Name: EQT Corp. (NYSE:EQT) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

EQT Corp., current enterprise value calculation

Current share price (P)	$39.10
No. shares of common stock outstanding	367,046,005
US$ in thousands
Common equity (market value)¹	14,351,499)
Add: Noncontrolling interest in consolidated subsidiaries (per books)	16,236)
Total equity	14,367,735)
Add: Current portion of debt (per books)	954,900)
Add: Credit facility borrowings (per books)	—)
Add: Term Loan Facility borrowings (per books)	—)
Add: Senior notes (per books)	4,435,782)
Add: Note payable to EQM Midstream Partners, LP (per books)	94,320)
Total equity and debt	19,852,737)
Less: Cash and cash equivalents	113,963)
Enterprise value (EV)	19,738,774)

Based on: 10-K (reporting date: 2021-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.10 × 367,046,005

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EQT Corp., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$21.67	$19.17	$5.38	$18.20	$53.34
No. shares of common stock outstanding¹	376,023,250	278,854,465	255,454,000	254,762,000	264,473,000
US$ in thousands
Common equity (market value)³	8,148,424)	5,345,640)	1,374,343)	4,636,668)	14,106,990)
Add: Noncontrolling interest in consolidated subsidiaries (book value)	16,236)	7,490)	—)	—)	5,094,995)
Total equity	8,164,660)	5,353,130)	1,374,343)	4,636,668)	19,201,985)
Add: Current portion of debt (book value)	954,900)	154,161)	16,204)	704,390)	12,406)
Add: Credit facility borrowings (book value)	—)	300,000)	294,000)	800,000)	1,295,000)
Add: Term Loan Facility borrowings (book value)	—)	—)	999,353)	—)	—)
Add: Senior notes (book value)	4,435,782)	4,371,467)	3,878,366)	3,882,932)	4,575,203)
Add: Note payable to EQM Midstream Partners, LP (book value)	94,320)	99,838)	105,056)	110,059)	114,720)
Total equity and debt	13,649,662)	10,278,596)	6,667,322)	10,134,049)	25,199,314)
Less: Cash and cash equivalents	113,963)	18,210)	4,596)	3,487)	26,311)
Enterprise value (EV)	13,535,699)	10,260,386)	6,662,726)	10,130,562)	25,173,003)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of EQT Corp. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 21.67 × 376,023,250

The Enterprise Value (EV) experienced a significant contraction between 2017 and 2019, followed by a steady recovery through 2021. The EV declined from US$ 25.17 billion in 2017 to a period low of US$ 6.66 billion in 2019, representing a reduction of approximately 73%. Subsequently, the value rebounded to US$ 10.26 billion in 2020 and further climbed to US$ 13.54 billion by the end of 2021.

Market Value of Equity Trends: The market value of common equity followed a similar trajectory to the overall Enterprise Value, plummeting from US$ 14.11 billion in 2017 to US$ 1.37 billion in 2019. A recovery phase began in 2020, with market capitalization rising to US$ 5.35 billion and eventually reaching US$ 8.15 billion in 2021.
Equity and Debt Integration: A near-perfect correlation is observed between Total Equity and Debt and the calculated Enterprise Value across the five-year period. This indicates that the Enterprise Value is almost entirely driven by the sum of the entity's debt and equity, with minimal influence from other components such as cash and cash equivalents.
Equity Base Volatility: Total equity saw a drastic reduction between 2017 and 2018, falling from US$ 19.20 billion to US$ 4.64 billion. From 2018 onward, total equity and the market value of common equity converged, remaining nearly identical through 2021, which suggests that the market valuation of the firm aligned closely with its book value during the recovery phase.

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EQT Corp. (NYSE:EQT)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)