EQUINOR ASA (EQNR.OL) Fundamental Analysis & Valuation

OSL:EQNR • NO0010096985

316.7 NOK
+9.4 (+3.06%)
Last: Mar 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

4

Taking everything into account, EQNR scores 4 out of 10 in our fundamental rating. EQNR was compared to 71 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 valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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

  • Looking at the Return On Assets, with a value of 3.83%, EQNR is in line with its industry, outperforming 52.11% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 12.48%, EQNR is in the better half of the industry, outperforming 67.61% 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 95.77% 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 worse Profit Margin (4.77%) than 60.56% of its industry peers.
  • EQNR's Profit Margin has declined in the last couple of years.
  • Looking at the Operating Margin, with a value of 25.85%, EQNR is in the better half of the industry, outperforming 64.79% of the companies in the same industry.
  • In the last couple of years the Operating Margin of EQNR has grown nicely.
  • EQNR's Gross Margin of 47.87% is in line compared to the rest of the industry. EQNR outperforms 50.70% 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.
  • 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.
  • With a decent Debt to FCF ratio value of 5.22, EQNR is doing good in the industry, outperforming 61.97% of the companies in the same industry.
  • EQNR has a Debt/Equity ratio of 0.64. This is a neutral value indicating EQNR is somewhat dependend on debt financing.
  • EQNR has a Debt to Equity ratio of 0.64. This is in the lower half of the industry: EQNR underperforms 64.79% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Altman-Z N/A
ROIC/WACC2.46
WACC8.47%
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

  • EQNR has a Current Ratio of 1.24. This is a normal value and indicates that EQNR is financially healthy and should not expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 1.24, EQNR is doing worse than 60.56% of the companies in the same industry.
  • EQNR has a Quick Ratio of 1.13. 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 Quick ratio of 1.13 is in line compared to the rest of the industry. EQNR outperforms 53.52% 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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3

3. EQNR.OL Growth Analysis

3.1 Past

  • The earnings per share for EQNR have decreased strongly by -22.98% in the last year.
  • The Earnings Per Share has been growing by 54.69% on average over the past years. This is a very strong growth
  • EQNR shows a small growth in Revenue. In the last year, the Revenue has grown by 3.24%.
  • Measured over the past years, EQNR shows a quite strong growth in Revenue. The Revenue has been growing by 18.26% on average per year.
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.
  • EQNR is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -0.40% yearly.
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.
  • 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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6

4. EQNR.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 13.23, EQNR is valued correctly.
  • Based on the Price/Earnings ratio, EQNR is valued a bit cheaper than 69.01% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of EQNR to the average of the S&P500 Index (26.29), we can say EQNR is valued slightly cheaper.
  • EQNR is valuated reasonably with a Price/Forward Earnings ratio of 11.83.
  • Based on the Price/Forward Earnings ratio, EQNR is valued a bit cheaper than the industry average as 73.24% of the companies are valued more expensively.
  • EQNR is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.57, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.23
Fwd PE 11.83
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of EQNR indicates a rather cheap valuation: EQNR is cheaper than 95.77% of the companies listed in the same industry.
  • Based on the Price/Free Cash Flow ratio, EQNR is valued a bit cheaper than the industry average as 73.24% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 13.7
EV/EBITDA 1.93
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

  • EQNR's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.11
PEG (5Y)0.24
EPS Next 2Y10.2%
EPS Next 3Y8.24%

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6

5. EQNR.OL Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 5.34%, EQNR is a good candidate for dividend investing.
  • EQNR's Dividend Yield is rather good when compared to the industry average which is at 5.34. EQNR pays more dividend than 81.69% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, EQNR pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.34%

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 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 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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EQNR.OL Fundamentals: All Metrics, Ratios and Statistics

EQUINOR ASA

OSL:EQNR (3/6/2026, 7:00:00 PM)

316.7

+9.4 (+3.06%)

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 Cap790.66B
Revenue(TTM)105.83B
Net Income(TTM)5.04B
Analysts50.29
Price Target251.78 (-20.5%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.34%
Yearly Dividend28.66
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)2.68%
PT rev (3m)0.51%
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 13.23
Fwd PE 11.83
P/S 0.77
P/FCF 13.7
P/OCF 4.1
P/B 2.03
P/tB 2.38
EV/EBITDA 1.93
EPS(TTM)23.94
EY7.56%
EPS(NY)26.78
Fwd EY8.46%
FCF(TTM)23.11
FCFY7.3%
OCF(TTM)77.21
OCFY24.38%
SpS409.15
BVpS156.28
TBVpS133.28
PEG (NY)1.11
PEG (5Y)0.24
Graham Number290.14
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
WACC8.47%
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 Year22.96%
EBIT Next 3Y7.43%
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 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 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 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.