EQUINOR ASA (EQNR.OL) Stock Fundamental Analysis

Europe • Euronext Oslo • OSL:EQNR • NO0010096985

268.5 NOK
+3.3 (+1.24%)
Last: Feb 11, 2026, 01:44 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

Taking everything into account, EQNR scores 5 out of 10 in our fundamental rating. EQNR was compared to 74 industry peers in the Oil, Gas & Consumable Fuels industry. EQNR has only an average score on both its financial health and profitability. EQNR has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

  • EQNR had positive earnings in the past year.
  • EQNR had a positive operating cash flow in the past year.
  • EQNR had positive earnings in each of the past 5 years.
  • EQNR had a positive operating cash flow in each of the past 5 years.
EQNR.OL Yearly Net Income VS EBIT VS OCF VS FCFEQNR.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20B 40B 60B

1.2 Ratios

  • EQNR has a Return On Assets (3.83%) which is comparable to the rest of the industry.
  • The Return On Equity of EQNR (12.48%) is better than 70.27% of its industry peers.
  • With an excellent Return On Invested Capital value of 20.83%, EQNR belongs to the best of the industry, outperforming 95.95% of the companies in the same industry.
Industry RankSector Rank
ROA 3.83%
ROE 12.48%
ROIC 20.83%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
EQNR.OL Yearly ROA, ROE, ROICEQNR.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40

1.3 Margins

  • With a Profit Margin value of 4.77%, EQNR is not doing good in the industry: 60.81% of the companies in the same industry are doing better.
  • EQNR's Profit Margin has declined in the last couple of years.
  • EQNR has a better Operating Margin (25.85%) than 66.22% of its industry peers.
  • In the last couple of years the Operating Margin of EQNR has grown nicely.
  • The Gross Margin of EQNR (47.87%) is comparable to the rest of the industry.
  • In the last couple of years the Gross Margin of EQNR has declined.
Industry RankSector Rank
OM 25.85%
PM (TTM) 4.77%
GM 47.87%
OM growth 3Y-19.71%
OM growth 5Y27.45%
PM growth 3Y-37.26%
PM growth 5YN/A
GM growth 3Y-9.17%
GM growth 5Y-2.43%
EQNR.OL Yearly Profit, Operating, Gross MarginsEQNR.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 40 60

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4

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so EQNR is creating value.
  • There is no outstanding debt for EQNR. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
EQNR.OL Yearly Shares OutstandingEQNR.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B
EQNR.OL Yearly Total Debt VS Total AssetsEQNR.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 50B 100B 150B

2.2 Solvency

  • EQNR has a debt to FCF ratio of 5.22. This is a neutral value as EQNR would need 5.22 years to pay back of all of its debts.
  • With a decent Debt to FCF ratio value of 5.22, EQNR is doing good in the industry, outperforming 63.51% of the companies in the same industry.
  • EQNR has a Debt/Equity ratio of 0.64. This is a neutral value indicating EQNR is somewhat dependend on debt financing.
  • EQNR's Debt to Equity ratio of 0.64 is in line compared to the rest of the industry. EQNR outperforms 41.89% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Altman-Z N/A
ROIC/WACC2.47
WACC8.45%
EQNR.OL Yearly LT Debt VS Equity VS FCFEQNR.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B 40B 50B

2.3 Liquidity

  • A Current Ratio of 1.24 indicates that EQNR should not have too much problems paying its short term obligations.
  • EQNR has a Current ratio (1.24) which is comparable to the rest of the industry.
  • A Quick Ratio of 1.13 indicates that EQNR should not have too much problems paying its short term obligations.
  • EQNR's Quick ratio of 1.13 is fine compared to the rest of the industry. EQNR outperforms 62.16% of its industry peers.
Industry RankSector Rank
Current Ratio 1.24
Quick Ratio 1.13
EQNR.OL Yearly Current Assets VS Current LiabilitesEQNR.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. Growth

3.1 Past

  • EQNR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -22.98%.
  • Measured over the past years, EQNR shows a very strong growth in Earnings Per Share. The EPS has been growing by 54.69% on average per year.
  • The Revenue has been growing slightly by 3.24% in the past year.
  • The Revenue has been growing by 18.26% on average over the past years. This is quite good.
EPS 1Y (TTM)-22.98%
EPS 3Y-29.61%
EPS 5Y54.69%
EPS Q2Q%28.57%
Revenue 1Y (TTM)3.24%
Revenue growth 3Y-10.78%
Revenue growth 5Y18.26%
Sales Q2Q%-4.06%

