EXPAND ENERGY Corp
EXE · Crude Petroleum & Natural Gas · 239.2M shares · +104%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $322M (gross $355M, SBC $33M)
Reference price $88.90 · est. market cap ~$21.3B — last insider purchase, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76Largest U.S. independent natural-gas producer with scaled FCF and investment-grade balance sheet post-Southwestern merger.
Strengths
- Top-decile revenue growth (186%, 97th pct) and large FCF $1.84B (90th)
- Solid returns: net margin 15% (70th), ROA 6.4% (76th); reduced debt $1.2B, joined S&P 500
Risks
- Net income declined 3.5x YoY (15th pct) on lower gas prices; commodity-cyclical
- 28% of reserves undeveloped requiring ~$4.2B capex; no pricing moat
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +104%/yr over 4y (dilution, book value/share -81%)
- Strong balance sheetStrong balance sheet — $616M cash & investments
- Insider buyingInsider buying — 7 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$876,540, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
20.4%
Net margin
15.0%
Return on equity
9.8%
Return on assets
6.4%
ROIC
8.3%
Revenue growth (QoQ)
34.4%
Debt / equity
0.3×
Net debt / EBITDA
0.8×
Current ratio
1.0×
Free cash flow
$1.8B
EBITDA
$5.5B
Tangible book value
$18.6B
Cash & investments
$616M
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | Wichterich Michael | Buy | 1.0K | $88.90 |
| 2026-06-04 | Kehr Catherine A | Grant | 2.3K | $96.53 |
| 2026-06-04 | Konar Shameek | Grant | 2.3K | $96.53 |
| 2026-06-04 | Duster Benjamin | Grant | 2.3K | $96.53 |
| 2026-06-04 | JOHNSON S P IV | Grant | 2.3K | $96.53 |
| 2026-06-04 | Wichterich Michael | Buy | 1.0K | $93.36 |
| 2026-06-04 | Teunissen Marcel | Buy | 2.0K | $92.88 |
| 2026-06-04 | Steck Brian | Grant | 2.7K | $96.53 |
| 2026-06-04 | Duncan Timothy S. | Grant | 2.3K | $96.53 |
| 2026-06-04 | Gallagher Matthew | Grant | 2.3K | $96.53 |
| 2026-06-04 | Emerson Sarah A. | Grant | 2.3K | $96.53 |
| 2026-05-07 | Teunissen Marcel | Buy | 2.0K | $96.43 |
| 2026-04-06 | Teunissen Marcel | Grant | 5.1K | — |
| 2026-03-15 | Viets Joshua J. | Tax withheld | 6.5K | $107.02 |
| 2026-03-15 | Lacy Christopher W | Grant | 5.7K | — |
| 2026-03-15 | Lacy Christopher W | Tax withheld | 820 | $107.02 |
| 2026-03-15 | Larson Gregory M. | Tax withheld | 522 | $107.02 |
| 2026-03-15 | Raiford Brittany | Grant | 3.6K | — |
| 2026-03-15 | Raiford Brittany | Tax withheld | 170 | $107.02 |
| 2026-03-15 | Turco Daniel F | Grant | 5.7K | — |
| 2026-03-15 | Turco Daniel F | Tax withheld | 775 | $107.02 |
| 2026-03-15 | Larson Gregory M. | Grant | 2.4K | — |
| 2026-03-15 | Larson Gregory M. | Option exercise | 881 | — |
| 2026-03-15 | Larson Gregory M. | Option exercise | 72 | — |
| 2026-03-15 | Larson Gregory M. | Tax withheld | 276 | $107.02 |
| 2026-03-15 | Viets Joshua J. | Grant | 11K | — |
| 2026-03-15 | Viets Joshua J. | Option exercise | 14K | — |
| 2026-03-15 | Viets Joshua J. | Option exercise | 1.1K | — |
| 2026-03-15 | Viets Joshua J. | Tax withheld | 3.7K | $107.02 |
| 2026-03-06 | Wichterich Michael | Buy | 1.0K | $107.00 |
| 2026-03-06 | Wichterich Michael | Buy | 1.0K | $108.00 |
| 2026-02-20 | Raiford Brittany | Tax withheld | 485 | $108.06 |
| 2026-02-20 | Lacy Christopher W | Tax withheld | 7.5K | $108.06 |
| 2026-02-19 | Gallagher Matthew | Buy | 1.0K | $100.66 |
| 2026-02-18 | Turco Daniel F | Tax withheld | 740 | $99.52 |
| 2026-02-09 | Wichterich Michael | Grant | 17K | — |
| 2025-10-15 | Raiford Brittany | Tax withheld | 511 | $103.17 |
| 2025-10-15 | Lacy Christopher W | Tax withheld | 1.9K | $103.17 |
| 2025-08-18 | Viets Joshua J. | Buy | 2.0K | $92.16 |
| 2025-08-15 | DELL'OSSO DOMENIC J JR | Buy | 2.5K | $95.86 |
