EQTEQT Corp

Crude Petroleum & Natural Gas

Revenue: $8.6B; 64% YoY
Operating margin: 37.6%; 189% YoY
EBITDA: $5.9B; 105% YoY
Market cap: $34.6B
Employees: 1,523; $6M revenue each
Net debt / EBITDA: 0.9×; $5.5B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
251% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$6M · 75th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$34.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$24M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.8B	$12.1B	$5.0B	$5.3B	$8.6B	64%
Operating income	−$1.4B	$2.7B	$2.3B	$685M	$3.2B	374%
Net income	−$1.1B	$1.8B	$1.7B	$231M	$2.0B	784%
Operating cash flow	$1.7B	$3.5B	$3.2B	$2.8B	$5.1B	81%
Capex	$1.1B	$1.4B	$2.0B	$2.3B	$2.3B	1.5%
Stock-based comp	$28M	$45M	$50M	$158M	$61M	62%
Buybacks	$13M	$409M	$201M	$0	$0
Dividends	$0	$204M	$228M	$327M	$390M	19%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $24M · 12
Net: −$24M

Pay vs performance

No pay-versus-performance disclosure yet.