Does EQT Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores EQT Corporation (EQT) 39.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 74, returns on capital 7, balance-sheet safety 50, capital discipline 24.

Is EQT stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $30.88 per share versus a recent price of $49.56 — 60% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has EQT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 39.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

EQT Corporation

EQT · Materials · $30.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power74

Median gross margin 63.0% over 10y, variable.

Returns on capital7

Median ROIC -1.4%, above the 9% hurdle in 20% of years.

Balance-sheet safety50

Net debt/EBITDA 1.3x, interest coverage 7x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

60% above value

Owner earnings (normalized): $1.7B
Est. intrinsic value / share: $30.88
Recent price: $49.56
Discount to value: 60% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

EQT Corporation booked $8.6B of revenue in FY2025 in the Materials sector and kept 82.3% of it as gross profit — a high-margin business by that measure. After every other cost, 23.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.4B (FY2016) to $8.6B (FY2025) — about 22.5% a year compounded over 9 years.

It earned 8.1% on invested capital in FY2025, with a median of 6.0% across 19 filed years. The Returns on Capital filter above scores it 7/100.

The balance sheet carried $7.8B of total debt in FY2025 against $2.4B of owner earnings — roughly 3.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 50/100.

The share count rose 376.8% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (74/100) and Returns on Capital the weakest (7/100), which is how EQT lands at 39/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$8.6B FY2025

Gross marginRevenue kept after cost of goods82.3% FY2025

Return on invested capitalOperating profit on the capital employed8.1% FY2025

Owner earningsCash an owner could take out$2.4B FY2025

Gaps in a line mean that item isn’t in EQT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — EQT has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#108 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#106TSEOQ Trinseo PLC39.3 out of 100, No moatNo moat
#107TOMZ TOMI ENVIRONMENTAL SOLUTIONS, INC.39.2 out of 100, No moatNo moat
#109SLSN Solesence, Inc.38.8 out of 100, No moatNo moat
#110NWL NEWELL BRANDS INC.38.4 out of 100, No moatNo moat

Compare EQT with its nearest peers →All Materials companies on the Index →

Common questions about EQT

Does EQT Corporation have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores EQT Corporation (EQT) 39.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 74, returns on capital 7, balance-sheet safety 50, capital discipline 24.
Is EQT stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $30.88 per share versus a recent price of $49.56 — 60% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has EQT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 39.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell EQT. See the disclaimer.