Equinor ASA (EQNR) Key Metrics
EQNR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $111.27B
- Enterprise value
- $110.66B
- P/E (TTM)
- 12.8 10-yr median 9.7
- Forward P/E
- 10.6
- PEG ratio
- 1.12
- Price / sales
- 1.0 10-yr median 0.9
- Price / book
- 2.4 10-yr median 1.7
- EV / EBITDA
- 2.4 10-yr median 2.4
- Dividend yield
- 3.32% $1.56 a year
- Beta
- −0.66
EQNR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsEQNR valuation Price multiples at each fiscal year-end price.
EQNR returns How much profit the business earns on the capital it uses.
EQNR per-share figures Results divided by the shares outstanding at year-end.
EQNR financial health Debt, liquidity and how easily interest is covered.
EQNR efficiency & capital use Working capital cycle and where the cash goes.
EQNR valuation history
EQNR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EQNR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EQNR cash returned to shareholders
EQNR price vs earnings per share
EQNR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $61.46B | $66.97B | $95.77B | $113.98B | $85.68B | $53.68B | $66.38B | $70.41B | $70.00B | $58.28B |
| Enterprise value | $75.57B | $73.61B | $88.71B | $106.84B | $88.64B | $73.17B | $82.81B | $81.54B | $85.44B | $76.65B |
| P/E ratio | 12.1 | 7.6 | 8.1 | 4.0 | 10.0 | — | 36.0 | 9.3 | 15.3 | — |
| Price / sales | 0.6 | 0.7 | 0.9 | 0.8 | 1.0 | 1.2 | 1.1 | 0.9 | 1.1 | 1.3 |
| Price / book | 1.5 | 1.6 | 2.0 | 2.1 | 2.2 | 1.6 | 1.6 | 1.6 | 1.8 | 1.7 |
| Price / free cash flow | 10.3 | 8.4 | 6.8 | 4.3 | 4.1 | 28.1 | 18.7 | 8.5 | 19.4 | — |
| Price / operating cash flow | 3.1 | 3.3 | 3.9 | 3.2 | 3.0 | 5.2 | 4.8 | 3.6 | 4.9 | 6.5 |
| EV / sales | 0.7 | 0.7 | 0.8 | 0.7 | 1.0 | 1.6 | 1.3 | 1.0 | 1.4 | 1.7 |
| EV / EBITDA | 2.1 | 1.8 | 1.8 | 1.2 | 2.1 | 6.1 | 3.5 | 2.8 | 3.6 | 6.3 |
| EV / free cash flow | 12.6 | 9.3 | 6.3 | 4.1 | 4.3 | 38.3 | 23.4 | 9.8 | 23.7 | — |
| Earnings yield | 8.2% | 13.1% | 12.4% | 25.2% | 10.0% | −10.3% | 2.8% | 10.7% | 6.6% | −5.0% |
| Free cash flow yield | 9.8% | 11.8% | 14.7% | 23.1% | 24.2% | 3.6% | 5.3% | 11.8% | 5.2% | −5.4% |
| Dividend yield | 7.8% | 12.8% | 11.4% | 4.7% | 2.1% | 4.3% | 5.0% | 3.8% | 2.1% | 3.2% |
| Shareholder yield (dividends + buybacks) | 17.4% | 21.8% | 17.2% | 7.6% | 2.5% | 6.3% | 5.7% | 3.8% | 2.1% | 3.2% |
| Share price at fiscal year-end | $23.63 | $23.69 | $31.64 | $35.81 | $26.33 | $16.42 | $19.91 | $21.17 | $21.42 | $18.24 |
| Per share | ||||||||||
| Revenue per share | $40.81 | $36.26 | $35.30 | $46.81 | $27.27 | $14.00 | $18.87 | $23.68 | $18.66 | $14.30 |
| Earnings per share | $1.94 | $3.11 | $3.93 | $9.03 | $2.63 | −$1.69 | $0.55 | $2.27 | $1.40 | −$0.91 |
