Equinor ASA (EQNR)

NYSE: EQNR · Petroleum Refining · Stavanger Norway, NO · filing with the SEC since 2002

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Grade6.3

◀ Past 6.5● Present 6.3▶ Future 5.9

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Equinor ASA

Nine metrics read from its own filings, by tense

Headline grade

6.3/10

◀ Past6.540% of the headline

● Present6.335% of the headline

▶ Future5.925% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.5/1040% of the headline grade · 3 of 3 filed

Surviving crises

as filed

6.7/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 67th percentile among 18 sector filers · read for itself

From the record

Equinor ASA's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

6.3/10

What has it actually done, year after year?

+9.8% a year over 10 filed years; profitable in 8 of 10.

weight 33% of this tense · 63rd percentile among 17 sector filers · read for its customers

From the record

Equinor ASA's 10 filed years say what it did: revenue went from $46 billion in fiscal 2016 to $106 billion in fiscal 2025, up 9.8% a year; it rose in 5 of 9 years; the deepest fall was 42% from fiscal 2018 to fiscal 2020; net income was positive in 8 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span9.8%top 26% of its family
the share of years revenue rosetop 29% of its family
the share of filed years with a profittop 47% of its family
the deepest fall from a revenue peak42.4%top 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

6.5/10

How has it treated the people who own it?

Share count shrank 6.5% a year. 61% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 64th percentile among 13 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Equinor ASA's diluted share count shrank about 6.5% a year, and dividends and buybacks returned about 61% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearstop 27% of its family
cash returned against operating cash flowtop 44% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.3/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

7.2/10

Is it financially healthy right now?

ROE 12%: 12¢ of profit per shareholder dollar. Leverage 69%: owes 69¢ per asset dollar.

weight 45% of this tense · 72nd percentile among 14 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Equinor ASA earned about 12 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 39 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 69 cents per dollar of assets, and net share issuance: its share count shrank 8.1% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 39% of its family
return on equitytop 35% of its family
gross profit against assetstop 5% of its family
the share count against the year beforetop 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.6/10

How strong is its position in its industry?

top 44% of 17 in its family; net margin 4.8%.

weight 33% of this tense · 56th percentile among 17 sector filers · read for its customers

From the record

Equinor ASA's standing among 17 graded names in its industry family: revenue of $106 billion in fiscal 2025 ranks in the top 37% by size; a net margin of 4.8% ranks in the top 26%; revenue growth of -11% a year over the last 3 filed years ranks in the bottom 32% (its annual reports).

What it rests on

revenue against the family$106.5Btop 37% of its family
net margin4.8%top 26% of its family
three-year revenue growth-11.0%bottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.6/10

What are the people in charge doing?

SI estimate 5.6/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 14 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 14 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 14 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Equinor ASA's leadership is put at 5.6 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 14 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.9/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

8.4/10

How much room does it have to grow?

top 15% of 16 in its family for room to expand.

weight 22% of this tense · 85th percentile among 16 sector filers · read for itself

From the record

Equinor ASA's room to grow, from the newest filed statements (fiscal 2025): cash of $5.0 billion against no long-term debt tagged leaves 3.8% of its assets as net cash, top 9% of its family; cash from operations less capital spending is 5.6% of revenue (top 34%); a gross margin of 48.2% (top 12%); research spending of 0.3% of revenue (top 7%) (its annual report).

What it rests on

cash less debt against assets3.8%top 9% of its family
cash from operations less capital spending against revenue5.6%top 34% of its family
gross margin48.2%top 12% of its family
research spending against revenue0.3%top 7% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.2/10

What could actually drive growth from here?

top 39% of 17 in its family for growth drivers.

weight 33% of this tense · 61st percentile among 17 sector filers · read for its customers

From the record

Equinor ASA's growth drivers, from the filed years to fiscal 2025: revenue grew -11% a year over the last three filed years against 9.8% over all 10, slowing (bottom 15% of its family); the newest year grew 2.6% (top 21%); research spending grew 4.6% a year (top 36%); capital spending grew 16.9% a year (top 12%) (its annual reports). Equinor ASA tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-20.8 points a yearbottom 15% of its family
the newest year's revenue growth2.6%top 21% of its family
three-year growth of research spending4.6%top 36% of its family
three-year growth of capital spending16.9%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.5/10

Did its newest year beat what its own record pointed to?

bottom 45% of 16 in its family for expectations against reality.

weight 45% of this tense · 45th percentile among 16 sector filers · read for its shareholders

From the record

Equinor ASA's newest year against its own record: revenue of $106 billion in fiscal 2025 came in 23.7% above the $86 billion its prior three years' pace pointed to (top 9% of its family); net income of $5.1 billion against a prior three-year average of $16 billion (bottom 34%); a net margin of 4.8% against 12.9% before (bottom 9%) (its annual reports).

What it rests on

revenue against the prior three years' pace23.7%top 9% of its family
net income against the prior three years' average-69%bottom 34% of its family
net margin against its prior average-8.1 pointsbottom 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton EQNR · research, not advice