Equinor is a Norway-based integrated oil and gas company. It has been publicly listed since 2001, but the government retains a 67% stake.
It is a $103B energy company. Revenue grew 3.2% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~0.9 years of free cash flow. It trades at 11.3× earnings.
- Website
- equinor.com
- Employees
- 24 140
- Sector
- Energy
- Founded
- 1972
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation, health and moat; Growth lags behind.
Valuation75
- P/E vs own history94th pct · 0/25
- FCF yield9.3% · 25/25
- P/S0.9x · 25/25
- EV/EBITDA3.0x · 25/25
Growth26
- Revenue CAGR3.9% · 6/25
- Net income CAGR-12.4% · 0/25
- EPS CAGR ~5Y-7.3% · 0/25
- Fwd implied growth16.6% · 20/25
Profitability63
- ROIC9.7% · 12/25
- ROE21.6% · 20/25
- Net margin4.8% · 6/25
- Operating margin28.6% · 25/25
Health75
- Altman Z2.62 · 18/25
- Current ratio1.16 · 12/25
- Interest coverage24.1x · 25/25
- Net cash / debtD/A 6% · 20/25
Quality72
- Piotroski F4/9 · 10/25
- Beneish M-2.87 · 25/25
- FCF conversion190% · 25/25
- Margin stabilityσ 8.6% · 12/25
Moat82
- ROIC >12% years5/5 yrs · 25/25
- Median gross margin45.0% · 20/25
- FCF-positive years5/5 yrs · 25/25
- Worst-year net marginworst 4.8% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2022FinancialRevenue crossed $100B$149B for the year
- FY2022FinancialBest year on record$28.7B net income
- FY2021FinancialProfitable every year on record5 consecutive profitable years in our data
- FY2021FinancialRevenue already above $50B$90.7B in first reported year
- FY2021FinancialPositive free cash flow every year since5-year streak
- 2021AcquisitionEquinor acquired a contract to provide off-shore wind power to the city of New York in partnership…
- 2020MilestoneForbes Global 2000, Equinor was ranked as the 169th-largest public company in the world
- 2012AcquisitionAlimentation Couche-Tard bought Statoil Fuel & Retail for $2.8 billion
- 2011AcquisitionStatoil bought Brigham Exploration for $4.4 billion to gain access to its oil shale operations in North…
- 2009ProductStatoil launched the world's first operational deep-water floating large-capacity wind turbine, Hywind
- 2008AcquisitionStatoil bought Anadarko Petroleum's 50% share of the Peregrino oil field for $1.8 billion
- 2007AcquisitionStatoil acquired all Nordic Jet stations and continued to use the brand name until 2014 when the…
- 1999AcquisitionHydro acquired Norway's third-largest petroleum company Saga Petroleum
- 1981AcquisitionThe company acquired, as the first Norwegian company, operator rights on the Norwegian continental shelf on…
- 1972FoundedDen Norske Stats Oljeselskap A/S was founded as a limited company owned by the Government of Norway on 14 July 1972…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (50.8%)
- Could repay net debt from ~0.9 years of free cash flow
- Interest covered 24.1× by operating earnings
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+3.2% YoY
- Profitable — makes more than it spends$5.04B FY2025
- Profit growing — earnings are higher than last year-40.1% YoY
- Generates cash — cash left after running and investing$9.58B FY2025
- Debt under control — could handle its obligations~0.9y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$103B market cap
- Not printing shares — share count not ballooning — you keep your slice-20.2% shares over ~5y
- Proven track record — years of profitability behind it5/5 profitable years
- Financially stable — balance sheet not near distressAltman Z 2.6 — grey
- Pays a dividend — returns cash to shareholdersyield 3.65%
- Valuation not extreme — price not wildly above earningsP/E 11.3
Peer comparisonEquinor ASA vs 6 largest energy peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| EQNR this company | $102.7B | 11.3 | +3.2% | 4.8% | Strong |
| XOM ExxonMobil Holdings Corporation | $694.0B | 21.1 | +9.1% | 8.9% | Mixed |
| CVX Chevron Corporation | $416.8B | 20.3 | +10.2% | 9.6% | Mixed |
| SHEL Shell plc | $284.6B | 11.0 | -6.1% | 6.7% | Solid |
| TTE TotalEnergies SE | $191.1B | 10.9 | -6.8% | 7.2% | Solid |
| COP ConocoPhillips | $161.5B | 17.4 | +9.6% | 14.7% | Strained |
| MPC Marathon Petroleum Corporation | $127.8B | 14.9 | +15.0% | 5.6% | Strained |
Head-to-head: EQNR vs XOM · EQNR vs CVX · EQNR vs SHEL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/EQNR
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of EQNR on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $43.35 · market cap $103B.