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EXE, Expand Energy Corporation

Oil & Gas Producers capital-intensive Capital build-out

Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all.

We focus our acquisition, exploration, development and production efforts in the geographic operating areas described below.

Latest annual: FY2025 10-K

EXE · Expand Energy Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$12.1B

+186.3% YoY · 7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $14.3B 5-yr avg $8.4B

Operating margin 29.8% 5-yr avg −19.3%

ROIC 15% 5-yr avg 14%

Owner-earnings margin 21% 5-yr avg 8%

Free cash flow margin 21% 5-yr avg 8%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Capital build-out. Capital spending has surged to 23% of sales, today's earnings are charged less depreciation than tomorrow's will be.
What moves the needle: Operating margin has reached 36% at its best but run negative through the cycle (median −1.4%) — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Capital spending runs about 18% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −0%, above 15% in 2 of 9 years). By owner earnings: roughly 5% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2015–2025

realized figures from each filing · older years to the left

2015’15	2016’16	2017’17	2018’18	2019’19	2020’20	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$12.8B	$7.9B	$10.0B	$10.0B	$8.5B	$5.2B	$11.7B	$8.7B	$4.2B	$12.1B	$14.3B	RevenueRevenue
2%	3%	3%	3%	4%	5%	1%	1%	4%	1%	1%	SG&A / revenueSG&A/rev
($18.9B)	($4.4B)	($138M)	$382M	($31M)	($8.7B)	$3.8B	$3.1B	($803M)	$2.5B	$4.3B	Operating incomeOp. inc.
−148.2%	−56.0%	−1.4%	3.8%	−0.4%	−166.1%	32.2%	36.0%	−19.0%	20.4%	29.8%	Operating marginOp. mgn
($14.6B)	($4.4B)	($505M)	$226M	($308M)	($9.7B)	$4.9B	$2.4B	($714M)	$1.8B	$3.2B	Net incomeNet inc.
—	—	—	-5%	—	—	—	22%	—	20%	21%	Effective tax rateTax rate
											Cash flow & returns
$1.2B	($204M)	$475M	$1.7B	$1.6B	$1.2B	$4.1B	$2.4B	$1.6B	$4.6B	$5.9B	Operating cash flowOp. cash
$2.2B	$1.1B	$1.7B	$1.7B	$2.3B	$1.1B	$1.8B	$1.5B	$1.7B	$3.0B	$3.0B	DepreciationDeprec.
$13.5B	$3.0B	($766M)	($265M)	($363M)	$9.8B	($2.6B)	($1.6B)	$512M	($270M)	($373M)	Working capital & otherWC & other
$3.6B	$1.4B	$88M	$128M	$35M	$1.1B	$1.8B	$1.8B	$1.6B	$2.7B	$2.9B	CapexCapex
28.3%	18.4%	0.9%	1.3%	0.4%	21.8%	15.5%	21.0%	36.8%	22.6%	20.1%	Capex / revenueCapex/rev
($2.4B)	($1.6B)	$387M	$1.6B	$1.6B	$22M	$2.3B	$551M	$8M	$1.8B	$3.0B	Owner earningsOwner earn.
−18.6%	−21.0%	3.9%	16.0%	18.6%	0.4%	19.6%	6.3%	0.2%	15.2%	20.9%	Owner earnings marginOE mgn
($2.4B)	($1.6B)	$387M	$1.6B	$1.6B	$22M	$2.3B	$551M	$8M	$1.8B	$3.0B	Free cash flowFCF
−18.6%	−21.0%	3.9%	16.0%	18.6%	0.4%	19.6%	6.3%	0.2%	15.2%	20.9%	Free cash flow marginFCF mgn
—	—	$0	$0	$353M	$0	$2.0B	$0	$459M	$0	$0	AcquisitionsAcquis.
$118M	$0	$0	—	$0	$0	$1.2B	$487M	$388M	$765M	$764M	Dividends paidDiv. paid
—	—	—	—	—	$0	$1.1B	$355M	$0	$100M	—	BuybacksBuybacks
-124%	-42%	-1%	4%	-0%	—	31%	21%	-3%	9%	15%	ROICROIC
-681%	—	—	11%	-7%	—	54%	23%	-4%	10%	17%	Return on equityROE
−687%	—	—	—	−7%	—	41%	18%	−6%	6%	13%	Retained to equityRetained/eq
											Balance sheet
$825M	$882M	$5M	$4M	$6M	$279M	$130M	$1.1B	$317M	$616M	$2.2B	Cash & investmentsCash+inv
$1.1B	$1.1B	$1.3B	$1.2B	$990M	$746M	$1.4B	$593M	$1.2B	$1.6B	$1.3B	ReceivablesReceiv.
$944M	$672M	$654M	$763M	$498M	$346M	$603M	$425M	$777M	$753M	$881M	Accounts payablePayables
$185M	$385M	$668M	$484M	$492M	$400M	$835M	$168M	$449M	$846M	$434M	Operating working capitalOper. WC
$2.5B	$2.1B	$1.5B	$1.6B	$1.3B	$1.1B	$2.7B	$2.6B	$2.0B	$2.9B	$4.4B	Current assetsCur. assets
$3.7B	$3.6B	$2.4B	$2.9B	$2.4B	$3.1B	$2.7B	$1.3B	$3.1B	$2.9B	$4.0B	Current liabilitiesCur. liab.
0.7×	0.6×	0.6×	0.6×	0.5×	0.4×	1.0×	2.0×	0.6×	1.0×	1.1×	Current ratioCurr. ratio
$17.3B	$13.0B	$12.4B	$12.7B	$16.2B	$6.6B	$15.5B	$14.4B	$27.9B	$28.3B	$29.5B	Total assetsAssets
$10.7B	$10.4B	$10.0B	$7.7B	$9.5B	$1.9B	$3.1B	$2.0B	$5.7B	$5.0B	$5.0B	Total debtDebt
$9.9B	$9.6B	$10.0B	$7.7B	$9.5B	$1.6B	$3.0B	$949M	$5.4B	$4.4B	$2.8B	Net debt / (cash)Net debt
-59.7×	-14.9×	-0.2×	0.6×	-0.0×	-26.3×	23.6×	30.2×	-6.5×	10.5×	18.2×	Interest coverageInt. cov.
$2.1B	($1.3B)	($496M)	$2.1B	$4.4B	($5.3B)	$9.1B	$10.7B	$17.6B	$18.6B	$19.5B	Shareholders’ equityEquity
0.6%	0.7%	0.5%	0.3%	0.4%	0.4%	0.2%	0.4%	0.9%	0.4%	0.3%	Stock comp / revenueSBC/rev
											Per share
662M	764M	906M	4.5M	8.3M	9.8M	146M	143M	157M	240M	241M	Shares out (diluted)Shares
$19.28	$10.30	$11.08	$2206.34	$1024.86	$536.17	$80.45	$61.00	$26.98	$50.44	$59.50	Revenue / shareRev/sh
$-22.00	$-5.75	$-0.56	$49.71	$-37.00	$-996.01	$33.82	$16.92	$-4.55	$7.57	$13.40	EPS (diluted)EPS
$-3.60	$-2.16	$0.43	$352.40	$190.75	$2.25	$15.77	$3.85	$0.05	$7.65	$12.46	Owner earnings / shareOE/sh
$-3.60	$-2.16	$0.43	$352.40	$190.75	$2.25	$15.77	$3.85	$0.05	$7.65	$12.46	Free cash flow / shareFCF/sh
$0.18	$0.00	$0.00	—	$0.00	$0.00	$8.30	$3.41	$2.47	$3.18	$3.17	Dividends / shareDiv/sh
$5.46	$1.89	$0.10	$28.16	$4.20	$116.85	$12.49	$12.79	$9.92	$11.38	$11.96	Cap. spending / shareCapex/sh
$3.23	$-1.74	$-0.55	$460.18	$524.20	$-546.51	$62.51	$75.04	$111.89	$77.29	$81.18	Book value / shareBVPS

