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ValueScreener company report

Equinor ASA (EQNR)

NYSE / Energy / Oil & Gas Integrated

Share price

45.29 USD Market dataClose of Oct 14, 2026

Market capitalisation

108.30B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Mar 19, 2026
Ratios computed
Oct 14, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

7.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

21.47x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

5.5% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 45.87B USDFY2016 Net income: -2.92B USDFY2017 Revenue: 61.19B USDFY2017 Net income: 4.59B USDFY2018 Revenue: 79.59B USDFY2018 Net income: 7.54B USDFY2019 Revenue: 64.36B USDFY2019 Net income: 1.84B USDFY2020 Revenue: 45.82B USDFY2020 Net income: -5.51B USDFY2021 Revenue: 90.92B USDFY2021 Net income: 8.56B USDFY2022 Revenue: 150.81B USDFY2022 Net income: 28.75B USDFY2023 Revenue: 107.17B USDFY2023 Net income: 11.88B USDFY2024 Revenue: 103.77B USDFY2024 Net income: 8.81B USDFY2025 Revenue: 106.46B USDFY2025 Net income: 5.04B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 21.47x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Energy sector (163 companies), 21.47x sits at the 59th percentile; the middle half of that group runs from 12.30x to 29.29x.

Is it good

Return on invested capital was 7.4% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Energy sector (102 companies), 7.4% sits at the 52nd percentile; the middle half of that group runs from 2.4% to 12.0%.

Is it safe

Net debt to EBITDA was 0.81x in FY2025, in the band labelled "Low leverage" (below 1.00x), on lines set by credit-analyst convention, suggesting debt that a year or so of operating earnings would repay.

Year by year against peers
Whether Equinor ASA's return on equity stayed above the median of the Energy sector, year by year. (FY2021 to FY2025, 5 fiscal years of Equinor ASA with a comparable figure)
The direction
Which way Equinor ASA's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Equinor ASA)
What could explain it
What in Equinor ASA's filed statements could explain the movements. (4 readings drawn from the statement lines Equinor ASA filed)
What to check next
What to check next on Equinor ASA, and where in its filings. (4 questions for Equinor ASA)
In one paragraph
One paragraph on Equinor ASA's returns, cash, balance sheet and price. (13 of sixteen figures read for Equinor ASA)

These are EQNR’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research EQNRPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Mar 19, 2026, accession 0001140625-26-000013.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Equinor ASA: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax7.4% ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Return on equity12.5% ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Return on assets3.8% ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Gross margin48.2% ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Operating margin23.8% ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Net margin4.7% ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
EQNR 4.7%
BP 0.0%IMO 6.9%CVE 7.9%PBR 8.2%YPF -4.5%
-4.5%8.2%
Net margin: EQNR against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Equinor ASA: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.83 ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Current ratio
Why n/a

Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.

n/a ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Quick ratio
Why n/a

Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.

n/a ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Net debt28.52B ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Total assets 131.73BTotal liabilities 91.23BShareholders' equity 40.42BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Equinor ASA owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Mar 19, 2026, 0001140625-26-000013).

Equinor ASA: balance sheet position
Total assets131.73B FiledFY2025 20-F, filed Mar 19, 2026
Total liabilities91.23B FiledFY2025 20-F, filed Mar 19, 2026
Shareholders' equity40.42B FiledFY2025 20-F, filed Mar 19, 2026
Cash5.04B FiledFY2025 20-F, filed Mar 19, 2026
Total debt33.56B FiledFY2025 20-F, filed Mar 19, 2026
Net debt28.52B
Current ration/a
Debt to equity0.83
  • Current ratio: FY2025: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Equinor ASA: what the market charges, each with its source
FigureValue, source and document
Price to earnings21.47x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.68x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Price to sales1.02x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Enterprise value to EBIT5.40x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Enterprise value to EBITDA3.89x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013

We publish no fair value or price target of our own. Value EQNR on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Equinor ASA today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Equinor ASA: valuation
Share price45.29 USD
Market capitalisation108.30B USD
Enterprise value to EBITDA3.89x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Equinor ASA

  1. BP p.l.c. (BP)Market cap 128.00B USD
  2. Imperial Oil Limited (IMO)Market cap 62.66B USD
  3. Cenovus Energy Inc. (CVE)Market cap 60.16B USD
  4. Petróleo Brasileiro S.A. - Petrobras (PBR)Market cap 167.20B USD
  5. YPF Sociedad Anónima (YPF)Market cap 20.49B USD

Same industry (Oil & Gas Integrated) and size band (Large, 10B to 200B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Equinor ASA: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield5.5% ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Free cash flow5.98B USD ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Free cash flow margin5.6% ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Dividend yield4.4% ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Payout ratio95.0% ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
FY2016 Free cash flow: -3.37B USDFY2016 Net income: -2.92B USDFY2017 Free cash flow: 4.05B USDFY2017 Net income: 4.59B USDFY2018 Free cash flow: 8.33B USDFY2018 Net income: 7.54B USDFY2019 Free cash flow: 3.54B USDFY2019 Net income: 1.84B USDFY2020 Free cash flow: 1.91B USDFY2020 Net income: -5.51B USDFY2021 Free cash flow: 20.78B USDFY2021 Net income: 8.56B USDFY2022 Free cash flow: 26.38B USDFY2022 Net income: 28.75B USDFY2023 Free cash flow: 18.68B USDFY2023 Net income: 11.88B USDFY2024 Free cash flow: 7.29B USDFY2024 Net income: 8.81B USDFY2025 Free cash flow: 5.98B USDFY2025 Net income: 5.04B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Equinor ASA: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
21.47xFY2025Oct 14, 2026
2.68xFY2025Oct 14, 2026
5.40xFY2025Oct 14, 2026
5.5%FY2025Oct 14, 2026
7.4%FY2025Mar 19, 2026
4.4%FY2025Oct 14, 2026
0.83FY2025Mar 19, 2026
n/aFY2025Mar 19, 2026
n/a Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
1.02xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 14, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-3.33FY2025Mar 19, 2026
4/9FY2025Mar 19, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Equinor ASA filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Equinor ASA: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025106.46B25.35B5.04Bn/a5.98B23.8%12.5%20-F, Mar 19, 20260001140625-26-000013
FY2024103.77B30.93B8.81Bn/a7.29B29.8%20.8%20-F, Mar 20, 20250001140625-25-000062
FY2023107.17B35.77B11.88Bn/a18.68B33.4%24.5%20-F, Mar 21, 20240001140625-24-000034
FY2022150.81B78.81B28.75Bn/a26.38B52.3%53.3%20-F, Mar 23, 20230001140625-23-000036
FY202190.92B33.66B8.56Bn/a20.78B37.0%21.9%20-F, Mar 18, 20220001140625-22-000038
FY202045.82B-3.42B-5.51Bn/a1.91B-7.5%-16.3%20-F, Mar 19, 20210001140625-21-000006
FY201964.36B9.30B1.84Bn/a3.54B14.4%4.5%20-F, Mar 20, 20200001140625-20-000007
FY201879.59B20.14B7.54Bn/a8.33B25.3%17.5%20-F, Mar 15, 20190001140625-19-000013
FY201761.19B13.77B4.59Bn/a4.05B22.5%11.5%20-F, Mar 23, 20180001140625-18-000007
FY201645.87B80.0M-2.92Bn/a-3.37B0.2%-8.3%20-F, Mar 23, 20180001140625-18-000007
  • Revenue, compound annual growth FY2016 to FY2025: 9.8%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Equinor ASA: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.33 ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Piotroski F-score4/9 ComputedFY2025 20-F, filed Mar 19, 2026, 0001140625-26-000013
Named tests met2 of 30 Computed
Beta-0.44 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 2 met, 23 not met, 5 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Gross margin, turnover (Robert Novy-Marx); ROIC at or above WACC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
EV/EBITDA and coverage; Dividends and buybacks; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(10)
  • Current Ratio: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: Our archived statements for this filer carry no current assets line, so we cannot compute this from source and show you where it came from.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 10 figures could not be read on this company, among them Current Ratio, Positive Earnings Streak, Altman Z-Score. Each blank in the table above names the rest, with its reason. 5 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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