Mach Natural Resources LP (MNR) 10-Year Financial Performance & Capital Metrics

MNR • • Industrial / General

EnergyOil & Gas E&PUnconventional Shale E&POther Shale Play Operators

AboutMach Natural Resources LP, an independent upstream oil and gas company, focuses on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas. The company was incorporated in 2023 and is headquartered in Oklahoma City, Oklahoma.Show more

Revenue $970M +27.2%
EBITDA $562M +13.1%
Net Income $185M -46.6%
EPS (Diluted) 1.90 +163.9%
Gross Margin 34.22% -32.6%
EBITDA Margin 57.96% -11.1%
Operating Margin 30.01% -36.3%
Net Margin 19.1% -58.0%
ROE 15.49% -60.1%
ROIC 11.72% -45.0%
Debt/Equity 0.64 -7.6%
Interest Coverage 2.78 -91.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 57.6%
✓FCF machine: 29.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 38.7%
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak momentum: RS Rating 18 (bottom 18%)
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y35.18%

TTM11.65%

Profit (Net Income) CAGR

10Y-

5Y-

3Y10.2%

TTM914.31%

EPS CAGR

10Y-

5Y-

3Y9.18%

TTM352.63%

ROCE

10Y Avg43.03%

5Y Avg43.03%

3Y Avg44.29%

Latest14.49%

Peer Comparison

Other Shale Play Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGYMagnolia Oil & Gas Corporation	4.12B	22.49	11.59	7.25%	25.9%	17.05%	10.48%	0.21
KGEIKolibri Global Energy Inc.	126.93M	3.59	7.04	15.84%	24.74%	8.88%	6.02%	0.18
REPXRiley Exploration Permian, Inc.	616.01M	28.04	6.58	9.37%	21.73%	15.25%	18.89%	0.54
MNRMach Natural Resources LP	1.85B	11.01	5.79	27.2%	28.51%	14.85%	15.37%	0.64
CHRDChord Energy Corporation	5.23B	91.94	5.74	34.76%	3.31%	2.11%	17.56%	0.12
CIVICivitas Resources, Inc.	2.27B	26.55	3.14	49.76%	13.56%	9.55%	39.44%	0.68
REIRing Energy, Inc.	201.01M	0.97	2.85	1.46%	-5.01%	-1.91%	18.95%	0.45
PEDPEDEVCO Corp.	51.29M	0.54	2.69	28.49%	28.75%	8.29%	24.56%	0.00

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	392.5M	937.41M	762.31M	969.63M
Revenue Growth %	-	1.39%	-0.19%	0.27%
Cost of Goods Sold+	176.16M	389.58M	375.51M	637.8M
COGS % of Revenue	0.45%	0.42%	0.49%	0.66%
Gross Profit+	216.33M	547.84M	386.8M	331.83M
Gross Margin %	0.55%	0.58%	0.51%	0.34%
Gross Profit Growth %	-	1.53%	-0.29%	-0.14%
Operating Expenses+	60.93M	25.45M	27.65M	40.84M
OpEx % of Revenue	0.16%	0.03%	0.04%	0.04%
Selling, General & Admin	60.93M	25.45M	27.65M	40.84M
SG&A % of Revenue	0.16%	0.03%	0.04%	0.04%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	0	0	0	0
Operating Income+	155.41M	522.38M	359.14M	290.99M
Operating Margin %	0.4%	0.56%	0.47%	0.3%
Operating Income Growth %	-	2.36%	-0.31%	-0.19%
EBITDA+	196.09M	610.97M	496.76M	561.96M
EBITDA Margin %	0.5%	0.65%	0.65%	0.58%
EBITDA Growth %	-	2.12%	-0.19%	0.13%
D&A (Non-Cash Add-back)	40.69M	88.59M	137.62M	270.97M
EBIT	140.03M	521.69M	357.76M	289.77M
Net Interest Income+	-1.66M	-4.85M	-11.2M	-104.6M
Interest Income	0	0	0	0
Interest Expense	1.66M	4.85M	11.2M	104.6M
Other Income/Expense	-17.03M	-5.54M	-12.59M	-105.81M
Pretax Income+	138.37M	516.84M	346.56M	185.18M
Pretax Margin %	0.35%	0.55%	0.45%	0.19%
Income Tax+	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%
Net Income+	138.37M	516.84M	346.56M	185.18M
Net Margin %	0.35%	0.55%	0.45%	0.19%
Net Income Growth %	-	2.74%	-0.33%	-0.47%
Net Income (Continuing)	138.37M	516.84M	346.56M	185.18M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	1.46	5.44	0.72	1.90
EPS Growth %	-	2.73%	-0.87%	1.64%
EPS (Basic)	1.46	5.44	0.72	1.90
Diluted Shares Outstanding	95M	95M	94.91M	97.7M
Basic Shares Outstanding	95M	95M	95M	97.59M
Dividend Payout Ratio	1.06%	0.53%	0.29%	1.67%

