# Equinor ASA American Depositary Shares (Each Representing One Ordinary Share, nominal value NOK 2.50 per share) (EQNR) — Stock CV

Equinor ASA 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.

> Equinor is a Norway-based integrated oil and gas company. It has been publicly listed since 2001, but the government retains a 67% stake.

## Identity

- **Ticker**: EQNR
- **Sector**: Energy
- **Employees**: 24 140
- **Website**: https://www.equinor.com
- **Market cap**: $103B
- **Last price**: $43.35
- **Financial profile**: Strong

## Vitals (FY2025)

- **Revenue**: $106B
- **Net income**: $5.04B
- **Free cash flow**: $9.58B
- **Net debt**: $8.69B
- **P/E**: 11.3
- **Revenue growth (YoY)**: 3.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 75 |
| Growth | 26 |
| Profitability | 63 |
| Health | 75 |
| Quality | 72 |
| Moat | 82 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +3.2% YoY
- [x] Profitable — $5.04B FY2025
- [ ] Profit growing — -40.1% YoY
- [x] Generates cash — $9.58B FY2025
- [x] Debt under control — ~0.9y of cash flow to repay
- [x] Established company — $103B market cap
- [x] Not printing shares — -20.2% shares over ~5y
- [x] Proven track record — 5/5 profitable years
- [x] Financially stable — Altman Z 2.6 — grey
- [x] Pays a dividend — yield 3.65%
- [x] Valuation not extreme — P/E 11.3

## Experience (career milestones)

- **FY2022** — Revenue crossed $100B: $149B for the year
- **FY2022** — Best year on record: $28.7B net income
- **FY2021** — Profitable every year on record: 5 consecutive profitable years in our data
- **FY2021** — Revenue already above $50B: $90.7B in first reported year
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **2021** — Equinor acquired a contract to provide off-shore wind power to the city of New York in partnership…
- **2020** — Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world
- **2012** — Alimentation Couche-Tard bought Statoil Fuel & Retail for $2.8 billion
- **2011** — Statoil bought Brigham Exploration for $4.4 billion to gain access to its oil shale operations in North…
- **2009** — Statoil launched the world's first operational deep-water floating large-capacity wind turbine, Hywind
- **2008** — Statoil bought Anadarko Petroleum's 50% share of the Peregrino oil field for $1.8 billion
- **2007** — Statoil acquired all Nordic Jet stations and continued to use the brand name until 2014 when the…
- **1999** — Hydro acquired Norway's third-largest petroleum company Saga Petroleum
- **1981** — The company acquired, as the first Norwegian company, operator rights on the Norwegian continental shelf on…
- **1972** — Den Norske Stats Oljeselskap A/S was founded as a limited company owned by the Government of Norway on 14 July 1972…

## 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

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $90.7B | $8.56B | $26.4B |
| FY2022 | $149B | $28.7B | $18.7B |
| FY2023 | $107B | $11.9B | $7.29B |
| FY2024 | $103B | $8.81B | $5.98B |
| FY2025 | $106B | $5.04B | $9.58B |

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Source: https://stockcv.com/EQNR — derived from company filings; may be delayed or incomplete. Information, not investment advice.