Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
EQT Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Price to earnings (P/E) ratio
- Data for the Price to Earnings ratio is limited, with a single recorded value of 7.71 in the most recent period observed. This indicates a moderate valuation relative to earnings at that point, but the absence of prior data prevents trend analysis over time.
- Price to operating profit (P/OP) ratio
- Similar to the P/E ratio, the Price to Operating Profit ratio is only documented for the latest date, at 5.03. Without historical values, trend identification or comparative valuation assessment is not possible.
- Price to sales (P/S) ratio
- The Price to Sales ratio displays notable fluctuations across the periods. Starting from 0.99 at year-end 2018, it increased marginally to 1.09 by mid-2019, then dropped sharply to 0.36 in early 2020. Subsequently, it experienced a strong rebound, climbing steadily and peaking at 2.02 at year-end 2020. Throughout 2021, there was a moderate decline and stabilization between approximately 1.2 and 1.94. By mid to late 2022, the ratio moderated further to 1.16. This pattern suggests volatility in market valuation relative to sales, with a sharp dip at the onset of 2020, likely reflecting external market conditions, followed by recovery and some normalization.
- Price to book value (P/BV) ratio
- The Price to Book Value ratio shows a pronounced downward trend from early 2018 through late 2019, declining from 1.15 to a low of 0.14. This reflects a significant decrease in market valuation relative to book equity during this period. Beginning in 2020, the ratio gradually recovered, rising steadily through 2021 to reach a peak near 0.95 at the end of that year. In 2022, the ratio increased markedly, peaking at 1.83 in early 2022 before slightly declining to 1.49 by the latest date noted. Overall, this indicates a transition from undervaluation relative to book value towards a more normalized or even premium valuation in recent periods.
Price to Earnings (P/E)
EQT Corp., historical P/E calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to EQT Corporation (in thousands) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
EPS
= (Net income (loss) attributable to EQT CorporationQ3 2022
+ Net income (loss) attributable to EQT CorporationQ2 2022
+ Net income (loss) attributable to EQT CorporationQ1 2022
+ Net income (loss) attributable to EQT CorporationQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of EQT Corp. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed quarters. Initially, it declined from $50.94 at March 31, 2018, to a low of $5.38 at December 31, 2019. A recovery phase followed, with the price rising steadily to reach $21.67 by December 31, 2021. The upward momentum continued strongly into 2022, with the share price achieving highs of $42.75 by June 30, 2022, before slightly retreating to $39.10 by September 30, 2022. Overall, the share price demonstrated a U-shaped pattern with a sharp decline followed by a robust recovery.
- Earnings per Share (EPS) Performance
- The earnings per share showed persistent negative values throughout most of the period, indicating recurring losses. Starting from negative results in 2018, the EPS showed a worsening trend towards the end of 2019 and early 2020, with the largest losses recorded in late 2019 and 2020 quarters (e.g., -8.64 at December 31, 2020). From 2021 onwards, the EPS fluctuated but remained negative in most quarters, except for a notable positive EPS of 5.07 at September 30, 2022. This positive figure may suggest an improvement in profitability or a one-off positive event during that quarter.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was not reported for most of the periods due to negative EPS values. A P/E ratio of 7.71 is only available at September 30, 2022, coinciding with the first positive EPS and reflecting relative valuation based on positive earnings. This suggests that the market began valuing the company on an earnings basis only when profitability returned.
- Overall Insights
- The financial data indicates a period of substantial operational challenges, reflected in sustained losses and a prolonged negative EPS trend until mid-2022. Despite this, the share price began recovering from its trough in late 2019 and gained considerable value by 2022, possibly driven by market expectations of future improvements or changes in company fundamentals. The positive EPS and associated P/E ratio presented in the latest quarter highlight a potential turning point towards financial stability or growth. However, care should be taken as the EPS figures showed volatility even after initial improvements.
Price to Operating Profit (P/OP)
EQT Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (loss) (in thousands) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Operating profit per share
= (Operating income (loss)Q3 2022
+ Operating income (loss)Q2 2022
+ Operating income (loss)Q1 2022
+ Operating income (loss)Q4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of EQT Corp. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits considerable volatility over the analyzed periods. Initially, from March 31, 2018, to December 31, 2018, there is a steep decline from $50.94 to $18.20, indicating a significant drop in market valuation within one year. Following this, from March 31, 2019, through December 31, 2019, the share price continues to decline further, reaching a low of $5.38. However, starting March 31, 2020, a recovery trend emerges with the share price increasing gradually, peaking at $42.75 on June 30, 2022. This recovery marks a substantial rebound, though the latest value on September 30, 2022, shows a slight decline to $39.10.
Operating profit per share (OP per share) data is missing for early periods but begins from December 31, 2018. Initially, OP per share is deeply negative at -$10.92 and remains negative throughout most of the periods observed, indicating persistent operating losses. The magnitude of losses varies, with the lowest recorded at -$9.73 on December 31, 2020. However, there is an improvement trend near the end of the dataset, where the value turns positive at $7.78 by September 30, 2022. This suggests a notable improvement in operational profitability.
The price-to-operating profit (P/OP) ratio, available only for the last period, is 5.03. Given the positive operating profit per share and the share price of $39.10 in that period, this ratio implies a relatively modest multiple, which can be interpreted as the market valuing operating profits conservatively or reflecting moderate growth expectations.