| Operating cash flow per share | $7.68 | $7.11 | $8.16 | $11.04 | $8.86 | $3.18 | $4.12 | $5.92 | $4.40 | $2.83 |
| Free cash flow per share | $2.31 | $2.81 | $4.67 | $8.29 | $6.38 | $0.58 | $1.06 | $2.50 | $1.10 | −$0.99 |
| Cash per share | $7.43 | $8.30 | $12.84 | $12.35 | $10.23 | $5.70 | $3.78 | $4.39 | $3.93 | $4.16 |
| Book value per share | $15.54 | $14.98 | $16.02 | $16.96 | $11.99 | $10.36 | $12.34 | $12.92 | $12.20 | $10.98 |
| Tangible book value per share | $12.25 | $12.98 | $15.19 | $15.84 | $10.61 | $9.76 | $9.12 | $10.01 | $9.56 | $8.08 |
| Dividends per share | $1.84 | $3.03 | $3.60 | $1.69 | $0.55 | $0.71 | $1.00 | $0.80 | $0.46 | $0.59 |
| Capex per share | $5.40 | $4.31 | $3.49 | $2.75 | $2.47 | $2.59 | $3.06 | $3.42 | $3.29 | $3.82 |
| Debt per share | $12.86 | $10.65 | $10.50 | $10.11 | $11.14 | $11.66 | $8.71 | $7.74 | $8.65 | $9.91 |
| Shares outstanding | 2.60B | 2.83B | 3.03B | 3.18B | 3.25B | 3.27B | 3.33B | 3.33B | 3.27B | 3.19B |
| Change in shares outstanding | −8.0% | −6.6% | −4.9% | −2.2% | −0.5% | −1.9% | +0.2% | +1.8% | +2.3% | +0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.2% | 19.4% | 23.2% | 61.8% | 23.5% | −14.7% | 4.4% | 18.2% | 12.3% | −7.7% |
| Return on invested capital (ROIC) | 26.4% | 34.2% | 40.5% | 88.7% | 35.3% | −4.9% | 8.3% | 16.9% | 11.4% | 2.6% |
| Return on assets (ROA) | 3.8% | 6.4% | 7.9% | 18.8% | 6.3% | −4.5% | 1.6% | 6.7% | 4.3% | −2.7% |
| Return on tangible assets | 4.1% | 7.0% | 8.4% | 18.6% | 6.0% | −4.5% | 1.7% | 7.3% | 4.5% | −3.1% |
| Free cash flow margin | 5.6% | 7.7% | 13.2% | 17.7% | 23.4% | 4.2% | 5.6% | 10.6% | 5.9% | −6.9% |
| Income quality (OCF / net income) | 3.95 | 2.28 | 2.08 | 1.22 | 3.37 | — | 7.46 | 2.61 | 3.13 | — |
| Financial health | ||||||||||
| Total debt | $33.44B | $30.09B | $31.80B | $32.17B | $36.24B | $38.12B | $29.03B | $25.73B | $28.27B | $31.67B |
| Cash & short-term investments | $19.33B | $23.45B | $38.87B | $39.31B | $33.28B | $18.62B | $12.60B | $14.60B | $12.84B | $13.30B |
| Net debt | $14.11B | $6.64B | −$7.07B | −$7.15B | $2.96B | $19.49B | $16.43B | $11.13B | $15.44B | $18.37B |
| Debt / equity | 0.83 | 0.71 | 0.66 | 0.60 | 0.93 | 1.13 | 0.71 | 0.60 | 0.71 | 0.90 |
| Debt / assets | 0.25 | 0.23 | 0.22 | 0.20 | 0.25 | 0.31 | 0.24 | 0.23 | 0.25 | 0.30 |
| Net debt / EBITDA | 0.39 | 0.16 | −0.14 | −0.08 | 0.07 | 1.63 | 0.70 | 0.38 | 0.65 | 1.52 |
| Current ratio | 1.24 | 1.48 | 1.71 | 1.78 | 1.60 | 1.58 | 1.27 | 1.57 | 1.43 | 1.51 |
| Quick ratio | 1.13 | 1.36 | 1.60 | 1.67 | 1.51 | 1.42 | 1.09 | 1.44 | 1.25 | 1.32 |
| Interest coverage | 18.9 | 29.3 | 31.9 | 84.8 | 43.8 | -3.5 | 9.4 | 32.1 | 25.2 | 2.8 |
| Working capital | $7.43B | $17.15B | $25.27B | $34.36B | $23.36B | $11.32B | $5.22B | $9.45B | $8.17B | $8.60B |
