Equinor ASA (EQNR) Fair Value & Analysis
Energy · NO · Market cap 820B NOK (≈ $88.1B) · ISIN NO0010096985
What is Equinor ASA really worth?
A solid business, but trading 16% above our fair value of kr 338.01.
Strengths
Risks
For context
Fair value as of: Aug 20, 2026
From 26 valuation models · updated 16 days ago
Fair value updated Aug 20, 2026, revised from kr 36.06 to kr 338.01 (+837.4%) since Aug 13, 2026. Share price +6.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (kr 211.87 to kr 422.51) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range kr 115.08 – kr 416.06 · fair‑value band kr 211.87 – kr 422.51 · the kr 393.60 price screens above the kr 338.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.
Analysis
Equinor ASA (EQNR) currently trades at kr 393.60, while our model-based Fair Value estimate is kr 338.01, implying the stock looks roughly 16.4% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of kr 37.28 per share, and 0 of the 26 models we run sit above the kr 393.60 price. Bear case: the Multiples group reads lowest at kr 36.06, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Equinor ASA generated revenue of 104B NOK at a net margin of 5.3%. Revenue declined 5.3% year over year. It earns a return on equity of 12.4%. Net debt stands at 22.8B NOK. Fundamentals as of Aug 20, 2026
Our scenario range runs from kr 211.87 (bear case) to kr 422.51 (bull case); at kr 393.60, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 78% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −28% fair-value upside, at −14%, EQNR screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 5.08 per share, which is 1.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (kr 37.28) versus Asset-Based (kr 11.39). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 82
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Equinor ASA 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.
EQNR screens 16% overvalued. Compare with Exxon Mobil Corporation →
Peer Group
Oil & Gas Integrated · 53 stocks
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.
Valuation Multiples vs Oil & Gas Integrated median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Integrated stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Exxon Mobil Corporation XOM | $156.44 | $88.98 | −43% |
| Chevron Corporation CVX | $201.86 | $90.66 | −55% |
| PetroChina Company 601857 | ¥11.23 | ¥15.47 | +38% |
| Shell plc SHELL | €40.28 | €39.46 | −2% |
| TotalEnergies SE TOTB | €75.55 | €69.02 | −9% |
| Petróleo Brasileiro S.A XPBRA | €7.11 | €2.03 | −71% |
| China Petroleum & Chemical Corporation 600028 | ¥5.52 | ¥4.59 | −17% |
| Suncor Energy Inc SU | C$94.21 | C$59.11 | −37% |
| Eni S.p.A E | $55.12 | $32.53 | −41% |
| Imperial Oil Limited IMO | $130.51 | $94.61 | −28% |
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