EQUINOR ASA (EQNR.OL) Stock Fundamental Analysis
Europe - Euronext Oslo - OSL:EQNR - NO0010096985 - Common Stock
253.3 NOK
+2.2 (+0.88%)
EQNR gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 75 industry peers in the Oil, Gas & Consumable Fuels industry. EQNR scores excellent on profitability, but there are some minor concerns on its financial health. EQNR has a valuation in line with the averages, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
- EQNR had positive earnings in the past year.
- In the past year EQNR had a positive cash flow from operations.
- EQNR had positive earnings in 4 of the past 5 years.
- Each year in the past 5 years EQNR had a positive operating cash flow.
1.2 Ratios
- EQNR has a better Return On Assets (4.22%) than 62.67% of its industry peers.
- The Return On Equity of EQNR (14.13%) is better than 80.00% of its industry peers.
- EQNR has a Return On Invested Capital of 22.60%. This is amongst the best in the industry. EQNR outperforms 98.67% 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 8.82%.
- 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
- The Profit Margin of EQNR (5.35%) is comparable to the rest of the industry.
- EQNR's Profit Margin has improved in the last couple of years.
- EQNR has a Operating Margin of 27.99%. This is in the better half of the industry: EQNR outperforms 73.33% of its industry peers.
- In the last couple of years the Operating Margin of EQNR has grown nicely.
- EQNR's Gross Margin of 48.66% is in line compared to the rest of the industry. EQNR outperforms 56.00% of its industry peers.
- 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.
- The number of shares outstanding for EQNR has been reduced compared to 5 years ago.
- Compared to 1 year ago, EQNR has a worse debt to assets ratio.
2.2 Solvency
- An Altman-Z score of 2.48 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 2.48, EQNR is doing good in the industry, outperforming 62.67% of the companies in the same industry.
- 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.
- Looking at the Debt to FCF ratio, with a value of 4.56, EQNR is in the better half of the industry, outperforming 66.67% of the companies in the same industry.
- A Debt/Equity ratio of 0.62 indicates that 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 60.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.62 | ||
| Debt/FCF | 4.56 | ||
| Altman-Z | 2.48 |
ROIC/WACC2.73
WACC8.27%
2.3 Liquidity
- A Current Ratio of 1.23 indicates that EQNR should not have too much problems paying 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.
- EQNR's Quick ratio of 1.12 is fine compared to the rest of the industry. EQNR outperforms 61.33% 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%.
- The Revenue has been growing by 10.24% on average over the past years. This is quite good.
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.
- 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
- Based on the Price/Earnings ratio of 11.02, the valuation of EQNR can be described as reasonable.
- Based on the Price/Earnings ratio, EQNR is valued a bit cheaper than 76.00% of the companies in the same industry.
- EQNR's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.94.
- Based on the Price/Forward Earnings ratio of 8.92, the valuation of EQNR can be described as reasonable.
- 80.00% 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 (23.94), we can say EQNR is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.02 | ||
| Fwd PE | 8.92 |
4.2 Price Multiples
- 97.33% of the companies in the same industry are more expensive than EQNR, based on the Enterprise Value to EBITDA ratio.
- Based on the Price/Free Cash Flow ratio, EQNR is valued a bit cheaper than the industry average as 80.00% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 9.37 | ||
| EV/EBITDA | 1.37 |
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 5.11. EQNR pays more dividend than 84.00% of the companies in the same industry.
- 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 | 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
- 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-6.05%
EPS Next 3Y-1.5%
OSL:EQNR (1/21/2026, 4:25:30 PM)
253.3
+2.2 (+0.88%)
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 Cap635.75B
Revenue(TTM)107.07B
Net Income(TTM)5.73B
Analysts50.29
Price Target245.21 (-3.19%)
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)-1.83%
PT rev (3m)-7.15%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0.86%
EPS NY rev (1m)-2.54%
EPS NY rev (3m)-9.34%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)1.85%
Revenue NY rev (1m)0.84%
Revenue NY rev (3m)1.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 11.02 | ||
| Fwd PE | 8.92 | ||
| P/S | 0.59 | ||
| P/FCF | 9.37 | ||
| P/OCF | 3.14 | ||
| P/B | 1.57 | ||
| P/tB | 1.87 | ||
| EV/EBITDA | 1.37 |
EPS(TTM)22.98
EY9.07%
EPS(NY)28.39
Fwd EY11.21%
FCF(TTM)27.03
FCFY10.67%
OCF(TTM)80.74
OCFY31.87%
SpS426.12
BVpS161.29
TBVpS135.74
PEG (NY)N/A
PEG (5Y)0.66
Graham Number288.78
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 | 2.48 |
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-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 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 7 / 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 -16.15% in the next year.