Equinor ASAFRA:DNQ -1.51%79 PB Ratio is 1.81 as of Jun. 27, 2026, which is 8% above its 10-year median of 1.67. GuruFocus rates FRA:DNQ with a GF Score™ of 79/100 and a GF Value™ of €26.29 (Fairly Valued). The stock has 4 warning signs investors should review. Among 923 Oil & Gas companies, Equinor ASA ranks worse than 61.97% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-27), Equinor ASA's share price is €27.31. Equinor ASA's Book Value per Share for the quarter that ended in Mar. 2026 was €15.12. Hence, Equinor ASA's PB Ratio of today is 1.81.
The historical rank and industry rank for Equinor ASA's PB Ratio or its related term are showing as below:
FRA:DNQ'
s PB Ratio Range Over the Past 10 Years
Min: 0.92 Med: 1.67 Max: 3.25
Current: 1.83
During the past 13 years, Equinor ASA's highest PB Ratio was 3.25. The lowest was 0.92. And the median was 1.67.
FRA:DNQ's PB Ratio is ranked worse than 61.97% of 923
companies
in the Oil & Gas industry
Industry Median: 1.39
vs FRA:DNQ: 1.83
During the past 12 months, Equinor ASA's average Book Value Per Share Growth Rate was -6.60% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -1.50% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 13.30% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 6.60% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Equinor ASA was 24.10% per year. The lowest was -6.30% per year. And the median was 7.50% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Equinor ASA PB Ratio Related Terms
Equinor ASA PB Ratio Historical Data
* Premium members only.
The historical data trend for Equinor ASA's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Equinor ASA's PB Ratio distribution charts can be found below:
* The bar in red indicates where Equinor ASA's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Equinor ASA's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Equinor ASA (FRA:DNQ) has a PB Ratio of 1.81 as of Jun. 27, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Equinor ASA and its competitors. This is near median its historical median of 1.67. Over the past decade, Equinor ASA's PB Ratio has ranged from 0.92 to 3.25. According to the industry distribution chart, Equinor ASA ranks #572 out of 923 companies in the Oil & Gas industry, placing it in the top 62%.
Is Equinor ASA's PB Ratio too high?
Equinor ASA's current PB Ratio of 1.81 is near median its 10-year median of 1.67. Over the past 10 years, this metric has ranged from a low of 0.92 to a high of 3.25. The Oil & Gas industry median PB Ratio is 1.39. Equinor ASA's value of 1.81 is 30.2% above this industry median. Based on the distribution chart, Equinor ASA ranks #572 out of 923 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Equinor ASA has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Equinor ASA's PB Ratio compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Equinor ASA ranks #572 out of 923 companies for PB Ratio. This places Equinor ASA in the lower half of its industry. The industry median PB Ratio is 1.39. Equinor ASA's value of 1.81 is 30.2% above this benchmark. Historically, Equinor ASA's own PB Ratio has ranged from 0.92 to 3.25 over the past decade. While the company's 10-year median is 1.67 vs. the industry median of 1.39, Equinor ASA has consistently been above 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 PB Ratio for an Oil & Gas company?
The median PB Ratio among Oil & Gas companies is 1.39, based on 923 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Equinor ASA's current PB Ratio of 1.81 is 30.2% above 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Equinor ASA and its competitors. For the Oil & Gas industry, the median PB Ratio is 1.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Equinor ASA's current PB Ratio is 1.81, which is near median its own 10-year median of 1.67. 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 Fairly Valued. The stock's GF Value™ is €26.29, compared to a current price of €27.31 — trading 3.9% above its estimated fair value. The current PB Ratio is 1.81, which is near median its 10-year median of 1.67 and 30.2% above the Oil & Gas industry median of 1.39. Equinor ASA's overall GF Score™ is 79/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Equinor ASA (FRA:DNQ), the current PB Ratio is 1.81 as of Jun. 27, 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 €27.31 is trading 3.9% above its estimated GF Value™ of €26.29.
GuruFocus considers Equinor ASA to be Fairly Valued.
Key valuation signals for FRA:DNQ:
PB Ratio: 1.81 (near median its 10-year median of 1.67)
GF Value™: €26.29 vs. price of €27.31 (3.9% above fair value)
Industry Position: 30.2% above the Oil & Gas median (#572 of 923)
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.
79GF Score
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