Expand Energy Corporation (EXE) Key Metrics
EXE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $21.62B
- Enterprise value
- $23.22B
- P/E (TTM)
- 8.1 10-yr median 3.7
- Forward P/E
- 9.6
- PEG ratio
- 0.82
- Price / sales
- 1.8 10-yr median 1.4
- Price / book
- 1.0 10-yr median 1.3
- EV / EBITDA
- 3.5 10-yr median 3.0
- Dividend yield
- 2.46% $2.30 a year
- Beta
- 0.40
EXE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsEXE valuation Price multiples at each fiscal year-end price.
EXE returns How much profit the business earns on the capital it uses.
EXE per-share figures Results divided by the shares outstanding at year-end.
EXE financial health Debt, liquidity and how easily interest is covered.
EXE efficiency & capital use Working capital cycle and where the cash goes.
EXE valuation history
EXE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EXE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EXE cash returned to shareholders
EXE price vs earnings per share
EXE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $26.53B | $15.63B | $11.00B | $13.77B | $7.61B | — | — | — | — | — |
| Enterprise value | $30.63B | $21.14B | $12.05B | $16.86B | $9.02B | — | — | — | — | — |
| P/E ratio | 14.6 | — | 4.5 | 2.8 | 1.2 | — | — | — | — | — |
| Price / sales | 2.3 | 3.7 | 1.4 | 1.2 | 1.0 | — | — | — | — | — |
| Price / book | 1.4 | 0.9 | 1.0 | 1.5 | 1.3 | — | — | — | — | — |
| Price / free cash flow | 14.4 | — | 20.0 | 6.0 | 7.2 | — | — | — | — | — |
| Price / operating cash flow | 5.8 | 10.0 | 4.6 | 3.3 | 4.3 | — | — | — | — | — |
| EV / sales | 2.6 | 5.0 | 1.5 | 1.5 | 1.2 | — | — | — | — | — |
| EV / EBITDA | 5.6 | 20.8 | 2.5 | 3.0 | 1.2 | — | — | — | — | — |
| EV / free cash flow | 16.7 | — | 21.9 | 7.3 | 8.6 | — | — | — | — | — |
| Earnings yield | 6.9% | −4.6% | 22.0% | 35.8% | 83.2% | — | — | — | — | — |
| Free cash flow yield | 6.9% | 0.1% | 5.0% | 16.7% | 13.8% | — | — | — | — | — |
| Dividend yield | 2.9% | 2.5% | 4.4% | 8.8% | 1.6% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 3.3% | 2.5% | 7.7% | 16.6% | 1.6% | — | — | — | — | — |
| Share price at fiscal year-end | $110.36 | $99.55 | $76.94 | $94.37 | $64.52 | — | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $48.46 | $26.89 | $54.38 | $78.40 | $61.92 | — | — | — | — | — |
| Earnings per share | $7.57 | −$4.55 | $16.92 | $33.82 | $53.66 | — | — | — | — | — |
| Operating cash flow per share | $19.03 | $9.97 | $16.65 | $28.26 | $15.16 | — | — | — | — | — |
| Free cash flow per share | $7.65 | $0.05 | $3.85 | $15.77 | $8.93 | — | — | — | — | — |
| Cash per share | $3.99 | $2.02 | $7.55 | $0.89 | $7.67 | — | — | — | — | — |
| Book value per share | $77.29 | $111.89 | $75.04 | $62.51 | $48.09 | — | — | — | — | — |
| Tangible book value per share | $77.29 | $111.89 | $75.04 | $62.51 | $48.09 | — | — | — | — | — |
| Dividends per share | $3.18 | $2.47 | $3.41 | $8.30 | $1.01 | — | — | — | — | — |
| Capex per share | $11.38 | $9.92 | $12.79 | $12.49 | $6.23 | — | — | — | — | — |
| Debt per share | $21.05 | $37.10 | $14.88 | $22.01 | $19.64 | — | — | — | — | — |
| Shares outstanding | 240.4M | 157.0M | 143.0M | 146.0M | 117.9M | — | — | — | — | — |
