Price to Sales (P/S)
since 2005
Calculation
EQT Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales of natural gas, natural gas liquids and oil1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2022 | 1.20 | = | 21.67 | ÷ | 18.09 | 18.09 | = | 6,804,020 | ÷ | 376,023,250 | |
| Feb 17, 2021 | 2.02 | = | 19.17 | ÷ | 9.50 | 9.50 | = | 2,650,299 | ÷ | 278,854,465 | |
| Feb 27, 2020 | 0.36 | = | 5.38 | ÷ | 14.84 | 14.84 | = | 3,791,414 | ÷ | 255,454,000 | |
| Feb 14, 2019 | 0.99 | = | 18.20 | ÷ | 18.43 | 18.43 | = | 4,695,519 | ÷ | 254,762,000 | |
| Feb 15, 2018 | 5.32 | = | 53.34 | ÷ | 10.02 | 10.02 | = | 2,651,318 | ÷ | 264,473,000 | |
| Feb 9, 2017 | 6.91 | = | 63.75 | ÷ | 9.23 | 9.23 | = | 1,594,997 | ÷ | 172,838,000 | |
| Feb 11, 2016 | 5.16 | = | 57.13 | ÷ | 11.08 | 11.08 | = | 1,690,360 | ÷ | 152,568,000 | |
| Feb 12, 2015 | 5.74 | = | 80.75 | ÷ | 14.07 | 14.07 | = | 2,132,409 | ÷ | 151,602,000 | |
| Feb 20, 2014 | 8.83 | = | 100.03 | ÷ | 11.33 | 11.33 | = | 1,710,245 | ÷ | 150,893,000 | |
| Feb 21, 2013 | 5.42 | = | 59.17 | ÷ | 10.92 | 10.92 | = | 1,641,608 | ÷ | 150,347,211 | |
| Feb 16, 2012 | 4.68 | = | 51.29 | ÷ | 10.97 | 10.97 | = | 1,639,934 | ÷ | 149,490,315 | |
| Feb 24, 2011 | 5.39 | = | 47.78 | ÷ | 8.87 | 8.87 | = | 1,322,708 | ÷ | 149,171,339 | |
| Feb 18, 2010 | 4.58 | = | 44.45 | ÷ | 9.70 | 9.70 | = | 1,269,827 | ÷ | 130,929,345 | |
| Feb 20, 2009 | 2.53 | = | 30.43 | ÷ | 12.05 | 12.05 | = | 1,576,488 | ÷ | 130,860,463 | |
| Feb 22, 2008 | 5.47 | = | 60.95 | ÷ | 11.15 | 11.15 | = | 1,361,406 | ÷ | 122,152,641 | |
| Feb 23, 2007 | 4.20 | = | 43.74 | ÷ | 10.42 | 10.42 | = | 1,267,910 | ÷ | 121,625,746 | |
| Feb 24, 2006 | 3.41 | = | 35.70 | ÷ | 10.46 | 10.46 | = | 1,253,724 | ÷ | 119,849,572 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of EQT Corp. Annual Report.
The financial trajectory from 2006 to 2022 reveals a significant shift in market valuation relative to revenue generation. The period is characterized by a prolonged phase of elevated valuation multiples followed by a sharp contraction and subsequent volatility.
- Valuation Peaks and Stability (2006–2018)
- Between 2006 and 2018, the price-to-sales (P/S) ratio remained consistently above 2.5, reaching a peak of 8.83 in February 2014. During this interval, share prices experienced substantial growth, peaking at 100.03 US$ in 2014. This period demonstrates a valuation trend where the market attributed a high premium to sales, as the P/S ratio frequently remained above 5.0 despite sales per share fluctuating within a relatively narrow band between 8.87 US$ and 14.07 US$.
- Valuation Contraction (2019–2020)
- A precipitous decline in the P/S ratio occurred beginning in 2019, falling from 5.32 in 2018 to 0.99 in 2019, and reaching a historical low of 0.36 in February 2020. This contraction was driven primarily by a severe collapse in share price, which dropped to 5.38 US$ in 2020. Notably, this valuation crash occurred while sales per share remained relatively strong, recording 18.43 US$ in 2019 and 14.84 US$ in 2020, indicating a decoupling of market price from revenue performance.
