| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 91 | 12.0x | 17.8x | Top tier | |
Growth | 32 | 5.5% | 7.1% | Bottom tier | |
Quality | 80 | 10.4% | 4.5% | Top tier | |
Safety | 75 | 0.6x | 2.6x | Top tier | |
Capital Return | 84 | 3.38% | 2.12% | Top tier | |
Momentum | 98 | 63.5% | 2.9% | Top tier | |
Sentiment | 89 | 13 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Equinor ASA produces, markets, and trades oil and gas, with a principal operating base on the Norwegian continental shelf and an international portfolio spanning the United States, Brazil, Angola, and the United Kingdom. The company generates additional income from refining and trading crude oil, liquefied natural gas, and power through its MMP segment, alongside electricity generation from assets such as Dogger Bank and onshore assets; electricity production reached 1.2 terawatt-hours in Q2 FY2026. The company also uses asset sales, stake swaps, and acquisitions to improve portfolio quality and link gas production to end demand, including the announced acquisition of the U.S. Lackawanna power plant for $940 million on August 18, 2026.
In Q2 FY2026, Equinor produced approximately 2.165 million barrels of oil equivalent per day, up 3% year over year, and recorded adjusted operating income before tax of $11.5 billion, IFRS net income of $4.8 billion, and adjusted earnings per share of $1.33. Exploration and Production Norway generated adjusted operating income before tax of $9.2 billion and $2.1 billion after tax, while MMP income before tax reached $777 million versus a normal guidance level of $400 million for the quarter, supported by crude trading and the Mongstad refinery. Cash flow from operations before tax was $14.8 billion, organic capital expenditure was $3.4 billion, and net cash flow before distributions was $5.5 billion.
FY2025 results show a weaker picture than the latest quarter's earnings despite higher revenue: revenue reached $106.5 billion versus $103.8 billion in FY2024, but gross profit declined to $51.3 billion from $53.7 billion, net income fell to $5.1 billion from $8.8 billion, and earnings per share dropped to $1.94 from $3.11. Based on the published figures, gross margin contracted to approximately 48.2% in FY2025 from 51.7% in FY2024, illustrating earnings sensitivity to prices and the operating mix even when nominal revenue grows.
The analyst consensus is neutral, with an average price target of $36.5 and identical high and low targets of $36.5; this target lies between the 52-week range boundaries of $22.26 and $43.46, but is approximately 16% below the top of the range. No price-to-earnings ratio is available in the data, so the strength of Q2 FY2026 results and the growth plan through 2030 should be weighed against the approximately 42% decline in FY2025 net income and the limited dispersion in analyst estimates.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Equinor produced approximately 2.165 million barrels of oil equivalent per day in Q2 FY2026, up 3% year over year, with contributions from Eirin, Symra, Johan Castberg, and Bacalhau. The company recorded adjusted operating income before tax of $11.5 billion, IFRS net income of $4.8 billion, and adjusted earnings per share of $1.33. The MMP segment also generated income before tax of $777 million, driven by crude trading, the Mongstad refinery, and higher refining margins. Cash flow from operations before tax was $14.8 billion versus organic capital expenditure of $3.4 billion.
Management maintained its production growth target at 3% for FY2026 after achieving 6% growth during the first half of FY2026. It explained that growth was planned to be concentrated in the first half due to the ramp-up of Bacalhau and Johan Castberg and the start-up of new fields, and therefore did not raise annual guidance. Bacalhau is expected to reach plateau production by the end of 2026, while Johan Castberg resumed production on July 13, 2026. Conversely, the Johan Castberg shutdown will reduce Equinor's Q3 FY2026 production by approximately 14 thousand barrels per day, alongside the impact of planned maintenance.
Automated analysis for informational purposes only — not investment advice.
Management said on July 22, 2026, that European gas inventories were at 53%, more than 15 percentage points below the normal level, and that Europe might not reach 80% storage before winter. Equinor maintains 70% exposure to day-ahead prices and 30% exposure to month-ahead prices, with a gas cost of approximately $2 per million British thermal units. On August 24, 2026, Uniper signed an agreement to purchase more than 30 terawatt-hours of Equinor gas annually starting in 2027 for 15 years. However, the company explained that it is producing at maximum capacity in the short term, so flexibility is concentrated in directing gas between markets rather than adding immediate volumes.
Equinor is targeting an additional 150 thousand barrels per day of production by 2030 and a 27% increase in international production, with a focus on the United States, Brazil, and Angola. The projects mentioned include Bacalhau, Raia and Sparta expected in 2028, Rosebank and Jekta generally expected in 2027, and Greater PAJ in Angola toward 2028. The company is also executing 65 tie-in and development projects near infrastructure on the Norwegian continental shelf and is targeting a 100 thousand barrel-per-day increase in its 2030 Norway production outlook. The NCS 2035 model aims to double development speed and halve the cost of new projects through standardization and simplification.
For Q2 FY2026, the board approved an ordinary cash dividend of $0.39 per share and a third share buyback tranche of up to $1.125 billion including the state's share. The company doubled its FY2026 buyback program from $1.5 billion to $3 billion, but confirmed during the July 22, 2026 call that there was no plan to increase it above this level. Cash and cash equivalents totaled approximately $24 billion, while the net debt ratio declined to 10.4% at the end of the quarter. The company is also prioritizing an additional $1 billion investment in oil and gas and strengthening the balance sheet to withstand periods of lower prices.
Equinor's revenue increased to $106.5 billion in FY2025 from $103.8 billion in FY2024, but remained below $107.2 billion in FY2023. Net income declined to $5.1 billion in FY2025, compared with $8.8 billion in FY2024 and $11.9 billion in FY2023. Earnings per share also declined to $1.94 from $3.11 and $3.93 over the same periods. This means the revenue improvement in FY2025 did not translate into profit growth, as gross profit fell to $51.3 billion from $53.7 billion.
