Expand Energy (EXE)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $21.9B, Expand Energy's free cash flow of $1.8B (fiscal 2025) would need to grow about -2% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 5 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Expand Energy's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from EXE's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Expand Energy's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.2B | $11.7B | $8.7B | $4.2B | $12.1B |
| Net income | -$9.7B | $4.9B | $2.4B | -$714M | $1.8B |
| Free cash flow | $22M | $2.3B | $551M | $8M | $1.8B |
| EPS (diluted) | -$998.26 | $33.36 | $16.92 | -$4.55 | $7.57 |
| Operating margin | -166.1% | 32.2% | 36.0% | -19.0% | 20.4% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own EXE
From each investor's latest 13F filing (what a 13F shows). 10 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $491M | 0.17% | Q2 2026 |
| Howard Marks Oaktree Capital Management |
Held | $478M | 8.4% | Q2 2026 |
| David Iben Kopernik Global Investors |
Added | $157M | 9.6% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $98M | 0.23% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $52M | 0.04% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $30M | 0.02% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Added | $13M | 0.83% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
Added | $3M | 0.02% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $578,509 | 0.00% | Q2 2026 |
| Jay Petschek Corsair Capital Management |
Held | $306,581 | 0.04% | Q2 2026 |
Insider buying
Open-market purchases by Expand Energy's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 6, 2026 | Michael Wichterich |
2,000 | $107.50 | $215,000 |
| Feb 10, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $102.21 | — |
| Feb 10, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $102.21 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $117.16 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $117.16 | — |
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In the full deep dive
Questions
What growth does Expand Energy's stock price imply?
At a market value of $21.9B, Expand Energy would need its free cash flow to grow about -2% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 5 years its free cash flow grew 142% a year.
Are Expand Energy insiders buying the stock?
5 open-market insider purchases of EXE in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Expand Energy?
10 of the superinvestors Investingly tracks hold EXE in their latest 13F, including Cliff Asness, Howard Marks, David Iben.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.