EQT vs Expand Energy
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The short version
- Expand Energy is the larger business, with $12.1B of revenue in fiscal 2025 against $8.6B for EQT.
- Expand Energy grew revenue faster (186.3%, against 63.9%).
- EQT kept more of each dollar of sales as operating profit (37.6% operating margin, against 20.4%).
- EQT turned more of its sales into free cash flow (32.8% FCF margin, against 15.2%).
- Expand Energy earned a higher return on the capital invested in it (8.6%, against 7.4%).
- Investors pay more for each dollar of EQT’s earnings: a P/E of 12.9x against 8.1x for Expand Energy.
| Latest fiscal year | EQT · FY25 | EXE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.0B | $22.2B |
| Revenue | $8.6B | $12.1B |
| Free cash flow | $2.8B | $1.8B |
| Net income | $2.0B | $1.8B |
| Growth | ||
| Revenue growth | 63.9% | 186.3% |
| 5-year growth | 23.1% | 7.3% |
| Share count change | 19.7% | 53.1% |
| Profitability | ||
| Gross margin | 82.3% | — |
| Operating margin | 37.6% | 20.4% |
| Net margin | 23.6% | 15.0% |
| FCF margin | 32.8% | 15.2% |
| Return on capital | 7.4% | 8.6% |
| Return on equity | 9.2% | 10.1% |
| Balance sheet | ||
| Net debt | $7.7B | $4.4B |
| Net debt / EBITDA | 1.3x | 0.8x |
| Dividends and buybacks | $390M | $865M |
| Valuation & quality | ||
| P/E | 12.9x | 8.1x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
EQT $1.4B
EXE $7.9B
FY17
EQT $3.1B
EXE $10.0B
FY18
EQT $4.6B
EXE $10.0B
FY19
EQT $4.4B
EXE $8.5B
FY20
EQT $3.1B
EXE $5.2B
FY21
EQT $3.1B
EXE —
FY22
EQT $7.5B
EXE $11.7B
FY23
EQT $6.9B
EXE $8.7B
FY24
EQT $5.3B
EXE $4.2B
FY25
EQT $8.6B
EXE $12.1B
EQT
EXE
Operating margin
FY16
EQT −54.4%
EXE −56.0%
FY17
EQT 12.4%
EXE −1.4%
FY18
EQT −61.1%
EXE 3.8%
FY19
EQT −26.1%
EXE −0.4%
FY20
EQT −28.7%
EXE −166.1%
FY21
EQT −44.4%
EXE —
FY22
EQT 36.3%
EXE 32.2%
FY23
EQT 33.5%
EXE 36.0%
FY24
EQT 13.0%
EXE −19.0%
FY25
EQT 37.6%
EXE 20.4%
EQT
EXE
Free cash flow
FY16
EQT $122M
EXE −$1.7B
FY17
EQT $78.7M
EXE −$1.6B
FY18
EQT −$22.8M
EXE −$118M
FY19
EQT $249M
EXE −$640M
FY20
EQT $495M
EXE $22.0M
FY21
EQT $607M
EXE —
FY22
EQT $2.1B
EXE $2.3B
FY23
EQT $1.2B
EXE $551M
FY24
EQT $573M
EXE $8.0M
FY25
EQT $2.8B
EXE $1.8B
EQT
EXE
Return on capital
FY16
EQT −5.8%
EXE −33.8%
FY17
EQT 2.2%
EXE −1.1%
FY18
EQT −11.4%
EXE 3.5%
FY19
EQT −5.9%
EXE −0.2%
FY20
EQT −4.8%
EXE −135.0%
FY21
EQT −7.3%
EXE —
FY22
EQT 13.4%
EXE —
FY23
EQT 10.6%
EXE 20.6%
FY24
EQT 2.3%
EXE −3.7%
FY25
EQT 7.4%
EXE 8.6%
EQT
EXE
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.