# EQT CORP (EQT) — Stock CV

EQT Corp is a $33.0B energy company. Revenue grew 32.3% over the last year, it keeps 28¢ of every dollar of sales as profit, and its net debt equals ~0.1 years of free cash flow. It trades at 12.2× earnings — around the middle of its own history.

> EQT is an independent natural gas production company. It focuses its operations in the cores of the Marcellus and Utica shales, located in the Appalachian Basin in the Eastern United States.

## Identity

- **Ticker**: EQT
- **Sector**: Energy
- **Industry**: Crude Petroleum & Natural Gas
- **Headquarters**: CANONSBURG, PA
- **Employees**: 1 523
- **Website**: https://www.eqt.com
- **Market cap**: $33.0B
- **Last price**: $52.83
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $9.54B
- **Net income**: $2.71B
- **Free cash flow**: $3.76B
- **Net debt**: $249M
- **P/E**: 12.2
- **Revenue growth (YoY)**: 32.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 82 |
| Growth | 25 |
| Profitability | 74 |
| Health | 63 |
| Quality | 72 |
| Moat | 43 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +32.3% YoY
- [x] Profitable — $2.71B TTM
- [ ] Profit growing — -8.7% YoY
- [x] Generates cash — $3.76B TTM
- [x] Debt under control — ~0.1y of cash flow to repay
- [x] Established company — $33.0B market cap
- [ ] Not printing shares — +141.3% shares over ~5y
- [x] Proven track record — 5/10 profitable years
- [x] Financially stable — Altman Z 2.1 — grey
- [x] Pays a dividend — yield 1.23%
- [x] Valuation not extreme — P/E 12.2

## Experience (career milestones)

- **FY2025** — Best year on record: $2.04B net income
- **FY2021** — Became debt-free: cash now exceeds total debt
- **FY2018** — Revenue crossed $1B: $4.56B for the year
- **FY2018** — Positive free cash flow every year since: 8-year streak
- **2018** — EQT spun off its pipeline division, Equitrans Midstream, in 2018
- **FY2017** — Turned profitable: $1.51B net income after a loss year
- **2017** — Steven Schlotterbeck became chief executive officer, He resigned in March 2018
- **2009** — The company changed its name to EQT Corporation
- **2000** — The company acquired Appalachian wells and reserves from Statoil
- **1997** — The company acquired Northeast Energy Services Co. (NORESCO) for $77 million and a number of offshore oil…
- **1995** — The company offered the first fixed bill energy contract in the U.S. in 1995
- **1950** — The company separated from the Philadelphia Company and was listed on the New York Stock Exchange

## Strengths

- High gross margin (62.5%)
- Strongly profitable — 28.4% net margin
- Revenue growing 32.3% year over year
- Strong cash conversion — FCF is 39.4% of revenue
- Could repay net debt from ~1.5 years of free cash flow

## Watch-outs

- Loss-making in 5 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.06B | -$1.16B | $607M |
| FY2022 | $7.50B | $1.77B | $2.07B |
| FY2023 | $6.91B | $1.74B | $1.16B |
| FY2024 | $5.27B | $231M | $573M |
| FY2025 | $8.64B | $2.04B | $2.84B |

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