Expand Energy Corporation (EXE) 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

+771.3%

$781.63

vs $89.71 price

Levered DCF

$297.62

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.34

Grey zone

Rating

S-

Overall 5 / 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	14.39×	-21.88×	4.23×	2.44×	1.2×	-0.04×	-0.86×	1.46×
P/B	1.41×	0.89×	0.95×	1.3×	1.34×	-0.08×	0.08×	0.09×
P/S	2.25×	3.7×	1.31×	1.04×	1.04×	0.08×	0.04×	0.02×
EV / EBITDA	5.56×	20.76×	2.37×	2.69×	1.24×	-0.26×	4.22×	2.95×
Gross margin	46.5%	27.0%	64.8%	71.3%	33.1%	11.9%	4.7%	12.5%
Operating margin	17.5%	-19.0%	40.4%	33.0%	31.8%	-167.0%	-0.4%	3.7%
Net margin	15.6%	-16.9%	31.1%	43.1%	86.7%	-186.8%	-3.6%	2.2%
Current ratio	1.01×	0.64×	1.99×	1×	0.86×	0.36×	0.52×	0.55×
Debt / equity	0.27×	0.33×	0.2×	0.35×	0.41×	-0.37×	2.18×	3.69×
Interest coverage	8.67×	-6.53×	30.21×	23.63×	27.68×	-26.29×	-0.05×	0.6×
Dividend yield	2.9%	2.5%	4.8%	10.2%	1.6%	5.3%	25.5%	47.3%
Payout ratio	42.1%	-54.3%	20.1%	24.6%	1.9%	-0.2%	-29.5%	40.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	-4.1%	22.5%	54.1%	111.6%	182.3%	-7.1%	10.8%
Return on invested capital	6.4%	-2.7%	18.5%	29.4%	27.1%	-159.3%	-0.1%	3.7%
Return on assets	6.4%	-2.6%	16.8%	31.9%	57.5%	-147.8%	-1.9%	1.8%
Free cash flow yield	7.0%	0.1%	5.4%	19.4%	13.8%	5.3%	-179.6%	-137.3%
Earnings yield	6.9%	-4.6%	23.7%	41.6%	83.2%	-2327.1%	-86.4%	116.2%
Enterprise value	$30.6B	$21.1B	$11.3B	$15B	$9B	$2.1B	$9.9B	$7.9B
Net debt / EBITDA	0.79×	5.41×	0.22×	0.55×	0.19×	-0.21×	4.07×	2.88×
Cash conversion cycle (days)	6	12	-29	-22	31	25	20	11