Equinor ASAFRA:DNQ +4.50%80 Return-on-Tangible-Equity is 33.98% as of Mar. 2026, which is 87% above its 10-year median of 18.20. GuruFocus rates FRA:DNQ with a GF Score™ of 80/100 and a GF Value™ of €27.45 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 944 Oil & Gas companies, Equinor ASA ranks better than 70.34% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Equinor ASA's annualized net income for the quarter that ended in Mar. 2026 was €10,747 Mil. Equinor ASA's average shareholder tangible equity for the quarter that ended in Mar. 2026 was €31,626 Mil. Therefore, Equinor ASA's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 33.98%.
The historical rank and industry rank for Equinor ASA's Return-on-Tangible-Equity or its related term are showing as below:
FRA:DNQ'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -18.52 Med: 18.2 Max: 70.28
Current: 14.73
During the past 13 years, Equinor ASA's highest Return-on-Tangible-Equity was 70.28%. The lowest was -18.52%. And the median was 18.20%.
FRA:DNQ's Return-on-Tangible-Equity is ranked better than 70.34% of 944
companies
in the Oil & Gas industry
Industry Median: 6.73
vs FRA:DNQ: 14.73
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Equinor ASA Return-on-Tangible-Equity Related Terms
Equinor ASA Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Equinor ASA's Return-on-Tangible-Equity 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.
FRA:DNQ vs XOM, CVX: Return-on-Tangible-Equity Comparison
For the Oil & Gas Integrated subindustry, Equinor ASA's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Equinor ASA's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Equinor ASA's Return-on-Tangible-Equity 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 Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 33.98% mean?
Equinor ASA (FRA:DNQ) has a Return-on-Tangible-Equity of 33.98% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Equinor ASA and its competitors. This is 87% above median its historical median of 18.20. According to the industry distribution chart, Equinor ASA ranks #280 out of 944 companies in the Oil & Gas industry, placing it in the top 29.7%.
Is Equinor ASA's Return-on-Tangible-Equity too high?
Equinor ASA's current Return-on-Tangible-Equity of 33.98% is 87% above median its 10-year median of 18.20. The Oil & Gas industry median Return-on-Tangible-Equity is 6.73. Equinor ASA's value of 33.98% is 404.9% above this industry median. Based on the distribution chart, Equinor ASA ranks #280 out of 944 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Equinor ASA has a GF Score™ of 80/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Equinor ASA's Return-on-Tangible-Equity compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Equinor ASA ranks #280 out of 944 companies for Return-on-Tangible-Equity. This puts Equinor ASA in the upper half of its industry. The industry median Return-on-Tangible-Equity is 6.73. Equinor ASA's value of 33.98% is 404.9% above this benchmark. While the company's 10-year median is 18.20 vs. the industry median of 6.73, 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 Return-on-Tangible-Equity for an Oil & Gas company?
The median Return-on-Tangible-Equity among Oil & Gas companies is 6.73, based on 944 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Equinor ASA's current Return-on-Tangible-Equity of 33.98% is 404.9% 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Equinor ASA and its competitors. For the Oil & Gas industry, the median Return-on-Tangible-Equity is 6.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Equinor ASA's current Return-on-Tangible-Equity is 33.98%, which is 87% above median its own 10-year median of 18.20. 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 €27.45, compared to a current price of €30.42 — trading 10.8% above its estimated fair value. The current Return-on-Tangible-Equity is 33.98%, which is 87% above median its 10-year median of 18.20 and 404.9% above the Oil & Gas industry median of 6.73. Equinor ASA's overall GF Score™ is 80/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Equinor ASA (FRA:DNQ), the current Return-on-Tangible-Equity is 33.98% as of Mar. 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 €30.42 is trading 10.8% above its estimated GF Value™ of €27.45.
GuruFocus considers Equinor ASA to be Modestly Overvalued.
Key valuation signals for FRA:DNQ:
Return-on-Tangible-Equity: 33.98% (87% above median its 10-year median of 18.20)
GF Value™: €27.45 vs. price of €30.42 (10.8% above fair value)
Industry Position: 404.9% above the Oil & Gas median (#280 of 944)
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.
80GF Score
Get the complete analysis for FRA:DNQ
Return-on-Tangible-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:DNQ has been successfully added to your 
