Equinor (EQNR) Stock Analysis

November 11, 2026

This is a peer-relative look at Equinor (EQNR): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Energy peers, so every number reads in context rather than in isolation.

Company Profile

Equinor (EQNR) trades as an ADR rather than ordinary local shares — read it with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile fields for Equinor (EQNR)
Profile Item	EQNR
Name	Equinor ASA Sponsored ADR
Country/Region	Norway
GICS Sector	Energy
GICS Industry Group	Energy
GICS Industry	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Integrated Oil & Gas
Market Capitalization	99.39 billion USD
Currency	USD
Exchange	NYSE
Listing Date	June 18, 2001
Security Type	ADR

Price Performance

Cumulative Growth

EQNR

GSPC

Equinor (EQNR) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Equinor (EQNR) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Equinor (EQNR) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Equinor (EQNR) metric values compared with Energy industry-group medians
Metric	Current stock: EQNR	Industry group median
Total Return (1Y)	78.03%	32.08%
Total Return (3Y, Annualized)	17.56%	14.39%
Total Return (5Y, Annualized)	17.66%	15.43%

Risk Profile

Drawdown History

EQNR

GSPC

Equinor (EQNR) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Equinor (EQNR) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Equinor (EQNR) metric values compared with Energy industry-group medians
Metric	Current stock: EQNR	Industry group median
Volatility (1Y, Annualized)	40.50%	41.29%
Beta (5Y)	0.18	0.66
Max Drawdown (5Y)	-34.57%	-52.09%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. EQNR is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Equinor (EQNR) metric values compared with Energy industry-group medians
Metric	Current stock: EQNR	Industry group median
Sharpe Ratio (1Y)	1.82	0.67
Sortino Ratio (1Y)	2.76	1.01

Profitability

ROE (TTM)

Equinor (EQNR) posts ROE of 27.57%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

EQNR

Energy industry group

27.57%

Group distribution

Max: 53.85%
EQNR: 27.57%
Q3: 24.79%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

Largest peers

PBR: 30.27%
EQNR: 27.57%
TTE: 17.83%
COP: 17.66%
SHEL: 17.43%
XOM: 15.53%
CVX: 13.85%

Where Equinor (EQNR) stands on ROE within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Equinor (EQNR) keeps 9.79% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

EQNR

Energy industry group

9.79%

Group distribution

Max: 56.92%
Q3: 22.92%
Median: 10.10%
EQNR: 9.79%
Q1: 0.07%
Min: -27.38%

Largest peers

PBR: 24.32%
COP: 16.76%
CVX: 11.92%
XOM: 10.46%
TTE: 10.46%
SHEL: 10.18%
EQNR: 9.79%

Where Equinor (EQNR) stands on net margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Equinor (EQNR) turns 37.00% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

EQNR

Energy industry group

37.00%

Group distribution

Max: 71.31%
EQNR: 37.00%
Q3: 33.75%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Largest peers

PBR: 44.68%
EQNR: 37.00%
COP: 30.05%
TTE: 24.51%
SHEL: 18.76%
CVX: 17.89%
XOM: 16.98%

Where Equinor (EQNR) stands on operating margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Equinor (EQNR) metric values compared with Energy industry-group medians
Metric	Current stock: EQNR	Industry group median
ROE (TTM)	27.57%	12.85%
ROA (TTM)	17.10%	5.49%
Net Margin (TTM)	9.79%	10.10%
Operating Margin (TTM)	37.00%	18.73%
Gross Margin (TTM)	43.18%	44.52%

Growth

Revenue Growth

Equinor (EQNR) grew revenue 3.24%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Equinor (EQNR): Revenue Growth across different time periods, set against Energy industry-group medians.

EPS Growth

Equinor (EQNR) grew earnings per share -37.62%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Equinor (EQNR): EPS Growth across different time periods, set against Energy industry-group medians.

