EQUINOR ASA (EQNR.OL) Fundamental Analysis & Valuation

OSL:EQNR • NO0010096985

Current stock price

367.7 NOK
-11.4 (-3.01%)
Last:

This EQNR.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. EQNR.OL Profitability Analysis

1.1 Basic Checks

  • In the past year EQNR was profitable.
  • In the past year EQNR had a positive cash flow from operations.
  • In the past 5 years EQNR has always been profitable.
  • Each year in the past 5 years EQNR had a positive operating cash flow.
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 in line with its industry peers.
  • Looking at the Return On Equity, with a value of 12.48%, EQNR is in the better half of the industry, outperforming 62.96% of the companies in the same industry.
  • EQNR has a Return On Invested Capital of 20.83%. This is amongst the best in the industry. EQNR outperforms 96.30% of its industry peers.
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

  • EQNR has a Profit Margin of 4.77%. This is in the lower half of the industry: EQNR underperforms 65.43% of its industry peers.
  • EQNR's Profit Margin has declined in the last couple of years.
  • With a decent Operating Margin value of 25.85%, EQNR is doing good in the industry, outperforming 62.96% of the companies in the same industry.
  • In the last couple of years the Operating Margin of EQNR has grown nicely.
  • EQNR has a Gross Margin of 47.87%. This is comparable to the rest of the industry: EQNR outperforms 48.15% of its industry peers.
  • 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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3

2. EQNR.OL Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), 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

  • The Debt to FCF ratio of EQNR is 5.22, which is a neutral value as it means it would take EQNR, 5.22 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 5.22, EQNR is in line with its industry, outperforming 58.02% of the companies in the same industry.
  • A Debt/Equity ratio of 0.64 indicates that EQNR is somewhat dependend on debt financing.
  • EQNR has a worse Debt to Equity ratio (0.64) than 61.73% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Altman-Z N/A
ROIC/WACC2.45
WACC8.49%
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.
  • The Current ratio of EQNR (1.24) 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 in line compared to the rest of the industry. EQNR outperforms 59.26% 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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4

3. EQNR.OL Growth Analysis

3.1 Past

  • The earnings per share for EQNR have decreased strongly by -22.98% in the last year.
  • 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.
  • Looking at the last year, EQNR shows a small growth in Revenue. The Revenue has grown by 3.24% in the last 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%-4.38%

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 6.62% on average per year.
  • Based on estimates for the next years, EQNR will show a small growth in Revenue. The Revenue will grow by 1.05% on average per year.
EPS Next Y8.81%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
EPS Next 5Y6.62%
Revenue Next Year9.98%
Revenue Next 2Y0.53%
Revenue Next 3Y1.05%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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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5

4. EQNR.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 15.57, the valuation of EQNR can be described as correct.
  • Compared to the rest of the industry, the Price/Earnings ratio of EQNR indicates a somewhat cheap valuation: EQNR is cheaper than 61.73% of the companies listed in the same industry.
  • EQNR is valuated rather cheaply when we compare the Price/Earnings ratio to 26.91, which is the current average of the S&P500 Index.
  • EQNR is valuated correctly with a Price/Forward Earnings ratio of 14.31.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of EQNR indicates a somewhat cheap valuation: EQNR is cheaper than 64.20% of the companies listed in the same industry.
  • EQNR's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 23.68.
Industry RankSector Rank
PE 15.57
Fwd PE 14.31
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

  • Based on the Enterprise Value to EBITDA ratio, EQNR is valued cheaper than 96.30% of the companies in the same industry.
  • 61.73% 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 16.52
EV/EBITDA 2.5
EQNR.OL Per share dataEQNR.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 100 200 300

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.77
PEG (5Y)0.28
EPS Next 2Y9.97%
EPS Next 3Y9.18%

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4

5. EQNR.OL Dividend Analysis

5.1 Amount

  • EQNR has a Yearly Dividend Yield of 3.78%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 3.98, EQNR pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.89, EQNR pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.78%

