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Crude petroleum & natural gas company · DE · FY ends Dec · Revenue $451M · 50.54% margin · $141M FCF
Margins and capital returns are both well above average: 44.72% operating margin, ROIC at 82.83%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue declined 14.6% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 11% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$451M
▼ -14.6% YoY
Net Income (TTM)
$336M
▲ +144.6% YoY
Op. Margin
50.54%
▲ +17.5pp YoY
ROIC
53.09%
▲ +62.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$141M
▼ -11.4% YoY
Op. Cash Flow (TTM)
$171M
▼ -9.4% YoY
Net Debt
-$162M
Net Cash Position
Cash & Equiv.
$171M
5Y CAGR: -2.0%
5Y CAGR: +19.0%
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