Growth Metrics

Equinor (EQNR) metric values compared with Energy industry-group medians
Metric	Current stock: EQNR	Industry group median
Revenue Growth (YoY)	3.24%	0.51%
Revenue Growth (3Y CAGR)	-10.78%	0.37%
EPS Growth (YoY)	-37.62%	-11.75%
EPS Growth (3Y CAGR)	-40.11%	-12.07%

Financial Strength

Current Ratio (MRQ)

Equinor (EQNR) has current ratio of 1.18, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

EQNR

Energy industry group

1.18

Group distribution

Max: 3.64
Q3: 2.21
Median: 1.41
EQNR: 1.18
Q1: 0.88
Min: 0.24

Largest peers

COP: 1.52
SHEL: 1.38
CVX: 1.34
XOM: 1.19
EQNR: 1.18
TTE: 1.11
PBR: 0.85

Where Equinor (EQNR) stands on current ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Equinor (EQNR) has debt-to-equity ratio of 0.66, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

EQNR

Energy industry group

0.66

Group distribution

Max: 1.75
Q3: 0.93
EQNR: 0.66
Median: 0.54
Q1: 0.30
Min: 0.00

Largest peers

PBR: 0.76
EQNR: 0.66
TTE: 0.46
SHEL: 0.38
COP: 0.35
CVX: 0.17
XOM: 0.13

Where Equinor (EQNR) stands on debt-to-equity ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Equinor (EQNR) metric values compared with Energy industry-group medians
Metric	Current stock: EQNR	Industry group median
Current Ratio (MRQ)	1.18	1.41
Debt / Equity (MRQ)	0.66	0.54
Net Debt / EBITDA	0.12	1.13

Dividends

Dividend Yield (TTM)

Equinor (EQNR) has dividend yield of 3.67%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

EQNR

Energy industry group

3.67%

Group distribution

Max: 8.57%
EQNR: 3.67%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Largest peers

PBR: 19.51%
TTE: 4.58%
EQNR: 3.67%
CVX: 3.31%
XOM: 2.49%
COP: 2.48%
SHEL: 1.54%

Where Equinor (EQNR) stands on dividend yield within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Equinor (EQNR) has payout ratio of 31.54%, within the industry’s typical payout band. The dividend shares profits with investors while leaving earnings coverage that looks normal for the peer group.

EQNR

Energy industry group

31.54%

Group distribution

Max: 133.24%
Q3: 53.31%
EQNR: 31.54%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

Largest peers

CVX: 51.76%
XOM: 42.39%
TTE: 39.93%
COP: 35.41%
EQNR: 31.54%
PBR: 28.93%
SHEL: 26.24%

Where Equinor (EQNR) stands on payout ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Equinor (EQNR) metric values compared with Energy industry-group medians
Metric	Current stock: EQNR	Industry group median
Dividend Yield (TTM)	3.67%	1.71%
Dividend Payout Ratio (TTM)	31.54%	25.24%

Valuation

P/E Ratio (TTM)

Equinor (EQNR) trades at P/E ratio of 8.71, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

EQNR

Energy industry group

8.71

Group distribution

Max: 39.54
Q3: 21.72
Median: 12.19
EQNR: 8.71
Q1: 7.71
Min: 2.99

Largest peers

XOM: 17.06
CVX: 15.61
COP: 14.36
TTE: 8.76
EQNR: 8.71
SHEL: 8.60
PBR: 4.68

Where Equinor (EQNR) stands on P/E ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Equinor (EQNR) trades at 0.82 on P/S ratio, in the lower sales-valuation quartile for its industry. That points to a cheaper revenue stream than most peers, with margin quality still doing the heavy lifting.

EQNR

Energy industry group

0.82

Group distribution

Max: 5.40
Q3: 2.85
Median: 1.69
Q1: 0.88
EQNR: 0.82
Min: 0.00

Largest peers

COP: 2.34
CVX: 1.83
XOM: 1.74
TTE: 0.90
SHEL: 0.87
EQNR: 0.82
PBR: 0.22

Where Equinor (EQNR) stands on P/S ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Equinor (EQNR) trades at 4.44 on P/B ratio, above the industry benchmark range. Investors are putting an unusually rich price on each dollar of book equity relative to peers.

EQNR

Energy industry group

4.44

Group distribution

EQNR: 4.44
Max: 4.21
Q3: 2.38
Median: 1.51
Q1: 1.08
Min: 0.01

Largest peers

EQNR: 4.44
XOM: 2.55
COP: 2.44
CVX: 2.13
TTE: 1.46
SHEL: 1.43
PBR: 1.25

Where Equinor (EQNR) stands on P/B ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Equinor (EQNR) metric values compared with Energy industry-group medians
Metric	Current stock: EQNR	Industry group median
P/E Ratio (TTM)	8.71	12.19
P/S Ratio (TTM)	0.82	1.69
P/B Ratio (MRQ)	4.44	1.51
Free Cash Flow Yield (TTM)	32.55%	5.94%