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Crude petroleum & natural gas company · DE · FY ends Dec · -10.04% margin
The business is unprofitable at the operating level (-10.04% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 62.0%, still solid. Margins contracted 75.9pp, which offsets some of the top-line progress.
ROIC dropped from 15.92% to -2.35%, capital efficiency is deteriorating. Operating margin contracted 75.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (FY)
$1.40B
▲ +62.0% YoY
Net Income (TTM)
-$124M
▼ -118.9% YoY
Op. Margin
-10.04%
▼ -75.9pp YoY
ROIC
-2.35%
▼ -18.3pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (FY)
$1.05B
▲ +69.8% YoY
Net Debt
$1.57B
Cash & Equiv.
$28M
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