Comprehensive Stock Comparison
Compare California Resources Corporation (CRC) vs TXO Partners, L.P. (TXO) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | CRC | 5.1% revenue growth vs TXO's -25.7% |
| Value | TXO | Lower P/E (25.0x vs 45.3x) |
| Quality / Margins | CRC | 10.9% net margin vs TXO's 4.6% |
| Stability / Safety | TXO | Beta 0.46 vs CRC's 1.26, lower leverage |
| Dividends | TXO | 18.9% yield, 5-year raise streak, vs CRC's 2.4% |
| Momentum (1Y) | CRC | +35.4% vs TXO's -25.5% |
| Efficiency (ROA) | CRC | 5.7% ROA vs TXO's 1.2%, ROIC 14.5% vs -0.8% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
California Resources Corporation is an independent oil and natural gas exploration and production company focused exclusively on California. It generates revenue primarily from crude oil sales (~60%), natural gas and natural gas liquids (~25%), and electricity generation from its cogeneration facilities (~15%). The company's key advantage is its extensive mineral acreage position—approximately 1.9 million net acres—in a mature, high-barrier-to-entry California market with established infrastructure.
TXO Partners is a conventional oil and gas partnership that acquires, develops, and exploits mature producing properties in North American basins. It generates revenue primarily from oil and natural gas liquids production — roughly 60% from oil and 40% from natural gas — through its working interests in established fields like the San Juan and Permian Basins. The partnership's competitive advantage lies in its focus on low-decline, conventional assets with predictable cash flows and its operational expertise in optimizing mature fields.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
CRC leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). TXO leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
CRC is the larger business by revenue, generating $3.5B annually — 9.7x TXO's $364M. CRC is the more profitable business, keeping 10.9% of every revenue dollar as net income compared to TXO's 4.6%. On growth, TXO holds the edge at +46.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CRCCalifornia Resour… | TXOTXO Partners, L.P. |
|---|---|---|
| RevenueTrailing 12 months | $3.5B | $364M |
| EBITDAEarnings before interest/tax | $1.4B | $95M |
| Net IncomeAfter-tax profit | $384M | $17M |
| Free Cash FlowCash after capex | $545M | -$146M |
| Gross MarginGross profit ÷ Revenue | +37.9% | +35.3% |
| Operating MarginEBIT ÷ Revenue | +21.2% | +0.5% |
| Net MarginNet income ÷ Revenue | +10.9% | +4.6% |
| FCF MarginFCF ÷ Revenue | +15.4% | -40.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | -11.9% | +46.8% |
| EPS Growth (YoY)Latest quarter vs prior year | -79.9% | — |
Valuation Metrics
At 12.7x trailing earnings, CRC trades at a 34% valuation discount to TXO's 19.3x P/E. On an enterprise value basis, TXO's 14.6x EV/EBITDA is more attractive than CRC's 4761.3x.
| Metric | CRCCalifornia Resour… | TXOTXO Partners, L.P. |
|---|---|---|
| Market CapShares × price | $5.36T | $686M |
| Enterprise ValueMkt cap + debt − cash | $5.36T | $836M |
| Trailing P/EPrice ÷ TTM EPS | 12.74x | 19.26x |
| Forward P/EPrice ÷ next-FY EPS est. | 45.26x | 25.04x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 4761.27x | 14.62x |
| Price / SalesMarket cap ÷ Revenue | 1812.76x | 2.43x |
| Price / BookPrice ÷ Book value/share | 1.35x | 0.74x |
| Price / FCFMarket cap ÷ FCF | 9999.00x | — |
Profitability & Efficiency
CRC delivers a 11.2% return on equity — every $100 of shareholder capital generates $11 in annual profit, vs $2 for TXO. TXO carries lower financial leverage with a 0.26x debt-to-equity ratio, signaling a more conservative balance sheet compared to CRC's 0.35x. On the Piotroski fundamental quality scale (0–9), TXO scores 4/9 vs CRC's 3/9, reflecting mixed financial health.
| Metric | CRCCalifornia Resour… | TXOTXO Partners, L.P. |
|---|---|---|
| ROE (TTM)Return on equity | +11.2% | +2.3% |
| ROA (TTM)Return on assets | +5.7% | +1.2% |
| ROICReturn on invested capital | +14.5% | -0.8% |
| ROCEReturn on capital employed | +13.7% | -0.8% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 4 |
| Debt / EquityFinancial leverage | 0.35x | 0.26x |
| Net DebtTotal debt minus cash | $851M | $150M |
| Cash & Equiv.Liquid assets | $372M | $7M |
| Total DebtShort + long-term debt | $1.2B | $157M |
| Interest CoverageEBIT ÷ Interest expense | 5.95x | 2.16x |
Total Returns (with DRIP)
A $10,000 investment in CRC five years ago would be worth $24,361 today (with dividends reinvested), compared to $8,373 for TXO. Over the past 12 months, CRC leads with a +35.4% total return vs TXO's -25.5%. The 3-year compound annual growth rate (CAGR) favors CRC at 14.3% vs TXO's -8.6% — a key indicator of consistent wealth creation.
