EQT Corporation

Balance sheet quality is solid for a cyclical producer. TTM net cash from operations was $5.13 billion and free cash flow attributable to EQT was $2.50 billion. Year-end 2025 net debt was ~$7.69 billion versus total debt of ~$7.80 billion, with ample liquidity on a $3.5 billion revolver and investment grade ratings of Baa3/BBB−/BBB−.

Management expects net debt to decline further in early 2026 at recent strip. Debt maturities appear manageable and the integrated structure diversifies cash inflows. This supports a strong financial strength score.