Equinor ASA

EQNR · Energy · Oil & Gas Integrated · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

123.73B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

37.79B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

45.75B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

69.09B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

100.04B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.69×

the ratio the screener ranks by

Margin of Safety

-44.8%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 123.73B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)132.44B USD
−②Net Debt Today8.70B USD
+③Growth Value0 USD
=Value123.73B USD

EPV of the Operations (NOPAT over WACC)

132.44B USD

Net debt today

-8.70B USD

Growth Value

0 USD

Value

123.73B USD

①EPV (earnings power value)

132.44B USD

②Net Debt Today

8.70B USD

③Growth Value

0 USD

Market value

Market Cap100.04B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+19.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 37.79B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE30.49B USD
+②Equity at Year 15, Today7.30B USD
=Value37.79B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

30.49B USD

②Equity at Year 15, Today

7.30B USD

Market value

Market Cap100.04B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-164.7%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 45.75B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF37.45B USD
+②Invested Capital at Year 15, Today17.00B USD
−③Net Debt Today8.70B USD
=Value45.75B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

37.45B USD

②Invested Capital at Year 15, Today

17.00B USD

③Net Debt Today

8.70B USD

Market value

Market Cap100.04B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-118.7%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 8.05%
Cost of Equity =Risk-Free Rate 4.50%+Beta (default) 1.00×Market Risk Premium 6.00%= 10.50%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 20.05B USDPretax Income 25.11B USD= 79.84%

The tax the interest saves.

Interest Expense =EBIT 25,945.92M USD−Pretax Income 25,113.09M USD= 832.83M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 832.83M USDTotal Debt 32.45B USD×(1 − Tax Rate for WACC 79.84%)= 0.52%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 32.45B USDMarket Cap + Total Debt 100.04B USD + 32.45B USD= 24.49%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 75.51%×Cost of Equity 10.50%+Debt Weight 24.49%×Cost of Debt 0.52%= 8.05%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 141.04B USD − Total Liabilities 97.86B USD = Book Value Today 43.18B USD

Total Debt 32.45B USD − Cash and Short-Term Investments 23.75B USD = Net Debt Today 8.70B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-19.2%at most 5%passes2,377,928,687 / 2,944,733,144
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets10.6%at least -10.0%passes(19.99B USD − 5.05B USD) ÷ 141.04B USD
Price to bookMarket Cap ÷ Book Value Today2.32×at most 3×passes100.04B USD ÷ 43.18B USD
Operating marginOperating Income ÷ Revenue23.4%above 10.0%passes24.75B USD ÷ 105.93B USD
Revenue growthRevenue ÷ Revenue a Year Before − 13.2%above 10.0%does not pass105.93B USD / 102.60B USD
Net cash(Cash − Total Debt) ÷ Market Cap-24.4%above -30%passes(8.07B USD − 32.45B USD) ÷ 100.04B USD
Operating efficiencyOperating Income ÷ Gross Profit64.5%above 25.0%passes24.75B USD ÷ 38.38B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

42.21 USD

Enterprise value

214.01B USD

the provider's own figure

EV / EBITDA

5.11×

Price / book

4.76×

the provider's book

Price / earnings

11.28×

Return on equity

21.3%

the provider's figure, not this page's

Profit margin

8.0%

Revenue growth

37.4%

Analyst target, mean

38.32 USD

Analysts

7

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

149.15B106.95B102.60B105.93B

Gross profit

88.90B48.09B42.67B38.38B

Operating income

77.82B35.27B30.38B24.75B

EBITDA

operating income before depreciation and amortisation

86.35B49.64B41.99B38.43B

Pretax income

78.68B37.92B31.02B25.11B

Net income

28.77B11.90B8.81B5.05B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

28.74B10.69B8.94B4.94B

R&D

————
Balance sheet, year end

Total assets

158.18B143.72B131.27B131.86B

Total liabilities

104.14B95.18B88.85B91.32B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

54.04B48.54B42.38B40.46B

Total debt

32.20B31.83B30.13B31.25B

Cash and equivalents

9.45B8.08B5.91B5.04B

Net PP&E

fixed assets after depreciation

58.16B60.05B56.76B62.81B

Working capital

current assets less current liabilities

34.40B25.89B17.16B8.17B
Cash flow

Operating cash flow

35.17B29.29B19.48B19.99B

Capital expenditure

paid out, so below zero

-8.77B-10.59B-12.19B-14.01B

Depreciation and amortisation

6.74B10.59B9.92B12.49B

Free cash flow

operating cash flow plus capital expenditure

26.40B18.70B7.30B5.98B