3.2 Future

  • Based on estimates for the next years, EQNR will show a small growth in Earnings Per Share. The EPS will grow by 7.80% on average per year.
  • Based on estimates for the next years, EQNR will show a decrease in Revenue. The Revenue will decrease by -6.53% on average per year.
EPS Next Y11.87%
EPS Next 2Y10.2%
EPS Next 3Y8.24%
EPS Next 5Y7.8%
Revenue Next Year-9.15%
Revenue Next 2Y-4.1%
Revenue Next 3Y-6.53%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
EQNR.OL Yearly Revenue VS EstimatesEQNR.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 50B 100B 150B
EQNR.OL Yearly EPS VS EstimatesEQNR.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 2 4 6

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6

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 11.38, the valuation of EQNR can be described as very reasonable.
  • 71.62% of the companies in the same industry are more expensive than EQNR, based on the Price/Earnings ratio.
  • EQNR is valuated cheaply when we compare the Price/Earnings ratio to 28.03, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 10.18, the valuation of EQNR can be described as reasonable.
  • Based on the Price/Forward Earnings ratio, EQNR is valued a bit cheaper than the industry average as 75.68% of the companies are valued more expensively.
  • EQNR's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.97.
Industry RankSector Rank
PE 11.38
Fwd PE 10.18
EQNR.OL Price Earnings VS Forward Price EarningsEQNR.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • EQNR's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. EQNR is cheaper than 95.95% of the companies in the same industry.
  • 71.62% of the companies in the same industry are more expensive than EQNR, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 11.8
EV/EBITDA 1.69
EQNR.OL Per share dataEQNR.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 100 200 300 400

4.3 Compensation for Growth

  • EQNR's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.96
PEG (5Y)0.21
EPS Next 2Y10.2%
EPS Next 3Y8.24%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • EQNR has a Yearly Dividend Yield of 5.93%, which is a nice return.
  • EQNR's Dividend Yield is rather good when compared to the industry average which is at 5.14. EQNR pays more dividend than 83.78% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.80, EQNR pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.93%

5.2 History

  • On average, the dividend of EQNR grows each year by 24.62%, which is quite nice.
Dividend Growth(5Y)24.62%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 94.98% of the earnings are spent on dividend by EQNR. This is not a sustainable payout ratio.
  • EQNR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP94.98%
EPS Next 2Y10.2%
EPS Next 3Y8.24%
EQNR.OL Yearly Income VS Free CF VS DividendEQNR.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B
EQNR.OL Dividend Payout.EQNR.OL Dividend Payout, showing the Payout Ratio.EQNR.OL Dividend Payout.PayoutRetained Earnings

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EQUINOR ASA

OSL:EQNR (2/11/2026, 1:44:14 PM)

