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EQT Corporation
S&P 500
$31.8B
Market Cap
16.2
P/E
0.41
PEG
6.3%
ROCE
9.0%
ROE
0.27
D/E
37.6%
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for EQT including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

EQT Corporation engages in the exploration, production, gathering, and transmission of hydrocarbons and natural gas.

Key Ratios Snapshot
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📈 Growth Pattern
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⭐ Superinvestors Holding EQT
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 489.7K $31.2M 0.05% Mar 2026
Steve Cohen Point72 Asset Management 64.3K $4.1M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q1 2026
Net Income
$1.487B
+515% YoY
Adjusted EBITDA
$2.679B
+50% YoY
Free Cash Flow (attributable)
$1.832B
+77% YoY
Net Debt
$5.7B
-26% from Q4 2025
What Went Right
  • Generated record $1.8B free cash flow in Q1, nearly as much as full-year 2022.
  • Sales volume of 618 Bcfe exceeded high-end guidance despite Winter Storm Fern.
  • Operating costs of $1.09/Mcfe and CapEx of $608M both came in below low-end guidance.
  • Rapid deleveraging: net debt reduced to ~$5.7B, leverage below 1x, Fitch upgrade to BBB.
What to Watch
  • Q2 production impacted by 10-15 Bcf of strategic curtailments during shoulder season.
  • Q2 is peak CapEx quarter; free cash flow expected to strengthen in H2 as CapEx declines.
  • LNG portfolio not scheduled to generate material cash flows until 2030; near-term global pricing exposure limited.
Management Guidance
  • Q2 sales volume expected to include 10-15 Bcf of curtailments.
  • Q2 capital expenditures represent the peak of the year, with meaningful declines in H2.
  • Full-year guidance not revised; company typically updates at mid-year.
Investor Lens
The free cash flow beat and rapid deleveraging strongly reinforce the investment thesis: EQT's low-cost integrated model captures full upside in volatile markets. The balance sheet is now fortress-grade, enabling flexible capital allocation toward dividends, buybacks, and high-return growth projects. The emerging demand-pull story in Appalachia (data centers, LNG, power) adds long-term volume optionality without near-term risk. This quarter proves the platform's durability across cycles.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record free cash flow of $1.8B, well ahead of guidance
Revenue
Not explicitly reported, but implied revenue of ~$3.14B (618 Bcfe × $5.08/Mcfe average realized price). Sales volumes exceeded high-end guidance; all segments contributed.
Profitability
Net income attributable to EQT was $1.487B (EPS $2.36), up from $242M ($0.40) in Q1 2025. Adjusted net income was $1.465B. Free cash flow (attributable) of $1.832B was a record.
Margins
Total operating costs per Mcfe were $1.09, 2% below the low end of guidance. Production depletion was $0.92/Mcfe. Realized natural gas price before hedges was $5.27/Mcf; after hedges $5.07/Mcf.
Balance Sheet
Net debt stood at ~$5.7B as of March 31, down from $7.7B at year-end 2025. The company retired $1.7B of senior notes. Leverage is below 1x net debt/EBITDA, approaching the $5B long-term net debt target. Fitch upgraded EQT to BBB.
Key Risks
Geopolitical volatility (Middle East) underscores need for US energy reliability but also creates global pricing uncertainty. Dependence on infrastructure expansion (pipeline, LNG) to realize long-term growth. Spring/summer curtailments may reduce short-term volumes.
Outlook
Q2 production will be tempered by 10-15 Bcf of strategic curtailments and peak CapEx. H2 free cash flow expected to improve as capital spending declines. Management sees accelerating demand-pull opportunities in Appalachia leading to potential upstream growth post-2027.
Generated by AI · Q1 2026 results · Not investment advice
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
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