Expand Energy Corporation EXE

EnergyOil & GasUnited States of America

Last close 90.55 USD on Nov 1, 2026, −16.5% year to date

Quant rating

Quant rating C Rank 94 of 167 in Energy

Growth C 85 of 167
Valuation A 3 of 167
Quality D 132 of 167
Revisions C 87 of 167
Momentum D 127 of 167

Wall Street consensus Buy (1.86)Average target 122.73 USD +35.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 20.9B
Enterprise value: 23.9B
52-week range: 83.25 – 126.62
3-year range: 70.31 – 126.62
Dividend yield: 2.54%
Beta (5 years): 0.38
Shares outstanding: 231M
Next earnings: Feb 21, 2027

About the company

Expand Energy Corporation is an independent natural gas producer in the United States. The Company is focused on developing a supply of natural gas, oil and natural gas liquids (LNG) to expand energy access for all. Its operations are located in Louisiana, in the Haynesville and Bossier Shales (Haynesville), in Pennsylvania in the Marcellus Shale (Northeast Appalachia) and in West Virginia and Ohio in the Marcellus and Utica Shales (Southwest Appalachia) and include interests in approximately 8,000 gross natural gas and oil wells. The Company's operations include drilling, completion, and production. It also operates drilling rigs and provides certain oilfield products and services, principally serving the Company’s E&P operations through vertical integration. Haynesville is rich in natural gas with proximity to LNG export infrastructure. The Company's operations in Ohio and West Virginia target the Marcellus and Utica shales and provide oil and natural gas liquids.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,189	4,196	7,775	11,443	5,792	–
Revenue growth	190.5%	−46.0%	−32.1%	97.6%	10.0%	18.3%
EPS (basic, normalized)	6.10	1.41	4.91	17.22	7.88	–
EPS growth	332.6%	−71.3%	−71.5%	118.5%	–	–
Gross margin	73.7%	65.5%	82.3%	84.5%	76.1%	76.4%
Net margin	14.9%	−17.0%	31.1%	42.6%	109.3%	36.2%
ROE	10.1%	−5.0%	24.4%	66.7%	3,835.2%	786.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	118
Current ratio	0.96x
Long-term debt (mil)	3,685
Net debt (mil)	3,022
Total equity (mil)	19,500
Net debt / equity	0.15x
Net debt / EBITDA	0.60x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,189	+190.5%	2.0x	5,078	+139.1%	4.7x	6.10	+332.6%	14.8x
2026	12,992	+6.6%	1.8x	5,766	+13.6%	4.2x	8.64	+41.6%	10.5x
2027	11,799	−9.2%	2.0x	5,775	+0.1%	4.1x	8.16	−5.6%	11.1x
2028	12,583	+6.6%	1.9x	6,405	+10.9%	3.7x	10.44	+27.9%	8.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,992	−0.4%	−2.7%	+1.1%	8.64	−2.8%	−4.6%	−3.7%
2027	11,799	−0.6%	−4.0%	−8.2%	8.16	−3.4%	−6.6%	−11.4%
2028	12,583	+0.6%	−1.1%	−4.7%	10.44	+0.6%	+8.5%	+11.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,081	505	648	2,001	2,196	3,690	2,966	3,272	4,397	2,960
Sales mean (mil)	1,122	787	700	1,943	2,573	2,597	2,499	2,697	3,388	2,831
Surprise	−3.6%	−35.8%	−7.5%	+3.0%	−14.7%	+42.1%	+18.7%	+21.3%	+29.8%	+4.6%
EPS reported	0.56	0.01	0.16	0.55	2.02	1.10	0.97	2.00	3.83	1.33
EPS mean	0.59	0.00	−0.06	0.48	1.88	1.16	0.97	1.88	3.64	1.15
Surprise	−5.6%	−467.6%	−359.2%	+15.3%	+7.3%	−4.9%	−0.4%	+6.2%	+5.2%	+16.1%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EXE Expand Energy Corporation	20.9B	0.60x	14.9%	1.09x	10.5x	11.1x	4.2x	4.1x
XOM Exxonmobil Holdings Corp	770.0B	0.43x	8.9%	2.97x	14.2x	15.2x	8.0x	8.1x
CVX Chevron Corporation	465.3B	0.85x	6.7%	2.45x	13.3x	14.9x	6.9x	7.5x
COP ConocoPhillips	185.0B	0.62x	12.8%	2.83x	13.8x	14.8x	5.9x	6.2x
MPC Marathon Petroleum Corporation	124.9B	2.65x	3.0%	6.60x	7.1x	8.5x	5.2x	6.2x
VLO Valero Energy Corp	111.5B	0.57x	1.9%	3.98x	6.8x	7.8x	4.6x	5.6x
Mean		0.95x	8.0%	3.32x	10.9x	12.1x	5.8x	6.3x
Median		0.61x	7.8%	2.90x	11.9x	12.9x	5.6x	6.2x