| Change in shares outstanding | +53.1% | +9.8% | −2.0% | +23.8% | — | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.1% | −5.0% | 24.4% | 66.7% | — | — | −9.5% | 28.3% | — | — |
| Return on invested capital (ROIC) | 7.1% | −3.6% | 20.3% | 39.2% | 136.6% | — | −0.2% | 4.0% | −1.2% | −35.0% |
| Return on assets (ROA) | 6.5% | −3.4% | 16.2% | 37.3% | 71.9% | −85.5% | −2.1% | 1.8% | −4.0% | −28.9% |
| Return on tangible assets | 6.4% | −2.6% | 16.8% | 31.9% | 57.5% | −147.8% | −1.9% | 1.8% | −4.1% | −33.7% |
| Free cash flow margin | 15.8% | 0.2% | 7.1% | 20.1% | 14.4% | 0.4% | −7.5% | −2.6% | −18.4% | −29.5% |
| Income quality (OCF / net income) | 2.52 | — | 0.98 | 0.84 | 0.28 | — | — | 7.65 | — | — |
| Financial health | ||||||||||
| Total debt | $5.06B | $5.83B | $2.13B | $3.21B | $2.32B | $1.96B | $9.50B | $7.72B | $9.97B | $10.44B |
| Cash & short-term investments | $960.0M | $317.0M | $1.08B | $130.0M | $905.0M | $298.0M | $140.0M | $213.0M | $32.0M | $882.0M |
| Net debt | $4.10B | $5.51B | $1.05B | $3.08B | $1.41B | $1.66B | $9.36B | $7.51B | $9.94B | $9.56B |
| Debt / equity | 0.27 | 0.33 | 0.20 | 0.35 | 0.41 | — | 2.18 | 3.69 | — | — |
| Debt / assets | 0.18 | 0.21 | 0.15 | 0.21 | 0.21 | 0.30 | 0.59 | 0.61 | 0.80 | 0.80 |
| Net debt / EBITDA | 0.75 | 5.41 | 0.22 | 0.55 | 0.19 | — | 4.11 | 2.90 | 5.14 | — |
| Current ratio | 1.01 | 0.64 | 1.99 | 1.00 | 0.86 | 0.36 | 0.52 | 0.55 | 0.65 | 0.59 |
| Quick ratio | 1.01 | 0.64 | 1.99 | 1.00 | 0.86 | 0.36 | 0.52 | 0.55 | 0.65 | 0.59 |
| Interest coverage | 8.7 | -6.5 | 30.2 | 23.6 | 27.7 | -26.3 | -0.0 | 0.6 | -0.3 | -15.4 |
| Working capital | $15.0M | −$1.13B | $1.29B | −$6.0M | −$344.0M | −$1.99B | −$1.14B | −$1.29B | −$831.0M | −$1.51B |
| Invested capital | $22.68B | $23.07B | $11.78B | $12.21B | $7.08B | −$3.68B | $13.72B | $9.60B | $9.45B | $8.23B |
| Tangible asset value | $18.58B | $17.57B | $10.73B | $9.12B | $5.67B | −$5.34B | $4.40B | $2.13B | −$372.0M | −$1.20B |
| Net current asset value | −$6.79B | −$8.33B | −$1.04B | −$3.65B | −$3.23B | −$10.82B | −$10.54B | −$9.00B | −$11.27B | −$12.09B |
| Graham number | $114.72 | — | $169.02 | $218.09 | $240.98 | — | — | — | — | — |
| Graham net-net per share | −$31.41 | −$58.00 | −$14.89 | −$35.31 | −$30.74 | — | — | — | — | — |
| Capital allocation | ||||||||||
| Dividends paid | $765.0M | $388.0M | $487.0M | $1.21B | $119.0M | $22.0M | $91.0M | $92.0M | $183.0M | — |
| Share buybacks (net) | $100.0M | $0 | $355.0M | $1.07B | — | $0 | — | — | — | — |
| Dividend payout ratio | 42.1% | — | 20.1% | 24.6% | 1.9% | — | — | 40.7% | — | — |
| Dividends + buybacks / free cash flow | 47.0% | — | 152.8% | 99.3% | 11.3% | 100.0% | — | — | — | — |
| Capex / revenue | 23.5% | 36.9% | 23.5% | 15.9% | 10.1% | 21.9% | 26.7% | 19.5% | 23.4% | 26.9% |
| Capex / operating cash flow | 59.8% | 99.5% | 76.8% | 44.2% | 41.1% | 98.1% | 139.4% | 115.4% | 298.3% | — |
| Capex / depreciation | 0.92 | 0.90 | 1.20 | 1.04 | 0.74 | 0.75 | 0.98 | 1.09 | 2.23 | 1.92 |
| Stock-based compensation / revenue | 0.4% | 0.9% | 0.4% | 0.2% | — | 0.4% | 0.4% | — | — | — |
| SG&A / revenue | 28.7% | 35.4% | 1.6% | 38.1% | 1.6% | 7.3% | 3.7% | 3.3% | 4.3% | 3.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 44.0 | 77.5 | 46.9 | 39.7 | 45.6 | 60.8 | 46.4 | 41.2 | 40.4 | 43.3 |
