Liquidity buffers have tightened significantly, with the current ratio deteriorating to 0.56 in 2025Q3, raising concerns regarding the company's ability to sustain $252 million in quarterly share repurchases during market downturns.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 2.74B | 2.87B | 2.24B | 2.48B | 274.6M | 158.8M | 224.65M | 116.6M | 7.69M | 14.56M | 226.02M | 339.96M | 307.01M | 157.64M | 57.6B |
| Operating CF Margin % | - | 55.07% | 64.45% | 65.4% | 29.51% | 72.81% | 71.72% | 42.15% | 3.94% | 7.46% | 77.23% | 60.86% | 72.78% | 68.18% | 89961.27% |
| Operating CF Growth % | -23.8% | 27.98% | -9.62% | 802.06% | 72.93% | -29.31% | 92.67% | 1416.23% | -47.19% | -93.56% | -33.51% | 10.73% | 94.76% | -99.73% | - |
| Net Income | 638.11M | 838.72M | 784.29M | 1.25B | 178.92M | 103.53M | 67.07M | 168.19M | -2.36M | -198.95M | -745.55M | 20.28M | 69.18M | 46.52M | 12.69B |
| Depreciation & Amortization | 1.99B | 2.06B | 1.17B | 816.45M | 226.93M | 91.24M | 88.14M | 41.88M | 52.38M | 111.22M | 244.92M | 396.38M | 140.18M | 66.81M | 31.51B |
| Stock-Based Compensation | 36.15M | 48.27M | 34.93M | 31.37M | 15.56M | 6.16M | 6.89M | 7.16M | 13.75M | 8.89M | 14.55M | 20.72M | 12.64M | 4.48M | 4.44B |
| Deferred Taxes | 138.38M | 235.77M | 245.16M | 337.5M | 72.86M | -60.52M | 0 | -41.88M | -28.06M | 50.32M | -165.67M | 12.99M | 42.43B | 30.77B | 11.2B |
| Other Non-Cash Items | 66.58M | 25.3M | -68.75M | -232.5M | -162.96M | 31.37M | 70.38M | -33.92M | 115.88M | 21.26M | 857.75M | -63.52M | 110.14M | 44.3M | 3.48B |
| Working Capital Changes | -135.72M | -339.26M | 71.93M | 276.14M | -56.71M | -12.98M | -7.83M | -24.82M | -27.98M | 21.83M | 20.02M | -33.9M | -25.12M | -20.74M | -5.72B |
| Change in Receivables | 140M | -23.04M | -39.87M | -941K | -100.88M | 24.95M | -2.69M | -46.99M | -11.12M | 35.28M | 35.23M | -21.38M | -26.32M | -20.74M | -11.71B |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 248K | 4.39M | 4.39M | 23.66M | 0 | 0 | 0 | 0 |
| Change in Payables | -309M | -298.58M | 91.81M | 311.11M | 0 | 0 | 0 | 19.95M | -14.35M | -11.62M | -23.66M | 35.39M | 50.9B | 22.77B | 6B |
| Cash from Investing | -2.33B | -2.67B | -5.24B | -1.31B | 73.55M | -63.8M | -255.16M | -164.38M | -88.55M | -67.46M | -452.57M | -837.23M | -465.22M | -305.28M | -158.9B |
| Capital Expenditures | -1.03B | -1.97B | -154.85M | -97.45M | -151.5M | -63.8M | -256.92M | -267.51M | -88.65M | -52.79M | -445.11M | -828.87M | -441.97M | -314.14M | -1.21B |
| CapEx % of Revenue | 21.98% | 37.9% | 4.46% | 2.57% | 16.28% | 29.25% | 82.02% | 96.69% | 45.39% | 27.03% | 152.08% | 148.37% | 104.77% | 135.87% | 1887.77% |
| Acquisitions | -760M | -905.1M | -3.82B | -236.16M | 222.44M | 0 | 0 | 103.13M | 0 | 0 | 1.55M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -535.6M | 205.08M | -1.27B | -972.48M | 2.6M | 0 | 1.76M | 103.13M | -67.06M | -14.67M | -9.01M | -8.36M | -23.25M | 8.87M | -157.69B |
| Cash from Financing | -396.62M | -1.24B | 3.36B | -657.37M | -118.44M | -81.25M | 28.6M | 48M | 13.01M | 112.06M | 245.31M | 319.28M | 334.52M | 149.82M | 103.39B |
| Debt Issued (Net) | 295.5M | -300M | 4.4B | -100M | -34.02M | -80.1M | 30M | 50M | -191.67M | 112.67M | 46M | 333M | 342M | 150.29M | -48.8M |
| Equity Issued (Net) | -4M | -1000K | -1000K | 0 | 0 | 0 | -1000K | -863K | 1000K | 0 | 1000K | -1000K | -1000K | -2.95K | 1000K |
| Dividends Paid | -188.63M | -493.84M | -660.32M | -536.92M | -60.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -481.44M | -427.31M | -320.4M | 0 | 0 | 0 | -1.18M | -863K | -2.83M | -289K | 0 | -6.01M | -4.44M | -467K | 0 |
| Other Financing | -22.05M | -23.19M | -59.96M | -20.45M | -23.63M | -1.15M | -220K | -1.14M | -2.83M | -605K | -10M | -7.72M | -3.04M | -466.93K | -2.28M |
| Net Change in Cash | 8.75M | -1.05B | 358.68M | 513.58M | 229.71M | 13.75M | -1.91M | 220K | -67.85M | 59.16M | 18.76M | -178M | -4.09B | -2.09B | 2.09B |
| Free Cash Flow | 933.65M | 893.36M | 731.52M | 1.41B | 123.1M | 95M | -32.27M | -150.91M | -80.96M | -38.23M | -219.09M | -488.91M | -134.96M | -156.51M | 56.39B |
