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Expand Energy (EXE) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NasdaqGS•Energy•Oil & Gas E&P
A
ExcellentMetricSide Score: 87/100
ProfitabilityProfit30/30
GrowthGrowth25/25
Balance SheetBalance21/25
Cash QualityCash11/20
Price & Volume
Market Cap $21.76B

Expand Energy Corporation operates as an independent natural gas production company in the United States. The company engages in acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids. It holds interests in the Marcellus Shale in the northern Appalachian Basin in Pennsylvania; the Marcellus and Utica Shales in Ohio and West Virginia; and the Haynesville and Bossier Shales in Louisiana and Texas. Expand Energy Corporation was formerly known as Chesapeake Energy Corporation and changed its name to Expand Energy Corporation in October 2024. The company was founded in 1989 and is based in Spring, Texas.

Moat Signals

Competitive analysis based on 67 quarters of fundamental data

Pricing Power

Weak Moat

Operating margins are under pressure, averaging 0.3%. The business may lack pricing power or face rising costs.'

Competitive Advantage

Weak Moat

ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.

Cash Generation

Moderate Moat

6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.

Demand Durability

Strong Moat

TTM revenue has grown consistently (6 of 7 quarters up), with ~183.9% growth over the period. Strong demand durability.

Risk Signals

Data-driven red flags and warnings across 67 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.1x) — earnings may be inflated by non-cash items or aggressive accounting.

Leverage Risk

Healthy

D/E ratio is 0.3 — conservative capital structure with low financial risk.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Share Dilution

Red Flag

Shares outstanding increased 21.9% — significant dilution, likely from stock compensation or capital raises.

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$14.32B
167.8%
Q. Revenue
$4.40B
TTM EBITDA
$7.25B
672.9%
TTM Op. Income
$4.27B
487.1%
Q. Op. Income
$1.53B
TTM Net Income
$3.23B
426.3%
Q. Net Income
$1.16B
EPS
$4.83
Shares Out.
$239.90M
2.3%
$14.32B in TTM revenue grew 167.8% YoY, reaching $4.40B last quarter. TTM EBITDA of $7.25B and TTM operating income of $4.27B shows growth is flowing through. Net income of $3.23B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
51.0%
Op. Margin
34.8%
385.3%
Net Margin
26.4%
332.5%
Op. margin of 34.8% is up 47.0% YoY — cost efficiency is improving. Net margin at 26.4%.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
6.7x
P/S Ratio
1.5x
P/B Ratio
1.1x
At 6.7x P/E, the stock trades below market averages — potentially undervalued. P/S of 1.5x and P/B of 1.1x provide additional context. Below-market P/E with growing revenue suggests a potential buying opportunity — the stock may be undervalued relative to its fundamentals.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$29.52B
Cash
$2.22B
Long-Term Debt
$5.01B
Book Value
$19.55B
D/E Ratio
0.3
Debt/EBITDA
2.2
With $29.52B in assets and $5.01B in long-term debt, the D/E of 0.3and book value of $19.55B — shows a conservative capital structure — the company has a strong financial cushion to weather downturns.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$2.40B
Free Cash Flow
$1.70B
218.0%
FCF Margin
11.8%
FCF / Net Income
1.5
FCF of $1.70B on $2.40B in operating cash flow. The FCF / Net Income ratio of 0.5x indicates partial cash conversion — earnings quality needs attention.

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