EXPAND ENERGY Corp (EXE)

Price—Loading quote

AI: Undervalued

Price checkAt $93.11, the shares look undervalued, though recent cash flow is unusually strong.

At $93.11 premarket, 231.5 million shares imply a $21.6 billion equity value. Using reported cash flows, trailing twelve-month free cash flow—cash left after operations and capital spending—is about $2.68 billion, an unusually high 12.4% yield, with price equal to 8.0 times cash flow. Adding $3.08 billion of net debt gives an enterprise value near $24.6 billion, 4.4 times trailing adjusted operating cash profit of $5.66 billion. Those discount readings support Undervalued, though commodity highs can flatter backward-looking ratios.

Big pictureCash generation is strong but swings sharply with gas prices and severe weather.

Revenue rose from $4.24 billion in 2024 to $12.12 billion in 2025, largely because Southwestern was included for a full year; net income swung from a $714 million loss to a $1.82 billion profit. More durable evidence is cash: operating cash flow stayed positive every year from 2020 through 2025, and 2025 free cash flow was $1.84 billion. First-half 2026 reached $2.04 billion, but Q2 alone fell to $343 million from Q1’s $1.70 billion after an exceptional winter-price boost. That shows substantial cyclicality.

Business strengthDebt is manageable, while recent share repurchases partly reverse earlier share growth.

At June 30, debt was $3.69 billion and cash $663 million; $3.08 billion of net debt equaled only 0.5 times trailing adjusted operating cash profit. First-half cash funded $1.29 billion of debt redemptions, $601 million of repurchases and $279 million of dividends. Through July 24, repurchases reached $849 million and reduced shares about 4%; 2025 stock compensation was only $46 million. Still, the 2024 Southwestern merger issued 95.7 million shares, so per-share progress matters more than headline company growth.

What could change the storyThe upside needs steadier gas demand and Twin Eagle to deliver promised benefits.

Twin Eagle costs $1.25 billion in cash, about 6.3 times its estimated $200 million of annual pre-financing operating earnings, falling to 3.6 times if planned benefits lift earnings to $350 million by end-2028. That is the clearest bull case: better marketing could make gas cash flows steadier. The bear case is prolonged weak gas. At Q2’s $2.90 realized gas price, free cash flow was just $343 million, a $1.37 billion annual pace and 6.4% equity yield. The price needs normalized cash flow nearer $2 billion and disciplined deal funding.

$93.11 price considered

AI: News

Twin Eagle acquisitionExpand agreed to buy Twin Eagle, expanding gas sales reach while taking on debt.

On July 27, Expand agreed to buy Twin Eagle for $1.25 billion, funded with cash and revolving-credit borrowings, with closing targeted for Q3 2026. Twin Eagle markets over 5 billion cubic feet of gas daily. Management projects more than $200 million of annual earnings before financing, tax and noncash wear costs, plus $150 million of yearly benefits by end-2028. EXE closed 1.1% lower that day; this timing is consistent with deal concern but does not prove the acquisition caused the move.

Second-quarter resultsThe quarter confirmed production strength, lower debt, and aggressive share repurchases despite softer cash generation.

On July 28, Expand reported Q2 net income of $522 million, operating cash flow of $1.10 billion and free cash flow of $343 million, while reaffirming 2026 production of 7.4–7.6 billion cubic feet equivalent daily. Debt fell $1.3 billion from year-end, and repurchases reached $849 million through July 24. Shares rose 4.45% on July 29, the next session; the timing suggests a favorable response, but commodity trading and the prior-day acquisition news prevent a clean causal claim.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$12.12B	$4.24B	$8.72B	$11.74B	$5.55B	$2.75B	$4.52B	$5.19B	$10.04B	$7.87B	$12.76B	$23.13B	$19.08B	$12.32B	$11.63B	$9.37B	$7.70B	$11.63B	$7.80B
Operating income	$2.47B	−$803.0M	$3.14B	$3.78B	$938.0M	−$8.70B	−$31.0M	$382.0M	−$138.0M	−$4.41B	−$18.92B	$3.48B	$2.07B	−$1.69B	$2.92B	$2.81B	−$8.95B	$1.46B	$2.65B
EBITDAderived	$5.45B	$926.0M	$4.67B	$5.53B	$1.86B	−$7.61B	$2.23B	$2.12B	$1.56B	−$3.30B	−$16.69B	$6.39B	$4.97B	$1.12B	$4.84B	$4.42B	−$7.33B	$3.60B	$4.64B
Net income	$1.82B	−$714.0M	$2.42B	$4.94B	$945.0M	−$9.73B	−$308.0M	$226.0M	−$505.0M	−$4.39B	−$14.57B	$1.92B	$724.0M	−$769.0M	$1.74B	$1.77B	−$5.83B	$604.0M	$1.46B
Basic EPSper diluted share	$7.67	-$4.55	$18.21	$38.71	$9.29	-$998.26	-$49.97	$29.26	-$0.70	-$6.43	-$22.26	$1.93	$0.73	-$1.46	$2.47	$2.63	-$9.57	$0.94	$2.70
Diluted EPSper diluted share	$7.57	-$4.55	$16.92	$33.36	$8.12	-$998.26	-$49.97	$29.26	-$0.70	-$6.43	-$22.26	$1.87	$0.73	-$1.46	$2.32	$2.51	-$9.57	$0.93	$2.63

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys10$1.55M disclosed value

Sells (SEC code S)1$4.34M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 12, 2026Form 4	Wichterich MichaelInterim President and CEO	BuyCommon Stock	1.0K	$88.90	$88.9K	85.5K
Jun 4, 2026Form 4	Wichterich MichaelInterim President and CEO	BuyCommon Stock	1.0K	$93.36	$93.4K	84.5K
Jun 4, 2026Form 4	Teunissen MarcelEVP & CFO	BuyCommon Stock	2.0K	$92.88	$185.8K	11.1K
May 7, 2026Form 4	Teunissen MarcelEVP & CFO	BuyCommon Stock	2.0K	$96.43	$192.9K	9.1K
Mar 6, 2026Form 4	Wichterich MichaelInterim President and CEO	BuyCommon Stock	1.0K	$108.00	$108.0K	83.5K

Review ownership filings at SEC.gov ↗

EXPAND ENERGY Corp (EXE)

Financial charts

Financial statements

Insider buys & sells