EQT Corp., FCFF 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)
Net (income) loss attributable to noncontrolling interest	1,246)	(10)	—)	237,410)	349,613)
Net noncash charges	3,183,669)	2,365,699)	3,053,863)	5,102,909)	(209,780)
Changes in other assets and liabilities	(366,708)	139,178)	19,536)	(119,495)	(10,664)
Net cash provided by operating activities	1,662,448)	1,537,701)	1,851,704)	2,976,256)	1,637,698)
Cash paid during the year for interest, net of amount capitalized, net of tax¹	203,931)	149,500)	151,900)	201,460)	173,464)
Capital expenditures	(1,055,128)	(1,042,231)	(1,602,454)	(2,999,037)	(1,559,051)
Capital expenditures for discontinued operations	—)	—)	—)	(732,727)	(380,151)
Free cash flow to the firm (FCFF)	811,251)	644,970)	401,150)	(554,048)	(128,040)

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
FCFF	Free cash flow to the firm is the cash flow available to the EQT Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	EQT Corp. FCFF increased from 2019 to 2020 and from 2020 to 2021.

EQT Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR¹	27.30%	23.60%	23.50%	22.80%	8.40%
Interest Paid, Net of Tax
Cash paid during the year for interest, net of amount capitalized, before tax	280,511)	195,681)	198,562)	260,959)	189,371)
Less: Cash paid during the year for interest, net of amount capitalized, tax²	76,580)	46,181)	46,662)	59,499)	15,907)
Cash paid during the year for interest, net of amount capitalized, net of tax	203,931)	149,500)	151,900)	201,460)	173,464)

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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² 2021 Calculation
Cash paid during the year for interest, net of amount capitalized, tax = Cash paid during the year for interest, net of amount capitalized × EITR
= 280,511 × 27.30% = 76,580

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

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	19,738,773)
Free cash flow to the firm (FCFF)	811,251)
Valuation Ratio
EV/FCFF	24.33
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	14.68
ConocoPhillips	15.40
Exxon Mobil Corp.	15.88
Marathon Petroleum Corp.	5.52
Occidental Petroleum Corp.	10.60
Valero Energy Corp.	6.06
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	13.50
EV/FCFF, Industry
Energy	13.79

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

¹ Click competitor name to see calculations.

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

EQT Corp., historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	811,251)	644,970)	401,150)	(554,048)	(128,040)
Valuation Ratio
EV/FCFF³	16.68	15.91	16.61	—	—
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	13.33	106.63	16.67	—	—
ConocoPhillips	10.72	92.48	13.21	—	—
Exxon Mobil Corp.	10.06	—	44.38	—	—
Marathon Petroleum Corp.	7.80	—	13.14	—	—
Occidental Petroleum Corp.	8.39	25.58	45.65	—	—
Valero Energy Corp.	10.62	—	9.96	—	—
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	10.61	399.27	21.17	—	—
EV/FCFF, Industry
Energy	10.93	210.37	21.44	—	—

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/FCFF = EV ÷ FCFF
= 13,535,699 ÷ 811,251 = 16.68

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	EQT Corp. EV/FCFF ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

EQT Corp. (NYSE:EQT)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical