CNX vs EQT: How CNX Resources Corporation and EQT Corporation Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CNX is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CNX and EQT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CNX and EQT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

CNX Resources Corporation is a natural gas exploration, development, and midstream company focused almost entirely on the Appalachian basin, primarily the Marcellus and Utica shales across Pennsylvania, Ohio, and West Virginia. Beyond conventional dry-gas drilling, CNX runs a differentiated New Technologies segment that captures and monetizes waste coal mine methane and coal bed methane, and pursues environmental-attribute credits (such as 45V and other programs) that add a non-commodity revenue stream most peers lack. The company frames its strategy around sustainable free cash flow per share rather than production growth, keeping run-rate capital expenditure under roughly $500 million and returning cash largely through buybacks.

Full CNX guide

EQT Corporation is a Pittsburgh-based energy company and the largest natural gas producer in the United States by volume. Its core business is drilling and producing natural gas from the Marcellus and Utica shale formations in Appalachia, where it holds a large, contiguous acreage position that lets it drill long horizontal wells and drive down per-unit costs. In 2024 EQT acquired Equitrans Midstream, its former pipeline partner, which made the company vertically integrated: it now owns much of the gathering, transmission, and storage infrastructure that carries its own gas to market, giving it more control over costs, reliability, and price realizations.

Full EQT guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CNX drivers: Free-cash-flow-per-share model; New Technologies and coal mine methane.
• EQT drivers: Largest US gas producer with low-cost scale; Vertical integration after Equitrans.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: CNX is highly sensitive to natural gas prices, which are volatile and driven by weather, storage, and supply that the company cannot control, so revenue and free cash flow can swing sharply from period to period. For EQT, eQT's earnings and cash flow are highly sensitive to natural gas prices, which the company does not control and which depend on weather, storage levels, supply from competing producers, and demand.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CNX if you believe its drivers more; EQT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CNX and EQT guides.

CNX. CNX trades at a mid-cap valuation with an enterprise value around $7.2 billion against roughly $2.6 billion of net debt. The 2026 free-cash-flow guide of about $525 to $550 million underpins its buyback-led capital return, and Q1 2026 results came in above expectations on stronger gas prices, hedging, and the Apex integration. Because earnings track a volatile commodity, trailing figures can differ substantially from forward periods.

EQT. EQT's headline numbers jumped in 2025 as higher and more volatile natural gas prices, plus the full-year benefit of the Equitrans integration, lifted net income to about $2.04 billion from roughly $231 million in 2024. Because those results are driven by commodity prices, they can swing sharply from year to year, so trailing multiples can look very different depending on where gas prices sit. Figures are approximate and drawn from company releases and public data.

Headline figures (approximate, July 2026): CNX shows revenue (fy2025) ~$2.24B, revenue (q1 2026) ~$787M (up ~67% YoY), adjusted eps (q1 2026) ~$1.20, market cap ~$4.6-5B; EQT shows net income (fy2025) ~$2.04 billion, adjusted eps (fy2025) ~$3.05, free cash flow (fy2025) ~$2.5 billion, sales volume (fy2025) ~2,382 Bcfe.

CNX and EQT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CNX and EQT exposure against your real portfolio. It is not an investment adviser.