| Invested capital | $54.53B | $48.98B | $41.42B | $46.84B | $41.97B | $53.37B | $57.57B | $54.10B | $55.30B | $53.44B |
| Tangible asset value | $31.94B | $36.73B | $46.00B | $50.43B | $34.53B | $31.93B | $30.42B | $33.32B | $31.26B | $25.86B |
| Net current asset value | −$53.20B | −$35.57B | −$34.09B | −$25.86B | −$45.59B | −$60.09B | −$53.92B | −$43.46B | −$44.03B | −$44.03B |
| Graham number | $26.08 | $32.40 | $37.62 | $58.71 | $26.64 | — | $12.39 | $25.66 | $19.63 | — |
| Graham net-net per share | −$23.88 | −$17.76 | −$13.75 | −$14.22 | −$18.34 | −$19.76 | −$17.47 | −$14.16 | −$15.18 | −$15.22 |
| Capital allocation | ||||||||||
| Dividends paid | $4.79B | $8.58B | $10.91B | $5.38B | $1.80B | $2.33B | $3.34B | $2.67B | $1.49B | $1.88B |
| Share buybacks (net) | $5.92B | $6.01B | $5.59B | $3.31B | $321.0M | $1.06B | $442.0M | — | — | — |
| Dividend payout ratio | 94.7% | 97.4% | 91.8% | 18.7% | 21.0% | — | 181.3% | 35.5% | 32.5% | — |
| Dividends + buybacks / free cash flow | 178.6% | 183.9% | 116.8% | 33.0% | 10.2% | 177.4% | 106.7% | 32.1% | 41.3% | — |
| Capex / revenue | 13.2% | 11.9% | 9.9% | 5.9% | 9.1% | 18.5% | 16.2% | 14.4% | 17.6% | 26.7% |
| Capex / operating cash flow | 70.3% | 60.6% | 42.8% | 24.9% | 27.9% | 81.6% | 74.2% | 57.7% | 74.9% | 134.9% |
| Capex / depreciation | 1.42 | 1.23 | 0.95 | 1.37 | 0.69 | 0.56 | 0.77 | 1.11 | 1.06 | 1.06 |
| Stock-based compensation / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| R&D / revenue | — | 0.3% | 0.3% | 0.2% | 0.3% | 0.6% | 0.5% | 0.4% | 0.5% | 0.7% |
| SG&A / revenue | 1.1% | 1.2% | 1.0% | 0.7% | 0.9% | 1.5% | 1.3% | 1.0% | 15.6% | 0.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 48.6 | 61.2 | 67.3 | 49.5 | 53.8 | 65.7 | 50.0 | 42.7 | 51.7 | 58.0 |
| Days of inventory on hand | 17.3 | 23.9 | 28.0 | 26.1 | 25.2 | 32.5 | 23.5 | 17.0 | 25.3 | 24.2 |
| Days payables outstanding | 38.9 | 57.0 | 56.1 | 37.8 | 35.0 | 66.5 | 55.4 | 17.5 | 23.5 | 23.9 |
| Cash conversion cycle (days) | 27.0 | 28.1 | 39.2 | 37.8 | 44.0 | 31.7 | 18.1 | 42.2 | 53.5 | 58.3 |
| Receivables turnover | 7.51 | 5.96 | 5.43 | 7.38 | 6.78 | 5.56 | 7.30 | 8.55 | 7.06 | 6.30 |
| Payables turnover | 9.39 | 6.40 | 6.51 | 9.67 | 10.42 | 5.49 | 6.58 | 20.82 | 15.55 | 15.27 |
| Inventory turnover | 21.10 | 15.26 | 13.04 | 14.00 | 14.47 | 11.24 | 15.52 | 21.46 | 14.45 | 15.06 |
| Asset turnover | 0.81 | 0.75 | 0.71 | 0.98 | 0.65 | 0.37 | 0.54 | 0.70 | 0.57 | 0.43 |
| Average receivables | $14.14B | $17.20B | $19.69B | $20.19B | $13.08B | $8.23B | $8.62B | $9.21B | $8.63B | $7.25B |
| Average payables | $8.27B | $9.35B | $9.04B | $6.23B | $4.50B | $6.60B | $6.49B | $2.86B | $3.08B | $2.83B |
| Average inventory | $3.68B | $3.92B | $4.51B | $4.30B | $3.24B | $3.22B | $2.75B | $2.77B | $3.31B | $2.86B |
| Intangibles / total assets | 6.5% | 4.3% | 1.7% | 2.3% | 3.1% | 1.6% | 9.0% | 8.6% | 7.8% | 8.8% |
Computed from EQNR's annual financial statements (latest annual report filed March 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
EQNR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Equinor ASA traded at 12.1 times earnings, against a 10-year median of 9.7. Based on the latest twelve months, the trailing P/E is 12.8 and the forward P/E is 10.6. Equinor ASA earned a return on equity of 12.2% and a return on invested capital of 26.4% in fiscal 2025. It ended the year with $33.4 billion of debt and $19.3 billion in cash and short-term investments, net debt of $14.1 billion. It returned $10.7 billion to shareholders: $4.8 billion in dividends and $5.9 billion in share buybacks, 179% of free cash flow. The share count fell 18.6% from 3.19B to 2.60B over 9 years.
See the EQNR income statement, the EQNR chart for price history, or the EQNR stock overview for the latest quote and news.
EQNR key metrics FAQ
What is Equinor ASA's P/E ratio?
Equinor ASA's trailing P/E ratio is 12.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.6. At the end of fiscal 2025 it was 12.1, compared with a 10-year median of 9.7.
What is Equinor ASA's EV/EBITDA?
Equinor ASA's enterprise value was 2.1 times EBITDA at the end of fiscal 2025 (enterprise value $75.6 billion, EBITDA $36.5 billion); the current EV/EBITDA is 2.4.
What is Equinor ASA's return on equity?
Equinor ASA's return on equity (ROE) was 12.2% in fiscal 2025: net income of $5.1 billion on average shareholders' equity of $41.4 billion.
What is Equinor ASA's ROIC?
Equinor ASA's return on invested capital was 26.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Equinor ASA have?
Equinor ASA had total debt of $33.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.83 and $14.1 billion of net debt (0.39 times EBITDA).
What is Equinor ASA's dividend yield?
Equinor ASA's forward dividend yield is 3.32%. Equinor ASA paid $4.8 billion in dividends in fiscal 2025 ($1.84 per share), a payout ratio of 94.7%.
Does Equinor ASA buy back its shares?
Yes. Equinor ASA spent $5.9 billion on net share repurchases in fiscal 2025 Shares outstanding changed −8.0% over the year, to 2.60B..
What is Equinor ASA's free cash flow yield?
Equinor ASA generated $6.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 9.8% on its market value at year-end ($61.5 billion).
What is Equinor ASA's current ratio?
Equinor ASA's current ratio was 1.24 at the end of fiscal 2025: current assets were 1.24 times current liabilities.