EQT vs Ovintiv
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The short version
- Ovintiv is the larger business, with $8.9B of revenue in fiscal 2025 against $8.6B for EQT.
- EQT grew revenue faster (63.9%, against −2.7%).
- EQT kept more of each dollar of sales as operating profit (37.6% operating margin, against 12.7%).
- EQT turned more of its sales into free cash flow (32.8% FCF margin, against 16.9%).
- Investors pay more for each dollar of Ovintiv’s earnings: a P/E of 20.7x against 12.9x for EQT.
| Latest fiscal year | EQT · FY25 | OVV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.0B | $20.4B |
| Revenue | $8.6B | $8.9B |
| Free cash flow | $2.8B | $1.5B |
| Net income | $2.0B | $1.2B |
| Growth | ||
| Revenue growth | 63.9% | −2.7% |
| 5-year growth | 23.1% | 7.9% |
| Share count change | 19.7% | −2.9% |
| Profitability | ||
| Gross margin | 82.3% | — |
| Operating margin | 37.6% | 12.7% |
| Net margin | 23.6% | 13.9% |
| FCF margin | 32.8% | 16.9% |
| Return on capital | 7.4% | 7.1% |
| Return on equity | 9.2% | 11.5% |
| Balance sheet | ||
| Net debt | $7.7B | $4.9B |
| Net debt / EBITDA | 1.3x | 1.5x |
| Dividends and buybacks | $390M | $615M |
| Valuation & quality | ||
| P/E | 12.9x | 20.7x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
EQT $1.4B
OVV $2.9B
FY17
EQT $3.1B
OVV $4.4B
FY18
EQT $4.6B
OVV $5.9B
FY19
EQT $4.4B
OVV $6.7B
FY20
EQT $3.1B
OVV $6.1B
FY21
EQT $3.1B
OVV $8.7B
FY22
EQT $7.5B
OVV $12.5B
FY23
EQT $6.9B
OVV $10.9B
FY24
EQT $5.3B
OVV $9.2B
FY25
EQT $8.6B
OVV $8.9B
EQT
OVV
Operating margin
FY16
EQT −54.4%
OVV −64.5%
FY17
EQT 12.4%
OVV 24.0%
FY18
EQT −61.1%
OVV 28.5%
FY19
EQT −26.1%
OVV 8.9%
FY20
EQT −28.7%
OVV −88.7%
FY21
EQT −44.4%
OVV 17.5%
FY22
EQT 36.3%
OVV 30.9%
FY23
EQT 33.5%
OVV 26.3%
FY24
EQT 13.0%
OVV 17.3%
FY25
EQT 37.6%
OVV 12.7%
EQT
OVV
Free cash flow
FY16
EQT $122M
OVV −$507M
FY17
EQT $78.7M
OVV −$746M
FY18
EQT −$22.8M
OVV $325M
FY19
EQT $249M
OVV $295M
FY20
EQT $495M
OVV $159M
FY21
EQT $607M
OVV $1.6B
FY22
EQT $2.1B
OVV $2.0B
FY23
EQT $1.2B
OVV $1.4B
FY24
EQT $573M
OVV $1.4B
FY25
EQT $2.8B
OVV $1.5B
EQT
OVV
Return on capital
FY16
EQT −5.8%
OVV −14.3%
FY17
EQT 2.2%
OVV 6.3%
FY18
EQT −11.4%
OVV 14.8%
FY19
EQT −5.9%
OVV 3.2%
FY20
EQT −4.8%
OVV −30.7%
FY21
EQT −7.3%
OVV 14.8%
FY22
EQT 13.4%
OVV 36.7%
FY23
EQT 10.6%
OVV 17.4%
FY24
EQT 2.3%
OVV 8.3%
FY25
EQT 7.4%
OVV 7.1%
EQT
OVV
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.