EQT Corp. (NYSE:EQT)

Net Income (Loss) Attributable to EQT Corporation

The net income showed a strong positive value in 2017, reaching approximately 1.51 billion US dollars. However, from 2018 onward, the company experienced continuous net losses each year. The losses deepened significantly in 2018 to about -2.24 billion US dollars and, although there was some reduction in the magnitude of losses afterward, the net income remained negative through 2021, ending at roughly -1.16 billion US dollars.

Earnings Before Tax (EBT)

The EBT followed a similar trajectory as net income. In 2017, it was positive but modest at approximately 199 million US dollars. Subsequently, it turned sharply negative in 2018 with a significant decline to nearly -3.08 billion US dollars. The losses lessened somewhat in the next years, but the EBT remained substantially negative through 2021, with the figure at around -1.59 billion US dollars.

Earnings Before Interest and Tax (EBIT)

EBIT mirrored the trends observed in EBT and net income. The company reported positive EBIT of about 367 million US dollars in 2017, followed by a substantial negative turn to approximately -2.85 billion US dollars in 2018. While EBIT losses decreased in 2019 and subsequent years, the values stayed negative throughout the period, ending at nearly -1.28 billion US dollars in 2021.

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

EBITDA was positive and robust in 2017 at approximately 1.46 billion US dollars. However, in 2018, EBITDA sharply reversed to a negative position at about -1.04 billion US dollars. Subsequent years showed a recovery trend, with EBITDA turning positive again by 2019 at around 177 million US dollars and increasing further in 2020 to roughly 425 million US dollars. In 2021, EBITDA decreased slightly to approximately 397 million US dollars but remained positive.

Overall Trends and Insights

The financial data reveal a clear pattern where 2017 was a year of strong profitability across all measured earnings metrics. Starting in 2018, the company encountered significant financial difficulties, with sharp declines turning profits into large losses across net income, EBT, and EBIT. EBITDA also followed this decline but demonstrated a recovery trend beginning in 2019, suggesting some improvement in operational cash flow generation despite ongoing overall losses. The post-2018 period is characterized by reduced but persistent negative net income and EBIT, while EBITDA's rebound may indicate better management of non-cash items or operational adjustments. This mix points toward operational challenges and financial stress that the company has been attempting to mitigate in recent years.

The financial data reveals significant fluctuations in key metrics over the five-year period. The enterprise value (EV) exhibits a notable decline from approximately 25.17 billion USD at the end of 2017 to around 6.66 billion USD at the close of 2019. Subsequently, EV shows a recovery trend, increasing to roughly 10.26 billion USD in 2020 and further to about 13.54 billion USD in 2021, though it remains below the 2017 value.

EBITDA experiences considerable volatility during this timeframe. Starting at approximately 1.46 billion USD in 2017, it sharply decreases to a negative value exceeding 1 billion USD in 2018, indicating a period of operational challenges or losses. EBITDA recovers to a positive 177 million USD in 2019 and continues an upward trajectory to 425 million USD in 2020, slightly declining to close to 397 million USD in 2021. This pattern suggests a recovery from a severe downturn, with stabilization in more recent years.

The EV/EBITDA ratio, available for three periods, reflects these trends distinctly. The ratio is 17.3 at the end of 2017, not calculable for 2018 due to negative EBITDA, then spikes to 37.63 in 2019, indicating a high valuation compared to earnings. It decreases to 24.16 in 2020, suggesting improving earnings relative to enterprise value, but rises again to 34.1 in 2021, implying a renewed increase in valuation relative to EBITDA.

Enterprise Value (EV)

Declined significantly during 2017-2019, followed by partial recovery in 2020-2021.

EBITDA

Experienced a sharp downturn into negative territory in 2018, then recovered to positive and relatively stable levels in subsequent years.

EV/EBITDA Ratio

Unavailable in 2018 due to negative EBITDA, showed high valuation multiples in 2019 and 2021, with a relative dip in 2020 indicating changes in earnings and valuation dynamics.

Overall, the data depict a company undergoing significant financial stress in 2018, with partial recovery and stabilization from 2019 onwards. However, valuation metrics remain elevated compared to EBITDA, suggesting cautious investor sentiment or expectations of future performance improvements.