EQUINOR ASA (E1QN34) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of EQUINOR ASA BRL 73.12, price BRL 111, upside -34.1%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range R$36.90 – R$119.35 · fair‑value band R$43.85 – R$95.05 · the R$110.99 price screens above the R$73.12 fair value. Dashed = 300-day average. As of Sep 29, 2026.
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Equinor ASA operates as an energy company in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; and Renewables segments.
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Equinor ASA operates as an energy company in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; and Renewables segments. The company engages in the discovery and appraisal of new resources, as well as commercial development and operation of the oil and gas portfolios; oil and gas field development, well deliveries, and sourcing; research, technology development, specialist advisory services, digitalization, IT, improvement, innovation, and ventures and future business; and developing, exploring, investing in, and operating areas within renewable energy, such as offshore wind, green hydrogen, storage solutions, and solar power. It is also involved in the marketing, trading, processing, and transportation of crude oil and condensate, natural gas, NGL and refined products, including refineries, terminals, and processing plant operation; power and emissions trading; development of transportation solutions for natural gas, liquids, and crude oil, including pipelines, shipping, trucking, and rail; and provision of low carbon solutions. The company was formerly known as Statoil ASA and changed its name to Equinor ASA in May 2018. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.
Stock analysis
EQUINOR ASA DRN (E1QN34) currently trades at R$110.99, while our model-based Fair Value estimate is R$73.12, 34.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R$98.54 per share, and 10 of the 26 models we run sit above the R$110.99 price.
Bear case: the Asset-Based group reads lowest at R$29.75, and 16 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: R$43.85 (bear) to R$95.05 (bull), the price of R$110.99 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
EQUINOR ASA DRN reported revenue of $106B in FY2025 versus $88.7B in FY2021, a compound +4.5%/yr. Reported net income was $5.0B in FY2025, compounding −12.4%/yr from FY2021.
Key figures
Market cap R$431B (≈ $82.5B) · P/E ratio 19.4 · P/S ratio 0.92 · EPS (TTM) R$5.73 · Dividend yield 1.4% · Net margin 4.8% · Return on equity 12.4% · Return on assets (EBIT) 28.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 87% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −5% fair-value upside, at −34%, E1QN34 screens richer than that median.
Fair Value models
Bear R$43.85Fair Value R$73.12Bull R$95.05
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$3.18 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+3.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.3%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.1%
’19
’20
’21
’22
’23
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’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+10.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)1.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−8% → 24%
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.3% a year for the price and −3.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (92 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Integrated · 45 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−14.1% · Above median
Profitability
Return on equity (TTM)12.4% · Below median
Return on assets12.0% · Top 25%
Net margin (TTM)5.3% · Below median
Operating margin (TTM)31.5% · Top 25%
Growth and dividend
Revenue growth−5.3% · Bottom 25%
Dividend yield (TTM)1.4% · Bottom 25%
Balance sheet
Debt / equity0.59× · Highest 25%
Valuation Multiplesvs Oil & Gas Integrated median · lower = cheaper
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Is EQUINOR ASA (E1QN34) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of R$73.12 versus a price of R$110.99, about −34% upside (overvalued).
What is the fair value of E1QN34?
Our model-based fair value for EQUINOR ASA DRN is R$73.12 (as of Sep 29, 2026), built from audited fundamentals. The current price: R$110.99.
What is the quality score of E1QN34?
EQUINOR ASA DRN has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for EQUINOR ASA (E1QN34)?
Our model-based price target is the fair value of R$73.12 (as of Sep 29, 2026) from 26 valuation models. Cautious scenario R$43.85, optimistic scenario R$95.05. It is a calculation from audited fundamentals, not an analyst target.
What is the EQUINOR ASA DRN stock forecast for 2026?
Our models put fair value at R$73.12, about −34% upside versus a price of R$110.99 (overvalued). Cautious scenario R$43.85, optimistic scenario R$95.05. The calculation is refreshed regularly with new filings.
What is the revenue of EQUINOR ASA (E1QN34)?
EQUINOR ASA DRN reported trailing-twelve-month revenue of about $104B (latest available figure, as of Sep 29, 2026).
Does EQUINOR ASA DRN pay a dividend?
EQUINOR ASA DRN currently shows a dividend yield of about 1.37% relative to its recent price (as of Sep 29, 2026).
What growth is priced into EQUINOR ASA (E1QN34)?
For today's price to be fair in a discounted-cash-flow model, EQUINOR ASA DRN would have to grow free cash flow by +2.7 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.3 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of E1QN34 use?
