Latest Ratios: P/E Ratio 17.4x · EV/EBITDA 3.1x · ROE 12.2%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $86.0B | $61.5B | $67.0B | $95.8B | $114.0B | $85.7B | $53.7B | $66.4B | $70.4B | $70.0B | $58.3B |
| Enterprise Value | $114.4B | $89.9B | $88.9B | $117.9B | $136.7B | $109.9B | $88.7B | $90.2B | $88.6B | $93.9B | $84.9B |
| P/E Ratio → | 17.39 | 12.12 | 7.62 | 8.05 | 3.97 | 10.01 | — | 36.20 | 9.33 | 15.30 | — |
| P/S Ratio | 0.81 | 0.58 | 0.65 | 0.90 | 0.76 | 0.97 | 1.17 | 1.06 | 0.89 | 1.15 | 1.28 |
| P/B Ratio | 2.18 | 1.52 | 1.58 | 1.97 | 2.11 | 2.20 | 1.58 | 1.61 | 1.64 | 1.76 | 1.66 |
| P/FCF | 14.34 | 10.25 | 8.44 | 6.78 | 4.32 | 4.12 | 28.10 | 18.72 | 8.46 | 19.40 | — |
| P/OCF | 4.29 | 3.07 | 3.33 | 3.88 | 3.24 | 2.97 | 5.17 | 4.83 | 3.58 | 4.87 | 6.45 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.85 | 0.87 | 1.10 | 0.92 | 1.24 | 1.94 | 1.43 | 1.12 | 1.54 | 1.86 |
| EV / EBITDA | 3.08 | 2.42 | 2.18 | 2.54 | 1.60 | 2.42 | 7.51 | 4.01 | 3.07 | 4.18 | 6.82 |
| EV / EBIT | 4.19 | 3.38 | 2.78 | 3.02 | 1.72 | 3.40 | — | 8.77 | 4.62 | 6.84 | 150.19 |
| EV / FCF | — | 14.99 | 11.21 | 8.35 | 5.18 | 5.29 | 46.42 | 25.45 | 10.64 | 26.02 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.8% | 26.8% | 41.6% | 45.0% | 59.6% | 47.2% | 20.8% | 32.1% | 24.5% | 21.5% | 5.5% |
| Operating Margin | 25.7% | 25.7% | 30.2% | 33.5% | 52.9% | 37.9% | -7.5% | 14.8% | 23.5% | 20.3% | 3.9% |
| Net Profit Margin | 4.8% | 4.8% | 8.6% | 11.1% | 19.3% | 9.6% | -12.0% | 2.9% | 9.6% | 7.5% | -6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.2% | 12.2% | 19.4% | 23.2% | 61.8% | 23.5% | -14.7% | 4.4% | 18.2% | 12.2% | -7.7% |
| ROA | 3.8% | 3.8% | 6.4% | 7.9% | 18.8% | 6.3% | -4.5% | 1.6% | 6.7% | 4.3% | -2.7% |
| ROIC | 30.7% | 30.7% | 34.4% | 36.4% | 84.5% | 38.2% | -3.8% | 11.1% | 22.3% | 14.8% | 2.1% |
| ROCE | 27.8% | 27.8% | 30.5% | 32.2% | 70.9% | 31.6% | -3.3% | 9.5% | 19.7% | 13.7% | 1.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.83 | 0.83 | 0.71 | 0.66 | 0.60 | 0.93 | 1.12 | 0.71 | 0.60 | 0.71 | 0.90 |
| Debt / EBITDA | 0.90 | 0.90 | 0.74 | 0.69 | 0.38 | 0.80 | 3.23 | 1.29 | 0.89 | 1.26 | 2.55 |
| Net Debt / Equity | — | 0.70 | 0.52 | 0.46 | 0.42 | 0.62 | 1.03 | 0.58 | 0.42 | 0.60 | 0.76 |
| Net Debt / EBITDA | 0.76 | 0.76 | 0.54 | 0.48 | 0.27 | 0.53 | 2.96 | 1.06 | 0.63 | 1.06 | 2.14 |
| Debt / FCF | — | 4.74 | 2.77 | 1.57 | 0.86 | 1.17 | 18.31 | 6.73 | 2.18 | 6.62 | — |
| Interest Coverage | 18.46 | 18.46 | 30.32 | 34.76 | 85.61 | 42.07 | -3.35 | 10.36 | 33.15 | 28.00 | 0.91 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.24 | 1.24 | 1.48 | 1.71 | 1.78 | 1.60 | 1.58 | 1.27 | 1.57 | 1.43 | 1.51 |
| Quick Ratio | 1.13 | 1.13 | 1.36 | 1.60 | 1.67 | 1.51 | 1.42 | 1.09 | 1.44 | 1.25 | 1.32 |
| Cash Ratio | 0.63 | 0.63 | 0.65 | 1.09 | 0.90 | 0.85 | 0.95 | 0.64 | 0.88 | 0.68 | 0.79 |
| Asset Turnover | — | 0.81 | 0.78 | 0.74 | 0.94 | 0.60 | 0.37 | 0.52 | 0.70 | 0.55 | 0.44 |
| Inventory Turnover | 23.32 | 23.32 | 14.85 | 15.42 | 11.57 | 13.81 | 11.74 | 12.71 | 27.74 | 14.09 | 13.37 |
| Days Sales Outstanding | — | 37.20 | 62.16 | 57.84 | 55.00 | 73.74 | 65.67 | 47.77 | 41.69 | 56.42 | 62.63 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.4% | 7.8% | 12.8% | 3.5% | 2.2% | 2.1% | 4.3% | 5.0% | 3.8% | 2.1% | 3.2% |
| Payout Ratio | 94.7% | 94.7% | 97.4% | 28.0% | 8.7% | 21.0% | — | 181.3% | 35.5% | 32.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 8.3% | 13.1% | 12.4% | 25.2% | 10.0% | — | 2.8% | 10.7% | 6.5% | — |
| FCF Yield | 7.0% | 9.8% | 11.8% | 14.7% | 23.1% | 24.2% | 3.6% | 5.3% | 11.8% | 5.2% | — |
| Buyback Yield | 6.9% | 9.6% | 9.0% | 5.8% | 2.9% | 0.4% | 2.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 12.3% | 17.4% | 21.8% | 9.3% | 5.1% | 2.5% | 6.3% | 5.7% | 3.8% | 2.1% | 3.2% |
| Shares Outstanding | — | $2.6B | $2.8B | $3.0B | $3.2B | $3.3B | $3.3B | $3.3B | $3.3B | $3.3B | $3.2B |
Commodity price volatility exposure
