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Expand Energy Corporation (EXE)

POSITIVE
EnergyOil & Gas E&PUnited States

Fondamental

82

Prix

$95.60

Capitalisation boursière

$22.25B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Expand Energy drills and produces natural gas, formed by the 2024 merger of Chesapeake Energy and Southwestern Energy into the largest natural gas producer in the United States. Its wells sit in two shale regions, the Appalachian basin in Pennsylvania, West Virginia and Ohio and the Haynesville basin in Louisiana, and roughly 92% of what it produces is natural gas rather than oil, with small amounts of oil and natural gas liquids alongside it.

Comment l'entreprise gagne de l'argent

Revenue comes from selling the natural gas, oil and natural gas liquids it extracts at prevailing market prices, which the company partly locks in ahead of time through hedging contracts to smooth out the swings. It has no control over the price it receives the way a branded consumer company would; profitability instead depends on producing at low enough cost per unit that even a weak gas price still leaves a margin, and on growing sales tied to new gas-fired power plants and LNG export terminals.

Avantage concurrentiel

Aucun avantage identifié · Aucun

Natural gas is a commodity: one producer's molecule is interchangeable with another's, and Expand Energy has no ability to charge more than the market price regardless of how large or efficient it is. Being the largest US gas producer gives it scale advantages in cost and infrastructure access, but that lowers costs rather than creating pricing power or locking in customers.

Ce qui stimule la demande

Cyclique

Natural gas prices move sharply with weather, how much gas is in storage, and how much demand comes from LNG export terminals and power plants, so revenue can swing significantly between quarters even if the company's own production stays steady. A structurally new driver — gas-fired electricity for data centres and AI computing — is adding demand, but the underlying commodity price remains volatile.

Principaux risques

  • Natural gas price volatility — The company states that a sustained period of low natural gas, oil or NGL prices is likely to have a material adverse effect on its financial condition and results of operations.
  • Uncertainty in reserve estimates — Estimated gas and oil reserves are inherently uncertain and often differ from the quantities actually recovered, which can lead to future write-downs or lower-than-expected output from existing wells.
  • Climate and methane regulation — EPA methane rules, potential emissions charges and evolving regulation of LNG exports could raise compliance costs or restrict how and where the company can produce and sell gas.
  • Limits on tax attributes from the merger — The 2024 merger with Southwestern Energy triggered an annual limitation on how much of the company's accumulated tax attributes it can use, reducing a benefit that would otherwise have lowered future cash taxes.

Les arguments en faveur

Buyers argue that Expand Energy's scale as the largest US gas producer gives it a low-cost position across two premier shale basins, that growing gas demand from LNG exports and new gas-fired power plants for data centres supports prices over time, and that continued debt reduction strengthens the balance sheet through the commodity cycle.

Les arguments contre

Sellers fear that natural gas prices are inherently volatile and outside the company's control, that stricter methane and emissions regulation could raise costs, and that a leveraged balance sheet inherited from recent mergers leaves less room to absorb a prolonged period of weak gas prices.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

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Bilan & Liquidités

Chiffre d'affaires

$14.32B

12 derniers mois (au 31/03/2026)

Résultat net

$3.23B

12 derniers mois (au 31/03/2026)

Flux de trésorerie libre

$1.84B

Capitaux propres totaux

$18.58B

Passif total

$9.71B

Ratio de liquidité général

1.11

Couverture des intérêts

18.17

Dette/EBITDA

0.93

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Sous-évalué

Juste valeur

$159.98

Prix actuel

$95.60

Marge de sécurité

+40.2%

Fourchette de juste valeur

$114.73 - $205.22

Méthodes d'estimation

Analyst Target:$125.00
DCF:$246.40
PE-based:$122.54
Graham Growth:$188.85
EPV:$153.31
Consensus des analystes:Achat fort (24B / 6H / 0S)
Dernière surprise sur les résultats:+14.91%

Indicateurs de valorisation

Ratio P/E

7.17

ROE

9.8%

Ratio P/B

1.18

P/FCF

7.68

Marge brute

-

ROIC

13.2%

Radar de rentabilité

Value Creation (Economic Moat)

ROIC

13.2%

WACC

7.2%

ROIC − WACC

+6.0 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

Critères d'analyse fondamentale

Réussi (22)

  • EPS shows upward trend
  • EPS CAGR 6.05%
  • Price CAGR 8.29%
  • ROIC 13.2%
  • P/FCF 7.68
  • P/B Ratio 1.18
  • Debt/Equity ratio
  • Operating Margin 29.8%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • ROE 14.7%
  • Revenue Growth 5Y 18.3%
  • Analyst Consensus 80% Buy
  • Earnings Surprise avg 5.7%
  • Earnings Quality (OCF/NI) 1.82
  • Net Margin Trend 22.5% vs -18.5%
  • Piotroski F-Score 7/9

Échoué (3)

  • CapEx intensity
  • DCF valuation (Overvalued)
  • Share Dilution 53.1%

Indisponible (3)

  • Gross Margin NaN%
  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Score F de Piotroski

7/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.82

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

53.1%

Émission de nouvelles actions, diluant la participation

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Michael A. WichterichChairman of the Board, Interim President & CEO57
Mr. Joshua J. VietsExecutive VP & COO47
Ms. Brittany RaifordVice President of IR & Treasurer38
Mr. Christopher W. Lacy J.D.Executive VP, General Counsel & Corporate Secretary47
Mr. Daniel F. TurcoExecutive Vice President of Marketing & Commercial45
Mr. Marcel TeunissenExecutive VP & CFO51
Mr. John ChristVP & Chief Information Officer-
Brooke CoeManager of Communications & Media Relations-
Mr. Chris AyresSenior Vice President of Corporate Development & Strategy-
Ms. Toni Parks-PayneVice President of Human Resources & Employee Services-

Risque d'audit

5

Risque du conseil

8

Risque de rémunération

3

Risque droits des actionnaires

8

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Latest News

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