EQUINOR ASA (EQNR.OL) Stock Fundamental Analysis
Europe • Euronext Oslo • OSL:EQNR • NO0010096985
257 NOK
-0.4 (-0.16%)
Last: Jan 30, 2026, 07:00 PM
Overall EQNR gets a fundamental rating of 6 out of 10. We evaluated EQNR against 73 industry peers in the Oil, Gas & Consumable Fuels industry. While EQNR belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. EQNR is cheap, but on the other hand it scores bad on growth. This makes EQNR very considerable for value investing!
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 4 of the past 5 years.
- In the past 5 years EQNR always reported a positive cash flow from operatings.
1.2 Ratios
- The Return On Assets of EQNR (4.22%) is better than 62.50% of its industry peers.
- EQNR has a better Return On Equity (14.13%) than 80.56% of its industry peers.
- The Return On Invested Capital of EQNR (22.60%) is better than 98.61% 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 last Return On Invested Capital (22.60%) for EQNR is well below the 3 year average (33.11%), which needs to be investigated, but indicates that EQNR had better years and this may not be a problem.
| 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
- EQNR's Profit Margin of 5.35% is in line compared to the rest of the industry. EQNR outperforms 43.06% of its industry peers.
- In the last couple of years the Profit Margin of EQNR has grown nicely.
- Looking at the Operating Margin, with a value of 27.99%, EQNR is in the better half of the industry, outperforming 72.22% of the companies in the same industry.
- EQNR's Operating Margin has improved in the last couple of years.
- EQNR has a Gross Margin (48.66%) which is comparable to the rest of the industry.
- EQNR's Gross Margin has been stable in the last couple of years.
| 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
- EQNR has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
- The number of shares outstanding for EQNR has been reduced compared to 1 year ago.
- The number of shares outstanding for EQNR has been reduced compared to 5 years ago.
- The debt/assets ratio for EQNR is higher compared to a year ago.
2.2 Solvency
- An Altman-Z score of 2.50 indicates that EQNR is not a great score, but indicates only limited risk for bankruptcy at the moment.
- EQNR has a Altman-Z score of 2.50. This is in the better half of the industry: EQNR outperforms 63.89% 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 63.89% of its industry peers.
- A Debt/Equity ratio of 0.62 indicates that EQNR is somewhat dependend on debt financing.
- With a Debt to Equity ratio value of 0.62, EQNR is not doing good in the industry: 61.11% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 4.56 | ||
| Altman-Z | 2.5 |
ROIC/WACC2.73
WACC8.28%
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.
- EQNR's Current ratio of 1.23 is in line compared to the rest of the industry. EQNR outperforms 47.22% of its industry peers.
- EQNR has a Quick Ratio of 1.12. This is a normal value and indicates that EQNR is financially healthy and should not expect problems in meeting its short term obligations.
- EQNR has a Quick ratio of 1.12. This is in the better half of the industry: EQNR outperforms 61.11% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.23 | ||
| Quick Ratio | 1.12 |
3. Growth
3.1 Past
- The earnings per share for EQNR have decreased strongly by -28.57% in the last year.
- EQNR shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 16.82% yearly.
- EQNR shows a small growth in Revenue. In the last year, the Revenue has grown by 2.15%.
- Measured over the past years, EQNR shows a quite strong growth in Revenue. The Revenue has been growing by 10.24% on average per year.
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
- EQNR is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -0.02% yearly.
- Based on estimates for the next years, EQNR will show a decrease in Revenue. The Revenue will decrease by -4.76% on average per year.
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.
- 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.
4. Valuation
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 11.69, which indicates a very decent valuation of EQNR.
- Based on the Price/Earnings ratio, EQNR is valued a bit cheaper than 76.39% of the companies in the same industry.
- EQNR is valuated cheaply when we compare the Price/Earnings ratio to 28.32, which is the current average of the S&P500 Index.
- Based on the Price/Forward Earnings ratio of 9.69, the valuation of EQNR can be described as reasonable.
- 81.94% of the companies in the same industry are more expensive than EQNR, based on the Price/Forward Earnings ratio.
- When comparing the Price/Forward Earnings ratio of EQNR to the average of the S&P500 Index (25.57), we can say EQNR is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.69 | ||
| Fwd PE | 9.69 |
4.2 Price Multiples
- 95.83% of the companies in the same industry are more expensive than EQNR, based on the Enterprise Value to EBITDA ratio.
- Compared to the rest of the industry, the Price/Free Cash Flow ratio of EQNR indicates a somewhat cheap valuation: EQNR is cheaper than 79.17% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 9.89 | ||
| EV/EBITDA | 1.47 |
4.3 Compensation for Growth
- EQNR has an outstanding profitability rating, which 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)0.7
EPS Next 2Y-7.18%
EPS Next 3Y-2.2%
5. Dividend
5.1 Amount
- EQNR has a Yearly Dividend Yield of 5.52%, which is a nice return.
- EQNR's Dividend Yield is a higher than the industry average which is at 5.10.
- Compared to an average S&P500 Dividend Yield of 1.83, EQNR pays a better dividend.
| 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
- EQNR pays out 101.05% of its income as dividend. This is not a sustainable payout ratio.
- The Dividend Rate of EQNR has been growing, while earnings will be declining. This means the dividend growth is most likely not sustainable.
DP101.05%
EPS Next 2Y-7.18%
EPS Next 3Y-2.2%
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.