268.5

+3.3 (+1.24%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-04
Earnings (Next)05-06
Inst Owners18.36%
Inst Owner ChangeN/A
Ins Owners0%
Ins Owner ChangeN/A
Market Cap670.84B
Revenue(TTM)105.83B
Net Income(TTM)5.04B
Analysts50.29
Price Target246.93 (-8.03%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.93%
Yearly Dividend29.35
Dividend Growth(5Y)24.62%
DP94.98%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-5.77%
Min EPS beat(2)-36.86%
Max EPS beat(2)25.32%
EPS beat(4)1
Avg EPS beat(4)-9.07%
Min EPS beat(4)-36.86%
Max EPS beat(4)25.32%
EPS beat(8)4
Avg EPS beat(8)-0.57%
EPS beat(12)6
Avg EPS beat(12)-1.18%
EPS beat(16)8
Avg EPS beat(16)1.03%
Revenue beat(2)2
Avg Revenue beat(2)16.89%
Min Revenue beat(2)10.59%
Max Revenue beat(2)23.2%
Revenue beat(4)4
Avg Revenue beat(4)13.36%
Min Revenue beat(4)8.5%
Max Revenue beat(4)23.2%
Revenue beat(8)6
Avg Revenue beat(8)6.08%
Revenue beat(12)7
Avg Revenue beat(12)2.01%
Revenue beat(16)10
Avg Revenue beat(16)0.85%
PT rev (1m)-0.97%
PT rev (3m)-3.54%
EPS NQ rev (1m)-5.52%
EPS NQ rev (3m)-10.56%
EPS NY rev (1m)-2.38%
EPS NY rev (3m)-6.59%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.77%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.99%
Valuation
Industry RankSector Rank
PE 11.38
Fwd PE 10.18
P/S 0.67
P/FCF 11.8
P/OCF 3.53
P/B 1.75
P/tB 2.05
EV/EBITDA 1.69
EPS(TTM)23.59
EY8.79%
EPS(NY)26.39
Fwd EY9.83%
FCF(TTM)22.75
FCFY8.47%
OCF(TTM)76.02
OCFY28.31%
SpS402.82
BVpS153.87
TBVpS131.22
PEG (NY)0.96
PEG (5Y)0.21
Graham Number285.78
Profitability
Industry RankSector Rank
ROA 3.83%
ROE 12.48%
ROCE 27.06%
ROIC 20.83%
ROICexc 25.76%
ROICexgc 27.78%
OM 25.85%
PM (TTM) 4.77%
GM 47.87%
FCFM 5.65%
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y-19.71%
OM growth 5Y27.45%
PM growth 3Y-37.26%
PM growth 5YN/A
GM growth 3Y-9.17%
GM growth 5Y-2.43%
F-Score5
Asset Turnover0.8
Health
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Debt/EBITDA 0.65
Cap/Depr 112.19%
Cap/Sales 13.22%
Interest Coverage 41.14
Cash Conversion 50.14%
Profit Quality 118.5%
Current Ratio 1.24
Quick Ratio 1.13
Altman-Z N/A
F-Score5
WACC8.45%
ROIC/WACC2.47
Cap/Depr(3y)111.52%
Cap/Depr(5y)107.58%
Cap/Sales(3y)11.67%
Cap/Sales(5y)9.97%
Profit Quality(3y)109.15%
Profit Quality(5y)132.47%
High Growth Momentum
Growth
EPS 1Y (TTM)-22.98%
EPS 3Y-29.61%
EPS 5Y54.69%
EPS Q2Q%28.57%
EPS Next Y11.87%
EPS Next 2Y10.2%
EPS Next 3Y8.24%
EPS Next 5Y7.8%
Revenue 1Y (TTM)3.24%
Revenue growth 3Y-10.78%
Revenue growth 5Y18.26%
Sales Q2Q%-4.06%
Revenue Next Year-9.15%
Revenue Next 2Y-4.1%
Revenue Next 3Y-6.53%
Revenue Next 5YN/A
EBIT growth 1Y-11.04%
EBIT growth 3Y-28.36%
EBIT growth 5Y50.72%
EBIT Next Year22.94%
EBIT Next 3Y5.47%
EBIT Next 5Y2.09%
FCF growth 1Y-24.66%
FCF growth 3Y-39.15%
FCF growth 5Y25.63%
OCF growth 1Y-0.69%
OCF growth 3Y-17.16%
OCF growth 5Y13.97%

EQUINOR ASA / EQNR.OL FAQ

What is the ChartMill fundamental rating of EQUINOR ASA (EQNR.OL) stock?

ChartMill assigns a fundamental rating of 5 / 10 to EQNR.OL.


What is the valuation status of EQUINOR ASA (EQNR.OL) stock?

ChartMill assigns a valuation rating of 6 / 10 to EQUINOR ASA (EQNR.OL). This can be considered as Fairly Valued.


How profitable is EQUINOR ASA (EQNR.OL) stock?

EQUINOR ASA (EQNR.OL) has a profitability rating of 5 / 10.


What is the financial health of EQUINOR ASA (EQNR.OL) stock?

The financial health rating of EQUINOR ASA (EQNR.OL) is 4 / 10.


What is the expected EPS growth for EQUINOR ASA (EQNR.OL) stock?

The Earnings per Share (EPS) of EQUINOR ASA (EQNR.OL) is expected to grow by 11.87% in the next year.