EQUINOR ASA (EQNR.OL) Stock Fundamental Analysis
Europe - Euronext Oslo - OSL:EQNR - NO0010096985 - Common Stock
256 NOK
+8.6 (+3.48%)
We assign a fundamental rating of 6 out of 10 to EQNR. EQNR was compared to 77 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 valued quite cheap, but it does not seem to be growing. With these ratings, EQNR could be worth investigating further 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.
- Of the past 5 years EQNR 4 years were profitable.
- EQNR had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- Looking at the Return On Assets, with a value of 4.22%, EQNR is in the better half of the industry, outperforming 63.64% of the companies in the same industry.
- EQNR's Return On Equity of 14.13% is fine compared to the rest of the industry. EQNR outperforms 79.22% of its industry peers.
- Looking at the Return On Invested Capital, with a value of 22.60%, EQNR belongs to the top of the industry, outperforming 98.70% of the companies in the same industry.
- The Average Return On Invested Capital over the past 3 years for EQNR is significantly above the industry average of 8.78%.
- 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
- EQNR has a Profit Margin of 5.35%. This is comparable to the rest of the industry: EQNR outperforms 46.75% 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 75.32% 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 (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
- 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.
- Compared to 5 years ago, EQNR has less shares outstanding
- The debt/assets ratio for EQNR is higher compared to a year ago.
2.2 Solvency
- An Altman-Z score of 2.47 indicates that EQNR is not a great score, but indicates only limited risk for bankruptcy at the moment.
- With a decent Altman-Z score value of 2.47, EQNR is doing good in the industry, outperforming 63.64% of the companies in the same industry.
- EQNR has a debt to FCF ratio of 4.56. This is a neutral value as EQNR would need 4.56 years to pay back of all of its debts.
- Looking at the Debt to FCF ratio, with a value of 4.56, EQNR is in the better half of the industry, outperforming 68.83% of the companies in the same industry.
- 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 perfoms like the industry average, outperforming 40.26% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 4.56 | ||
| Altman-Z | 2.47 |
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 has a Current ratio of 1.23. This is comparable to the rest of the industry: EQNR outperforms 46.75% of its industry peers.
- A Quick Ratio of 1.12 indicates that EQNR should not have too much problems paying its short term obligations.
- EQNR has a better Quick ratio (1.12) than 62.34% 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.
- The Earnings Per Share has been growing by 16.82% on average over the past years. This is quite good.
- EQNR shows a small growth in Revenue. In the last year, the Revenue has grown by 2.15%.
- 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.
- 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-16.15%
EPS Next 2Y-6.05%
EPS Next 3Y-1.5%
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
- Based on the Price/Earnings ratio of 11.04, the valuation of EQNR can be described as reasonable.
- EQNR's Price/Earnings ratio is a bit cheaper when compared to the industry. EQNR is cheaper than 75.32% of the companies in the same industry.
- When comparing the Price/Earnings ratio of EQNR to the average of the S&P500 Index (27.47), we can say EQNR is valued rather cheaply.
- With a Price/Forward Earnings ratio of 8.93, the valuation of EQNR can be described as very reasonable.
- EQNR's Price/Forward Earnings ratio is rather cheap when compared to the industry. EQNR is cheaper than 80.52% of the companies in the same industry.
- EQNR is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.26, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.04 | ||
| Fwd PE | 8.93 |
4.2 Price Multiples
- 97.40% 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 rather cheap valuation: EQNR is cheaper than 83.12% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 9.38 | ||
| EV/EBITDA | 1.33 |
4.3 Compensation for Growth
- The decent profitability rating of EQNR may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.66
EPS Next 2Y-6.05%
EPS Next 3Y-1.5%
5. Dividend
5.1 Amount
- EQNR has a Yearly Dividend Yield of 6.05%, which is a nice return.
- EQNR's Dividend Yield is rather good when compared to the industry average which is at 5.26. EQNR pays more dividend than 84.42% of the companies in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.89, EQNR pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.05% |
5.2 History
- The dividend of EQNR is nicely growing with an annual growth rate of 24.62%!
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-6.05%
EPS Next 3Y-1.5%
OSL:EQNR (1/16/2026, 7:00:00 PM)
256
+8.6 (+3.48%)
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/amc
Inst Owners18.36%
Inst Owner ChangeN/A
Ins Owners0%
Ins Owner ChangeN/A
Market Cap642.53B
Revenue(TTM)107.07B
Net Income(TTM)5.73B
Analysts50.29
Price Target245.21 (-4.21%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.05% |
Yearly Dividend30.45
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)-0.17%
PT rev (3m)-5.59%
EPS NQ rev (1m)0.52%
EPS NQ rev (3m)1.4%
EPS NY rev (1m)-2.54%
EPS NY rev (3m)-9.34%
Revenue NQ rev (1m)-1.04%
Revenue NQ rev (3m)1.15%
Revenue NY rev (1m)0.84%
Revenue NY rev (3m)1.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.04 | ||
| Fwd PE | 8.93 | ||
| P/S | 0.6 | ||
| P/FCF | 9.38 | ||
| P/OCF | 3.14 | ||
| P/B | 1.57 | ||
| P/tB | 1.87 | ||
| EV/EBITDA | 1.33 |
EPS(TTM)23.19
EY9.06%
EPS(NY)28.65
Fwd EY11.19%
FCF(TTM)27.28
FCFY10.66%
OCF(TTM)81.49
OCFY31.83%
SpS430.1
BVpS162.8
TBVpS137.01
PEG (NY)N/A
PEG (5Y)0.66
Graham Number291.45
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 | 2.47 |
F-Score5
WACC8.28%
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-16.15%
EPS Next 2Y-6.05%
EPS Next 3Y-1.5%
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 7 / 10.
What is the financial health of EQUINOR ASA (EQNR.OL) stock?
The financial health rating of EQUINOR ASA (EQNR.OL) is 6 / 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 -16.15% in the next year.