olivLaw · European equity research
Equinor ASA EQNR.OL
Norway · Euronext Oslo Børs · ISIN NO0010096985 · Vertical: Listed companies from Norway
Equinor is an integrated Norwegian energy group active in oil, gas, renewables and CO2 capture and storage. In 2025 it reported record booked production above 2 million barrels of oil equivalent per day and a return on average capital employed of 14.5 %, in a context of lower prices, which makes financial discipline and the energy transition central themes.
At the close of 06 Nov 2026, Equinor ASA (EQNR.OL) stock was 394.90 NOK (−2.59% on the day), with beta -0.44, 52-week range 227.00–453.80 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 400.56 – 459.14
- below the lower band · %B -0.10 · band width 13.6%
- SMA 50 / 200
- 416.63 / 359.96
- mixed trend
- MACD (12, 26, 9)
- -0.95 / 4.90
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.1% | −0.6% | −1.5 pp | — |
| 3 months | +6.2% | −4.2% | +10.3 pp | — |
| 6 months | +16.7% | +4.3% | +12.4 pp | — |
| Year to date | +66.6% | +7.5% | +59.1 pp | — |
| 1 year | +61.2% | +9.9% | +51.3 pp | −4.7% |
| 3 years | +10.0% | +49.8% | −39.8 pp | +12.7% |
| 5 years | +74.8% | +42.8% | +31.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 150.8 bn | 107.2 bn | 103.8 bn | 106.5 bn |
| Revenue YoY | unavailable | −28.9% | −3.2% | +2.6% |
| Net income | 28.7 bn | 11.9 bn | 8.8 bn | 5.0 bn |
| Net income YoY | unavailable | −58.7% | −25.9% | −42.7% |
| Diluted EPS | 9.03 | 3.93 | 3.11 | 1.94 |
| Diluted EPS YoY | unavailable | −56.5% | −20.9% | −37.6% |
| net % | 19.1% | 11.1% | 8.5% | 4.7% |
| Free cash flow | 26.4 bn | 18.7 bn | 7.3 bn | 6.0 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.0 bn USD
- Financial debt
- 27.8 bn USD
- Net debt
- 22.8 bn USD
- Equity
- 40.5 bn USD
- Total assets
- 131.7 bn USD
- Debt / equity
- 0.69x
- Current ratio
- unavailable
- ROE
- 12.2%
- ROA
- 3.8%
- FCF margin
- 5.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 150.8 bn | 107.2 bn | 103.8 bn | 106.5 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 53.8 bn | 48.2 bn | 50.0 bn | 55.2 bn | esef· 21 Oct 2026verified |
| Gross profit | 97.0 bn ≈ | 59.0 bn ≈ | 53.7 bn ≈ | 51.3 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | 78.8 bn | 35.8 bn | 30.9 bn | 25.4 bn | esef· 21 Oct 2026verified |
| Interest expense | — | 1.7 bn | 1.6 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 78.6 bn | 37.9 bn | 31.0 bn | 25.1 bn | esef· 21 Oct 2026verified |
| Income tax | 49.9 bn | 26.0 bn | 22.2 bn | 20.0 bn | esef· 21 Oct 2026verified |
| Net income | 28.7 bn | 11.9 bn | 8.8 bn | 5.0 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 9.03 | 3.93 | 3.11 | 1.94 | esef· 21 Oct 2026verified |
| Dividend per share | 1.70 | 3.60 | 2.80 | 1.48 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 9.5 bn | 8.1 bn | 5.9 bn | 5.0 bn | esef· 21 Oct 2026verified |
| Receivables | — | 13.2 bn | 13.6 bn | 10.8 bn | esef· 21 Oct 2026verified |
| Inventories | — | 3.8 bn | 4.0 bn | 3.3 bn | esef· 21 Oct 2026verified |
| Total assets | — | 143.6 bn | 131.1 bn | 131.7 bn | esef· 21 Oct 2026verified |
| Accounts payable | — | 9.6 bn | 11.1 bn | 9.7 bn | esef· 21 Oct 2026verified |
| Short-term debt | — | 6.0 bn | 7.2 bn | 4.0 bn | esef· 21 Oct 2026verified |
| Long-term debt | — | 22.2 bn | 19.4 bn | 23.8 bn | esef· 21 Oct 2026verified |
| Total liabilities | — | 95.1 bn | 88.8 bn | 91.2 bn | esef· 21 Oct 2026verified |
| Equity | 54.0 bn | 48.5 bn | 42.4 bn | 40.5 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 3.2 bn | 3.0 bn | 2.8 bn | 2.6 bn | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 35.1 bn | 29.3 bn | 19.5 bn | 20.0 bn | esef· 21 Oct 2026verified |
| Capex | 8.8 bn | 10.6 bn | 12.2 bn | 14.0 bn | esef· 21 Oct 2026verified |
| Free cash flow | 26.4 bn ≈ | 18.7 bn ≈ | 7.3 bn ≈ | 6.0 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -15.9 bn | -12.4 bn | -3.5 bn | -9.6 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -15.4 bn | -18.1 bn | -17.7 bn | -11.5 bn | esef· 21 Oct 2026verified |
| Dividends paid | 5.4 bn | 10.9 bn | 8.6 bn | 4.8 bn | esef· 21 Oct 2026verified |
| Share repurchases | 3.3 bn | 5.6 bn | 6.0 bn | 5.9 bn | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.77 – 61.29 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E17.77 – 61.29 (Mid 38.33)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)19.45 – 26.16 (Mid 22.31)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.7% | 91 (vs peers) | 21% |
