Equinor ASA (EQNR) AI Stock Analysis

• Market Cap: $58.20B
• Dividend Yield: 7.51%
• Average Volume (3M): 3.86M
• Price to Earnings (P/E): 10.8
• Beta (1Y): 0.12
• Revenue Growth: 1.53%
• EPS Growth: -35.81%
• Country: US
• Employees: 24,126
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Integrated
• EPS (TTM): 0.37
• Shares Outstanding: 2,556,807,600
• 10 Day Avg. Volume: 4,552,615
• 30 Day Avg. Volume: 3,856,993
• PEG Ratio: -0.37
• Price to Book (P/B): 1.58
• Price to Sales (P/S): 0.65
• P/FCF Ratio: 8.42
• Enterprise Value/Market Cap: 1.21
• Enterprise Value/Revenue: 0.66
• Enterprise Value/Gross Profit: 1.75
• Enterprise Value/Ebitda: 1.74
• 1Y Price Target: $23.33
• Price Target Upside: 2.28% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: $26.00 ▲(13.99% Upside)

Equinor's overall stock score reflects strong valuation metrics and solid financial performance, despite some challenges in net profitability and cash flow efficiency. Technical analysis indicates mixed signals, while the earnings call reveals operational strengths but also financial and safety challenges. The high dividend yield and reasonable P/E ratio are significant positives.

Positive Factors

Renewable Energy Expansion

Equinor's focus on reducing costs in its renewables segment indicates a strategic shift towards sustainable energy, enhancing long-term growth prospects in a transitioning energy market.

Production Growth

The increase in production reflects operational efficiency and resource optimization, strengthening Equinor's market position and revenue potential in the energy sector.

Strategic Joint Ventures

The JV in lithium resources diversifies Equinor's portfolio, aligning with global energy trends and enhancing its strategic positioning in the critical minerals market.

Negative Factors

Net Profit Margin Decline

The decline in net profit margin suggests challenges in maintaining profitability, potentially impacting Equinor's ability to generate sustainable earnings over time.

Increased Leverage

Rising leverage can constrain financial flexibility, increasing risk and potentially affecting Equinor's ability to invest in growth opportunities or weather economic downturns.

Safety Challenges

Safety incidents can lead to operational disruptions and regulatory scrutiny, impacting Equinor's reputation and operational efficiency in the long term.

Equinor ASA Business Overview & Revenue Model

Company Description

Equinor ASA (EQNR) is a Norwegian multinational energy company primarily engaged in oil and gas exploration, production, and renewable energy solutions. Established in 1972, Equinor is a significant player in the oil and gas sector, focusing on both conventional resources in the North Sea and emerging renewable markets, including offshore wind and solar energy. The company operates across various segments, including exploration and production, renewable energy, and midstream operations, with a commitment to sustainability and reducing carbon emissions.

How the Company Makes Money

Equinor generates revenue primarily through the exploration, production, and sale of oil and natural gas. The company earns money from the extraction and sale of hydrocarbons, which are sold on the global market at prevailing prices. Additionally, Equinor is investing heavily in renewable energy projects, particularly in offshore wind, which is expected to be a significant source of revenue as the world transitions to cleaner energy. The company also engages in midstream activities, including transportation and storage of oil and gas, which contribute to its revenue. Strategic partnerships, such as joint ventures with other energy companies, enhance its exploration capabilities and market reach, further solidifying its earnings potential.

Equinor ASA Financial Statement Overview

Summary

Equinor ASA demonstrates strong revenue growth and profitability with solid gross and EBIT margins. However, challenges include declining net profit margins and reduced return on equity. The balance sheet remains stable, though leverage has increased slightly. Cash flow generation shows some pressure, with declining free cash flow growth. Overall, Equinor is performing well but should focus on improving net profitability and cash flow efficiency.

Income Statement

Equinor ASA has shown strong revenue growth in the TTM period with a 49.9% increase, indicating a robust recovery from previous declines. The gross profit margin of 38.9% and EBIT margin of 29.1% reflect solid profitability, although the net profit margin has decreased to 7.7% from 8.6% in the previous year, suggesting some pressure on net earnings. Overall, the income statement indicates a strong performance with some areas for improvement in net profitability.

Balance Sheet

The company's debt-to-equity ratio of 0.82 in the TTM period is manageable, showing a slight increase from the previous year, which may indicate rising leverage. The return on equity has decreased significantly to 5.4% from 20.8%, suggesting reduced efficiency in generating returns on shareholder investments. The equity ratio remains stable, indicating a balanced capital structure. Overall, the balance sheet is stable but shows signs of increased leverage and reduced return on equity.

