Matador Resources Co MTDR
We are an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Our current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. We also have operations in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, we conduct midstream operations in support of, and to provide flow assurance for, our exploration, development and production operations and provide natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.66B | $3.48B | $2.82B | $3.20B | $1.86B | $851.1M | $1.03B | $829.7M | $544.3M | $264.4M |
| Cost of revenue | $208.1M | $167.4M | $124.0M | $95.5M | $61.5M | $41.5M | — | — | — | — |
| Gross profit | $3.45B | $3.31B | $2.69B | $3.10B | $1.80B | $809.6M | — | — | — | — |
| SG&A | $137.1M | $127.5M | $110.4M | $116.2M | $96.4M | $62.6M | $80.1M | $69.3M | $66.0M | $55.1M |
| Total operating expenses | $624.0M | $492.5M | $356.5M | $252.6M | $869.9M | $1.38B | $748.2M | $536.3M | $383.4M | $441.6M |
| Operating income | $1.23B | $1.43B | $1.21B | $1.76B | $793.1M | -$521.5M | $235.5M | $363.3M | $160.8M | -$177.2M |
| Interest expense | $208.5M | $171.7M | $121.5M | $67.2M | $74.7M | $76.7M | $73.9M | $41.3M | $34.6M | $28.2M |
| Pre-tax income | $1.03B | $1.26B | $1.10B | $1.69B | $715.3M | -$599.2M | $158.5M | $292.1M | $129.8M | -$98.1M |
| Income tax | $172.7M | $292.4M | $186.0M | $399.4M | $74.7M | $45.6M | $35.5M | $7.7M | $8.2M | $1.0M |
| Net income | $759.2M | $885.3M | $846.1M | $1.21B | $585.0M | -$593.2M | $87.8M | $274.2M | $125.9M | -$97.4M |
| EPS, basic | 6.10 | 7.16 | 7.10 | 10.28 | 5.00 | -5.11 | 0.75 | 2.41 | 1.23 | -1.07 |
| EPS, diluted | 6.09 | 7.14 | 7.05 | 10.11 | 4.91 | -5.11 | 0.75 | 2.41 | 1.23 | -1.07 |
| Shares, diluted (wtd. avg.) | $124.6M | $124.1M | $120.0M | $120.1M | $119.2M | $116.1M | $117.1M | $113.7M | $102.5M | $91.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $15.3M | $23.0M | $52.7M | $547.3M | $86.9M | $91.4M | $65.1M | $84.0M | $102.5M | $214.1M |
| Receivables | $286.2M | $331.6M | $274.2M | $224.9M | $164.2M | $85.1M | $95.2M | $68.2M | $66.0M | $34.2M |
| Total current assets | $816.6M | $927.3M | $715.9M | $1.07B | $371.3M | $261.6M | $278.5M | $305.7M | $257.2M | $279.2M |
| Property, plant and equipment | — | — | $6.96B | $4.42B | $3.86B | $3.37B | $3.70B | $3.12B | $1.88B | $1.18B |
| Total assets | $11.71B | $10.85B | $7.73B | $5.55B | $4.26B | $3.69B | $4.07B | $3.46B | $2.15B | $1.46B |
| Accounts payable | $540.6M | $619.2M | $68.2M | $58.8M | $26.3M | $14.0M | $25.2M | $67.0M | $11.8M | $4.7M |
| Total current liabilities | $1.03B | $995.4M | $685.3M | $575.9M | $464.8M | $290.9M | $399.8M | $330.0M | $282.6M | $169.5M |
| Long-term debt | $3.40B | $3.33B | $2.21B | $1.16B | — | — | — | — | — | — |
| Retained earnings | $3.15B | $2.56B | $1.78B | $1.01B | -$171.3M | -$741.7M | -$148.5M | -$236.3M | -$510.5M | -$636.4M |
| Total equity | $5.66B | $5.09B | $4.13B | $3.32B | $2.13B | $1.51B | $1.97B | $1.78B | $1.26B | $691.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.43B | $2.25B | $1.87B | $1.98B | $1.05B | $477.6M | $552.0M | $608.5M | $299.1M | $134.1M |
| Depreciation and amortisation | $1.20B | $974.3M | $716.7M | $466.3M | $344.9M | $361.8M | $350.5M | $265.1M | $177.5M | $122.0M |
| Stock-based compensation | $18.3M | $15.0M | $13.7M | $15.1M | $9.0M | $13.6M | $18.5M | $17.2M | $16.7M | $12.4M |
| Capital expenditure | $2.16B | $3.91B | $3.23B | $1.06B | $837.9M | $721.8M | $946.0M | $1.50B | $873.0M | $454.4M |
| Investing cash flow | -$2.16B | -$3.67B | -$3.21B | -$1.04B | -$729.3M | -$775.7M | -$904.0M | -$1.52B | -$819.3M | -$448.7M |
| Financing cash flow | -$282.6M | $1.41B | $902.3M | -$480.9M | -$328.6M | $324.3M | $333.1M | $888.2M | $408.5M | $467.7M |
| Dividends paid | $163.1M | $104.9M | $77.2M | $35.2M | $14.6M | $0 | — | — | — | — |
| Buybacks | $55.8M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001520006-26-000013.
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