EQT Corp., current enterprise value calculation

Current share price (P)	$39.10
No. shares of common stock outstanding	367,046,005
US$ in thousands
Common equity (market value)¹	14,351,499)
Add: Noncontrolling interest in consolidated subsidiaries (per books)	16,236)
Total equity	14,367,735)
Add: Current portion of debt (per books)	954,900)
Add: Credit facility borrowings (per books)	—)
Add: Term Loan Facility borrowings (per books)	—)
Add: Senior notes (per books)	4,435,782)
Add: Note payable to EQM Midstream Partners, LP (per books)	94,320)
Total equity and debt	19,852,737)
Less: Cash and cash equivalents	113,963)
Enterprise value (EV)	19,738,774)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 39.10 × 367,046,005

EQT Corp., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$21.67	$19.17	$5.38	$18.20	$53.34
No. shares of common stock outstanding¹	376,023,250	278,854,465	255,454,000	254,762,000	264,473,000
US$ in thousands
Common equity (market value)³	8,148,424)	5,345,640)	1,374,343)	4,636,668)	14,106,990)
Add: Noncontrolling interest in consolidated subsidiaries (book value)	16,236)	7,490)	—)	—)	5,094,995)
Total equity	8,164,660)	5,353,130)	1,374,343)	4,636,668)	19,201,985)
Add: Current portion of debt (book value)	954,900)	154,161)	16,204)	704,390)	12,406)
Add: Credit facility borrowings (book value)	—)	300,000)	294,000)	800,000)	1,295,000)
Add: Term Loan Facility borrowings (book value)	—)	—)	999,353)	—)	—)
Add: Senior notes (book value)	4,435,782)	4,371,467)	3,878,366)	3,882,932)	4,575,203)
Add: Note payable to EQM Midstream Partners, LP (book value)	94,320)	99,838)	105,056)	110,059)	114,720)
Total equity and debt	13,649,662)	10,278,596)	6,667,322)	10,134,049)	25,199,314)
Less: Cash and cash equivalents	113,963)	18,210)	4,596)	3,487)	26,311)
Enterprise value (EV)	13,535,699)	10,260,386)	6,662,726)	10,130,562)	25,173,003)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of EQT Corp. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 21.67 × 376,023,250

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	EQT Corp. EV increased from 2019 to 2020 and from 2020 to 2021.

EQT Corp. (NYSE:EQT)

Enterprise Value (EV)