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Equinor ASAFRA:DNQ +1.14%77 Debt-to-EBITDA is 0.50 as of Jun. 2026, which is 42% below its 10-year median of 0.86. GuruFocus rates FRA:DNQ with a GF Score™ of 77/100 and a GF Value™ of €30.38 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 705 Oil & Gas companies, Equinor ASA ranks better than 78.16% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Equinor ASA's Debt-to-EBITDA or its related term are showing as below:
FRA:DNQ'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.37 Med: 0.86 Max: 3.19
Current: 0.69
During the past 13 years, the highest Debt-to-EBITDA Ratio of Equinor ASA was 3.19. The lowest was 0.37. And the median was 0.86.
FRA:DNQ's Debt-to-EBITDA is ranked better than 78.16% of 705
companies
in the Oil & Gas industry
Industry Median: 2.05
vs FRA:DNQ: 0.69
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Equinor ASA Debt-to-EBITDA Related Terms
Equinor ASA Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Equinor ASA's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas Integrated subindustry, Equinor ASA's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Equinor ASA Debt-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Equinor ASA's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Equinor ASA's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Jun. 2026) EBITDA data.
Equinor ASA (FRA:DNQ) has a Debt-to-EBITDA of 0.50 as of Jun. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Equinor ASA. This is 42% below median its historical median of 0.86. Over the past decade, Equinor ASA's Debt-to-EBITDA has ranged from 0.37 to 3.19. According to the industry distribution chart, Equinor ASA ranks #154 out of 705 companies in the Oil & Gas industry, placing it in the top 21.8%.
Is Equinor ASA's Debt-to-EBITDA too high?
Equinor ASA's current Debt-to-EBITDA of 0.50 is 42% below median its 10-year median of 0.86. Over the past 10 years, this metric has ranged from a low of 0.37 to a high of 3.19. The Oil & Gas industry median Debt-to-EBITDA is 2.05. Equinor ASA's value of 0.50 is 75.6% below this industry median. Based on the distribution chart, Equinor ASA ranks #154 out of 705 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Equinor ASA has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Equinor ASA's Debt-to-EBITDA compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Equinor ASA ranks #154 out of 705 companies for Debt-to-EBITDA. This places Equinor ASA in the top 22% of its industry — outperforming the majority of peers. The industry median Debt-to-EBITDA is 2.05. Equinor ASA's value of 0.50 is 75.6% below this benchmark. Historically, Equinor ASA's own Debt-to-EBITDA has ranged from 0.37 to 3.19 over the past decade. While the company's 10-year median is 0.86 vs. the industry median of 2.05, Equinor ASA has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Oil & Gas company?
The median Debt-to-EBITDA among Oil & Gas companies is 2.05, based on 705 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Equinor ASA's current Debt-to-EBITDA of 0.50 is 75.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Equinor ASA. For the Oil & Gas industry, the median Debt-to-EBITDA is 2.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Equinor ASA's current Debt-to-EBITDA is 0.50, which is 42% below median its own 10-year median of 0.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Equinor ASA stock overvalued right now?
Based on GuruFocus' analysis, Equinor ASA (FRA:DNQ) is currently considered Modestly Overvalued. The stock's GF Value™ is €30.38, compared to a current price of €35.50 — trading 16.9% above its estimated fair value. The current Debt-to-EBITDA is 0.50, which is 42% below median its 10-year median of 0.86 and 75.6% below the Oil & Gas industry median of 2.05. Equinor ASA's overall GF Score™ is 77/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Equinor ASA (FRA:DNQ), the current Debt-to-EBITDA is 0.50 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Equinor ASA (FRA:DNQ) Overvalued in 2026?
Based on GuruFocus' analysis, Equinor ASA stock appears to be overvalued.
The current stock price of €35.50 is trading 16.9% above its estimated GF Value™ of €30.38.
GuruFocus considers Equinor ASA to be Modestly Overvalued.
Key valuation signals for FRA:DNQ:
Debt-to-EBITDA: 0.50 (42% below median its 10-year median of 0.86)
GF Value™: €30.38 vs. price of €35.50 (16.9% above fair value)
Industry Position: 75.6% below the Oil & Gas median (#154 of 705)
No single metric tells the full story. See the FRA:DNQ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Equinor is a Norway-based integrated oil and gas company. It has been publicly listed since 2001, but the government retains a 67% stake. Operating primarily on the Norwegian Continental Shelf, the firm produced 2.1 million barrels of oil equivalent per day in 2025 (50% liquids) and ended 2025 with 5.2 billion barrels of proven reserves (45% liquids). Operations also include oil refineries and natural gas processing, marketing, and trading. The renewables portfolio includes offshore and onshore wind and solar, with total power generation of 5.65 TWh in 2025.
77GF Score
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Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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