| FCF Margin % | 19.84% | 17.17% | 21.06% | 37.29% | 13.23% | 43.56% | -10.3% | -54.55% | -41.46% | -19.57% | -74.86% | -87.52% | -31.99% | -67.69% | 88073.51% |
| FCF Growth % | 76.39% | 22.12% | -48.21% | 1047.44% | 29.58% | 394.4% | 78.62% | -86.39% | -111.81% | 82.55% | 55.19% | -262.27% | 13.77% | -100.28% | - |
| FCF per Share | 10.49 | 9.01 | 8.41 | 16.50 | 3.26 | 4.54 | -1.56 | -7.32 | -3.96 | -86.58 | -510.66 | -1347.09 | -381.38 | -447.21 | 141737.08 |
| FCF Conversion (FCF/Net Income) | 1.46x | 3.42x | 2.85x | 1.98x | 1.53x | 1.53x | 3.35x | 0.69x | -0.04x | -0.07x | -0.30x | 16.76x | 1.98x | 1.51x | 4192.37x |
| Interest Paid | 334.55M | 0 | 37.11M | 28.53M | 1.83M | 1.55M | 4.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 50.05M | 97.8M | 14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Integration and commodity volatility
According to recent financial disclosures, the OCF/NI ratio has fluctuated significantly, reaching 4.86 in 2025Q3, which suggests that reported net income consistently understates the actual cash-generating capacity of the underlying exploration and production assets due to heavy non-cash depletion and depreciation charges.
The wide divergence between net income and operating cash flow indicates that accounting earnings are heavily influenced by non-cash items rather than pure operational efficiency. Investors should monitor this gap, as it implies that the company's reported profitability may not be a reliable proxy for its ability to fund ongoing capital requirements.
As reported in quarterly filings, Civitas has experienced erratic free cash flow, swinging from a negative $191 million in 2025Q2 to a positive $355 million in 2025Q3, highlighting the sensitivity of cash generation to the timing of capital expenditures and commodity price fluctuations.
The inconsistency in FCF margins suggests that the company's current operational model is highly susceptible to the timing of drilling programs and acquisition-related cash outflows. This volatility complicates the sustainability of the fixed-plus-variable dividend framework, as cash availability remains tethered to cyclical commodity markets.
Based on the provided cash flow statements, the company's capital intensity remains elevated, with CAPEX/Revenue ratios frequently exceeding 40%, such as the 43.2% observed in 2025Q3, indicating a high ongoing requirement for reinvestment to maintain production levels in mature basins.
The high level of capital expenditure relative to revenue suggests that a significant portion of operating cash flow is immediately recycled into the asset base. This structural requirement for capital may limit the company's flexibility to navigate periods of lower commodity pricing without impacting shareholder returns.
As indicated by recent cash flow data, the company has prioritized significant share repurchases, totaling $252 million in 2025Q3, despite maintaining a relatively modest cash position, which warrants further investigation into the long-term sustainability of this capital allocation strategy during periods of market stress.
The decision to aggressively buy back shares while simultaneously integrating large-scale acquisitions appears to place pressure on the company's liquidity profile. This approach suggests a management preference for returning capital to shareholders, though it may leave the balance sheet vulnerable if operational cash flow fails to meet expectations.
Quick answers to the most common questions about buying CIVI stock.
Civitas Resources, Inc. (CIVI) generated $2.87B in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Civitas Resources, Inc. (CIVI) generated $893.4M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Civitas Resources, Inc. (CIVI) spent $1.97B on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Civitas Resources, Inc. (CIVI) returned $493.8M to shareholders via cash dividends and spent $427.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.