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what it is
EQT pulls natural gas out of Appalachia and sells it into a market that can change its mind fast.
how it gets paid
Last year Eqt made $8.2B in revenue. Marcellus production was the main engine at $7.2B, or 60% of sales.
what just happened
Latest quarter revenue hit $2.2B, up 147% vs. prior year, while EPS rose to $2.23.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
5/100 earnings predictability — expect surprises
19.7x trailing p/e — priced about right
1.5% dividend yield — cash in your pocket every quarter
9.5% return on capital — nothing to write home about
xvary composite: 50/100 — below average
What they do
EQT pulls natural gas out of Appalachia and sells it into a market that can change its mind fast.
Scale is the moat. EQT says it was the largest U.S. natural gas producer in 2024 at 2,228 Bcfe per day, with 26.3 Tcfe of proved reserves across 2.1 million acres. That means when buyers need supply, you are dealing with a company that already has the rock, the land, and now more midstream reach after the July 2024 Equitrans deal.
How they make money
$8.2B
annual revenue
Marcellus production
$7.2B
Utica production
$1.8B
Midstream and transport
$2.4B
Marketing and other
$0.6B
The products that matter
natural gas extraction
Marcellus Shale Operations
2.3T cubic feet 2026 target
This basin drives 70% of EQT's volume. In human-speak: one region does most of the heavy lifting, so weak appalachian pricing shows up fast in your results.
70% of volume
pipeline transport
Mountain Valley Pipeline
12% IRR projected
The MVP acquisition was done at 9x EBITDA. In human-speak: EQT paid up to move gas into better markets and keep more of the value chain.
market access
long-term gas supply contracts
contracted demand
800 + 800 + 665 mmcfe/day disclosed deals
Deals with Duke Energy, Frontier Group, and Homer City Campus turn the power-demand narrative into actual volumes. Stories are cheap. Signed contracts are better.
demand visibility
Key numbers
$73
18-month target
That is about $16.87 above the current $56.13 price, or roughly 30% upside if execution and gas prices hold.
66.0%
operating margin
Operating margin → profit after running the business → so what: EQT keeps an unusually large slice of each sales dollar.
$7.7B
long-term debt
Debt → money the company owes → so what: gas prices do not need to fall much before leverage becomes the loud part.
19.7x
trailing P/E
P/E → price versus past 12-month earnings → so what: you are paying a market multiple for a business with commodity risk.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $7.7B (18% of capital)
- net profit margin 29.6% — keeps 30 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in EQT 3 years ago → it's now worth $19,270.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Latest quarter revenue hit $2.2B, up 147% vs. prior year, while EPS rose to $2.23.
The quarter was strong on both the top and bottom line. Consensus data also shows the last reported quarter beat estimates at $0.90 versus $0.70, so the broad message is the same even if the source figures are not identical.
$2.2B
revenue
$2.23
eps
66.0%
operating margin
the number that mattered
Revenue growth of 147% mattered most because it shows how hard EQT's earnings power can snap back when pricing and volume line up.
-
eqt corporation is benefiting from artificial intelligence.specifically, the company’s natural gas is in high demand as hyperscalers require significant levels of energy to power and cool data centers.
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impressive capacity across markets along the u.s.
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east coast is resulting in incremental business.too, eqt owns the midstream assets to transport, process, and store natural gas (thanks to the midstream acquisition in 2024.) this, along with growing demand for clean energy, recently prompted eqt to sign various supply contracts, highlighted by the 800 million cubic-feet (mmcfe)-per-day deal with duke energy, 800 mmcfe transaction with frontier group, and 665 mmcfe agreement with homer city campus.
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long-term contracts, at fixed prices, should become increasingly valuable.
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flush pipelines across eqt’s farreaching midstream assets help to boost fees.
source: company earnings report, 2026
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What could go wrong
the core risk is still appalachian natural gas price compression. about $7.4B of EQT's $8.2B revenue comes from production, so weak pricing does not nibble at the thesis. it hits the thesis directly.
high
appalachian gas prices stay weak
This is the obvious one because it matters most. EQT can operate better than peers, but it cannot escape the commodity tape.
puts pressure on the $7.4B production segment and the $3.5B 2026 free cash flow target
med
mountain valley pipeline economics disappoint
The asset was bought to improve market access and earn a projected 12% IRR. If realized pricing and transport savings do not show up, a big part of the strategic story gets thinner.
would weaken the case that midstream ownership meaningfully upgrades EQT's margins
med
cost overruns or volume misses
EQT is targeting 2.3 trillion cubic feet of annual production. If operating costs rise or volumes slip, the 55% operating margin starts looking less special very quickly.
would turn a scale story into a plain commodity story
med
debt load limits flexibility
A B++ balance sheet is fine. $7.7B of long-term debt means it is not a bunker. If gas prices weaken at the wrong time, capital returns and expansion plans get less comfortable.
less room to absorb volatility with only 25 / 100 price stability
Most of the risk comes back to one point: an $8.2B revenue business with a $3.5B free cash flow ambition still depends on favorable gas economics.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
2026 free cash flow progress toward $3.5B
This is the scoreboard. If cash generation tracks toward management's target, the equity story gets simpler. If it falls short, the rerating case gets thinner fast.
earnings
Q1 2026 earnings release
Apr 29, 2026 — analysts expect $0.73 EPS. You want to see whether cash flow and realized pricing support the bigger 2026 goals.
trend
mountain valley pipeline ramp
The question is not whether EQT owns it. The question is whether premium market access actually improves economics from here.
risk
natural gas futures and regional basis
Monthly price moves will tell you whether EQT is selling into a friendlier market or just fighting the tape again.
Analyst rankings
earnings predictability
5 / 100
in human-speak: analysts do not trust this business to deliver smooth quarterly numbers, because gas prices do not care about anyone's spreadsheet.
risk rank
3
That puts EQT around the middle of the pack on safety. Not reckless, not defensive.
price stability
25 / 100
Low stability means you should expect a stock that moves with commodity sentiment, not one that naps through it.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 542 buyers vs. 482 sellers in 3q2025. total institutional holdings: 0.6B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$44
$102
$56
current price
$73
target midpoint · +30% from current · 3-5yr high: $105 (+85% · 18% ann'l return)
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