The diluted share count moved ×1/199.3 into 2018 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.83 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×14.94 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.53 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	10-yr	5-yr
Revenue / share	+10.1%/yr	−37.7%/yr
Owner earnings / share	—	+27.7%/yr
Dividends / share	+33.4%/yr	—
Capital spending / share	+7.6%/yr	−37.2%/yr
Book value / share	+37.4%/yr	—

The record, charted

FY2015–2025

Each measure over its full record; the current point and the worst year marked.

Share count

240Mpeak FY2017

ROIC

9%low FY2015

Net debt ÷ owner earnings

2.4×peak FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$1.8Bowner earningsvs.$1.8Bnet incomelow FY2015

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2015FY2025

Owner-earnings bridge

FY2020–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $1.8B of profit into $1.8B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$1.8B

Owner earnings$1.8B · 15% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2020
Reported net income	$1.8B	($714M)	$2.4B	$4.9B	($9.7B)
Depreciation & amortizationnon-cash charge added back	+$3.0B	+$1.7B	+$1.5B	+$1.8B	+$1.1B
Stock-based compensationreal costnon-cash, but a real cost	+$46M	+$38M	+$33M	+$22M	+$21M
Working capital & othertiming of cash in and out, other non-cash items	−$270M	+$512M	−$1.6B	−$2.6B	+$9.8B
Cash from operations	$4.6B	$1.6B	$2.4B	$4.1B	$1.2B
Capital expenditurecash put back in to keep running and to grow	−$2.7B	−$1.6B	−$1.8B	−$1.8B	−$1.1B
Owner earnings	$1.8B	$8M	$551M	$2.3B	$22M
Owner-earnings marginowner earnings ÷ revenue	15%	0%	6%	20%	0%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $46M), owner earnings is nearer $1.8B.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 10.5×

Comfortable

Operating income $2.5B ÷ interest expense $235M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $4.4B · 1.8× operating profit

