EQNRNYSEPetroleum RefiningFiscal year ends December 31Also trades as STOHF
EQUINOR ASA
Financials through Q4 FY2025, quarter ended Dec 31, 2025
$46.15−0.83 (-1.77%)
Close on Oct 19, 2026
- Market cap
- $116.16B
- P/E (TTM)
- 23.8
- Dividend yield
- 3.21%
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
48.2%−6.0 pts over 5 years
Operating margin
23.8%+31.3 pts over 5 years
Net margin
4.7%+16.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.6% | -11.0% | +18.4% | +6.0% | |
| Gross profit | -4.5% | -19.1% | +15.6% | +4.4% | |
| Operating income | -18.0% | -31.5% | – | +33.9% | |
| Net income | -42.7% | -44.0% | – | – | |
| EPS, diluted | -37.6% | -40.1% | – | – | |
| Free cash flow | -18.0% | -39.0% | +25.6% | – | |
| Dividend per share | -47.1% | -14.9% | +21.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -14.7% | 12.2% | |
| Return on assets | – | -4.5% | 3.8% | |
| Current ratio | 1.48 | 1.58 | – | |
| Debt to equity | 0.98 | 1.05 | 0.75 | |
| Net debt to EBITDA | – | 4.75× | 0.71× | |
| Inventory turnover | – | 6.5× | 15.0× | |
| Capex to revenue | 26.6% | 18.5% | 13.1% | |
| Diluted shares | 3.19B | 3.28B | 2.60B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Equinor Asa generated $132.65B from operations and spent $106.15B on capital expenditure, dividends and share buybacks. 50% of that went back into the business.
Generated
$132.65B
Used
$106.15B
Capital expenditure$53.54B50%Dividends$31.45B30%Share buybacks$21.15B20%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.7%
×Asset turnover0.81×
×Equity multiplier3.18×
=Return on equity, FY202512.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.7% | 0.81× | 3.18× | 12.2% |
| FY2024 | 8.5% | 0.76× | 3.02× | 19.4% |
| FY2023 | 11.1% | 0.71× | 2.94× | 23.2% |
| FY2022 | 19.1% | 0.99× | 3.28× | 61.8% |
| FY2021 | 9.4% | 0.67× | 3.73× | 23.5% |
| FY2020 | -12.0% | 0.37× | 3.26× | -14.7% |
| FY2019 | 2.9% | 0.55× | 2.76× | 4.4% |
| FY2018 | 9.5% | 0.71× | 2.70× | 18.2% |
| FY2017 | 7.5% | 0.57× | 2.88× | 12.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$5.04B
- Cash generatingOperating cash flow above zero$19.97B
- Return on assets improvedROA up on the prior year6.1% → 3.8%
- Earnings backed by cashOperating cash flow above net income$19.97B vs $5.04B
- Less leverageLong-term debt to assets fell14.8% → 18.0%
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise2.83B → 2.60B
- Gross margin improvedGross margin up on the prior year51.78% → 48.18%
- More efficientAsset turnover rose0.72 → 0.81