| Days payables outstanding | 44.8 | 71.2 | 68.6 | 50.6 | 24.5 | 33.6 | 28.4 | 28.9 | 28.8 | 34.6 |
| Cash conversion cycle (days) | -0.8 | 6.3 | -21.6 | -10.9 | 21.1 | 27.3 | 18.0 | 12.3 | 11.6 | 8.7 |
| Receivables turnover | 8.30 | 4.71 | 7.78 | 9.19 | 8.01 | 6.00 | 7.86 | 8.87 | 9.04 | 8.43 |
| Payables turnover | 8.14 | 5.12 | 5.32 | 7.22 | 14.93 | 10.88 | 12.84 | 12.64 | 12.70 | 10.55 |
| Asset turnover | 0.41 | 0.20 | 0.52 | 0.86 | 0.83 | 0.46 | 0.59 | 0.81 | 0.75 | 0.52 |
| Average receivables | $1.40B | $896.5M | $999.5M | $1.25B | $911.5M | $868.0M | $1.08B | $1.15B | $1.05B | $933.5M |
| Average payables | $765.0M | $601.0M | $514.0M | $455.5M | $327.0M | $422.0M | $630.5M | $708.5M | $663.0M | $808.0M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from EXE's annual financial statements (latest annual report filed February 18, 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.
EXE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Expand Energy traded at 14.6 times earnings, against a 10-year median of 3.7. Based on the latest twelve months, the trailing P/E is 8.1 and the forward P/E is 9.6. Expand Energy earned a return on equity of 10.1% and a return on invested capital of 7.1% in fiscal 2025. It ended the year with $5.1 billion of debt and $960.0 million in cash and short-term investments, net debt of $4.1 billion. It returned $865.0 million to shareholders: $765.0 million in dividends and $100.0 million in share buybacks, 47% of free cash flow.
See the EXE income statement, the EXE chart for price history, or the EXE stock overview for the latest quote and news.
EXE key metrics FAQ
What is Expand Energy's P/E ratio?
Expand Energy's trailing P/E ratio is 8.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.6. At the end of fiscal 2025 it was 14.6, compared with a 10-year median of 3.7.
What is Expand Energy's EV/EBITDA?
Expand Energy's enterprise value was 5.6 times EBITDA at the end of fiscal 2025 (enterprise value $30.6 billion, EBITDA $5.5 billion); the current EV/EBITDA is 3.5.
What is Expand Energy's return on equity?
Expand Energy's return on equity (ROE) was 10.1% in fiscal 2025: net income of $1.8 billion on average shareholders' equity of $18.1 billion.
What is Expand Energy's ROIC?
Expand Energy's return on invested capital was 7.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Expand Energy have?
Expand Energy had total debt of $5.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.27 and $4.1 billion of net debt (0.75 times EBITDA).
What is Expand Energy's dividend yield?
Expand Energy's forward dividend yield is 2.46%. Expand Energy paid $765.0 million in dividends in fiscal 2025 ($3.18 per share), a payout ratio of 42.1%.
Does Expand Energy buy back its shares?
Yes. Expand Energy spent $100.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +53.1% over the year, to 240.4M..
What is Expand Energy's free cash flow yield?
Expand Energy generated $1.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 6.9% on its market value at year-end ($26.5 billion).
What is Expand Energy's current ratio?
Expand Energy's current ratio was 1.01 at the end of fiscal 2025: current assets were 1.01 times current liabilities.