If you have a planar shape (i.e., a shape in $\mathbb{R}^2$) your intuition is correct. We can use calculus to prove this. Suppose that \begin{equation} T: \mathbb{R}^2 \to \mathbb{R}^2 \end{equation}
is the mapping that stretches by a factor of $\alpha\in\mathbb{R}\setminus 0$ in one direction and by $\frac{1}{\alpha}$ in a perpendicular direction. For simplicity's sake, let's take $T$ to be the mapping $T(x, y) = (\alpha x, \frac{1}{\alpha}y)$. Then the Jacobian of $T$ is the matrix \begin{equation}J(T) =\begin{pmatrix}\alpha & 0 \\ 0 & \frac{1}{\alpha}\end{pmatrix},
\end{equation}
and we note that $\det(J(T)) = 1$. Let $R\subset\mathbb{R}^2$ be the region enclosed by your planar shape, and let $R^* = T(R)$, or in other words, let $R^*$ be the 'stretched out' version of your region $R$. Then
\begin{eqnarray}
Area(R^*) &=& \iint_{R^*} dA \\
&=& \iint_{R} |\det(J(T))|dA \\
&=& \iint_R dA \\
&=&Area(R),
\end{eqnarray}
which proves that the two shapes have equal area.