Our models discount EQUINOR ASA DRN at 12.2 %: a base by market capitalisation (large), country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For EQUINOR ASA DRN that is +2.7 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has EQUINOR ASA (E1QN34) delivered so far?
Over the past 5 years revenue at EQUINOR ASA DRN grew +18.3 % a year. The price currently implies +2.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of EQUINOR ASA (E1QN34) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into EQUINOR ASA DRN (+2.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of EQUINOR ASA (E1QN34)?
The free-cash-flow yield on the price is 11.25 %: that much free cash flow EQUINOR ASA DRN produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of EQUINOR ASA (E1QN34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For EQUINOR ASA DRN it is R$73.12 per share (as of Sep 29, 2026), against a price of R$110.99. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is EQUINOR ASA DRN stock overvalued or undervalued in 2026?
As of Sep 29, 2026, E1QN34 trades above its calculated fair value: price R$110.99, fair value R$73.12, a gap of about −34% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of E1QN34?
No. The price is what the market pays today (R$110.99); the fair value is what the company's own numbers justify (R$73.12). For EQUINOR ASA DRN the two are R$37.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is EQUINOR ASA DRN worth?
The market values EQUINOR ASA DRN at about R$431B (market capitalisation, as of Sep 29, 2026). Per share that is R$110.99; our models calculate a fair value of R$73.12 per share.
What do the bullish and bearish scenarios say about E1QN34?
Our models span a range for EQUINOR ASA DRN: cautious scenario R$43.85, base R$73.12, optimistic R$95.05 per share (as of Sep 29, 2026, price R$110.99). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of E1QN34?
EQUINOR ASA DRN trades at a price-to-earnings ratio of 19.4 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$73.12 is built from several models across several years. Other multiples: PEG 0.8, P/B 2.0, P/S 0.8, EV/EBITDA 2.8.
What is the PEG ratio of E1QN34?
The PEG ratio of EQUINOR ASA DRN is 0.80 (P/E divided by earnings growth, as of Sep 29, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of EQUINOR ASA (E1QN34)?
Balance-sheet figures for EQUINOR ASA DRN (as of Sep 29, 2026): return on equity 12.4%, debt of 0.59 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is E1QN34 from its 52-week high?
EQUINOR ASA DRN trades at R$110.99, about 7% below its 52-week high of R$119.35 and 87% above the low of R$59.20 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$73.12 is for.
Which stocks are comparable to EQUINOR ASA DRN?
From the same area (Energy) we also value Saudi Arabian Oil Company, Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is EQUINOR ASA DRN stock attractive at the current price?
The data as of Sep 29, 2026: price R$110.99, calculated fair value R$73.12 (−34%), Quality Score 65/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of E1QN34 calculated?
We run EQUINOR ASA DRN through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$73.12, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. EQUINOR ASA DRN itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of EQUINOR ASA (E1QN34)?
The closing price on Oct 2, 2026 was R$110.99. Our model-based fair value is R$73.12, about −34% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with EQUINOR ASA DRN right now?
The price sits above even our optimistic bull case (R$95.05). The favourable scenario is already priced in. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (R$43.85 to R$95.05) leaves room in how you read the outcome.
Key figures of EQUINOR ASA DRN
How large is the market capitalisation of EQUINOR ASA (E1QN34)?
The market capitalisation of EQUINOR ASA DRN is R$431B (≈ $82.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of EQUINOR ASA (E1QN34)?
The price-to-sales ratio of EQUINOR ASA DRN is 0.92 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of EQUINOR ASA (E1QN34)?
Earnings per share at EQUINOR ASA DRN are R$5.73 (price ÷ EPS = P/E 19.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of EQUINOR ASA (E1QN34)?
The dividend yield of EQUINOR ASA DRN is 1.4% (payout 26.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of EQUINOR ASA (E1QN34)?
The net margin of EQUINOR ASA DRN is 4.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of EQUINOR ASA (E1QN34)?
The return on equity (ROE) of EQUINOR ASA DRN is 12.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of EQUINOR ASA (E1QN34)?
On an EBIT basis the return on assets of EQUINOR ASA DRN is 28.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of EQUINOR ASA (E1QN34)?
The operating margin of EQUINOR ASA DRN is 31.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at EQUINOR ASA (E1QN34)?
Revenue at EQUINOR ASA DRN is growing −5.3% versus a year earlier (3y avg −10.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at EQUINOR ASA (E1QN34)?
Earnings per share at EQUINOR ASA DRN are growing +29.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does EQUINOR ASA (E1QN34) carry?
The net debt of EQUINOR ASA DRN is $22.8B (fiscal year 2025, ≈ 3.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 29, 2026