Latest Ratios: P/E Ratio 11.8x · EV/EBITDA 5.2x · ROE 10.1%. (1995–2025 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 | $21.5B | $26.5B | $15.6B | $11.0B | $13.8B | $7.6B | — | — | — | — | — |
| Enterprise Value | $25.9B | $30.9B | $21.1B | $12.0B | $16.9B | $9.0B | — | — | — | — | — |
| P/E Ratio → | 11.83 | 14.58 | — | 4.55 | 2.83 | 1.20 | — | — | — | — | — |
| P/S Ratio | 1.85 | 2.28 | 3.70 | 1.41 | 1.20 | 1.04 | — | — | — | — | — |
| P/B Ratio | 1.16 | 1.43 | 0.89 | 1.03 | 1.51 | 1.34 | — | — | — | — | — |
| P/FCF | 11.71 | 14.42 | 1953.53 | 19.96 | 5.98 | 7.23 | — | — | — | — | — |
| P/OCF | 4.71 | 5.80 | 9.99 | 4.62 | 3.34 | 4.26 | — | — | — | — | — |
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 | — | 2.65 | 5.01 | 1.55 | 1.47 | 1.24 | — | — | — | — | — |
| EV / EBITDA | 5.16 | 6.16 | 22.83 | 2.58 | 3.05 | 2.72 | — | — | — | — | — |
| EV / EBIT | 12.71 | 15.17 | — | 3.73 | 4.42 | 1.43 | — | — | — | — | — |
| EV / FCF | — | 16.80 | 2642.03 | 21.87 | 7.32 | 8.57 | — | — | — | — | — |
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 | 46.5% | 46.5% | 27.0% | 64.8% | 71.3% | 33.1% | 11.9% | 4.7% | 12.5% | 11.4% | -8.3% |
| Operating Margin | 17.5% | 17.5% | -19.0% | 40.4% | 33.0% | 31.8% | -167.0% | -0.4% | 3.7% | -1.5% | -56.0% |
| Net Profit Margin | 15.6% | 15.6% | -16.9% | 31.1% | 43.1% | 86.7% | -186.8% | -3.6% | 2.2% | -5.3% | -55.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.1% | 10.1% | -5.0% | 24.4% | 66.7% | 3835.2% | — | -9.4% | 25.7% | — | -735.3% |
| ROA | 6.5% | 6.5% | -3.4% | 16.2% | 37.3% | 71.9% | -85.5% | -2.1% | 1.8% | -4.0% | -28.9% |
| ROIC | 6.6% | 6.6% | -3.5% | 19.7% | 29.4% | 101.9% | -127.5% | -0.2% | 2.9% | -1.2% | -32.0% |
| ROCE | 8.1% | 8.1% | -4.2% | 24.3% | 35.4% | 38.6% | -100.7% | -0.3% | 3.8% | -1.4% | -38.3% |
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 | 0.27 | 0.27 | 0.33 | 0.20 | 0.35 | 0.41 | — | 2.16 | 3.62 | — | — |
| Debt / EBITDA | 1.01 | 1.01 | 6.29 | 0.46 | 0.58 | 0.70 | — | 4.25 | 3.64 | 6.40 | — |
| Net Debt / Equity | — | 0.23 | 0.31 | 0.10 | 0.34 | 0.25 | — | 2.16 | 3.62 | — | — |
| Net Debt / EBITDA | 0.87 | 0.87 | 5.95 | 0.22 | 0.56 | 0.42 | — | 4.25 | 3.64 | 6.39 | — |
| Debt / FCF | — | 2.37 | 688.50 | 1.90 | 1.34 | 1.34 | 76.50 | — | — | — | — |
| Interest Coverage | 8.67 | 8.67 | -5.78 | 31.06 | 23.82 | 75.07 | -28.08 | 0.02 | 1.34 | 0.56 | -15.01 |
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 | 1.01 | 1.01 | 0.64 | 1.99 | 1.00 | 0.86 | 0.36 | 0.52 | 0.55 | 0.65 | 0.59 |
| Quick Ratio | 1.01 | 1.01 | 0.64 | 1.99 | 1.00 | 0.86 | 0.36 | 0.52 | 0.55 | 0.65 | 0.59 |
| Cash Ratio | 0.33 | 0.33 | 0.10 | 0.82 | 0.05 | 0.37 | 0.10 | 0.06 | 0.00 | 0.00 | 0.24 |
| Asset Turnover | — | 0.41 | 0.15 | 0.54 | 0.74 | 0.66 | 0.79 | 0.52 | 0.80 | 0.76 | 0.60 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 50.11 | 104.46 | 27.46 | 45.10 | 53.84 | 52.26 | 42.57 | 41.74 | 43.74 | 44.70 |
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 | 3.6% | 2.9% | 2.5% | 4.4% | 8.8% | 1.6% | — | — | — | — | — |
| Payout Ratio | 42.1% | 42.1% | — | 20.1% | 24.6% | 1.9% | — | — | 40.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.5% | 6.9% | — | 22.0% | 35.4% | 83.2% | — | — | — | — | — |
| FCF Yield | 8.5% | 6.9% | 0.1% | 5.0% | 16.7% | 13.8% | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.4% | 0.0% | 3.2% | 7.8% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 4.0% | 3.3% | 2.5% | 7.7% | 16.6% | 1.6% | — | — | — | — | — |
| Shares Outstanding | — | $240M | $157M | $143M | $146M | $118M | $10M | $8M | $5M | $5M | $4M |
LNG Export Regulatory Exposure
As reported in recent financial statements, Expand Energy trades at a forward EV/EBITDA of 3.17x, which appears to discount the company relative to peers like Range Resources, suggesting that investors remain cautious regarding the successful realization of synergies following the Southwestern Energy merger integration process.
