EQUINOR ASA (EQNR.OL) Stock Fundamental Analysis
Europe • Euronext Oslo • OSL:EQNR • NO0010096985
251.9 NOK
-0.8 (-0.32%)
Last: Feb 3, 2026, 07:00 PM
Taking everything into account, EQNR scores 6 out of 10 in our fundamental rating. EQNR was compared to 73 industry peers in the Oil, Gas & Consumable Fuels industry. While EQNR has a great profitability rating, there are some minor concerns on its financial health. EQNR is cheap, but on the other hand it scores bad on growth. With these ratings, EQNR could be worth investigating further for value investing!.
1. Profitability
1.1 Basic Checks
- In the past year EQNR was profitable.
- In the past year EQNR had a positive cash flow from operations.
- Of the past 5 years EQNR 4 years were profitable.
- Each year in the past 5 years EQNR had a positive operating cash flow.
1.2 Ratios
- The Return On Assets of EQNR (4.22%) is better than 63.01% of its industry peers.
- Looking at the Return On Equity, with a value of 14.13%, EQNR belongs to the top of the industry, outperforming 80.82% of the companies in the same industry.
- The Return On Invested Capital of EQNR (22.60%) is better than 98.63% of its industry peers.
- Measured over the past 3 years, the Average Return On Invested Capital for EQNR is significantly above the industry average of 8.73%.
- The 3 year average ROIC (33.11%) for EQNR is well above the current ROIC(22.60%). The reason for the recent decline needs to be investigated.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.22% | ||
| ROE | 14.13% | ||
| ROIC | 22.6% |
ROA(3y)11.06%
ROA(5y)6.92%
ROE(3y)32.85%
ROE(5y)20.85%
ROIC(3y)33.11%
ROIC(5y)25.12%
1.3 Margins
- Looking at the Profit Margin, with a value of 5.35%, EQNR is in line with its industry, outperforming 43.84% of the companies in the same industry.
- EQNR's Profit Margin has improved in the last couple of years.
- EQNR's Operating Margin of 27.99% is fine compared to the rest of the industry. EQNR outperforms 72.60% of its industry peers.
- EQNR's Operating Margin has improved in the last couple of years.
- EQNR has a Gross Margin of 48.66%. This is comparable to the rest of the industry: EQNR outperforms 52.05% of its industry peers.
- In the last couple of years the Gross Margin of EQNR has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 27.99% | ||
| PM (TTM) | 5.35% | ||
| GM | 48.66% |
OM growth 3Y-8.38%
OM growth 5Y5.28%
PM growth 3Y-3.8%
PM growth 5Y23.92%
GM growth 3Y-5.36%
GM growth 5Y-0.73%
2. Health
2.1 Basic Checks
- With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), EQNR is creating value.
- The number of shares outstanding for EQNR has been reduced compared to 1 year ago.
- EQNR has less shares outstanding than it did 5 years ago.
- EQNR has a worse debt/assets ratio than last year.
2.2 Solvency
- EQNR has an Altman-Z score of 2.49. This is not the best score and indicates that EQNR is in the grey zone with still only limited risk for bankruptcy at the moment.
- The Altman-Z score of EQNR (2.49) is better than 64.38% of its industry peers.
- The Debt to FCF ratio of EQNR is 4.56, which is a neutral value as it means it would take EQNR, 4.56 years of fcf income to pay off all of its debts.
- EQNR has a better Debt to FCF ratio (4.56) than 65.75% of its industry peers.
- EQNR has a Debt/Equity ratio of 0.62. This is a neutral value indicating EQNR is somewhat dependend on debt financing.
- Looking at the Debt to Equity ratio, with a value of 0.62, EQNR is doing worse than 60.27% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 4.56 | ||
| Altman-Z | 2.49 |
ROIC/WACC2.73
WACC8.27%
2.3 Liquidity
- EQNR has a Current Ratio of 1.23. This is a normal value and indicates that EQNR is financially healthy and should not expect problems in meeting its short term obligations.
- The Current ratio of EQNR (1.23) is comparable to the rest of the industry.
- A Quick Ratio of 1.12 indicates that EQNR should not have too much problems paying its short term obligations.
- The Quick ratio of EQNR (1.12) is better than 60.27% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.23 | ||
| Quick Ratio | 1.12 |
3. Growth
3.1 Past
- EQNR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -28.57%.
- Measured over the past years, EQNR shows a quite strong growth in Earnings Per Share. The EPS has been growing by 16.82% on average per year.
