Stock Analysis on Net
Stock Analysis on Net

EQT Corp. (NYSE:EQT)

This company has been moved to the archive! The financial data has not been updated since October 27, 2022.

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

EQT Corp., balance sheet: goodwill and intangible assets

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Goodwill — — — — 470,849
Non-compete agreements — 108,689 108,689 124,100 124,100
Accumulated amortization — (108,689) (82,683) (46,767) (5,400)
Intangible assets, net — — 26,006 77,333 118,700
Goodwill and intangible assets — — 26,006 77,333 589,549

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.
Goodwill and intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.

Adjustments to Financial Statements: Removal of Goodwill

EQT Corp., adjustments to financial statements

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Adjustment to Total Assets
Total assets (as reported) 21,607,388 18,113,469 18,809,227 20,721,344 29,522,604
Less: Goodwill — — — — 470,849
Total assets (adjusted) 21,607,388 18,113,469 18,809,227 20,721,344 29,051,755
Adjustment to Common Shareholders’ Equity
Common shareholders’ equity (as reported) 10,029,527 9,255,240 9,803,588 10,958,229 13,319,618
Less: Goodwill — — — — 470,849
Common shareholders’ equity (adjusted) 10,029,527 9,255,240 9,803,588 10,958,229 12,848,769
Adjustment to Net Income (loss) Attributable To EQT Corporation
Net income (loss) attributable to EQT Corporation (as reported) (1,155,759) (967,166) (1,221,695) (2,244,568) 1,508,529
Add: Impairment of goodwill — — — 530,811 —
Net income (loss) attributable to EQT Corporation (adjusted) (1,155,759) (967,166) (1,221,695) (1,713,757) 1,508,529

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

EQT Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

EQT Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net Profit Margin
Reported net profit margin -16.99% -36.49% -32.22% -47.80% 56.90%
Adjusted net profit margin -16.99% -36.49% -32.22% -36.50% 56.90%
Total Asset Turnover
Reported total asset turnover 0.31 0.15 0.20 0.23 0.09
Adjusted total asset turnover 0.31 0.15 0.20 0.23 0.09
Financial Leverage
Reported financial leverage 2.15 1.96 1.92 1.89 2.22
Adjusted financial leverage 2.15 1.96 1.92 1.89 2.26
Return on Equity (ROE)
Reported ROE -11.52% -10.45% -12.46% -20.48% 11.33%
Adjusted ROE -11.52% -10.45% -12.46% -15.64% 11.74%
Return on Assets (ROA)
Reported ROA -5.35% -5.34% -6.50% -10.83% 5.11%
Adjusted ROA -5.35% -5.34% -6.50% -8.27% 5.19%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. EQT Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. EQT Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 EQT Corp. adjusted financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. EQT Corp. adjusted ROE improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. EQT Corp. adjusted ROA improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.

EQT Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to EQT Corporation (1,155,759) (967,166) (1,221,695) (2,244,568) 1,508,529
Sales of natural gas, natural gas liquids and oil 6,804,020 2,650,299 3,791,414 4,695,519 2,651,318
Profitability Ratio
Net profit margin1 -16.99% -36.49% -32.22% -47.80% 56.90%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to EQT Corporation (1,155,759) (967,166) (1,221,695) (1,713,757) 1,508,529
Sales of natural gas, natural gas liquids and oil 6,804,020 2,650,299 3,791,414 4,695,519 2,651,318
Profitability Ratio
Adjusted net profit margin2 -16.99% -36.49% -32.22% -36.50% 56.90%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to EQT Corporation ÷ Sales of natural gas, natural gas liquids and oil
= 100 × -1,155,759 ÷ 6,804,020 = -16.99%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to EQT Corporation ÷ Sales of natural gas, natural gas liquids and oil
= 100 × -1,155,759 ÷ 6,804,020 = -16.99%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. EQT Corp. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Sales of natural gas, natural gas liquids and oil 6,804,020 2,650,299 3,791,414 4,695,519 2,651,318
Total assets 21,607,388 18,113,469 18,809,227 20,721,344 29,522,604
Activity Ratio
Total asset turnover1 0.31 0.15 0.20 0.23 0.09
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Sales of natural gas, natural gas liquids and oil 6,804,020 2,650,299 3,791,414 4,695,519 2,651,318
Adjusted total assets 21,607,388 18,113,469 18,809,227 20,721,344 29,051,755
Activity Ratio
Adjusted total asset turnover2 0.31 0.15 0.20 0.23 0.09

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Total asset turnover = Sales of natural gas, natural gas liquids and oil ÷ Total assets
= 6,804,020 ÷ 21,607,388 = 0.31

2 Adjusted total asset turnover = Sales of natural gas, natural gas liquids and oil ÷ Adjusted total assets
= 6,804,020 ÷ 21,607,388 = 0.31

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. EQT Corp. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Total assets 21,607,388 18,113,469 18,809,227 20,721,344 29,522,604
Common shareholders’ equity 10,029,527 9,255,240 9,803,588 10,958,229 13,319,618
Solvency Ratio
Financial leverage1 2.15 1.96 1.92 1.89 2.22
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets 21,607,388 18,113,469 18,809,227 20,721,344 29,051,755
Adjusted common shareholders’ equity 10,029,527 9,255,240 9,803,588 10,958,229 12,848,769
Solvency Ratio
Adjusted financial leverage2 2.15 1.96 1.92 1.89 2.26

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Financial leverage = Total assets ÷ Common shareholders’ equity
= 21,607,388 ÷ 10,029,527 = 2.15

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted common shareholders’ equity
= 21,607,388 ÷ 10,029,527 = 2.15

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 EQT Corp. adjusted financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to EQT Corporation (1,155,759) (967,166) (1,221,695) (2,244,568) 1,508,529
Common shareholders’ equity 10,029,527 9,255,240 9,803,588 10,958,229 13,319,618
Profitability Ratio
ROE1 -11.52% -10.45% -12.46% -20.48% 11.33%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to EQT Corporation (1,155,759) (967,166) (1,221,695) (1,713,757) 1,508,529
Adjusted common shareholders’ equity 10,029,527 9,255,240 9,803,588 10,958,229 12,848,769
Profitability Ratio
Adjusted ROE2 -11.52% -10.45% -12.46% -15.64% 11.74%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 ROE = 100 × Net income (loss) attributable to EQT Corporation ÷ Common shareholders’ equity
= 100 × -1,155,759 ÷ 10,029,527 = -11.52%

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to EQT Corporation ÷ Adjusted common shareholders’ equity
= 100 × -1,155,759 ÷ 10,029,527 = -11.52%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. EQT Corp. adjusted ROE improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to EQT Corporation (1,155,759) (967,166) (1,221,695) (2,244,568) 1,508,529
Total assets 21,607,388 18,113,469 18,809,227 20,721,344 29,522,604
Profitability Ratio
ROA1 -5.35% -5.34% -6.50% -10.83% 5.11%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to EQT Corporation (1,155,759) (967,166) (1,221,695) (1,713,757) 1,508,529
Adjusted total assets 21,607,388 18,113,469 18,809,227 20,721,344 29,051,755
Profitability Ratio
Adjusted ROA2 -5.35% -5.34% -6.50% -8.27% 5.19%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 ROA = 100 × Net income (loss) attributable to EQT Corporation ÷ Total assets
= 100 × -1,155,759 ÷ 21,607,388 = -5.35%

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to EQT Corporation ÷ Adjusted total assets
= 100 × -1,155,759 ÷ 21,607,388 = -5.35%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. EQT Corp. adjusted ROA improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021.