EQNR vs. EXE: Equinor vs. Expand Energy Stock Comparison

November 11, 2026

How do Equinor (EQNR) and Expand Energy (EXE) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Equinor (EQNR) and Expand Energy (EXE) both belong to the Oil, Gas & Consumable Fuels industry, though EQNR is classified under Integrated Oil & Gas while EXE falls under Oil & Gas Exploration & Production.

Equinor (EQNR) has more than two decades of public-market history since June 18, 2001, whereas Expand Energy (EXE) listed on February 10, 2021 and has a much shorter record to draw on.

Expand Energy (EXE) trades as ordinary local shares, while Equinor (EQNR) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Equinor (EQNR) and Expand Energy (EXE)
Profile Item	EQNR	EXE
Name	Equinor ASA Sponsored ADR	Expand Energy Corp
Country/Region	Norway	United States
GICS Sector	Energy	Energy
GICS Industry Group	Energy	Energy
GICS Industry	Oil, Gas & Consumable Fuels	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Integrated Oil & Gas	Oil & Gas Exploration & Production
Market Capitalization	99.39 billion USD	19.54 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	June 18, 2001	February 10, 2021
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

EQNR

EXE

GSPC

Equinor (EQNR) vs. Expand Energy (EXE), with S&P 500 (GSPC) for reference: 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 Expand Energy (EXE). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Equinor (EQNR) and Expand Energy (EXE). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Equinor (EQNR) and Expand Energy (EXE)
Metric	EQNR	EXE
Total Return (1Y)	78.03%	-22.30%
Total Return (3Y, Annualized)	17.56%	4.93%
Total Return (5Y, Annualized)	17.66%	9.88%

Risk Profile

Drawdown History

EQNR

EXE

GSPC

Equinor (EQNR) vs. Expand Energy (EXE), with S&P 500 (GSPC) for reference: 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 Expand Energy (EXE). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Equinor (EQNR) and Expand Energy (EXE)
Metric	EQNR	EXE
Volatility (1Y, Annualized)	40.50%	29.72%
Beta (5Y)	0.18	0.40
Max Drawdown (5Y)	-34.57%	-30.37%
Avg. Volume (3M)	3.77M	3.10M

Risk-Adjusted Performance

Risk-Return Positioning

EQNR and EXE are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Equinor (EQNR) and Expand Energy (EXE)
Metric	EQNR	EXE
Sharpe Ratio (1Y)	1.82	-0.89
Sortino Ratio (1Y)	2.76	-1.27

Profitability

ROE (TTM)

Equinor (EQNR) at 27.57% sits in the top ROE quartile, while Expand Energy (EXE) at 14.62% is closer to the peer norm — stronger capital efficiency for EQNR.

EQNR

Energy industry group

27.57%

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

EXE

Energy industry group

14.62%

Max: 53.85%
Q3: 24.79%
EXE: 14.62%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their ROE against the Energy industry group benchmark.

Net Margin (TTM)

Both Equinor (EQNR) at 9.79% and Expand Energy (EXE) at 21.26% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

EQNR

Energy industry group

9.79%

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

EXE

Energy industry group

21.26%

Max: 56.92%
Q3: 22.92%
EXE: 21.26%
Median: 10.10%
Q1: 0.07%
Min: -27.38%

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their net margin against the Energy industry group benchmark.

Operating Margin (TTM)

Equinor (EQNR) at 37.00% operates in the top operating margin quartile, ahead of Expand Energy (EXE) at 23.18%, which runs around its industry’s norm.

EQNR

Energy industry group

37.00%

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

EXE

Energy industry group

23.18%

Max: 71.31%
Q3: 33.75%
EXE: 23.18%
Median: 18.73%
Q1: 6.94%
Min: -24.52%

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their operating margin against the Energy industry group benchmark.

Profitability Metrics

Profitability metrics for Equinor (EQNR) and Expand Energy (EXE)
Metric	EQNR	EXE
ROE (TTM)	27.57%	14.62%
ROA (TTM)	17.10%	8.17%
Net Margin (TTM)	9.79%	21.26%
Operating Margin (TTM)	37.00%	23.18%
Gross Margin (TTM)	43.18%	45.86%

Growth

Revenue Growth

Expand Energy (EXE) at 188.77% clears its industry range for revenue growth, far stronger top-line momentum than Equinor (EQNR) at 3.24%, which is closer to a typical peer reading.

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: Equinor (EQNR) reports EPS growth of -37.62%, ranked against its industry; Expand Energy (EXE) has no EPS growth figure this period.