According to current market data, Equinor trades at a forward P/E of 6.05, which suggests that investors are heavily discounting the company's earnings potential relative to its historical averages and broader integrated energy peers, likely due to concerns regarding long-term hydrocarbon demand and energy transition execution.
The stark contrast between the TTM P/E of 15.91 and the forward multiple indicates that the market anticipates a significant earnings contraction or is pricing in a permanent risk premium. This valuation appears to reflect a cautious outlook on the sustainability of current gas price floors, warranting further investigation into whether the market is underestimating the terminal value of the company's infrastructure.
Based on reported figures, Equinor's ROIC has fluctuated between 6.1% and 10.0% over the last ten quarters, suggesting that while the company maintains a disciplined investment approach, its ability to compound returns is structurally hampered by the high-tax environment of the Norwegian Continental Shelf.
The volatility in ROIC appears tied to both commodity price swings and the timing of large-scale capital projects. Investors should monitor whether the shift toward lower-return renewable energy projects will further compress these returns, as the company pivots away from its high-margin legacy hydrocarbon base.
As reported in financial statements, Equinor's asset turnover remains low at approximately 0.20, reflecting the capital-intensive nature of offshore energy production and the significant investment required to maintain the company's extensive subsea infrastructure network across the Norwegian Continental Shelf and international markets.
The cash conversion cycle, which has fluctuated between 3 and 19 days, suggests that management is effectively managing its receivables and payables despite the inherent complexity of its midstream trading operations. However, the low asset turnover ratio implies that any future growth must be driven by margin expansion rather than asset-light scaling.
According to recent SEC filings, Equinor maintains a disciplined debt-to-equity ratio of 0.73 as of 2026Q1, which provides the company with a significant competitive advantage in managing interest rate sensitivity compared to more highly geared integrated energy peers operating in the current macroeconomic environment.
The company's ability to maintain an interest coverage ratio consistently above 15x suggests that debt service remains highly comfortable, even during periods of commodity price weakness. This fortress balance sheet appears to offer management the flexibility to pursue opportunistic acquisitions or sustain shareholder returns without compromising long-term solvency.
Based on reported figures, the net margin of 4.77% is frequently misapplied by analysts as a proxy for operational efficiency, when in reality it is heavily distorted by the 78% marginal tax rate applied to upstream activities on the Norwegian Continental Shelf.
Investors should focus on pre-tax operating margins or cash flow metrics to better understand the underlying earning power of the business. Relying on net margins obscures the company's true competitive advantage in low-cost production, as the tax regime acts more like a royalty payment than a standard corporate tax burden.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying EQNR stock.
Equinor ASA's current P/E ratio is 17.4x. The historical average is 11.6x. This places it at the 86th percentile of its historical range.
Equinor ASA's current EV/EBITDA is 3.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.0x.
Equinor ASA's return on equity (ROE) is 12.2%. The historical average is 18.4%.
Based on historical data, Equinor ASA is trading at a P/E of 17.4x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Equinor ASA's current dividend yield is 5.43% with a payout ratio of 94.7%.
Equinor ASA has 26.8% gross margin and 25.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Equinor ASA's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.