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	178.47M	186.23M	343.6M	322.1M
Cash & Short-Term Investments	59.27M	29.42M	152.79M	105.78M
Cash Only	59.27M	29.42M	152.79M	105.78M
Short-Term Investments	0	0	0	0
Accounts Receivable	93.88M	129.77M	132.21M	171.55M
Days Sales Outstanding	87.3	50.53	63.3	64.58
Inventory	4.94M	24.7M	31.38M	24.3M
Days Inventory Outstanding	10.24	23.14	30.5	13.91
Other Current Assets	20.38M	2.35M	27.23M	20.47M
Total Non-Current Assets+	346.9M	701.21M	1.96B	2.02B
Property, Plant & Equipment	343.18M	698.16M	1.94B	2.01B
Fixed Asset Turnover	1.14x	1.34x	0.39x	0.48x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	0	0	15.11M	640K
Other Non-Current Assets	3.72M	3.05M	7.1M	9.49M
Total Assets+	525.38M	887.44M	2.3B	2.34B
Asset Turnover	0.75x	1.06x	0.33x	0.41x
Asset Growth %	-	0.69%	1.6%	0.01%
Total Current Liabilities+	129.44M	152.64M	274.91M	352.42M
Accounts Payable	7.58M	19.85M	47.44M	54.44M
Days Payables Outstanding	15.71	18.59	46.12	31.15
Short-Term Debt	0	0	61.88M	82.5M
Deferred Revenue (Current)	0	0	0	0
Other Current Liabilities	45.6M	71.58M	148.84M	162.91M
Current Ratio	1.38x	1.22x	1.25x	0.91x
Quick Ratio	1.34x	1.06x	1.14x	0.84x
Cash Conversion Cycle	81.84	55.08	47.68	47.33
Total Non-Current Liabilities+	117.24M	141.57M	837.88M	786.75M
Long-Term Debt	85.8M	84.9M	745.14M	668.78M
Capital Lease Obligations	0	4.04M	6.71M	9.3M
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	31.44M	52.63M	86.04M	108.67M
Total Liabilities	246.68M	294.21M	1.11B	1.14B
Total Debt+	85.8M	99.71M	824.49M	766.17M
Net Debt	26.53M	70.29M	671.69M	660.39M
Debt / Equity	0.31x	0.17x	0.69x	0.64x
Debt / EBITDA	0.44x	0.16x	1.66x	1.36x
Net Debt / EBITDA	0.14x	0.12x	1.35x	1.18x
Interest Coverage	93.84x	107.66x	32.06x	2.78x
Total Equity+	278.7M	593.23M	1.19B	1.2B
Equity Growth %	-	1.13%	1.01%	0.01%
Book Value per Share	2.93	6.24	12.56	12.27
Total Shareholders' Equity	278.7M	593.23M	1.19B	1.2B
Common Stock	278.7M	593.23M	1.19B	1.2B
Retained Earnings	0	0	0	0
Treasury Stock	0	0	0	0
Accumulated OCI	0	0	0	0
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	198.46M	553.54M	491.74M	505.29M
Operating CF Margin %	0.51%	0.59%	0.65%	0.52%
Operating CF Growth %	-	1.79%	-0.11%	0.03%
Net Income	138.37M	516.84M	346.56M	185.18M
Depreciation & Amortization	40.69M	88.59M	137.62M	270.97M
Stock-Based Compensation	45.3M	7.53M	3.44M	6.53M
Deferred Taxes	0	0	0	0
Other Non-Cash Items	15.21M	-40.01M	-49.7M	44.22M
Working Capital Changes	-41.11M	-19.4M	53.82M	-1.61M
Change in Receivables	-74.46M	-33.77M	15.63M	-46.87M
Change in Inventory	0	0	0	0
Change in Payables	8.97M	12.18M	5.73M	3.33M
Cash from Investing+	-194.74M	-372.66M	-1.03B	-306.32M
Capital Expenditures	-41.01M	-243.03M	-314.8M	-220.32M
CapEx % of Revenue	0.1%	0.26%	0.41%	0.23%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	-153.74M	-129.63M	-751.51M	-86M
Cash from Financing+	-4.58M	-210.74M	658.79M	-245.99M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	-146M	-274.84M	-101.35M	-309.83M
Share Repurchases	-	-	-	-
Other Financing	-2.15M	0	-6.06M	-3.14M
Net Change in Cash	-	-	-	-
Free Cash Flow+	157.45M	310.52M	176.94M	284.98M
FCF Margin %	0.4%	0.33%	0.23%	0.29%
FCF Growth %	-	0.97%	-0.43%	0.61%
FCF per Share	1.66	3.27	1.86	2.92
FCF Conversion (FCF/Net Income)	1.43x	1.07x	1.42x	2.73x
Interest Paid	1.15M	4.34M	8.37M	97.93M
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	49.65%	118.55%	38.83%	15.49%
Return on Invested Capital (ROIC)	-	80.89%	21.32%	11.72%
Gross Margin	55.12%	58.44%	50.74%	34.22%
Net Margin	35.25%	55.13%	45.46%	19.1%
Debt / Equity	0.31x	0.17x	0.69x	0.64x
Interest Coverage	93.84x	107.66x	32.06x	2.78x
FCF Conversion	1.43x	1.07x	1.42x	2.73x
Revenue Growth	-	138.83%	-18.68%	27.2%

Revenue by Segment

	2024
Oil	554.01M
Oil Growth	-
Natural Gas	210.38M
Natural Gas Growth	-
Natural Gas, Gathering, Transportation, Marketing and Processing	-11.85M
Natural Gas, Gathering, Transportation, Marketing and Processing Growth	-

Frequently Asked Questions

Valuation & Price

Mach Natural Resources LP (MNR) has a price-to-earnings (P/E) ratio of 5.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Mach Natural Resources LP (MNR) reported $1.02B in revenue for fiscal year 2024. This represents a 161% increase from $392.5M in 2021.

Mach Natural Resources LP (MNR) grew revenue by 27.2% over the past year. This is strong growth.

Yes, Mach Natural Resources LP (MNR) is profitable, generating $291.6M in net income for fiscal year 2024 (19.1% net margin).

Dividend & Returns

Yes, Mach Natural Resources LP (MNR) pays a dividend with a yield of 28.80%. This makes it attractive for income-focused investors.

Mach Natural Resources LP (MNR) has a return on equity (ROE) of 15.5%. This is reasonable for most industries.

Mach Natural Resources LP (MNR) generated $219.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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