Expand Energy Corporation (EXE)
POSITIVEFondamental
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 · AucunNatural 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
CycliqueNatural 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
Juste valeur
$159.98
Prix actuel
$95.60
Marge de sécurité
+40.2%
Fourchette de juste valeur
$114.73 - $205.22
Méthodes d'estimation
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
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Émission de nouvelles actions, diluant la participation
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Michael A. Wichterich | Chairman of the Board, Interim President & CEO | 57 |
| Mr. Joshua J. Viets | Executive VP & COO | 47 |
| Ms. Brittany Raiford | Vice President of IR & Treasurer | 38 |
| Mr. Christopher W. Lacy J.D. | Executive VP, General Counsel & Corporate Secretary | 47 |
| Mr. Daniel F. Turco | Executive Vice President of Marketing & Commercial | 45 |
| Mr. Marcel Teunissen | Executive VP & CFO | 51 |
| Mr. John Christ | VP & Chief Information Officer | - |
| Brooke Coe | Manager of Communications & Media Relations | - |
| Mr. Chris Ayres | Senior Vice President of Corporate Development & Strategy | - |
| Ms. Toni Parks-Payne | Vice 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
Recent headlines for EXE, sourced from Markets Gazette.