Cash Flow

Equinor's cash flow statement shows a decline in free cash flow growth by 13.1% in the TTM period, reflecting challenges in cash generation. The operating cash flow to net income ratio of 0.55 indicates moderate cash conversion efficiency. The free cash flow to net income ratio of 0.37 suggests that a significant portion of earnings is being converted into free cash flow, albeit at a reduced rate compared to previous periods. Overall, the cash flow statement highlights some pressure on cash generation and efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	107.07B	102.50B	106.85B	149.00B	88.74B	45.75B
Gross Profit	40.24B	42.63B	48.04B	88.81B	41.87B	9.53B
EBITDA	40.34B	41.95B	49.59B	86.27B	44.07B	11.96B
Net Income	5.73B	8.81B	11.88B	28.75B	8.56B	-5.51B
Balance Sheet
Total Assets	135.85B	131.14B	143.58B	158.02B	147.12B	124.81B
Cash, Cash Equivalents and Short-Term Investments	22.39B	23.45B	38.87B	39.31B	33.28B	18.62B
Total Debt	30.95B	30.09B	31.80B	32.17B	36.24B	38.12B
Total Liabilities	95.25B	88.76B	95.08B	104.03B	108.10B	90.92B
Stockholders Equity	40.52B	42.34B	48.49B	53.99B	39.01B	33.87B
Cash Flow
Free Cash Flow	6.83B	7.93B	14.13B	26.38B	20.78B	1.91B
Operating Cash Flow	20.36B	20.11B	24.70B	35.14B	28.82B	10.39B
Investing Cash Flow	-6.09B	-3.53B	-12.41B	-15.86B	-16.21B	-12.09B
Financing Cash Flow	-11.94B	-17.74B	-18.14B	-15.41B	-4.84B	2.99B

Equinor ASA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 22.81
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQNR, the sentiment is Negative. The current price of 22.81 is below the 20-day moving average (MA) of 23.55, below the 50-day MA of 23.81, and below the 200-day MA of 23.86, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 40.24 is Neutral, neither overbought nor oversold. The STOCH value of 22.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EQNR.

Equinor ASA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
E	79 Outperform	$57.16B	18.77	5.31%	5.90%	-3.84%	15.75%
SHEL	78 Outperform	$211.82B	15.09	8.06%	3.87%	-6.96%	0.03%
TTE	77 Outperform	$142.02B	10.29	12.27%	5.17%	-9.52%	-11.66%
PBR	77 Outperform	$78.24B	5.86	18.20%	12.71%	-11.63%	-15.67%
EQNR	69 Neutral	$58.20B	10.82	13.46%	7.51%	1.53%	-35.81%
BP	68 Neutral	$92.59B	60.20	2.52%	5.34%	-4.11%	-37.59%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

Equinor ASA Corporate Events

Equinor ASA Announces $1.5 Billion Fixed-Rate Notes Issuance

On November 6, 2025, Equinor ASA announced a pricing agreement to issue and sell $1.5 billion in fixed-rate notes with varying maturities, including $250 million due in 2028, $250 million due in 2030, and $1 billion due in 2035. This move is part of Equinor’s strategy to manage its debt portfolio and finance its operations, potentially impacting its financial stability and market positioning.

Equinor ASA Announces Ex-Dividend Trading on NYSE for Q2 2025

On November 14, 2025, Equinor ASA announced that its shares will be traded on the New York Stock Exchange without the second quarter 2025 cash dividend, which amounts to USD 0.37 per share. This move is part of the company’s compliance with the Continuing Obligations and the Norwegian Securities Trading Act, potentially impacting shareholder returns and market perceptions.

Equinor ASA Completes Fourth Tranche of 2025 Share Buy-Back Program

Equinor ASA announced the completion of the fourth tranche of its 2025 share buy-back program, purchasing a total of 1,497,755 shares between November 3 and November 7, 2025, at an average price of NOK 244.6686 per share. This tranche is part of a broader initiative to optimize the company’s capital structure and return value to shareholders, with the total buy-backs under this tranche accumulating to 2,099,507 shares, representing a significant investment in its own equity.

Equinor ASA Executes $1.5 Billion Debt Issuance to Boost Financial Flexibility

On November 6, 2025, Equinor ASA announced the execution of debt capital market transactions, issuing USD 1.5 billion in notes under its US Shelf Registration Statement. The proceeds from these transactions, which include notes due in 2028, 2030, and 2035, will be used for general corporate purposes, enhancing the company’s financial flexibility. This move is expected to strengthen Equinor’s position in the energy sector by providing additional resources for debt repayment and other strategic initiatives.

Equinor ASA Announces Board Changes Effective October 31, 2025

On October 31, 2025, Equinor ASA announced a change in its Board of Directors as Tone H. Bachke will step down to focus on her role as EVP and CFO at SHV Holding N.V. This move is part of Equinor’s ongoing efforts to streamline its leadership structure and ensure strategic alignment with its business objectives.

Equinor Completes Third Tranche of 2025 Share Buy-Back Program

Equinor ASA announced the completion of the third tranche of its 2025 share buy-back program, purchasing 1,327,337 shares between September 29 and October 3, 2025, at an average price of NOK 246.8926 per share. This tranche is part of a broader buy-back initiative aimed at enhancing shareholder value, with a total of 13,377,819 shares bought back under the tranche, reflecting Equinor’s strategic focus on optimizing its capital structure and returning value to shareholders.