Forensic Analysis · Upstream Exploration & Production · as of Nov 8, 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.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.5
Distress distance
Clean
Earnings quality
3
Forensic signals
9.2%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.5, placing it in the Grey 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 — 413.2M shares in FY2023, 615.7M in FY2025: 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%.
6.6%
FY2025
Return on invested capital.Return on invested capital is 6.6% in the latest fiscal year, against 8.1% in FY2023, having run between 2.0% and 8.1% across FY2023–FY2025 with no direction held. After-tax operating profit was $1.9B in FY2023 and $2.5B in FY2025, with operating income at 33.5% of revenue in FY2023, 13.0% in FY2024 and 37.6% in FY2025. The capital base behind it grew +65% across FY2023–FY2025, from $23.5B to $38.6B, while the return fell 1.5 points, so the dollars added over that window earned less than the 8.1% the older base was already earning. FY2024's operating profit carried a $97M asset write-down that alone took about 0.3 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
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 across FY2023–FY2025, 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)+11.9%
Net Margin23.6%
Free Cash Flow$2.84B
Return on Equity9.2%
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?