Modest net debt

Cash $616M − debt $5.0B

What this means
Netting $616M of cash and short-term investments against $5.0B of debt leaves $4.4B owed, about 1.8× a year's operating profit (2.0× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -0%

Below average through the cycle

9-yr median, range -124%–31%; 9% latest = NOPAT $2.0B ÷ invested capital $23.0B

Industry peers: median 9%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 9% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 15%

High, recently turned positive

latest $1.8B = operating cash $4.6B − maintenance capex $2.7B; positive each of the last 3 years, after an earlier loss stretch (10-yr median 4%)

Industry peers: median 21%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 15% of revenue this year, a 4% median across 10 years. Treating stock comp as the real expense it is (less $46M of SBC) leaves $1.8B.
Are earnings backed by cash? 2.52×

Cash-backed

Cash from ops $4.6B ÷ net income $1.8B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 47%

Returns about half

Dividends + buybacks $865M ÷ Owner Earnings $1.8B

What this means
Of $1.8B Owner Earnings, $865M (47%) went back to shareholders, $765M dividends, $100M buybacks. Net of $46M stock comp, the real buyback was about $54M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.92×

Maintaining

Capex $2.7B ÷ depreciation $3.0B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $12.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.01×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $5.0B vs $15M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 5 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $4.91/share (latest year $7.60), the averaged base the calculator's gate runs on, and book value is $77.66/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2015–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 10

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 2 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −69% → 12% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about −69% early to 12% lately, median −1% — pricing power intact or improving.
Reinvestment, incremental ROIC —

What this means
The reinvested base moved too little against the change in profit to read a reliable return on it here — the figure would be a small-denominator artifact, not a moat. Judge this one on the owner-earnings record and the cash it returns instead.
Worst year 2020 · −166.1% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$4.4B

Cash & short-term investments$2.2B
Receivables$1.3B
Inventory$25M
Other current assets$852M

Current liabilities$4.0B

Debt due within a year$875M
Accounts payable$881M
Other current liabilities$2.2B

Current ratio1.11×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.10×stricter: inventory excluded

Cash ratio0.56×strictest: cash alone against what's due

Working capital$437Mthe cushion left after near-term bills

Debt due this year vs. cash$875M due · $2.2B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+100.2%the freshest read on whether the business is still growing

Current ratio, recent quarters2.2× → 1.1×

Deeper floors

Tangible book value$19.5Bequity stripped of goodwill & intangibles

Net current asset value($5.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$5.1B$99M of it operating leases

Deferred revenue$14Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2015–2025

Over the record, the business generated $18.7B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$14.4B · 77%
Dividends$3.0B · 16%
Buybacks$1.5B · 8%

Returned to owners$4.5B
105% of the owner earnings the business produced over the span, $3.0B as dividends and $1.5B as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell $5.7B and cash and short-term investments rose $1.4B.
Average price paid for buybacks—
Buybacks ran $1.5B over the span, but a stock split in the window left the reported buyback-share counts on a basis the diluted-share count doesn't match, so a comparable average price can't be drawn.
Net change in share count−63.6%
The diluted count fell from 662M to 241M, so the buybacks outran the stock issued to staff.
Dividend record$3.18/sh
Paid in 5 of the years on record, the per-share dividend growing about 43% a year. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

From the proxy: how much of the business the people running it own, and how they are paid.

Stock-based compensation$46M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 2% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Expand Energy Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2015–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereAre "one-time" charges a yearly habit?7 of 10 years
Management took an impairment or write-down in 7 of the last 10 years, $12.7B in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Oil & Gas Producers

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
EOGEOG Resources Inc.	$22.6B	—	27.0%	15%	25%
OXYOccidental Petroleum Corporation	$21.6B	86%	17.9%	7%	21%
DVNDevon Energy Corporation	$16.8B	53%	20.7%	12%	20%
FANGDiamondback Energy Inc.	$15.0B	—	43.6%	7%	47%
EXEExpand Energy Corporation	$12.1B	—	-0.9%	-0%	5%
OVVOvintiv	$8.7B	—	17.7%	12%	17%
EQTEQT Corporation	$8.6B	63%	-3.8%	-1%	18%
CTRACoterra Energy Inc.	$7.3B	—	34.8%	9%	33%
Group median	—	—	19.3%	8%	20%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Expand Energy Corporation has delivered.

Expand Energy Corporation’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Expand Energy Corporation earns about $617M on its 5.1% median owner-earnings margin. This year’s 15.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($617M) Net of stock comp (−$47M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’25−4%/yr

Owner-earnings growth · since FY2017+22%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $3.0B on 239M shares outstanding, per the 10-Q cover, as of 2026-04-24; net debt $2.8B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh EXE against another business →

Cite: Owner Scorecard, "Expand Energy Corporation (EXE), the owner's record," https://ownerscorecard.com/c/EXE, data as of 2026-07-09.

Manual order: ← EXC its page in the Manual EXEL →

Industry order: ← EQT the Oil & Gas Producers chapter FANG →