EQUINOR ASA (EQNR.OL) Stock Fundamental Analysis

OSL:EQNR • NO0010096985

279.7 NOK
-0.5 (-0.18%)
Last: Feb 25, 2026, 03:50 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

4

Taking everything into account, EQNR scores 4 out of 10 in our fundamental rating. EQNR was compared to 70 industry peers in the Oil, Gas & Consumable Fuels industry. There are concerns on the financial health of EQNR while its profitability can be described as average. EQNR is cheap, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

5

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 each of the past 5 years.
  • EQNR had a positive operating cash flow in each of the past 5 years.
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's Return On Assets of 3.83% is in line compared to the rest of the industry. EQNR outperforms 55.71% of 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 70.00% of the companies in the same industry.
  • The Return On Invested Capital of EQNR (20.83%) is better than 95.71% 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's Profit Margin of 4.77% is on the low side compared to the rest of the industry. EQNR is outperformed by 60.00% of its industry peers.
  • EQNR's Profit Margin has declined in the last couple of years.
  • EQNR's Operating Margin of 25.85% is fine compared to the rest of the industry. EQNR outperforms 65.71% of its industry peers.
  • EQNR's Operating Margin has improved in the last couple of years.
  • Looking at the Gross Margin, with a value of 47.87%, EQNR is in line with its industry, outperforming 52.86% of the companies in the same industry.
  • EQNR's Gross Margin has declined in the last couple of years.
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. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), EQNR is creating value.
  • EQNR has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the 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.
  • The Debt to FCF ratio of EQNR (5.22) is better than 61.43% of its industry peers.
  • 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 61.43% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Altman-Z N/A
ROIC/WACC2.46
WACC8.46%
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.
  • Looking at the Current ratio, with a value of 1.24, EQNR is doing worse than 60.00% of the companies in the same industry.
  • A Quick Ratio of 1.13 indicates that EQNR should not have too much problems paying its short term obligations.
  • With a Quick ratio value of 1.13, EQNR perfoms like the industry average, outperforming 57.14% of the companies in the same industry.
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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. Growth

3.1 Past

  • EQNR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -22.98%.
  • EQNR shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 54.69% yearly.
  • EQNR shows a small growth in Revenue. In the last year, the Revenue has grown by 3.24%.
  • EQNR shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 18.26% yearly.
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

  • The Earnings Per Share is expected to grow by 6.62% on average over the next years.
  • Based on estimates for the next years, EQNR will show a decrease in Revenue. The Revenue will decrease by -0.40% on average per year.
EPS Next Y11.87%
EPS Next 2Y10.2%
EPS Next 3Y8.24%
EPS Next 5Y6.62%
Revenue Next Year-5.99%
Revenue Next 2Y-2.44%
Revenue Next 3Y-0.4%
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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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7

4. Valuation

4.1 Price/Earnings Ratio

  • EQNR is valuated reasonably with a Price/Earnings ratio of 11.80.
  • 75.71% of the companies in the same industry are more expensive than EQNR, based on the Price/Earnings ratio.
  • The average S&P500 Price/Earnings ratio is at 26.98. EQNR is valued rather cheaply when compared to this.
  • With a Price/Forward Earnings ratio of 10.55, the valuation of EQNR can be described as very reasonable.
  • Based on the Price/Forward Earnings ratio, EQNR is valued cheaper than 84.29% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 28.01, EQNR is valued rather cheaply.
Industry RankSector Rank
PE 11.8
Fwd PE 10.55
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 cheaply inside the industry as 95.71% of the companies are valued more expensively.
  • Based on the Price/Free Cash Flow ratio, EQNR is valued a bit cheaper than the industry average as 72.86% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 12.22
EV/EBITDA 1.78
EQNR.OL Per share dataEQNR.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 100 200 300 400

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.99
PEG (5Y)0.22
EPS Next 2Y10.2%
EPS Next 3Y8.24%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 5.35%, EQNR is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 5.34, EQNR pays a better dividend. On top of this EQNR pays more dividend than 81.43% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.81, EQNR pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.35%

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

  • 94.98% of the earnings are spent on dividend by EQNR. 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 2Y10.2%
EPS Next 3Y8.24%
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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EQUINOR ASA

OSL:EQNR (2/25/2026, 3:50:17 PM)

279.7

-0.5 (-0.18%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-04
Earnings (Next)05-06
Inst Owners18.36%
Inst Owner ChangeN/A
Ins Owners0%
Ins Owner ChangeN/A
Market Cap698.29B
Revenue(TTM)105.83B
Net Income(TTM)5.04B
Analysts50.29
Price Target246.93 (-11.72%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.35%
Yearly Dividend28.87
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)0.7%
PT rev (3m)-1.43%
EPS NQ rev (1m)-3.05%
EPS NQ rev (3m)-10.77%
EPS NY rev (1m)0%
EPS NY rev (3m)-6.59%
Revenue NQ rev (1m)16.04%
Revenue NQ rev (3m)15.15%
Revenue NY rev (1m)3.12%
Revenue NY rev (3m)1.07%
Valuation
Industry RankSector Rank
PE 11.8
Fwd PE 10.55
P/S 0.69
P/FCF 12.22
P/OCF 3.66
P/B 1.81
P/tB 2.12
EV/EBITDA 1.78
EPS(TTM)23.71
EY8.48%
EPS(NY)26.52
Fwd EY9.48%
FCF(TTM)22.88
FCFY8.18%
OCF(TTM)76.47
OCFY27.34%
SpS405.19
BVpS154.77
TBVpS131.99
PEG (NY)0.99
PEG (5Y)0.22
Graham Number287.35
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
WACC8.46%
ROIC/WACC2.46
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 Y11.87%
EPS Next 2Y10.2%
EPS Next 3Y8.24%
EPS Next 5Y6.62%
Revenue 1Y (TTM)3.24%
Revenue growth 3Y-10.78%
Revenue growth 5Y18.26%
Sales Q2Q%-4.38%
Revenue Next Year-5.99%
Revenue Next 2Y-2.44%
Revenue Next 3Y-0.4%
Revenue Next 5YN/A
EBIT growth 1Y-11.04%
EBIT growth 3Y-28.36%
EBIT growth 5Y50.72%
EBIT Next Year22.94%
EBIT Next 3Y5.47%
EBIT Next 5Y2.61%
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 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 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 5 / 10.


What is the financial health of EQUINOR ASA (EQNR.OL) stock?

The financial health rating of EQUINOR ASA (EQNR.OL) is 3 / 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 grow by 11.87% in the next year.