EQUINOR ASA-SPON ADR (EQNR) Fundamental Analysis & Valuation

NYSE:EQNR • US29446M1027

33.38 USD
+0.94 (+2.9%)
Last: Mar 11, 2026, 03:14 PM
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This EQNR 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 207 industry peers in the Oil, Gas & Consumable Fuels industry. EQNR has an average financial health and profitability rating. EQNR is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

5

1. EQNR Profitability Analysis

1.1 Basic Checks

  • EQNR had positive earnings in the past year.
  • In the past year EQNR had a positive cash flow from operations.
  • Each year in the past 5 years EQNR has been profitable.
  • Each year in the past 5 years EQNR had a positive operating cash flow.
EQNR Yearly Net Income VS EBIT VS OCF VS FCFEQNR 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 has a Return On Assets of 3.83%. This is comparable to the rest of the industry: EQNR outperforms 53.62% of its industry peers.
  • EQNR's Return On Equity of 12.48% is fine compared to the rest of the industry. EQNR outperforms 69.57% of its industry peers.
  • EQNR has a better Return On Invested Capital (21.37%) than 97.10% of its industry peers.
Industry RankSector Rank
ROA 3.83%
ROE 12.48%
ROIC 21.37%
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 Yearly ROA, ROE, ROICEQNR 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 Profit Margin (4.77%) which is comparable to the rest of the industry.
  • EQNR's Profit Margin has declined in the last couple of years.
  • EQNR has a better Operating Margin (25.85%) than 67.63% of its industry peers.
  • In the last couple of years the Operating Margin of EQNR has grown nicely.
  • EQNR has a Gross Margin of 47.87%. This is comparable to the rest of the industry: EQNR outperforms 58.45% of its industry peers.
  • 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 Yearly Profit, Operating, Gross MarginsEQNR 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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4

2. EQNR Health Analysis

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.
  • There is no outstanding debt for EQNR. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
EQNR Yearly Shares OutstandingEQNR Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B
EQNR Yearly Total Debt VS Total AssetsEQNR 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.
  • EQNR's Debt to FCF ratio of 5.22 is fine compared to the rest of the industry. EQNR outperforms 66.67% of its industry peers.
  • A Debt/Equity ratio of 0.64 indicates that EQNR is somewhat dependend on debt financing.
  • The Debt to Equity ratio of EQNR (0.64) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.64
Debt/FCF 5.22
Altman-Z N/A
ROIC/WACC2.75
WACC7.77%
EQNR Yearly LT Debt VS Equity VS FCFEQNR 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.
  • EQNR's Current ratio of 1.24 is in line compared to the rest of the industry. EQNR outperforms 56.04% of its industry peers.
  • A Quick Ratio of 1.13 indicates that EQNR should not have too much problems paying its short term obligations.
  • EQNR has a Quick ratio of 1.13. This is comparable to the rest of the industry: EQNR outperforms 58.94% of its industry peers.
Industry RankSector Rank
Current Ratio 1.24
Quick Ratio 1.13
EQNR Yearly Current Assets VS Current LiabilitesEQNR 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. EQNR Growth Analysis

3.1 Past

  • EQNR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -22.98%.
  • Measured over the past years, EQNR shows a very strong growth in Earnings Per Share. The EPS has been growing by 54.69% on average per year.
  • 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.
  • 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 Y8.81%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
EPS Next 5Y6.62%
Revenue Next Year-5.97%
Revenue Next 2Y-2.31%
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 Yearly Revenue VS EstimatesEQNR 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 Yearly EPS VS EstimatesEQNR 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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5

4. EQNR Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 13.35 indicates a correct valuation of EQNR.
  • Based on the Price/Earnings ratio, EQNR is valued a bit cheaper than 72.95% of the companies in the same industry.
  • EQNR's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.25.
  • With a Price/Forward Earnings ratio of 12.27, EQNR is valued correctly.
  • 79.23% of the companies in the same industry are more expensive than EQNR, based on the Price/Forward Earnings ratio.
  • The average S&P500 Price/Forward Earnings ratio is at 24.39. EQNR is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 13.35
Fwd PE 12.27
EQNR Price Earnings VS Forward Price EarningsEQNR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • EQNR's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. EQNR is cheaper than 99.52% of the companies in the same industry.
  • 72.95% of the companies in the same industry are more expensive than EQNR, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 13.94
EV/EBITDA 1.97
EQNR Per share dataEQNR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

