EQT CorporationEQT
NYSE•Energy•Oil & Gas E&P
EQT Corporation engages in the exploration, production, gathering, and transmission of hydrocarbons and natural gas. The company sells natural gas, natural gas liquids, and oil to marketers, utilities, and industrial customers located in the Appalachian Basin. It also provides marketing services and contractual pipeline capacity management services, as well as engages in risk management and hedging activities. The company was formerly known as Equitable Resources Inc. and changed its name to EQT Corporation in February 2009. EQT Corporation was founded in 1888 and is headquartered in Pittsburgh, Pennsylvania.
EQT Corporation (EQT) reported trailing twelve months revenue of $10.28B as of March 2026, a 83.6% increase year-over-year. Quarterly revenue reached $3.38B, reflecting continued top-line momentum.
EQT Corporation generated $3.28B in TTM net income, with quarterly EBITDA of $2.69B. The operating margin expanded from 28.5% to 60.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (60.3%) and net margin (44.0%) indicates significant non-operating expenses or interest burden. Net margin has improved from 13.9% a year ago, signaling stronger bottom-line efficiency.
EQT trades at a P/E of 9.7x (below the broader market average) and a P/S of 3.1x. The price-to-book ratio of 1.3x reflects a moderate premium to book value.
The company generated $2.46B in free cash flow over the trailing twelve months, a 97.9% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $41.69B in total assets with $5.48B in long-term debt against $25.12B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 29.1%. The business may lack pricing power or face rising costs.'
ROE is positive at ~5.5% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~83.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 41.4% — significant dilution, likely from stock compensation or capital raises.