| Metric | CRCCalifornia Resour… | TXOTXO Partners, L.P. |
|---|---|---|
| YTD ReturnYear-to-date | +26.8% | +13.9% |
| 1-Year ReturnPast 12 months | +35.4% | -25.5% |
| 3-Year ReturnCumulative with dividends | +49.2% | -23.6% |
| 5-Year ReturnCumulative with dividends | +143.6% | -16.3% |
| 10-Year ReturnCumulative with dividends | +1037.4% | -16.3% |
| CAGR (3Y)Annualised 3-year return | +14.3% | -8.6% |
Risk & Volatility
TXO is the less volatile stock with a 0.46 beta — it tends to amplify market swings less than CRC's 1.26 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CRC currently trades 98.0% from its 52-week high vs TXO's 61.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CRCCalifornia Resour… | TXOTXO Partners, L.P. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.26x | 0.46x |
| 52-Week HighHighest price in past year | $60.03 | $20.24 |
| 52-Week LowLowest price in past year | $30.97 | $10.12 |
| % of 52W HighCurrent price vs 52-week peak | +98.0% | +61.9% |
| RSI (14)Momentum oscillator 0–100 | 61.0 | 60.2 |
| Avg Volume (50D)Average daily shares traded | 696K | 192K |
Analyst Outlook
Wall Street rates CRC as "Buy" and TXO as "Strong Buy". Consensus price targets imply 47.8% upside for TXO (target: $19) vs 11.7% for CRC (target: $66). For income investors, TXO offers the higher dividend yield at 18.87% vs CRC's 2.36%.
| Metric | CRCCalifornia Resour… | TXOTXO Partners, L.P. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Strong Buy |
| Price TargetConsensus 12-month target | $65.71 | $18.50 |
| # AnalystsCovering analysts | 23 | 2 |
| Dividend YieldAnnual dividend ÷ price | +2.4% | +18.9% |
| Dividend StreakConsecutive years of raises | 3 | 5 |
| Dividend / ShareAnnual DPS | $1.39 | $2.36 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.0% | 0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 23 | Feb 26 | Change |
|---|---|---|---|
| California Resource… (CRC) | 100 | 125.74 | +25.7% |
| TXO Partners, L.P. (TXO) | 101.95 | 53.32 | -47.7% |
California Resource… (CRC) returned +144% over 5 years vs TXO Partners, L.P. (TXO)'s -16%. A $10,000 investment in CRC 5 years ago would be worth $24,361 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| California Resource… (CRC) | $2.4B | $3.0B | +25.8% |
| TXO Partners, L.P. (TXO) | $109M | $283M | +160.0% |
California Resources Corporation's revenue grew from $2.4B (2015) to $3.0B (2024) — a 2.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| California Resource… (CRC) | -151.2% | 12.7% | +108.4% |
| TXO Partners, L.P. (TXO) | -150.1% | 8.3% | +105.5% |
California Resources Corporation's net margin went from -151% (2015) to 13% (2024).
Chart 4P/E Ratio History — 6 Years
| Stock | 2018 | 2024 | Change |
|---|---|---|---|
| California Resource… (CRC) | 2.5 | 11.2 | +348.0% |
California Resources Corporation has traded in a 1x–11x P/E range over 6 years; current trailing P/E is ~13x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| California Resource… (CRC) | -92.79 | 4.62 | +105.0% |
| TXO Partners, L.P. (TXO) | -6.53 | 0.65 | +110.0% |
California Resources Corporation's EPS grew from $-92.79 (2015) to $4.62 (2024).
Chart 6Free Cash Flow — 5 Years
California Resources Corporation generated $350M FCF in 2024 (-25% vs 2021). TXO Partners, L.P. generated $-156M FCF in 2024 (-7% vs 2021).
CRC vs TXO: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is CRC or TXO a better buy right now?
California Resources Corporation (CRC) offers the better valuation at 12.7x trailing P/E (45.3x forward), making it the more compelling value choice. Analysts rate TXO Partners, L.P. (TXO) a "Strong Buy" — based on 2 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CRC or TXO?
On trailing P/E, California Resources Corporation (CRC) is the cheapest at 12.7x versus TXO Partners, L.P. at 19.3x. On forward P/E, TXO Partners, L.P. is actually cheaper at 25.0x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — CRC or TXO?
Over the past 5 years, California Resources Corporation (CRC) delivered a total return of +143.6%, compared to -16.3% for TXO Partners, L.P. (TXO). A $10,000 investment in CRC five years ago would be worth approximately $24K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CRC returned +1037% versus TXO's -16.3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CRC or TXO?
By beta (market sensitivity over 5 years), TXO Partners, L.P. (TXO) is the lower-risk stock at 0.46β versus California Resources Corporation's 1.26β — meaning CRC is approximately 172% more volatile than TXO relative to the S&P 500. On balance sheet safety, TXO Partners, L.P. (TXO) carries a lower debt/equity ratio of 26% versus 35% for California Resources Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — CRC or TXO?
California Resources Corporation (CRC) is the more profitable company, earning 12.7% net margin versus 8.3% for TXO Partners, L.P. — meaning it keeps 12.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CRC leads at 22.0% versus -2.4% for TXO. At the gross margin level — before operating expenses — CRC leads at 40.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CRC or TXO more undervalued right now?
On forward earnings alone, TXO Partners, L.P. (TXO) trades at 25.0x forward P/E versus 45.3x for California Resources Corporation — 20.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for TXO: 47.8% to $18.50.
07Which pays a better dividend — CRC or TXO?
All stocks in this comparison pay dividends. TXO Partners, L.P. (TXO) offers the highest yield at 18.9%, versus 2.4% for California Resources Corporation (CRC).
08Is CRC or TXO better for a retirement portfolio?
For long-horizon retirement investors, TXO Partners, L.P. (TXO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.46), 18.9% yield). Both have compounded well over 10 years (TXO: -16.3%, CRC: +1037%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CRC and TXO?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: CRC is a mega-cap deep-value stock; TXO is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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