Technical analysis

1M+6.1%
3M+2.9%
1Y−8.3%
3Y+14.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Expand Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,189	4,196	7,775	11,443	5,792	5,266
Cost of revenue	3,204	1,448	1,376	1,776	1,387	1,604
Gross profit	8,985	2,748	6,399	9,667	4,405	3,662
Selling, general & administrative expenses	3,341	1,496	2,626	4,357	2,612	2,156
Research & development	31.0	4.0	15.0	–	6.0	16.0
Depreciation/amortization	2,980	1,729	1,527	1,753	991	1,097
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	118	−9.0	−929	−226	−5,549	9,818
Other operating expenses	40.0	332	18.0	8.0	72.0	29.0
Operating income	2,475	−804	3,142	3,775	6,273	−9,454
Net interest income (expense)	−235	−123	−104	−147	−84.0	−331
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	42.0	86.0	79.0	23.0	33.0	16.0
Net income before taxes	2,282	−841	3,117	3,651	6,222	−9,769
Provision for taxes	463	−127	698	−1,285	−106	−19.0
Minority interest	–	–	–	0	0	16.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,819	−714	2,419	4,936	6,328	−9,734
Extraordinary items	–	–	–	–	–	–
Net income	1,819	−714	2,419	4,936	6,328	−9,734
EBIT, normalized	2,593	−791	2,213	3,551	724	364
EBITDA, normalized	5,573	938	3,740	5,304	1,715	1,461
Basic EPS, normalized	6.10	1.41	4.91	17.22	7.88	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Expand Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	616	317	1,079	130	905	279
Receivables	1,599	1,226	593	1,438	1,115	746
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	701	454	937	1,130	83.0	83.0
Total current assets	2,916	1,997	2,609	2,698	2,103	1,108
Property, plant & equipment	24,414	24,427	10,196	11,306	8,837	5,261
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	957	1,470	1,571	1,464	69.0	215
Total assets	28,287	27,894	14,376	15,468	11,009	6,584
Liabilities
Accounts payable	753	777	425	603	308	346
Payable/accrued	–	–	–	–	–	–
Accrued expenses	776	746	490	571	400	283
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	389	–	–	0	1,938
Other current liabilities	1,372	1,211	399	1,530	1,739	527
Total current liabilities	2,901	3,123	1,314	2,704	2,447	3,094
Long-term debt	5,009	5,291	2,028	3,093	2,278	1,064
Minority interest	–	–	–	–	–	0
Other liabilities	1,799	1,915	305	547	613	7,767
Total liabilities	9,709	10,329	3,647	6,344	5,338	11,925
Shareholders' equity
Preferred stock	–	–	–	–	0	1,631
Common stock	2.0	2.0	1.0	1.0	1.0	0.1
Additional paid-in capital	13,746	13,687	5,754	5,724	4,845	16,937
Retained earnings (accumulated deficit)	4,830	3,876	4,974	3,399	825	−23,954
Treasury stock	–	–	–	–	–	0
Other equity	0	0	0	0	0	44.9
Total equity	18,578	17,565	10,729	9,124	5,671	−5,341
Total liabilities & shareholders' equity	28,287	27,894	14,376	15,468	11,009	6,584

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Expand Energy Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,819	−714	2,419	4,936	6,328	−9,750
Depreciation, depletion & amortization	2,980	1,729	1,527	1,753	991	1,097
Deferred taxes	448	−123	428	−1,332	−106	−10.0
Non-cash items	−387	988	−2,269	−1,109	−6,239	8,912
Changes in working capital	−285	−315	275	−123	814	915
Cash from operations	4,575	1,565	2,380	4,125	1,788	1,164
Investing activities
Capital expenditures	−2,931	−1,557	−1,829	−1,823	−735	−1,142
Other investing cash flows	172	−347	2,302	−1,578	−181	150
Cash from investing	−2,759	−1,904	473	−3,401	−916	−992
Financing activities
Financing cash flow items	−11.0	−14.0	0	−17.0	−12.0	−122
Cash dividends paid	−765	−388	−487	−1,212	−119	−22.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−739	−17.0	−1,405	−217	−106	245
Cash from financing	−1,515	−419	−1,892	−1,446	−237	101
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	301	−758	961	−722	635	273
Free cash flow	1,644	8.0	551	2,302	1,053	22.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.