Start with its own history
At 11.51×, EQNR is 10.7% below its 8-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · EQNROil & Gas IntegratedUpdated Nov 2, 2026
Equinor ASA P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
11.51×
10.7% belowthe 8-observation annual average
Share price45.92
÷Earnings per share3.99
Price and EPS in quote currency. Calculation details
Investors are paying 11.51 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 12.88×
3-year average9.27×3 positive annual observations
5-year average8.38×5 positive annual observations
10-year average12.88×8 positive annual observations
Peer median · TTM12.02×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 11.75× | +48.7% |
| Dec 31, 2024 | 7.90× | -3.2% |
| Dec 31, 2023 | 8.16× | +106.1% |
| Dec 31, 2022 | 3.96× | -60.9% |
| Dec 31, 2021 | 10.12× | N/M |
| Dec 31, 2020 | N/M | N/M |
| Dec 31, 2019 | 36.33× | +286.6% |
| Dec 31, 2018 | 9.40× | -39.1% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 15.44× | N/M |
| Dec 31, 2016 | N/M | N/M |
| Dec 31, 2015 | N/M | N/M |
| Dec 31, 2014 | 14.32× | +22.1% |
| Dec 31, 2013 | 11.73× | +78.6% |
| Dec 31, 2012 | 6.57× | +6.1% |
| Dec 31, 2011 | 6.19× | -47.0% |
| Dec 31, 2010 | 11.67× | -53.9% |
| Dec 31, 2009 | 25.29× | +201.4% |
| Dec 31, 2008 | 8.39× | -31.5% |
| Dec 31, 2007 | 12.24× | +16.5% |
| Dec 31, 2006 | 10.51× | -4.0% |
| Dec 31, 2005 | 10.95× | +32.9% |
| Dec 31, 2004 | 8.24× | -15.5% |
| Dec 31, 2003 | 9.74× | +29.2% |
| Dec 31, 2002 | 7.54× | -3.0% |
| Dec 31, 2001 | 7.78× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How EQNR compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 EQNR This stockEquinor ASA | 11.51× |
 TTETotalEnergies SE | 9.22× |
 SHELShell plc | 9.03× |
 XOMExxonmobil Holdings Corporation | 18.70× |
 CVXChevron Corporation | 16.80× |
 BPBP p.l.c. | 14.13× |
 EEni S.p.A. | 10.16× |
 PBRPetróleo Brasileiro S.A. - Petrobras | 5.75× |
 PCCYFPetroChina Company Limited | 13.88× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does EQNR’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 12.02×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take EQNR into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("EQNR", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 45.92 ÷ EPS 3.99 = 11.51×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 2, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
EQNR P/E ratio: common questions
The essentials behind the numbers.
Equinor ASA's current P/E is 11.51× based on the quote data last updated Nov 2, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.