- The Revenue has been growing slightly by 2.15% in the past year.
- EQNR shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 10.24% yearly.
EPS 1Y (TTM)-28.57%
EPS 3Y-2.27%
EPS 5Y16.82%
EPS Q2Q%-53.16%
Revenue 1Y (TTM)2.15%
Revenue growth 3Y4.92%
Revenue growth 5Y10.24%
Sales Q2Q%2.14%
3.2 Future
- Based on estimates for the next years, EQNR will show a decrease in Earnings Per Share. The EPS will decrease by -0.02% on average per year.
- The Revenue is expected to decrease by -4.76% on average over the next years.
EPS Next Y-17.83%
EPS Next 2Y-7.18%
EPS Next 3Y-2.2%
EPS Next 5Y-0.02%
Revenue Next Year0.77%
Revenue Next 2Y-4.32%
Revenue Next 3Y-2.5%
Revenue Next 5Y-4.76%
3.3 Evolution
- The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
- The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
- EQNR is valuated reasonably with a Price/Earnings ratio of 11.31.
- Based on the Price/Earnings ratio, EQNR is valued a bit cheaper than the industry average as 75.34% of the companies are valued more expensively.
- The average S&P500 Price/Earnings ratio is at 28.18. EQNR is valued rather cheaply when compared to this.
- EQNR is valuated reasonably with a Price/Forward Earnings ratio of 9.38.
- Based on the Price/Forward Earnings ratio, EQNR is valued cheaper than 80.82% of the companies in the same industry.
- The average S&P500 Price/Forward Earnings ratio is at 25.51. EQNR is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.31 | ||
| Fwd PE | 9.38 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, EQNR is valued cheaper than 95.89% of the companies in the same industry.
- Based on the Price/Free Cash Flow ratio, EQNR is valued cheaply inside the industry as 80.82% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 9.57 | ||
| EV/EBITDA | 1.42 |
4.3 Compensation for Growth
- The excellent profitability rating of EQNR may justify a higher PE ratio.
- A cheap valuation may be justified as EQNR's earnings are expected to decrease with -2.20% in the coming years.
PEG (NY)N/A
PEG (5Y)0.67
EPS Next 2Y-7.18%
EPS Next 3Y-2.2%
5. Dividend
5.1 Amount
- With a Yearly Dividend Yield of 5.52%, EQNR is a good candidate for dividend investing.
- Compared to an average industry Dividend Yield of 5.10, EQNR pays a bit more dividend than its industry peers.
- EQNR's Dividend Yield is rather good when compared to the S&P500 average which is at 1.83.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.52% |
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
- 101.05% of the earnings are spent on dividend by EQNR. This is not a sustainable payout ratio.
- EQNR's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP101.05%
EPS Next 2Y-7.18%
EPS Next 3Y-2.2%
OSL:EQNR (2/3/2026, 7:00:00 PM)
251.9
-0.8 (-0.32%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)10-29 2025-10-29/bmo
Earnings (Next)02-04 2026-02-04/bmo
Inst Owners18.36%
Inst Owner ChangeN/A
Ins Owners0%
Ins Owner ChangeN/A
Market Cap629.37B
Revenue(TTM)107.07B
Net Income(TTM)5.73B
Analysts50.29
Price Target245.21 (-2.66%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.52% |
Yearly Dividend28.84
Dividend Growth(5Y)24.62%
DP101.05%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-18.96%
Min EPS beat(2)-36.86%
Max EPS beat(2)-1.06%
EPS beat(4)0
Avg EPS beat(4)-18.46%
Min EPS beat(4)-36.86%
Max EPS beat(4)-1.06%
