NYSE · EQNR

Equinor ASA

Energy · Oil & Gas Integrated

$45.11▼ 0.27% ($0.12)at close

As of 4:00 PM ET

52-week

$22.26$45.55

Market cap

$107.85B

P/E

12.15

What the market price implies · Reverse DCF

To support a price of $45.11, this model requires revenue to grow by -14.17%/yr over the next 10 years, compounded annually.

Historical revenue grew by 4.58%/yr over the past 4 years. The required annual growth rate is 18.75 percentage points lower.

Selected forecast · Base scenario

8.06%/yr · actual 10-year annualized revenue growth

Year 1 growth: 12.63%

Market-implied · Base operating assumptions + edited margins

-14.17%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$45.11

Estimated value / share

$226.58

Base scenario

This estimate is 402.29% above the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

This estimate is at least 3× the price used. Review the growth, margin and investment assumptions behind the gap.

Year 1 growth 12.63% · Ending margin 20.87% · Discount rate 6.96%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 1:13 AM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 9 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 244.4%.

Do you have 5+ years of positive FCFF history? 9 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue is still growing 37.4%, above the 15.0% maturity threshold, so a steady-state FCFF model would lean too heavily on a business still scaling.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 80.95%Revenue (TTM): 6.72%FCF (TTM): 21.81%P/FCF: 63rd pct

What changed

The stock rose 80.95% over the last year. Revenue grew 6.72% over the trailing twelve months. Operating margin moved from 28.4% to 29.04%. Free cash flow grew 21.81% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (63rd percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 29.04% — continued expansion would be needed to justify the premium. Revenue growth of 6.72% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

Equinor ASA operates as an energy company in Norway and internationally.

CEOAnders Opedal

SectorEnergy

IndustryOil & Gas Integrated

Employees23,843

IPO dateJun 18, 2001

https://www.equinor.com

Market multiples

Forward P/E—

EV/EBITDA2.46

Enterprise value$89.68B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth37.38%

Gross margin35.87%▼14.7ppvs FY2024

Operating margin29.65%▼4.5ppvs FY2024

ROE21.31%▲9.1ppvs FY2025

Analyst consensus

RatingHold

Target price$36.50▼19.09%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 28, 2026

Q4 FY26 · EPS est $1.46 · Revenue est $32.73B

View

Dividends

$1.54/shareQuarterlyAdequate

EQNR pays a dividend with a 3.41% declared yield, growing at 22.42% annually, covered 1.3× by free cash flow.

Declared Yield

3.41%

Annual Div / Share

$1.54

5yr CAGR

+22.42%

Doubles every ~3.4yr

Payout Ratio

41.24%

Adequate

Dividend Growth Rate

3yr CAGR

-24.65%

5yr CAGR

+22.42%

10yr CAGR

+5.75%

Dividend Safety

6/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.54-14.9%

2025$1.81-39.7%

2024$3.00-16.7%

2023$3.60+114.3%

2022$1.68+200.0%

2021$0.56-21.1%

2020$0.71-29.7%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$34/yr

$3/mo

In 5 yrs

$60/yr+76%

$5/mo

In 10 yrs

$106/yr+211%

$9/mo

Today	In 5 yrs	In 10 yrs
$34/yr $3/mo	$60/yr+76% $5/mo	$106/yr+211% $9/mo

Long-range projections use a capped 12% annual growth assumption.

Yield-on-cost grows from 3.41% → 10.6% over 10yr

Analysis

Dividend Strengths

Strong dividend growth rate

The 5-year CAGR of 22.42% meaningfully outpaces inflation, compounding real income growth for long-term holders.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NYSE · EQNR

Equinor ASA

Energy · Oil & Gas Integrated

$45.11▼ 0.27% ($0.12)at close

As of 4:00 PM ET

52-week

$22.26$45.55

Market cap

$107.85B

P/E

12.15

What the market price implies · Reverse DCF

To support a price of $45.11, this model requires revenue to grow by -14.17%/yr over the next 10 years, compounded annually.

Historical revenue grew by 4.58%/yr over the past 4 years. The required annual growth rate is 18.75 percentage points lower.

Selected forecast · Base scenario

8.06%/yr · actual 10-year annualized revenue growth

Year 1 growth: 12.63%

Market-implied · Base operating assumptions + edited margins

-14.17%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$45.11

Estimated value / share

$226.58

Base scenario

This estimate is 402.29% above the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

This estimate is at least 3× the price used. Review the growth, margin and investment assumptions behind the gap.

Year 1 growth 12.63% · Ending margin 20.87% · Discount rate 6.96%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 1:13 AM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 9 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 244.4%.

Do you have 5+ years of positive FCFF history? 9 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 80.95%Revenue (TTM): 6.72%FCF (TTM): 21.81%P/FCF: 63rd pct

What changed

The stock rose 80.95% over the last year. Revenue grew 6.72% over the trailing twelve months. Operating margin moved from 28.4% to 29.04%. Free cash flow grew 21.81% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (63rd percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Performance

Return analysis

Company profile

Equinor ASA operates as an energy company in Norway and internationally.

CEOAnders Opedal

SectorEnergy

IndustryOil & Gas Integrated

Employees23,843

IPO dateJun 18, 2001

https://www.equinor.com

Market multiples

Forward P/E—

EV/EBITDA2.46

Enterprise value$89.68B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth37.38%

Gross margin35.87%▼14.7ppvs FY2024

Operating margin29.65%▼4.5ppvs FY2024

ROE21.31%▲9.1ppvs FY2025

Analyst consensus

RatingHold

Target price$36.50▼19.09%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 28, 2026

Q4 FY26 · EPS est $1.46 · Revenue est $32.73B

View

Dividends

$1.54/shareQuarterlyAdequate

EQNR pays a dividend with a 3.41% declared yield, growing at 22.42% annually, covered 1.3× by free cash flow.

Declared Yield

3.41%

Annual Div / Share

$1.54

5yr CAGR

+22.42%

Doubles every ~3.4yr

Payout Ratio

41.24%

Adequate

Dividend Growth Rate

3yr CAGR

-24.65%

5yr CAGR

+22.42%

10yr CAGR

+5.75%

Dividend Safety

6/10Adequate

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.54-14.9%

2025$1.81-39.7%

2024$3.00-16.7%

2023$3.60+114.3%

2022$1.68+200.0%

2021$0.56-21.1%

2020$0.71-29.7%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$34/yr

$3/mo

In 5 yrs

$60/yr+76%

$5/mo

In 10 yrs

$106/yr+211%

$9/mo

Today	In 5 yrs	In 10 yrs
$34/yr $3/mo	$60/yr+76% $5/mo	$106/yr+211% $9/mo

Long-range projections use a capped 12% annual growth assumption.

Yield-on-cost grows from 3.41% → 10.6% over 10yr

Analysis

Dividend Strengths

Strong dividend growth rate

The 5-year CAGR of 22.42% meaningfully outpaces inflation, compounding real income growth for long-term holders.

Risks to Watch

No strong risk signal stands out from the latest period pair.