| Net margin · Quality | 4.7% | 58 (vs peers) | 13% |
| FCF conversion · Quality | 118.5% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -11.0% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -40.1% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 17.7x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 80.2% | 57 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality84/100 · 3/3 factors with a value
- Returns· partial57/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EQUINOR ASA (EQNR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 106.5 bn USD in 2025; YoY growth 2.6%; net margin 4.7%; ROE 12.2%.
The estimated value range is 18.61–43.72 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 33.7%
- FCF conversion: 118.5%
- Interest coverage: 17.7x
What contradicts it
- Revenue CAGR 3Y: -11.0%
- EPS CAGR 3Y: -40.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for EQNR.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Equinor is an integrated Norwegian energy group active in oil, gas, renewables and CO2 capture and storage. In 2025 it reported record booked production above 2 million barrels of oil equivalent per day and a return on average capital employed of 14.5 %, in a context of lower prices, which makes financial discipline and the energy transition central themes.
SWOT
Strengths
- The company holds a strong position on the Norwegian continental shelf and well-established financial discipline, with returns above its long-term target 1.
- The project portfolio is geographically diversified and includes solid partnerships in carbon capture and renewable energy 1.
- Integration between production and marketing through MMP gives flexibility in European and Asian markets 1.
Weaknesses
Opportunities
Risks
- Price volatilityhigh
Oil and gas prices directly influence revenues, and the company acknowledges that future prices are uncertain 1.
- Geopolitical riskshigh
International politics and regulatory changes may alter investment conditions in several countries 1.
- Project executionmedium
Delays or cost overruns on large projects such as CCS or offshore wind could affect growth plans 1.
- Cyber securitymedium
Digital threats and cyber attacks can disrupt operations and supply chains 1.
- Norwegian state influencelow
The Norwegian state holds a major stake and influences sales and distribution decisions, which may limit the company's flexibility 1.
Investment thesis
What would need to be true (bull case)
- If production keeps growing and CCS projects expand, the company could sustain high returns in the coming years 1.
- Cost and capital discipline together with a solid balance sheet could support long-term shareholder distributions 1.
- The renewables and storage portfolio could become an important growth source once projects are completed 1.
What would break the thesis
What to watch
- Quarterly results and progress towards the 13 % return targetQ1 2027
- Progress on Northern Lights phase 2 and the Northern Endurance Partnership2027
- Pace of organic investment and allocation to Norway against the planned 60 % share2026
- Development of US gas production and offshore wind projectsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Equinor mainly produces oil and gas on the Norwegian continental shelf, but also in Brazil, the United Kingdom and the USA, according to its 2025 annual report 1. The company also runs a marketing integration through MMP, which sells its own production and third-party volumes in European and Asian markets. Besides hydrocarbons, it develops renewable energy, battery storage and CCS projects that form part of its long-term decarbonisation strategy 1.
Segments
Exploration and production Norway
The most important segment is E&P Norway, with booked liquids production of 671 thousand barrels of oil equivalent per day in 2025 1. The company approved 59 wells for increased recovery and had intense exploration activity, with 14 commercially viable discoveries 1.
Exploration and production international and USA
Outside Norway, Equinor started production at the Bacalhau field in Brazil and sold a 40 % stake in the Peregrino field. The US division had rising gas production, and in 2025 the joint venture Adura was set up for assets in the British North Sea 1.