EPS beat(8)3
Avg EPS beat(8)-7.11%
EPS beat(12)6
Avg EPS beat(12)-0.27%
EPS beat(16)8
Avg EPS beat(16)0.87%
Revenue beat(2)2
Avg Revenue beat(2)9.54%
Min Revenue beat(2)8.5%
Max Revenue beat(2)10.59%
Revenue beat(4)3
Avg Revenue beat(4)7.52%
Min Revenue beat(4)-0.15%
Max Revenue beat(4)11.14%
Revenue beat(8)5
Avg Revenue beat(8)3.15%
Revenue beat(12)6
Avg Revenue beat(12)-1.48%
Revenue beat(16)10
Avg Revenue beat(16)-0.2%
PT rev (1m)-1.66%
PT rev (3m)-4.21%
EPS NQ rev (1m)-5.46%
EPS NQ rev (3m)-6.01%
EPS NY rev (1m)-2%
EPS NY rev (3m)-11.15%
Revenue NQ rev (1m)-4.66%
Revenue NQ rev (3m)-2.74%
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.31 | ||
| Fwd PE | 9.38 | ||
| P/S | 0.61 | ||
| P/FCF | 9.57 | ||
| P/OCF | 3.2 | ||
| P/B | 1.6 | ||
| P/tB | 1.91 | ||
| EV/EBITDA | 1.42 |
EPS(TTM)22.27
EY8.84%
EPS(NY)26.87
Fwd EY10.67%
FCF(TTM)26.32
FCFY10.45%
OCF(TTM)78.63
OCFY31.21%
SpS414.97
BVpS157.07
TBVpS132.19
PEG (NY)N/A
PEG (5Y)0.67
Graham Number280.54
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.22% | ||
| ROE | 14.13% | ||
| ROCE | 29.35% | ||
| ROIC | 22.6% | ||
| ROICexc | 28.94% | ||
| ROICexgc | 31.48% | ||
| OM | 27.99% | ||
| PM (TTM) | 5.35% | ||
| GM | 48.66% | ||
| FCFM | 6.34% |
ROA(3y)11.06%
ROA(5y)6.92%
ROE(3y)32.85%
ROE(5y)20.85%
ROIC(3y)33.11%
ROIC(5y)25.12%
ROICexc(3y)48.04%
ROICexc(5y)36.15%
ROICexgc(3y)51.68%
ROICexgc(5y)38.99%
ROCE(3y)44.25%
ROCE(5y)33.68%
ROICexgc growth 3Y-4.25%
ROICexgc growth 5Y16.79%
ROICexc growth 3Y-3.9%
ROICexc growth 5Y18.15%
OM growth 3Y-8.38%
OM growth 5Y5.28%
PM growth 3Y-3.8%
PM growth 5Y23.92%
GM growth 3Y-5.36%
GM growth 5Y-0.73%
F-Score5
Asset Turnover0.79
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 4.56 | ||
| Debt/EBITDA | 0.6 | ||
| Cap/Depr | 113.26% | ||
| Cap/Sales | 12.6% | ||
| Interest Coverage | 44.4 | ||
| Cash Conversion | 48.43% | ||
| Profit Quality | 118.62% | ||
| Current Ratio | 1.23 | ||
| Quick Ratio | 1.12 | ||
| Altman-Z | 2.49 |
F-Score5
WACC8.27%
ROIC/WACC2.73
Cap/Depr(3y)119.04%
Cap/Depr(5y)96.27%
Cap/Sales(3y)9.19%
Cap/Sales(5y)11.03%
Profit Quality(3y)100.41%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-28.57%
EPS 3Y-2.27%
EPS 5Y16.82%
EPS Q2Q%-53.16%
EPS Next Y-17.83%
EPS Next 2Y-7.18%
EPS Next 3Y-2.2%
EPS Next 5Y-0.02%
Revenue 1Y (TTM)2.15%
Revenue growth 3Y4.92%
Revenue growth 5Y10.24%
Sales Q2Q%2.14%
Revenue Next Year0.77%
Revenue Next 2Y-4.32%
Revenue Next 3Y-2.5%
Revenue Next 5Y-4.76%
EBIT growth 1Y-3.66%
EBIT growth 3Y-3.87%
EBIT growth 5Y16.06%
EBIT Next Year29.63%
EBIT Next 3Y5.61%
EBIT Next 5Y1.93%
FCF growth 1Y-57.61%
FCF growth 3Y-27.45%
FCF growth 5Y17.48%
OCF growth 1Y-22.67%
OCF growth 3Y-11.3%
OCF growth 5Y7.9%
EQUINOR ASA / EQNR.OL FAQ
What is the ChartMill fundamental rating of EQUINOR ASA (EQNR.OL) stock?
ChartMill assigns a fundamental rating of 6 / 10 to EQNR.OL.
What is the valuation status of EQUINOR ASA (EQNR.OL) stock?
ChartMill assigns a valuation rating of 7 / 10 to EQUINOR ASA (EQNR.OL). This can be considered as Undervalued.
How profitable is EQUINOR ASA (EQNR.OL) stock?
EQUINOR ASA (EQNR.OL) has a profitability rating of 8 / 10.
What is the financial health of EQUINOR ASA (EQNR.OL) stock?
The financial health rating of EQUINOR ASA (EQNR.OL) is 5 / 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 decline by -17.83% in the next year.