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

  • EQNR pays out 94.98% of its income as dividend. This is not a sustainable payout ratio.
  • The dividend of EQNR is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP94.98%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
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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EQNR.OL Fundamentals: All Metrics, Ratios and Statistics

EQUINOR ASA

OSL:EQNR (4/10/2026, 4:26:15 PM)

367.7

-11.4 (-3.01%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-04
Earnings (Next)05-06
Inst Owners18.51%
Inst Owner ChangeN/A
Ins Owners0%
Ins Owner ChangeN/A
Market Cap940.14B
Revenue(TTM)105.83B
Net Income(TTM)5.04B
Analysts50.27
Price Target293.56 (-20.16%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.78%
Yearly Dividend29.41
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)-5.71%
Min EPS beat(2)-36.86%
Max EPS beat(2)25.44%
EPS beat(4)1
Avg EPS beat(4)-9.04%
Min EPS beat(4)-36.86%
Max EPS beat(4)25.44%
EPS beat(8)4
Avg EPS beat(8)-0.56%
EPS beat(12)6
Avg EPS beat(12)-1.17%
EPS beat(16)8
Avg EPS beat(16)1.03%
Revenue beat(2)2
Avg Revenue beat(2)16.68%
Min Revenue beat(2)10.59%
Max Revenue beat(2)22.78%
Revenue beat(4)4
Avg Revenue beat(4)13.25%
Min Revenue beat(4)8.5%
Max Revenue beat(4)22.78%
Revenue beat(8)6
Avg Revenue beat(8)6.03%
Revenue beat(12)7
Avg Revenue beat(12)1.97%
Revenue beat(16)10
Avg Revenue beat(16)0.82%
PT rev (1m)16.59%
PT rev (3m)17.73%
EPS NQ rev (1m)28.77%
EPS NQ rev (3m)19.81%
EPS NY rev (1m)0%
EPS NY rev (3m)-5.05%
Revenue NQ rev (1m)12.68%
Revenue NQ rev (3m)30.76%
Revenue NY rev (1m)16.97%
Revenue NY rev (3m)20.65%
Valuation
Industry RankSector Rank
PE 15.57
Fwd PE 14.31
P/S 0.93
P/FCF 16.52
P/OCF 4.94
P/B 2.44
P/tB 2.86
EV/EBITDA 2.5
EPS(TTM)23.61
EY6.42%
EPS(NY)25.69
Fwd EY6.99%
FCF(TTM)22.26
FCFY6.05%
OCF(TTM)74.38
OCFY20.23%
SpS394.12
BVpS150.54
TBVpS128.38
PEG (NY)1.77
PEG (5Y)0.28
Graham Number282.79
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
WACC8.49%
ROIC/WACC2.45
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 Y8.81%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
EPS Next 5Y6.62%
Revenue 1Y (TTM)3.24%
Revenue growth 3Y-10.78%
Revenue growth 5Y18.26%
Sales Q2Q%-4.38%
Revenue Next Year9.98%
Revenue Next 2Y0.53%
Revenue Next 3Y1.05%
Revenue Next 5YN/A
EBIT growth 1Y-11.04%
EBIT growth 3Y-28.36%
EBIT growth 5Y50.72%
EBIT Next Year23.19%
EBIT Next 3Y7.35%
EBIT Next 5Y3.16%
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 Fundamental Analysis FAQ

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

ChartMill assigns a fundamental rating of 4 / 10 to EQNR.OL.


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

ChartMill assigns a valuation rating of 5 / 10 to EQUINOR ASA (EQNR.OL). This can be considered as Fairly Valued.


What is the profitability of EQNR stock?

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


Can you provide the PE and PB ratios for EQNR stock?

The Price/Earnings (PE) ratio for EQUINOR ASA (EQNR.OL) is 15.57 and the Price/Book (PB) ratio is 2.44.


What is the earnings growth outlook for EQUINOR ASA?

The Earnings per Share (EPS) of EQUINOR ASA (EQNR.OL) is expected to grow by 8.81% in the next year.