EQNR Stock Analysis: Equinor ASA | OL
Oil & Gas Integrated | OL, Norway | Market Cap: 934.684m NOK | 12M Return: 66.9% | NO0010096985 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 1.39B
EPS Trend: 24.4%
Qual. Beats: 0
Rev. Trend: 64.8%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.9 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
Equinor ASA is a Norwegian integrated energy company headquartered in Stavanger, operating across Exploration & Production (Norway, International, and USA), Marketing, Midstream & Processing, and Renewables segments. Its core business covers the full upstream value chain-discovery, field development, and operation of oil and gas portfolios-alongside midstream activities such as refining, trading, and transportation of crude oil, natural gas, NGL, and refined products. The company is also expanding into renewable energy, including offshore wind, green hydrogen, solar power, and storage solutions, as well as power and emissions trading. Equinor was incorporated in 1972 and was formerly known as Statoil ASA before adopting its current name in May 2018.
As a member of the GICS Integrated Oil & Gas sub-industry, Equinor follows the integrated model typical of European energy majors, combining upstream production with downstream processing and trading operations. The growing Renewables segment reflects the broader strategic shift among integrated oil and gas companies toward low-carbon energy assets, with offshore wind emerging as a particularly active investment area for North Sea–based producers.
- Brent crude prices drive upstream segment revenue
- European natural gas demand supports midstream margins
- Capital returns via dividends and buybacks remain elevated
| Net Income: 11.8b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 2.70 > 1.0 |
| NWC/Revenue: 6.29% < 20% (prev 7.22%; Δ -0.93% < -1%) |
| CFO/TA 0.17 > 3% & CFO 24.3b > Net Income 11.8b |
| Net Debt (-2.02b) to EBITDA (52.6b): -0.04 < 3 |
| Current Ratio: 1.18 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.37b) vs 12m ago -5.92% < -2% |
| Gross Margin: 46.30% > 18% (prev 48.66%; Δ -2.36% > 0.5%) |
| Asset Turnover: 85.19% > 50% (prev 78.81%; Δ 6.38% > 0%) |
| Interest Coverage Ratio: 32.74 > 6 (EBIT TTM 40.9b / Interest Expense TTM 1.25b) |
| A: 0.05 (Total Current Assets 50.6b - Total Current Liabilities 43.0b) / Total Assets 147b |
| B: 0.35 (Retained Earnings 52.1b / Total Assets 147b) |
| C: 0.29 (EBIT TTM 40.9b / Avg Total Assets 142b) |
| D: 0.44 (Book Value of Equity 44.9b / Total Liabilities 102b) |
| Altman-Z'' = 3.90 = AA |
| DSRI: 1.21 (Receivables 14.1b/10.4b, Revenue 121b/107b) |
| GMI: 1.05 (GM 48.66% / 46.30%) |
| AQI: 0.88 (AQ_t 0.22 / AQ_t-1 0.25) |
| SGI: 1.13 (Revenue 121b / 107b) |
| TATA: -0.09 (NI 11.8b - CFO 24.3b) / TA 147b) |
| Beneish M = -2.79 (Cap -4..+1) = A |
As of November 12, 2026, the stock is trading at NOK 395.20 with a total of 2,860,724 shares traded. Over the past week, the price has changed by -2.80%, over one month by -5.77%, over three months by +2.25% and over the past year by +66.94%.
Current recommended Stop Loss: 375.80 (which is 4.9% or 1.4 ATR below the current price).
Equinor ASA has no consensus analysts rating.
Market Cap USD = 97.7b (935b NOK * 0.10458 NOK.USD)
P/E Trailing = 8.4471
P/E Forward = 8.658
P/S = 7.7521
P/B = 2.2379
P/EG = 0.912
Revenue TTM = 121b USD
EBIT TTM = 40.9b USD
EBITDA TTM = 52.6b USD
Long Term Debt = 21.1b USD (from longTermDebt, last quarter)
Short Term Debt = 4.25b USD (from shortLongTermDebt, last quarter)
Debt = 4.29b USD (Leases only: 4.29b)
Net Debt = -2.02b USD (calculated: Debt 4.29b - CCE 6.30b)
Enterprise Value = 95.7b USD (97.7b + Debt 4.29b - CCE 6.30b)
Interest Coverage Ratio = 32.74 (Ebit TTM 40.9b / Interest Expense TTM 1.25b)
EV/FCF = 8.45x (Enterprise Value 95.7b / FCF TTM 11.3b)
FCF Yield = 11.84% (FCF TTM 11.3b / Enterprise Value 95.7b)
FCF Margin = 9.40% (FCF TTM 11.3b / Revenue TTM 121b)
Net Margin = 9.79% (Net Income TTM 11.8b / Revenue TTM 121b)
Gross Margin = 46.30% ((Revenue TTM 121b - Cost of Revenue TTM 64.8b) / Revenue TTM)
Gross Margin QoQ = 46.71% (prev 45.97%)
Tobins Q-Ratio = 0.65 (Enterprise Value 95.7b / Total Assets 147b)
Interest Expense / Debt = 29.16% (Interest Expense 1.25b / Debt 4.29b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 32.3b (EBIT 40.9b * (1 - 21.00%))
Current Ratio = 1.18 (Total Current Assets 50.6b / Total Current Liabilities 43.0b)
Debt / Equity = 0.10 (Debt 4.29b / totalStockholderEquity, last quarter 44.9b)
Debt / EBITDA = -0.04 (Net Debt -2.02b / EBITDA 52.6b)
Debt / FCF = -0.18 (Net Debt -2.02b / FCF TTM 11.3b)
Total Stockholder Equity = 43.0b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.34% (Net Income 11.8b / Total Assets 147b)
RoE = 27.46% (Net Income TTM 11.8b / Total Stockholder Equity 43.0b)
RoCE = 63.82% (EBIT 40.9b / Capital Employed (Equity 43.0b + L.T.Debt 21.1b))
RoIC = 32.38% (NOPAT 32.3b / Invested Capital 99.8b)
WACC = 4.53% (E(97.7b)/V(102b) * Re(3.72%) + D(4.29b)/V(102b) * Rd(29.16%) * (1-Tc(0.21)))
Discount Rate = 3.72% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -98.12 | Cagr: -6.22%
[DCF] Terminal Value 77.97% ; FCFF base≈9.52b ; Y1≈10.9b ; Y5≈16.1b
[DCF] Fair Price = 102.9 (EV 242b - Net Debt -2.02b = Equity 244b / Shares 2.37b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 24.44 | EPS CAGR: 5.51% | SUE: -0.70 | # QB: 0
Revenue Correlation: 64.78 | Revenue CAGR: 3.33% | SUE: -0.01 | # QB: 0
EPS current Quarter (2027-03-31): EPS=1.10 | Chg30d=-0.62% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=5.95 | Chg30d=+5.52% | Revisions=+25% | GrowthEPS=+206.6% | GrowthRev=+25.1%
EPS next Year (2027-12-31): EPS=4.71 | Chg30d=+10.49% | Revisions=+35% | GrowthEPS=-17.3% | GrowthRev=-10.6%
[Analyst] Revisions Ratio: +30% (up=16, down=8)