Equinor ASA (STOHF) stock analysis
Close on Oct 19, 2026Market cap $109.39BP/E 22.6Yield 3.38%
StockData Score
Prices as of Oct 30, 2026How the score works
Weak3 of 30 checks passed
Equinor ASA passes 3 of the 30 checks behind our score; 17 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 0/6
- Past performance
- 1/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 19.4%, above the 10% that usually covers the cost of capital.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 66.2% of total debt.
Debt falling against equity
Debt to equity fell from 105% five years ago to 74.6%.
What to watch
Return on equity under 15%
Return on equity was 12.2% over the last twelve months and averaged 28.0% over five years; we look for 15% on both.
High debt
Debt is 74.6% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew -11.0% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -40.1% a year over the last three fiscal years.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth0/6
Revenue growing under 10% a year
Revenue grew -11.0% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -40.1% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 2.6% over the last twelve months; the Petroleum Refining median is 11.1%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin slipping
Gross margin was 48.2% over the last twelve months, against 51.8% a year earlier.
Past performance1/6
Return on equity under 15%
Return on equity was 12.2% over the last twelve months and averaged 28.0% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 19.4%, above the 10% that usually covers the cost of capital.
Return on equity below the industry
Equinor ASA's return on equity of 12.2% is below the Petroleum Refining median of 14.2%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was 4.7% over the last twelve months, against a 5-year average of 10.6%.
Net margin below the industry
Equinor ASA's net margin of 4.7% is below the Petroleum Refining median of 4.7%.
Financial health2/6
High debt
Debt is 74.6% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 105% five years ago to 74.6%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 66.2% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Equinor ASA has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Equinor ASA. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $193.64M
- Value traded per 1% price move
- $92.61M
Downside
Medium risk
- Typical loss in a bad month
- 15.9%
- Volatility (annualized)
- 39%
- Sharpe ratio, 1 year
- 2.49
- Beta to the S&P 500 (5Y)
- 0.10
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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