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Equinor (EQNR) and Expand Energy (EXE)
Metric	EQNR	EXE
Revenue Growth (YoY)	3.24%	188.77%
Revenue Growth (3Y CAGR)	-10.78%	2.13%
EPS Growth (YoY)	-37.62%	--
EPS Growth (3Y CAGR)	-40.11%	-39.01%

Financial Strength

Current Ratio (MRQ)

Both Equinor (EQNR) at 1.18 and Expand Energy (EXE) at 0.90 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

EQNR

Energy industry group

1.18

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

EXE

Energy industry group

0.90

Max: 3.64
Q3: 2.21
Median: 1.41
EXE: 0.90
Q1: 0.88
Min: 0.24

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their current ratio against the Energy industry group benchmark.

Debt / Equity (MRQ)

Expand Energy (EXE) at 0.24 keeps leverage in the lower industry quartile, while Equinor (EQNR) at 0.66 runs a more typical debt-to-equity mix.

EQNR

Energy industry group

0.66

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

EXE

Energy industry group

0.24

Max: 1.75
Q3: 0.93
Median: 0.54
Q1: 0.30
EXE: 0.24
Min: 0.00

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their debt-to-equity ratio against the Energy industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Equinor (EQNR) and Expand Energy (EXE)
Metric	EQNR	EXE
Current Ratio (MRQ)	1.18	0.90
Debt / Equity (MRQ)	0.66	0.24
Net Debt / EBITDA	0.12	0.68

Dividends

Dividend Yield (TTM)

Equinor (EQNR) at 3.67% delivers top-quartile income for its industry, while Expand Energy (EXE) at 2.70% pays a more typical yield — both are credible income propositions, EQNR the richer one.

EQNR

Energy industry group

3.67%

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

EXE

Energy industry group

2.70%

Max: 8.57%
Q3: 3.58%
EXE: 2.70%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their dividend yield against the Energy industry group benchmark.

Dividend Payout Ratio (TTM)

Both Equinor (EQNR) at 31.54% and Expand Energy (EXE) at 19.84% keep payout ratio within their industries’ typical mid-ranges — dividend policies that share earnings without consuming too much of them.

EQNR

Energy industry group

31.54%

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

EXE

Energy industry group

19.84%

Max: 133.24%
Q3: 53.31%
Median: 25.24%
EXE: 19.84%
Q1: 0.00%
Min: 0.00%

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their payout ratio against the Energy industry group benchmark.

Dividend Metrics

Dividend metrics for Equinor (EQNR) and Expand Energy (EXE)
Metric	EQNR	EXE
Dividend Yield (TTM)	3.67%	2.70%
Dividend Payout Ratio (TTM)	31.54%	19.84%

Valuation

P/E Ratio (TTM)

Expand Energy (EXE) at 7.30 sits in the cheaper P/E ratio quartile, while Equinor (EQNR) at 8.71 is closer to its industry’s usual earnings multiple — a discount for EXE, though growth and earnings durability still matter.

EQNR

Energy industry group

8.71

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

EXE

Energy industry group

7.30

Max: 39.54
Q3: 21.72
Median: 12.19
Q1: 7.71
EXE: 7.30
Min: 2.99

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their P/E ratio against the Energy industry group benchmark.

P/S Ratio (TTM)

Equinor (EQNR) at 0.82 sits in the cheaper P/S ratio quartile while Expand Energy (EXE) at 1.51 prices around its industry’s middle — EQNR costs less per dollar of sales, though read it alongside growth and margins.

EQNR

Energy industry group

0.82

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

EXE

Energy industry group

1.51

Max: 5.40
Q3: 2.85
Median: 1.69
EXE: 1.51
Q1: 0.88
Min: 0.00

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their P/S ratio against the Energy industry group benchmark.

P/B Ratio (MRQ)

Expand Energy (EXE) at 1.00 sits in the lower P/B ratio quartile relative to book while Equinor (EQNR) at 4.44 prices above its industry range — a wide valuation gap against assets.

EQNR

Energy industry group

4.44

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

EXE

Energy industry group

1.00

Max: 4.21
Q3: 2.38
Median: 1.51
Q1: 1.08
EXE: 1.00
Min: 0.01

Equinor (EQNR) vs. Expand Energy (EXE): A comparison of their P/B ratio against the Energy industry group benchmark.

Valuation Metrics

Valuation metrics for Equinor (EQNR) and Expand Energy (EXE)
Metric	EQNR	EXE
P/E Ratio (TTM)	8.71	7.30
P/S Ratio (TTM)	0.82	1.51
P/B Ratio (MRQ)	4.44	1.00
Free Cash Flow Yield (TTM)	32.55%	7.00%