Market context
The average Brent blend price fell in 2025, which directly affected production revenues 1. The European gas market remains sensitive to the balance of supply and demand, and demand in Asia is expected to grow, according to the company 1.
The low-carbon and carbon capture market is developing faster than the market for low-carbon fuels, owing to lower abatement costs and carbon removal credit prices 1. Competition in energy trading has increased, which makes infrastructure and commercial expertise essential 1.
Trends
- Shift towards CO2 capture and storagetailwind
The Northern Lights and Northern Endurance Partnership projects are advancing, and CO2 storage is becoming a new business line. If demand for capture expands, these projects could generate additional long-term revenue 1.
- Lower hydrocarbon pricesheadwind
The average oil price fell in 2025 compared with earlier years, and the company has prepared for lower prices. If this trend continues, revenues and cash flow could be affected 1.
- Rising gas demand in Asiatailwind
The company anticipates growth in gas demand in Asia, which could support export volumes from Norway and the USA 1.
- Geopolitical tensions and regulationmixed
International politics, sanctions and emission rules can change investment conditions. The impact is mixed, as they can create opportunities but also delays or extra costs 1.
Competitive position
Equinor competes with other integrated oil and gas companies, in Europe and in the USA, across production, marketing and renewable energy 1. Competition also plays out in technology and innovation, where the company aims to keep its edge 1.
- ShellSHEL
Partner in the Northern Lights project and a direct competitor in hydrocarbon production and CO2 capture 1.
- TotalEnergiesTTE
Partner in the Northern Lights, Northern Endurance Partnership and Bayou Bend projects, and a competitor in global gas markets 1.
- bpBP
Partner in the British Northern Endurance Partnership and Net Zero Teesside Power, with competing activities in production 1.
- ChevronCVX
Partner in the Bayou Bend CCS project off Texas, and a competitor in US hydrocarbon production 1.
News & filings
In the press
- Fire Shuts Equinor’s Visund Platform in Norwegian North SeaOil Price · 04 Nov 2026 · EN
- Europe more vulnerable this winter due to gas storage levels — Equinor CEOTASS (RU, EN) · 02 Nov 2026 · EN
- Equinor Doubles Estimate for Major North Sea Gas DiscoveryOil Price · 29 Oct 2026 · EN
- Equinor удвоила оценку запасов газа и конденсата месторождения Afrodite в Северном мореInterfax Russia (RU) · 29 Oct 2026 · RU
- Equinor Raises Oil and Gas Output Forecast as Operating Profit DoublesOil Price · 28 Oct 2026 · EN
- Equinor Profits Triple as Oil and Gas Prices SurgeOil Price · 28 Oct 2026 · EN
- Equinor Finds Up to 10.3 Million Barrels of Oil Equivalent at Gullfaks SouthOil Price · 08 Oct 2026 · EN
- Equinor Finds New Gas at Norway’s 40-Year-Old Gullfaks FieldOil Price · 08 Oct 2026 · EN
- Europe’s Fuel Squeeze Is Turning Into a Q3 Windfall for EquinorOil Price · 07 Oct 2026 · EN
- Equinor Targets 15 Million Tons of LNG as Qatar Exports Stay BlockedOil Price · 16 Sept 2026 · EN
- Equinor plans LNG expansion in early 2030s to meet European and Asian demandCNA (Channel NewsAsia) · 16 Sept 2026 · EN
- Equinor Board Member to Step Down in SeptemberYahoo Finance — News · 27 Aug 2026 · EN
- Equinor Targets 27% International Production Growth by 2030Oil Price · 26 Aug 2026 · EN
- Equinor Targets 27% International Production Growth by 2030Yahoo Finance — News · 26 Aug 2026 · EN
- Equinor Eyes Major Oil Discovery Offshore NamibiaOil Price · 25 Aug 2026 · EN
- Equinor Eyes Major Oil Discovery Offshore NamibiaYahoo Finance — News · 25 Aug 2026 · EN
- Equinor, Aker BP and Vår Energi launch NCS exploration allianceYahoo Finance — News · 25 Aug 2026 · EN
- Equinor and Aker BP Make New North Sea Gas DiscoveryOil Price · 24 Aug 2026 · EN
- Equinor and Aker BP Make New North Sea Gas DiscoveryYahoo Finance — News · 24 Aug 2026 · EN
- Equinor and Uniper Sign 15-Year Gas Supply Deal for GermanyYahoo Finance — News · 24 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Equinor ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.