In summary, the share price and operating profitability display strong correlation patterns, with early steep declines in value accompanied by significant operating losses, followed by a recovery in both metrics in the most recent periods. The positive shift in operating profits coincides with the rebound in share price, indicating potential improvement in the company’s financial performance and market perception towards the later periods.
- Share Price Trend
- Sharp decline during 2018 and 2019, reaching a low of $5.38 in Dec 2019, followed by gradual recovery to previous highs by mid-2022.
- Operating Profit Per Share
- Negative throughout most periods, with worst losses around -$10.92 in late 2018 and early 2021, improving to a positive $7.78 in late 2022.
- Price-to-Operating Profit Ratio (P/OP)
- Available only in the final period, a ratio of 5.03 suggesting moderate market valuation relative to operating profit gains.
- Overall Insights
- Financials indicate initial operational difficulties reflected by negative profits and falling share prices, followed by recovery in operating profit and share valuation, signaling improved company performance and investor confidence.
Price to Sales (P/S)
EQT Corp., historical P/S calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Sales of natural gas, natural gas liquids and oil (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Sales per share
= (Sales of natural gas, natural gas liquids and oilQ3 2022
+ Sales of natural gas, natural gas liquids and oilQ2 2022
+ Sales of natural gas, natural gas liquids and oilQ1 2022
+ Sales of natural gas, natural gas liquids and oilQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of EQT Corp. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated significant volatility over the analyzed periods. It started at $50.94 in March 2018 and experienced a sharp decline, reaching a low of $5.38 by December 2019. Subsequently, the price showed recovery, rising to above $20 through 2021, and saw a notable surge in early 2022, peaking around $42.75 in June 2022 before a slight decrease to $39.10 in September 2022.
- Sales Per Share Pattern
- Sales per share data became available starting from March 2019, showing a gradual decline from $18.43 to a low point of $9.50 in March 2021. After this, a steady upward trend emerged, with sales per share increasing to $33.67 by September 2022, indicating growth in sales performance per share over the latter periods.
- Price-to-Sales (P/S) Ratio Behavior
- The P/S ratio mirrored the share price trends but with variability influenced by sales per share changes. Initially, the P/S ratio was close to 1 in early 2019, then declined to a low of 0.36 in March 2020, suggesting undervaluation or weak price performance relative to sales. From June 2020 onward, the ratio rose significantly, reaching a peak of 2.02 in December 2020, thereafter fluctuating but generally remaining above 1.0. By mid-2022, the ratio decreased to approximately 1.16, showing some moderation in valuation relative to sales.
- Summary of Observations
- The data indicates a period of initial decline in market valuation and share price until late 2019, followed by recovery. Sales per share, after a dip early on, exhibited robust growth especially post-2020. The P/S ratio's rise above 1 during 2020-2021 suggests the market valued the company’s sales highly during that period, possibly reflecting improved investor sentiment or operational performance. The decrease in the P/S ratio in 2022, despite higher sales per share, may indicate share price adjustments or market expectations normalizing.
Price to Book Value (P/BV)
EQT Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Common shareholders’ equity (in thousands) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
BVPS = Common shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EQT Corp. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced significant volatility over the periods observed. Initially, it declined sharply from a peak of 54.34 US$ in June 2018 to a low of 5.38 US$ in December 2019. This was followed by a period of recovery, with the price rising gradually to reach between 18 and 21 US$ during 2021. Notably, a substantial increase occurred in the first half of 2022, with the share price peaking at 42.75 US$ in June 2022 before slightly declining to 39.1 US$ in September 2022.
- Book Value per Share (BVPS)
- The BVPS generally displayed a downward trend from 44.24 US$ in June 2018 to a low of 21.82 US$ in June 2021. After this low point, BVPS showed signs of recovery, rising to 26.67 US$ in December 2021 and maintaining a moderate upward trajectory through September 2022, ending at 26.21 US$. This pattern suggests some stabilization and modest asset base rebuilding after a multi-year decline.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuated considerably, reflecting the interaction between share price and book value dynamics. Initially above parity at 1.23 in June 2018, it declined steeply to as low as 0.14 by December 2019, indicating the market price was substantially below the book value at that time. Subsequently, the ratio increased gradually, crossing 0.5 during 2020 and reaching near 1.0 in 2021. The most notable change occurred in 2022, where the ratio surged sharply to 1.83 in March and remained elevated above 1.4 through September 2022, which signals a strong market valuation relative to the book value during this later period.
- Summary of Trends and Insights
- Over the observed timeline, the company’s market valuation experienced a dramatic decline followed by a marked recovery. The extended period of depressed share prices and low P/BV ratios up to late 2019 reflects significant market undervaluation relative to the company's book value. The subsequent recovery in both share price and P/BV ratio in 2021 and especially 2022 indicates renewed investor confidence and potentially improved market conditions or operational performance. Meanwhile, the BVPS showed a declining trend up to mid-2021, suggesting asset depreciation or other balance sheet impacts, with a modest recovery thereafter. The divergence and convergence between the market price and book value provide insight into changing investor sentiment and perceived value over time.