Forensic Analysis · Energy / Oil & Gas · as of Aug 9, 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
Safe
Financial health
3.1
Distress distance
Clean
Earnings quality
4
Forensic signals
11.9
P / E (ttm)
8.6%
ROE
$32.3B
Market cap
1.28%
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). 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 3.1, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+14.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +51% over the last 3 years to FY2025 (+14.8%/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 ~14.8% 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 FY2022 has been diluted ~34%.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 15.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
6.4%
FY2025
Return on invested capital.Return on invested capital is 6.4% in the latest fiscal year and slipping from 12% — slightly below its ~8% cost of capital — reinvestment is roughly a wash.
-86%
FY2012→FY2013
Dividend — cut.The payout was CUT ~86% in FY2013 (from FY2012) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$8.64B
Revenue Growth YoY+63.9%
Revenue CAGR (3yr)+4.9%
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?