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)1.52
PEG (5Y)0.24
EPS Next 2Y9.97%
EPS Next 3Y9.18%

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

5

5. EQNR Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 4.91%, EQNR is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 3.45, EQNR pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, EQNR pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.91%

5.2 History

  • On average, the dividend of EQNR grows each year by 24.62%, which is quite nice.
  • EQNR has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)24.62%
Div Incr Years0
Div Non Decr Years0
EQNR Yearly Dividends per shareEQNR Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • EQNR pays out 94.98% of its income as dividend. This is not a sustainable payout ratio.
  • EQNR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP94.98%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
EQNR Yearly Income VS Free CF VS DividendEQNR 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 Dividend Payout.EQNR Dividend Payout, showing the Payout Ratio.EQNR Dividend Payout.PayoutRetained Earnings

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EQNR Fundamentals: All Metrics, Ratios and Statistics

EQUINOR ASA-SPON ADR

NYSE:EQNR (3/11/2026, 3:14:08 PM)

33.38

+0.94 (+2.9%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)02-04
Earnings (Next)05-06
Inst Owners18.51%
Inst Owner Change-15.59%
Ins Owners0%
Ins Owner ChangeN/A
Market Cap83.34B
Revenue(TTM)105.83B
Net Income(TTM)5.04B
Analysts48.65
Price Target26.34 (-21.09%)
Short Float %3.61%
Short Ratio5.61
Dividend
Industry RankSector Rank
Dividend Yield 4.91%
Yearly Dividend3.02
Dividend Growth(5Y)24.62%
DP94.98%
Div Incr Years0
Div Non Decr Years0
Ex-Date05-15
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)1.98%
Revenue beat(16)10
Avg Revenue beat(16)0.83%
PT rev (1m)3.87%
PT rev (3m)6.13%
EPS NQ rev (1m)-1.44%
EPS NQ rev (3m)-12.17%
EPS NY rev (1m)-2.67%
EPS NY rev (3m)-8.49%
Revenue NQ rev (1m)16.04%
Revenue NQ rev (3m)15.15%
Revenue NY rev (1m)3.14%
Revenue NY rev (3m)1.42%
Valuation
Industry RankSector Rank
PE 13.35
Fwd PE 12.27
P/S 0.79
P/FCF 13.94
P/OCF 4.17
P/B 2.06
P/tB 2.42
EV/EBITDA 1.97
EPS(TTM)2.5
EY7.49%
EPS(NY)2.72
Fwd EY8.15%
FCF(TTM)2.39
FCFY7.17%
OCF(TTM)8
OCFY23.96%
SpS42.39
BVpS16.19
TBVpS13.81
PEG (NY)1.52
PEG (5Y)0.24
Graham Number30.18
Profitability
Industry RankSector Rank
ROA 3.83%
ROE 12.48%
ROCE 27.06%
ROIC 21.37%
ROICexc 26.43%
ROICexgc 28.5%
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
WACC7.77%
ROIC/WACC2.75
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 Y8.81%
EPS Next 2Y9.97%
EPS Next 3Y9.18%
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-5.97%
Revenue Next 2Y-2.31%
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 Year23.19%
EBIT Next 3Y7.35%
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-SPON ADR / EQNR FAQ

What is the ChartMill fundamental rating of EQUINOR ASA-SPON ADR (EQNR) stock?

ChartMill assigns a fundamental rating of 4 / 10 to EQNR.


What is the valuation status of EQUINOR ASA-SPON ADR (EQNR) stock?

ChartMill assigns a valuation rating of 6 / 10 to EQUINOR ASA-SPON ADR (EQNR). This can be considered as Fairly Valued.


How profitable is EQUINOR ASA-SPON ADR (EQNR) stock?

EQUINOR ASA-SPON ADR (EQNR) has a profitability rating of 5 / 10.


What is the financial health of EQUINOR ASA-SPON ADR (EQNR) stock?

The financial health rating of EQUINOR ASA-SPON ADR (EQNR) is 4 / 10.


What is the expected EPS growth for EQUINOR ASA-SPON ADR (EQNR) stock?

The Earnings per Share (EPS) of EQUINOR ASA-SPON ADR (EQNR) is expected to grow by 8.81% in the next year.