| 2025-06-05 | Wichterich Michael | Grant | 3.2K | $110.89 |
| 2025-06-05 | Steck Brian | Grant | 2.1K | $110.89 |
| 2025-06-05 | Konar Shameek | Grant | 1.8K | $110.89 |
| 2025-06-05 | Kehr Catherine A | Grant | 1.8K | $110.89 |
| 2025-06-05 | JOHNSON S P IV | Grant | 1.8K | $110.89 |
| 2025-06-05 | Gass John D | Grant | 1.8K | $110.89 |
| 2025-06-05 | Gallagher Matthew | Grant | 1.8K | $110.89 |
| 2025-06-05 | Emerson Sarah A. | Grant | 1.8K | $110.89 |
| 2025-06-05 | Duster Benjamin | Grant | 1.8K | $110.89 |
| 2025-06-05 | Duncan Timothy S. | Grant | 1.9K | $110.89 |
| 2025-03-15 | DELL'OSSO DOMENIC J JR | Option exercise | 64K | — |
| 2025-03-15 | DELL'OSSO DOMENIC J JR | Option exercise | 10K | — |
| 2025-03-15 | DELL'OSSO DOMENIC J JR | Grant | 22K | — |
| 2025-03-15 | DELL'OSSO DOMENIC J JR | Tax withheld | 33K | $102.60 |
| 2025-03-15 | DELL'OSSO DOMENIC J JR | Tax withheld | 7.3K | $102.60 |
| 2025-03-15 | Singh Mohit | Option exercise | 28K | — |
| 2025-03-15 | Singh Mohit | Option exercise | 4.4K | — |
| 2025-03-15 | Singh Mohit | Grant | 7.7K | — |
| 2025-03-15 | Singh Mohit | Tax withheld | 14K | $102.60 |
| 2025-03-15 | Singh Mohit | Tax withheld | 3.1K | $102.60 |
| 2025-03-15 | Viets Joshua J. | Option exercise | 28K | — |
| 2025-03-15 | Viets Joshua J. | Option exercise | 4.4K | — |
| 2025-03-15 | Viets Joshua J. | Grant | 9.7K | — |
| 2025-03-15 | Viets Joshua J. | Tax withheld | 14K | $102.60 |
| 2025-03-15 | Viets Joshua J. | Tax withheld | 3.3K | $102.60 |
| 2025-03-15 | Lacy Christopher W | Grant | 5.6K | — |
| 2025-03-15 | Turco Daniel F | Grant | 5.9K | $1.00 |
| 2025-03-15 | Larson Gregory M. | Option exercise | 1.4K | — |
| 2025-03-15 | Larson Gregory M. | Option exercise | 215 | — |
| 2025-03-15 | Larson Gregory M. | Grant | 2.5K | — |
| 2025-03-15 | Larson Gregory M. | Tax withheld | 458 | $102.60 |
| 2025-03-15 | Larson Gregory M. | Tax withheld | 388 | $102.60 |
| 2025-03-15 | Wichterich Michael | Option exercise | 25K | — |
| 2025-03-15 | Wichterich Michael | Option exercise | 4.0K | — |
| 2025-03-15 | Wichterich Michael | Tax withheld | 10K | $102.60 |
| 2025-03-15 | Wichterich Michael | Tax withheld | 828 | $102.60 |
| 2025-03-05 | DELL'OSSO DOMENIC J JR | Buy | 2.5K | $99.50 |
| 2025-02-28 | Viets Joshua J. | Tax withheld | 1.6K | $98.88 |
| 2025-02-21 | Lacy Christopher W | Tax withheld | 3.3K | $104.14 |
| 2025-02-18 | Turco Daniel F | Grant | 8.4K | — |
| 2025-01-01 | Singh Mohit | Tax withheld | 4.5K | $99.55 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Exec/director change | filing ↗ |
| 2026-06-04 | Shareholder vote | filing ↗ |
| 2026-04-28 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-10 | Exec/director change | filing ↗ |
| 2026-04-06 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-17 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-09 | Exec/director changeOtherExhibits | filing ↗ |
| 2025-10-28 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-23 | 0000895126-26-000036 ↗ |
| 8-K | 2026-06-04 | 2026-06-04 | 0000895126-26-000032 ↗ |
| 10-Q | 2026-04-28 | 2026-03-31 | 0000895126-26-000028 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0000895126-26-000027 ↗ |
| 8-K | 2026-04-10 | 2026-04-06 | 0000895126-26-000021 ↗ |
| 8-K | 2026-04-06 | 2026-04-06 | 0000895126-26-000016 ↗ |
| 10-K | 2026-02-18 | 2025-12-31 | 0000895126-26-000011 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0000895126-26-000008 ↗ |
| 8-K | 2026-02-09 | 2026-02-06 | 0000895126-26-000003 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0000895126-25-000097 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0000895126-25-000098 ↗ |
| 8-K | 2025-09-30 | 2025-09-30 | 0001104659-25-095028 ↗ |