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3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Equinor ASA's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was -199.54%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Equinor ASA's 3-Year ROIIC % or its related term are showing as below:
FRA:DNQ's 3-Year ROIIC % is ranked worse than 94.26% of 923
companies
in the Oil & Gas industry
Industry Median: -0.02
vs FRA:DNQ: -199.54
Equinor ASA (FRA:DNQ) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Equinor ASA 3-Year ROIIC % Related Terms
Equinor ASA 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Equinor ASA's 3-Year ROIIC % 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 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Equinor ASA's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Equinor ASA's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Equinor ASA (FRA:DNQ) has a 3-Year ROIIC % of -199.54 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Equinor ASA and its competitors. According to the industry distribution chart, Equinor ASA ranks #870 out of 923 companies in the Oil & Gas industry, placing it in the top 94.3%.
Is Equinor ASA's 3-Year ROIIC % too high?
Equinor ASA's current 3-Year ROIIC % is -199.54. Based on the distribution chart, Equinor ASA ranks #870 out of 923 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Equinor ASA has a GF Score™ of 79/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Equinor ASA's 3-Year ROIIC % compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, Equinor ASA ranks #870 out of 923 companies for 3-Year ROIIC %. This places Equinor ASA in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for an Oil & Gas company?
A good 3-Year ROIIC % depends on the Oil & Gas industry context. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Equinor ASA and its competitors. Equinor ASA's current 3-Year ROIIC % is -199.54. 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 €26.95, compared to a current price of €31.42 — trading 16.6% above its estimated fair value. The current 3-Year ROIIC % is -199.54. 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 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Equinor ASA (FRA:DNQ), the current 3-Year ROIIC % is -199.54 as of Dec. 2025. 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 €31.42 is trading 16.6% above its estimated GF Value™ of €26.95.
GuruFocus considers Equinor ASA to be Modestly Overvalued.
Key valuation signals for FRA:DNQ:
3-Year ROIIC %: -199.54
GF Value™: €26.95 vs. price of €31.42 (16.6% above fair value)
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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