Expand Energy Corp. (EXE) intrinsic value & 10-year financials
Expand Energy Corp. (EXE) has a Graham intrinsic value of $160.01 per share. At $93.41 on Oct 17, 2026, the stock trades 42% below that value. Over the last 10 fiscal years revenue grew 4.9% a year to $12.1B, with an average return on invested capital of -14.5%.
- Graham intrinsic value
- $160.01
- Share price (Oct 17, 2026)
- $93.41
- Price vs Graham value
- 42% below
- Market cap
- $22.5B
- Revenue (FY2025)
- $12.1B
- Revenue growth (10-yr CAGR)
- 4.9%
- ROIC (10-yr avg)
- -14.5%
- Free cash flow (FY2025)
- $1.8B
EXE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $12.1B | $1.8B | $7.57 | $1.8B | 20.4% | 8.6% |
| FY2024 | $4.2B | -$714.0M | -$4.55 | $8.0M | -19.0% | -3.9% |
| FY2023 | $8.7B | $2.4B | $16.92 | $551.0M | 36.0% | 20.5% |
| FY2022 | $11.7B | $4.9B | $33.36 | $2.3B | 32.2% | 44.5% |
| FY2021 | — | — | — | — | — | — |
| FY2020 | $2.7B | -$9.7B | -$998.26 | $22.0M | -317.0% | -171.1% |
| FY2019 | $4.5B | -$308.0M | -$0.25 | $1.6B | -0.7% | -0.1% |
| FY2018 | $5.2B | $873.0M | $0.85 | $2.0B | 17.0% | 10.1% |
| FY2017 | $9.5B | $949.0M | $0.90 | $724.0M | 12.0% | 12.9% |
| FY2016 | $7.9B | -$4.4B | -$6.45 | -$241.0M | -56.0% | -52.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Expand Energy has demonstrated mature, steady growth, with revenue compounding at 4.9% annually over the past decade.
Expand Energy has historically struggled to out-earn its cost of capital, averaging just 4.3% ROIC.
Over the decade, Expand Energy shows that management has aggressively returned capital to shareholders by retiring 68.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Expand Energy is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $160.01 per share.