	-9.7×
Gross margin	48.9%	14.7%	18.6%	66.4%	43.8%	40.8%	54.5%	61.9%
Operating margin	34.7%	13.1%	45.6%	22.4%	-19.9%	-33.0%	-30.3%	-58.8%
Net margin	22.5%	4.4%	34.2%	14.6%	-16.7%	-36.1%	-32.2%	-47.4%
Current ratio	0.76×	0.7×	0.99×	1.08×	0.44×	0.69×	1.3×	0.84×
Debt / equity	0.33×	0.45×	0.4×	0.51×	0.57×	0.53×	0.54×	0.5×
Interest coverage	7.18×	1.51×	10.54×	10.89×	-4.7×	-3.39×	-5.76×	-12.16×
Dividend yield	1.2%	1.4%	1.6%	1.6%	0.0%	0.2%	1.1%	0.6%
Payout ratio	19.1%	141.6%	13.2%	11.5%	0.0%	-0.8%	-2.5%	-1.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	1.1%	11.7%	15.9%	-11.5%	-10.4%	-12.5%	-20.5%
Return on invested capital	6.2%	1.7%	8.1%	10.7%	-5.3%	-4.1%	-5.0%	-11.3%
Return on assets	4.9%	0.6%	6.9%	7.8%	-5.0%	-5.3%	-6.5%	-10.8%
Free cash flow yield	8.5%	2.4%	7.9%	16.5%	8.6%	15.0%	9.0%	-15.3%
Earnings yield	6.1%	1.0%	11.8%	14.1%	-16.2%	-28.9%	-43.9%	-45.5%
Enterprise value	$41.2B	$32.7B	$20.5B	$16.8B	$12.6B	$8.2B	$8.1B	$10.4B
Net debt / EBITDA	1.31×	3.18×	1.42×	1×	12.89×	10.96×	26.54×	-5.11×
Cash conversion cycle (days)	-48	-11	-47	-92	-50	-86	-81	-11