- Recent Recovery and Moderation (2021–2022)
- The data indicates a partial recovery in the P/S ratio to 2.02 in February 2021, coinciding with a rebound in share price to 19.17 US$. However, by February 2022, the ratio moderated to 1.20. This subsequent decrease in the multiple, despite a share price increase to 21.67 US$, was the result of a significant increase in sales per share, which rose to 18.09 US$, thereby tempering the valuation multiple.
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Comparison to Competitors
EQT Corp., P/S, long-term trends, comparison to competitors
| EQT Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 10, 2022 | 1.20 | 1.69 | 2.58 | 1.17 |
| Feb 17, 2021 | 2.02 | 2.09 | 3.52 | 1.34 |
| Feb 27, 2020 | 0.36 | 1.46 | 1.94 | 0.88 |
| Feb 14, 2019 | 0.99 | 1.43 | 2.16 | 1.20 |
| Feb 15, 2018 | 5.32 | 1.56 | 2.21 | 1.35 |
| Feb 9, 2017 | 6.91 | 1.91 | 2.51 | 1.54 |
| Feb 11, 2016 | 5.16 | 1.24 | 1.38 | 1.30 |
| Feb 12, 2015 | 5.74 | 1.02 | 1.57 | 0.95 |
| Feb 20, 2014 | 8.83 | 0.98 | 1.50 | 0.98 |
| Feb 21, 2013 | 5.42 | 0.98 | 1.23 | 0.89 |
| Feb 16, 2012 | 4.68 | 0.88 | 0.39 | 0.88 |
| Feb 24, 2011 | 5.39 | 1.03 | 0.59 | 1.14 |
| Feb 18, 2010 | 4.58 | 0.87 | 0.48 | 1.02 |
| Feb 20, 2009 | 2.53 | 0.48 | 0.24 | 0.73 |
| Feb 22, 2008 | 5.47 | 0.86 | 0.67 | 1.23 |
| Feb 23, 2007 | 4.20 | 0.72 | 0.60 | 1.12 |
| Feb 24, 2006 | 3.41 | 0.66 | 0.48 | 1.01 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
EQT Corp., P/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| EQT Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 10, 2022 | 1.20 | 1.48 |
| Feb 17, 2021 | 2.02 | 1.72 |
| Feb 27, 2020 | 0.36 | 1.15 |
| Feb 14, 2019 | 0.99 | 1.35 |
| Feb 15, 2018 | 5.32 | 1.48 |
| Feb 9, 2017 | 6.91 | 1.72 |
| Feb 11, 2016 | 5.16 | 1.29 |
| Feb 12, 2015 | 5.74 | 1.02 |
| Feb 20, 2014 | 8.83 | 1.02 |
| Feb 21, 2013 | 5.42 | 0.94 |
| Feb 16, 2012 | 4.68 | 0.75 |
| Feb 24, 2011 | 5.39 | 0.98 |
| Feb 18, 2010 | 4.58 | 0.85 |
| Feb 20, 2009 | 2.53 | 0.54 |
| Feb 22, 2008 | 5.47 | 1.00 |
| Feb 23, 2007 | 4.20 | 0.88 |
| Feb 24, 2006 | 3.41 | 0.79 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
EQT Corp., P/S, long-term trends, comparison to industry (energy)
| EQT Corp. | Energy | |
|---|---|---|
| Feb 10, 2022 | 1.20 | 1.52 |
| Feb 17, 2021 | 2.02 | 1.69 |
| Feb 27, 2020 | 0.36 | 1.18 |
| Feb 14, 2019 | 0.99 | 1.38 |
| Feb 15, 2018 | 5.32 | 1.63 |
| Feb 9, 2017 | 6.91 | 1.90 |
| Feb 11, 2016 | 5.16 | 1.37 |
| Feb 12, 2015 | 5.74 | 1.10 |
| Feb 20, 2014 | 8.83 | 1.11 |
| Feb 21, 2013 | 5.42 | 1.02 |
| Feb 16, 2012 | 4.68 | 0.83 |
| Feb 24, 2011 | 5.39 | 1.10 |
| Feb 18, 2010 | 4.58 | 0.93 |
| Feb 20, 2009 | 2.53 | 0.57 |
| Feb 22, 2008 | 5.47 | 1.09 |
| Feb 23, 2007 | 4.20 | 0.96 |
| Feb 24, 2006 | 3.41 | 0.86 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).