Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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EQT Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Current Valuation Ratios
EQT Corp., current price multiples
| EQT Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2021-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
EQT Corp., historical price multiples
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to earnings (P/E) ratio
- The P/E ratio is reported only for the year ending December 31, 2017, at 9.35. No data is available for subsequent years, limiting the ability to assess earnings valuation trends over time.
- Price to operating profit (P/OP) ratio
- The P/OP ratio is also available solely for the year ending December 31, 2017, at 36.91. Absence of data in later years precludes analysis of the company’s valuation relative to operating profit beyond that point.
- Price to sales (P/S) ratio
- There is a clear downward trend in the P/S ratio from 5.32 in 2017 to 0.36 in 2019, indicating a significant decrease in the market price relative to sales during this period. Following the decline, the ratio rose to 2.02 in 2020 before settling at 1.2 in 2021. This pattern suggests an initial substantial devaluation relative to sales, followed by a recovery and partial stabilization at a lower multiple than the initial level.
- Price to book value (P/BV) ratio
- The P/BV ratio undergoes a notable decline from 1.06 in 2017 to a low of 0.14 in 2019, reflecting a substantial decrease in market price relative to book value. From 2019 onwards, the ratio increased to 0.58 in 2020 and further to 0.81 in 2021. Although not reverting to the initial level, this upward movement indicates an improvement in valuation relative to book value after the sharp drop.
Price to Earnings (P/E)
EQT Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to EQT Corporation (in thousands) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/E Ratio, Industry | ||||||
| Energy | ||||||
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 Data adjusted for splits and stock dividends.
2 2021 Calculation
EPS = Net income (loss) attributable to EQT Corporation ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EQT Corp. Annual Report.
4 2021 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed period. Starting at $53.34 at the end of 2017, it sharply declined to $18.20 in 2018 and further plummeted to $5.38 in 2019. However, the price recovered notably in the subsequent years, rising to $19.17 by the end of 2020 and slightly increasing to $21.67 in 2021. This pattern indicates a steep downturn followed by a gradual recovery phase.
- Earnings per Share (EPS) Trend
- The earnings per share revealed a negative trend throughout the period. In 2017, EPS was positive at $5.70, but it declined substantially into negative territory from 2018 onward, reaching -$8.81 in 2018, -$4.78 in 2019, -$3.47 in 2020, and -$3.07 in 2021. This consistent negative EPS after 2017 suggests prolonged profitability challenges or operational losses during these years, despite the gradual improvement in share price in the last two years.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was only reported for 2017 at 9.35. The absence of P/E data for subsequent years is likely due to the negative EPS values during those periods, which makes the P/E ratio either not meaningful or not calculable. This further emphasizes the deterioration in earnings performance after 2017.
- Overall Analysis
- The financial data demonstrates that the company experienced a dramatic reversal in financial performance starting in 2018, as reflected in the negative EPS and declining share price. However, the recovery in the share price from 2019 to 2021 indicates potential market optimism or improvement in other aspects not directly captured by EPS alone. Despite this, the absence of positive earnings suggests ongoing operational or financial difficulties. The data highlights the importance of closer investigation into the factors driving the negative earnings and the share price recovery.
Price to Operating Profit (P/OP)
EQT Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in thousands) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/OP Ratio, Industry | ||||||
| Energy | ||||||
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 Data adjusted for splits and stock dividends.
2 2021 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EQT Corp. Annual Report.
4 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced a significant decline from US$53.34 at the end of 2017 to US$5.38 by the end of 2019, indicating a sharp decrease in market valuation during this period. However, a recovery trend is observed in 2020 and 2021, with the share price increasing to US$19.17 and US$21.67 respectively. Despite this upward movement, the share price in 2021 remained considerably lower than the 2017 level.
- Operating Profit per Share
- Operating profit per share showed a notable downward trend starting at US$1.45 in 2017 and dropping into negative territory from 2018 onwards. The losses per share were pronounced in 2018 (-US$10.92), followed by somewhat smaller but still negative figures in 2019 (-US$4.51), 2020 (-US$3.15), and 2021 (-US$3.62). This indicates sustained operating challenges and lack of profitability over the five-year period, with some slight improvement in 2020 compared to 2018 and 2019.
