Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

EQT Corp., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss) attributable to EQT Corporation	(1,155,759)	(967,166)	(1,221,695)	(2,244,568)	1,508,529)
Add: Net income attributable to noncontrolling interest	1,246)	(10)	—)	237,410)	349,613)
Less: Income from discontinued operations, net of tax	—)	—)	—)	373,762)	471,113)
Add: Income tax expense	(434,175)	(298,858)	(375,776)	(696,511)	(1,188,416)
Earnings before tax (EBT)	(1,588,688)	(1,266,034)	(1,597,471)	(3,077,431)	198,613)
Add: Interest expense	308,903)	271,200)	199,851)	228,958)	167,971)
Earnings before interest and tax (EBIT)	(1,279,785)	(994,834)	(1,397,620)	(2,848,473)	366,584)
Add: Depreciation and depletion	1,676,702)	1,393,465)	1,538,745)	1,729,739)	1,077,559)
Add: Amortization of intangible assets	—)	26,006)	35,916)	77,374)	10,940)
Earnings before interest, tax, depreciation and amortization (EBITDA)	396,917)	424,637)	177,041)	(1,041,360)	1,455,083)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	EQT Corp. EBITDA increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

EQT Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	19,738,773)
Earnings before interest, tax, depreciation and amortization (EBITDA)	396,917)
Valuation Ratio
EV/EBITDA	49.73
Benchmarks
EV/EBITDA, Competitors¹
Chevron Corp.	5.70
ConocoPhillips	4.81
Exxon Mobil Corp.	6.50
Occidental Petroleum Corp.	4.98
Texas Pacific Land Corp.	47.54
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	8.01
EV/EBITDA, Industry
Energy	8.19

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

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

EQT Corp., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	13,535,699)	10,260,386)	6,662,726)	10,130,562)	25,173,003)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	396,917)	424,637)	177,041)	(1,041,360)	1,455,083)
Valuation Ratio
EV/EBITDA³	34.10	24.16	37.63	—	17.30
Benchmarks
EV/EBITDA, Competitors⁴
Chevron Corp.	7.18	18.57	6.39	—	—
ConocoPhillips	6.34	23.12	4.13	—	—
Exxon Mobil Corp.	7.07	16.97	6.91	—	—
Occidental Petroleum Corp.	5.30	—	10.32	—	—
Texas Pacific Land Corp.	19.54	35.64	12.06	—	—
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	6.83	24.68	6.53	—	—
EV/EBITDA, Industry
Energy	7.08	36.93	7.66	—	—

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 See details »

² See details »

³ 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= 13,535,699 ÷ 396,917 = 34.10

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	EQT Corp. EV/EBITDA ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 not reaching 2019 level.

EQT Corp. (NYSE:EQT)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical