Expand Energy Corporation

EXE

Oil & Gas Exploration & Production · Energy

Price

$96.09

+0.02 (+0.02%)

Market Cap

$22.25B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+103.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 117.9M (2021) → 240.4M (2025)

Winston Score History

The full picture

Expand Energy Corporation is a natural gas exploration and production company based in the United States. It drills for and produces natural gas, which it sells to utilities, industrial customers, and energy marketers. The company was formed from the merger of Chesapeake Energy and Southwestern Energy in 2024, making it one of the largest pure-play natural gas producers in the country.

Expand Energy earns money by selling the natural gas it pulls out of the ground, primarily from major shale basins like the Appalachian and Haynesville regions. Its large scale gives it a cost advantage over smaller rivals, and its high gross margin of over 63% reflects relatively efficient operations. The company's biggest risk is its heavy dependence on natural gas prices, which can swing sharply — when prices fall, revenue and profits drop quickly even if production stays steady.

Politician Trades

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3 Congressional buys and 3 sells on EXE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-19.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-46.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Expand Energy Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

78.6%

Premium pricing power — 78.6% gross margin

Profit after running costs

Operating Margin

22.3%

Excellent — 22.3% operating margin

Return on the money invested

ROCE

15.0%

Strong — 15.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+56.8%

Fast-growing sales (+56.8% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

203%

Turns 203% of profit into real cash

Spare cash per sale

FCF Margin

19.0%

Converts sales into free cash efficiently (19.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.19

Conservative — low debt load (0.19)

Covers its interest

Interest Cover

15.94x

Comfortably covers interest (15.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.2x

Attractive valuation — P/E 8.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-1.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

2.42%

Moderate income — 2.42% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-27.9%

Dividend cut (-27.9% YoY) — warning sign

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