Expand Energy CorporationEXE
NasdaqGS•Energy•Oil & Gas E&P
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.
Expand Energy Corporation (EXE) reported trailing twelve months revenue of $14.10B as of March 2026, a 163.8% increase year-over-year. Quarterly revenue reached $4.40B, reflecting continued top-line momentum.
Expand Energy Corporation generated $3.23B in TTM net income, with quarterly EBITDA of $2.24B. The operating margin expanded from -12.2% to 34.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (34.8%) and net margin (26.4%) indicates moderate non-operating costs. Net margin has improved from -11.3% a year ago, signaling stronger bottom-line efficiency.
EXE trades at a P/E of 8.3x (below the broader market average) and a P/S of 1.9x. The price-to-book ratio of 1.4x reflects a moderate premium to book value.
The company generated $1.70B in free cash flow over the trailing twelve months, a 218.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $29.52B in total assets with $4.13B in long-term debt against $19.55B 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 -0.2%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~187.8% 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 consistently trails net income (avg 0.1x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 83.6% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation