Forensic Analysis · Energy / Oil & Gas · as of Sep 24, 2026
Eqt Corp (EQT)
A forensic read on Eqt Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality
Forensic grade
Safe
Financial health
3.1
Distress distance
Clean
Earnings quality
3
Forensic signals
11.5
P / E (ttm)
8.6%
ROE
$31.9B
Market cap
1.54%
Dividend yield
63.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Eqt Corp earns an A (High-quality) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+22.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +49% over the last 2 years to FY2025 (+22.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~22.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~33%.
6.4%
FY2025
Return on invested capital.Return on invested capital is 6.4% in the latest fiscal year, against 8% in FY2023, having run between 1.6% and 8.1% across FY2023–FY2025 with no direction held. The capital base behind it grew +69% across FY2023–FY2025, from $23.5B to $39.7B, while the return fell 1.7 points, so the dollars added over that window earned less than the 8% the older base was already earning.
0.7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.7% of revenue and 2% of free cash flow in FY2025 — about $0.10 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 22.1% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$8.64B
Revenue Growth YoY+63.9%
Revenue CAGR (2yr)+11.8%
Net Margin23.6%
Free Cash Flow$2.84B
Return on Equity8.6%
Debt / Equity0.33x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Eqt Corp's actual 10-K/10-Q/8-K filings?