Equinor Asa (EQNR) intrinsic value & 10-year financials
Equinor Asa (EQNR) has a Graham intrinsic value of $28.15 per share. At $48.82 on Oct 24, 2026, the stock trades 73% above that value. Over the last 10 fiscal years revenue grew 9.8% a year to $106.5B, with an average return on invested capital of 20.2%.
- Graham intrinsic value
- $28.15
- Share price (Oct 24, 2026)
- $48.82
- Price vs Graham value
- 73% above
- Market cap
- $126.6B
- Revenue (FY2025)
- $106.5B
- Revenue growth (10-yr CAGR)
- 9.8%
- ROIC (10-yr avg)
- 20.2%
- Free cash flow (FY2025)
- $6.0B
EQNR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $106.5B | $5.1B | $1.94 | $6.0B | 23.8% | 21.6% |
| FY2024 | $103.8B | $8.8B | $3.11 | $7.9B | 29.8% | 25.9% |
| FY2023 | $107.2B | $11.9B | $3.93 | $14.1B | 33.4% | 27.8% |
| FY2022 | $150.8B | $28.7B | $9.03 | $26.5B | 52.3% | 67.0% |
| FY2021 | $90.9B | $8.6B | $2.63 | $20.8B | 37.0% | 30.4% |
| FY2020 | $45.8B | -$5.5B | -$1.69 | $1.9B | -7.5% | -5.8% |
| FY2019 | $64.4B | $1.9B | $0.55 | $3.5B | 14.4% | 7.8% |
| FY2018 | $79.6B | $7.5B | $2.27 | $8.3B | 25.3% | 16.5% |
| FY2017 | $61.2B | $4.6B | $1.40 | $3.6B | 22.5% | 11.2% |
| FY2016 | $45.9B | -$2.9B | -$0.91 | -$3.2B | 0.2% | 0.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EQUINOR ASA is a consistent compounder, expanding top-line revenue at 9.8% annually over the past decade.
EQUINOR ASA has earned high returns on invested capital, averaging 20.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, EQUINOR ASA shows that management has aggressively returned capital to shareholders by retiring 18.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EQUINOR ASA is modeled at 4.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $28.15 per share.