EQT Corporation management check
EQT · Energy · Oil & Gas Exploration & Production · CEO Toby Z. Rice
Filings as of
5 good · 0 to watch · 2 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $449, against $324 for the peer group the company picked itself.
- Flag
Does pay follow performance?
Pay moved against returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.63 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.8% of net income$16.1m of reported pay in fiscal 2025, against $2.0bn of net income.
- Good
Do they own the stock?
CEO stake ≈ 7.4 years of payThe CEO holds 2,157,865 shares, directly or through trusts (unvested awards not counted): about 7.4 years of pay. Light activity: no buys, $15.3m sold in six months. 4 of 5 sales ran on pre-arranged 10b5-1 plans.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +22.1% a year over the last three fiscal years. Stock-based pay was 0.7% of revenue in the latest year.
- Good
Is leadership stable?
9 leadership filings in 3 yearsCEO in the pay table: Mr. Toby Z. Rice. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 98 | 64 | |
| Pay for performance | 19 | 65 | |
| CEO cost | 59 | 66 | |
| Skin in the game | 78 | 49 | |
| Dilution | 0 | 58 | |
| Stable leadership | 80 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Others in Oil & Gas Exploration & Production, by management score. EQT Corporation is 16th of 20 in its sector.
Pay versus performance
From the proxy statement filed February 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Toby Z. Rice | $16.1m | $26.0m | $5.4m | $449 | $324 | $2.0bn |
| 2024 | — | $11.3m | $26.4m | $2.9m | $381 | $330 | $230.6m |
| 2023 | — | $10.6m | $23.4m | $2.9m | $314 | $280 | $1.7bn |
| 2022 | — | $11.6m | $46.1m | $2.7m | $270 | $278 | $1.8bn |
| 2021 | — | $16.9m | $37.2m | $3.8m | $172 | $181 | −$1.1bn |
The board says pay is tied most to Free CashFlow. Its other key measures: Relative Total Shareholder Return, Absolute Total Shareholder Return, Free Cash Flow.
Insiders and the CEO's stake
Toby Z. Rice (PRESIDENT & CEO) held 2,157,865 shares directly after their latest Form 4 on Aug 14, 2026, roughly $118.7m at that filing's price.
Light activity: no buys, $15.3m sold in six months. 4 of 5 sales ran on pre-arranged 10b5-1 plans.
- SoldToby Z. RicePRESIDENT & CEO · 10b5-1 plan$15.0mAug 14, 2026
- SoldVicky A BaileyDirector$246kApr 27, 2026
Leadership and governance on file
- Apr 15, 2026Leadership change8-K 5.02
- Feb 9, 2026Leadership change8-K 5.02
- Aug 27, 2025Leadership change8-K 5.02
- Jun 4, 2025Leadership change8-K 5.02
- Apr 17, 2025Leadership change8-K 5.02
- Feb 12, 2025Leadership change8-K 5.02
- Feb 6, 2025Leadership change8-K 5.02
- Jul 22, 2024Leadership change8-K 5.02
- Feb 9, 2024Leadership change8-K 5.02
- Jul 21, 2023Leadership change8-K 5.02
- Feb 13, 2023Leadership change8-K 5.02
- Feb 9, 2023Leadership change8-K 5.02
Latest shareholder vote results: Apr 15, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $1.8bn returned to owners in buybacks and dividends, 38% of net income, and $342.3m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.8bn | $12.1bn | $5.0bn | $5.3bn | $8.6bn |
| Net income | −$1.1bn | $1.8bn | $1.7bn | $230.6m | $2.0bn |
| Stock-based pay | $28.2m | $45.2m | $49.8m | $158.3m | $60.8m |
| Buybacks | $12.9m | $409.5m | $201.0m | $0 | $0 |
| Dividends | $0 | $203.6m | $228.3m | $326.6m | $389.6m |
| Diluted shares | 323m | 406m | 413m | 515m | 616m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.