BP vs Equinor
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KIRA’s take AI analyst
I put BP and Equinor side by side, using each one’s latest annual report. Here is what stands out:
- BP is the larger business, with $192.5B of revenue in fiscal 2025 against $106.5B for Equinor, about 1.8 times as much.
- Equinor grew revenue faster (2.6%, against −1.1%).
- Equinor kept more of each dollar of sales as operating profit (23.8% operating margin, against 6.6%).
- Equinor earned a higher return on the capital invested in it (25.1%, against 6.5%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
BP
BP
1/8
FCF margin
Equinor
EQNR
7/8
Revenue growth5-year growthOperating marginNet marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | BP FY25 | EQNR FY25 |
|---|---|---|
| Size | ||
| Market cap | — | $125.1B |
| Revenue | $192.5B | $106.5B |
| Free cash flow | $11.3B | $6.0B |
| Net income | $55.0M | $5.0B |
| Growth | ||
| Revenue growth | −1.1% | 2.6% |
| 5-year growth | 12.0% | 18.4% |
| Share count change | — | −8.0% |
| Profitability | ||
| Gross margin | — | 48.2% |
| Operating margin | 6.6% | 23.8% |
| Net margin | 0.0% | 4.7% |
| FCF margin | 5.9% | 5.6% |
| Return on capital | 6.5% | 25.1% |
| Return on equity | 0.1% | 12.2% |
| Balance sheet | ||
| Net debt | $21.4B | $10.8B |
| Net debt / EBITDA | 0.7x | 0.3x |
| Dividends and buybacks | $9.5B | $6.2B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.