- Price to Operating Profit Ratio (P/OP)
- Only the P/OP ratio for 2017 is available, standing at 36.91. Given the lack of later data and the negative operating profits from 2018 onwards, calculation of this ratio is not meaningful in subsequent years. The 2017 value suggests that at that time, the share price was trading at approximately 37 times the operating profit per share, indicating a relatively high valuation based on operating profits.
Price to Sales (P/S)
EQT Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Sales of natural gas, natural gas liquids and oil (in thousands) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/S Ratio, Industry | ||||||
| Energy | ||||||
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 Data adjusted for splits and stock dividends.
2 2021 Calculation
Sales per share = Sales of natural gas, natural gas liquids and oil ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EQT Corp. Annual Report.
4 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed period. Beginning at $53.34 at the end of 2017, it sharply declined to $18.20 in 2018, followed by a further drop to $5.38 in 2019. In 2020, the price rebounded considerably to $19.17 and continued to rise modestly to $21.67 by the end of 2021. This pattern indicates a period of distress or negative market sentiment in 2018 and 2019, with recovery efforts evident from 2020 onward.
- Sales Per Share
- Sales per share showed a fluctuating trend. Starting at $10.02 in 2017, sales increased significantly to $18.43 in 2018 but dropped to $14.84 in 2019. A further decline occurred in 2020 to $9.50, before a strong rebound to $18.09 by the end of 2021. These changes suggest volatility in the company's revenue-generating capacity per share, with recovery seen in the latter period similar to the share price behavior.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displayed a marked decrease from 5.32 in 2017 down to 0.36 in 2019, reflecting a substantial decline in market valuation relative to sales. It then rose to 2.02 in 2020 but decreased again slightly to 1.20 in 2021. This indicates that the market's valuation of each dollar of sales peaked in 2017, faced a significant devaluation through 2019, partially recovered, but remained below the initial 2017 level in recent years.
- Overall Insights
- The data depict a pronounced dip in market valuation and share price alongside fluctuating sales per share during the 2018-2019 period. The subsequent recovery starting in 2020 suggests a positive shift in business performance or market perception. Despite this improvement, the P/S ratio remaining below 2017 levels implies that investor confidence or market valuation has not fully returned to the earlier peak. The correlation between sales and share price recovery indicates that operational improvements may be driving renewed investor interest.
Price to Book Value (P/BV)
EQT Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Common shareholders’ equity (in thousands) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/BV Ratio, Industry | ||||||
| Energy | ||||||
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 Data adjusted for splits and stock dividends.
2 2021 Calculation
BVPS = Common shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of EQT Corp. Annual Report.
4 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed periods. Starting at $53.34 at the end of 2017, it experienced a sharp decline to $18.20 by the end of 2018, followed by a further decrease to $5.38 in 2019. Subsequently, the share price recovered markedly in 2020, rising to $19.17, and continued an upward trajectory to $21.67 by the end of 2021.
- Book Value per Share (BVPS) Trend
- BVPS showed a consistent downward pattern across all periods. The value declined steadily from $50.36 in 2017 to $43.01 in 2018, continuing to fall to $38.38 in 2019, $33.19 in 2020, and reaching $26.67 in 2021. This consistent decrease indicates a reduction in the company’s net asset value per share over time.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio demonstrated substantial fluctuations in line with the changes in share price and BVPS. The ratio dropped sharply from 1.06 in 2017 to a low of 0.14 in 2019, reflecting the significant decline in share price relative to book value. After 2019, the ratio improved to 0.58 in 2020 and further increased to 0.81 in 2021, indicating a partial recovery in the market valuation relative to the book value.
- Overall Insights
- The data reveals that while the company's book value per share has steadily declined, revealing ongoing erosion in net assets, the market price has been much more volatile. The steep fall in share price from 2017 through 2019, followed by recovery in the subsequent two years, suggests market perceptions were affected by other factors beyond asset value alone during this period. The improving P/BV ratio in 2020 and 2021 points to a regained investor confidence relative to the book value, although it remains below the initial level observed in 2017.