EQT Corporation key statistics and ratios

In fiscal 2025, EQT Corporation had return on equity of 9.2%, an operating margin of 37.6%, debt equal to 32.8% of equity and a current ratio of 0.76. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

EQT Corporation: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	36.5%	62.3%	62.8%	60.3%	44.1%	71.5%	71.8%	68.8%	63.7%	82.3%	83.5%
Operating margin	−54.4%	12.4%	−61.1%	−26.1%	−28.7%	−20.0%	36.3%	33.5%	13.0%	37.6%	41.8%
Net margin	−32.7%	48.8%	−49.2%	−27.7%	−31.3%	−16.8%	23.6%	25.1%	4.4%	23.6%	28.4%
Free-cash-flow margin	8.8%	2.5%	−0.5%	5.6%	16.2%	8.9%	27.5%	16.8%	10.9%	32.8%	40.7%
Return on equity	−7.7%	15.7%	−18.5%	−11.8%	−10.1%	−11.9%	16.8%	13.4%	1.3%	9.2%	10.8%
Return on assets	−2.9%	6.7%	−8.9%	−6.2%	−5.2%	−5.8%	8.0%	7.2%	0.7%	5.0%	6.4%
Asset turnover	0.09	0.14	0.18	0.22	0.17	0.34	0.34	0.29	0.16	0.21	0.22
Current ratio	2.27	0.94	0.84	1.30	0.69	0.44	1.08	0.99	0.70	0.76	0.71
Debt to equity	56.1%	35.3%	42.9%	54.0%	53.2%	56.2%	50.8%	39.2%	45.3%	32.8%	21.8%
Interest cover (operating income ÷ interest)	n/m	2.3x	n/m	n/m	n/m	n/m	10.9x	10.5x	1.5x	7.4x	11.2x
Effective tax rate	—	—	—	—	—	—	23.7%	17.5%	8.4%	21.9%	21.7%
SG&A as % of revenue	15.8%	6.8%	5.1%	3.9%	5.7%	2.9%	3.4%	3.4%	6.4%	4.4%	4.6%
Capital spending as % of revenue	68.0%	50.4%	65.8%	36.3%	34.1%	15.5%	18.7%	29.2%	42.7%	26.5%	26.8%
Free cash flow ÷ net income	—	5.2%	—	—	—	—	116.6%	66.8%	248.6%	139.1%	143.3%
Dividends ÷ net income	—	1.4%	—	—	—	—	11.5%	13.2%	141.6%	19.1%	15.5%
Dividends and buybacks ÷ free cash flow	16.6%	26.5%	—	12.3%	1.5%	2.1%	29.7%	37.0%	57.0%	13.7%	10.8%

US$ thousands unless shown otherwise. Fiscal quarters.

EQT Corporation: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	76.2%	78.3%	84.8%	80.7%	83.8%	88.2%	78.7%	79.1%
Operating margin	48.1%	28.5%	44.3%	30.8%	42.5%	60.3%	21.8%	26.0%
Net margin	25.8%	13.9%	30.7%	17.1%	28.4%	44.0%	11.7%	15.7%
Free-cash-flow margin	10.1%	71.4%	27.1%	20.0%	21.5%	72.7%	22.0%	24.6%
Current ratio	0.70	0.57	0.71	0.58	0.76	0.66	0.67	0.71
Debt to equity	45.3%	40.5%	38.8%	35.5%	32.8%	23.9%	22.4%	21.8%
SG&A as % of revenue	6.6%	5.3%	3.2%	5.0%	4.5%	2.8%	5.9%	6.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · September 30, 2026

What it owns · $41.4bn

Short-term assets $1.1bnLonger-term assets $40.3bn

What it owes, and who funded it · $37.9bn

Short-term liabilities $1.6bnLonger-term liabilities $10.9bnShareholders' equity $25.5bn

Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $1.6bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.1bn short-term assets against $10.9bn of longer-dated liabilities.
More cash than debt $79m of cash against $5.6bn of debt.
Debt below 40% of shareholders' equity Debt is 22% of equity.
Debt burden no higher than five years ago Debt to equity moved from 55% to 22% over five years.
A year's operating cash flow covers at least 20% of debt $6.3bn of operating cash flow against $5.6bn of debt.
Operating profit covers interest at least five times over Operating income of $3.9bn against $350m of interest.

From EQT Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

50 /100

Moderate moat

How hard EQT's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 13 / 20

Cash operating profit has been a median 10.5% of total assets over 9 years.
Pricing power 12 / 20

Gross margin has been a median 63.2%, moving by 17.5 percentage points (standard deviation) across 9 years.
Durability 2 / 20

Operating margin has been a median 11.0%; its worst year was -76.6%.
Cash conversion 12 / 20

Free cash flow was positive in 7 of 9 years, at a median 8.8% of revenue.
Discipline 10 / 20

The diluted share count rose 111.3% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: EQT vs OVV AR vs EQT CHRD vs EQT

More: Oil & Gas Exploration & Production stocks compared, Energy sector, rankings of US companies

Figures from EQT Corporation's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to EQT Corporation.