The current P/E of 11.69x and forward P/E of 9.93x indicate that the market is pricing in a moderate growth trajectory, likely awaiting proof of sustained margin expansion. This valuation gap compared to pure-play Appalachian peers suggests that the market is applying a conglomerate discount until the dual-basin strategy demonstrates consistent, non-volatile earnings power.
Based on the provided financial data, Expand Energy's ROIC has improved to 5.6% in 2026Q1 from negative levels in 2024, signaling that the company is beginning to generate positive returns on its expanded asset base after a period of significant capital-intensive merger activity and operational realignment.
The historical volatility in ROIC, which dipped to -1.9% in 2024Q2, highlights the difficulty of maintaining capital efficiency during large-scale consolidation. Investors should monitor whether the current upward trend in returns can be sustained as the company shifts from aggressive asset acquisition to optimizing its existing footprint in the Marcellus and Haynesville basins.
According to quarterly filings, Expand Energy's asset turnover ratio has fluctuated between 0.04 and 0.15 over the last ten quarters, reflecting the massive increase in the capital base that has yet to be fully optimized for maximum revenue generation relative to the company's total asset footprint.
The variability in DSO, which peaked at 58 days in 2024Q2, suggests that the company's cash conversion cycle is highly sensitive to the timing of large-scale commodity sales and regional pipeline constraints. Improving these efficiency metrics will be critical for the company to demonstrate that its increased scale provides a structural advantage rather than just operational complexity.
As indicated by the latest financial disclosures, Expand Energy has achieved a robust financial position with a debt-to-equity ratio of 0.04 in 2026Q1, a significant improvement from the 0.33 level observed in 2024Q4, which provides the company with substantial flexibility to navigate volatile natural gas price environments.
The interest coverage ratio of 25.95x in 2026Q1 underscores a comfortable debt-service capacity, particularly when compared to the negative coverage ratios seen during the 2024 restructuring period. This fortress-like balance sheet suggests that the company is well-positioned to weather potential regulatory or commodity-driven shocks without the need for dilutive financing.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to Expand Energy because it fails to account for the significant non-cash depreciation and depletion charges inherent in the full-cost accounting method used by large-scale natural gas exploration and production companies.
Investors should prioritize EV/EBITDA or P/FCF over P/E, as these metrics better capture the company's ability to generate cash after accounting for the heavy capital expenditures required to maintain production. Relying on P/E obscures the true earning power of the assets by including accounting-driven distortions that do not reflect the actual cash-generating capacity of the dual-basin strategy.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EXE stock.
Expand Energy Corporation's current P/E ratio is 11.8x. The historical average is 5.8x. This places it at the 75th percentile of its historical range.
Expand Energy Corporation's current EV/EBITDA is 5.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.5x.
Expand Energy Corporation's return on equity (ROE) is 10.1%. The historical average is 28.1%.
Based on historical data, Expand Energy Corporation is trading at a P/E of 11.8x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Expand Energy Corporation's current dividend yield is 3.55% with a payout ratio of 42.1%.
Expand Energy Corporation has 46.5% gross margin and 17.5% operating margin. Operating margin between 10-20% is typical for established companies.
Expand Energy Corporation's Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.