Operating margins have exhibited significant volatility, collapsing from 70.7% in 2023Q3 to 66.6% in 2025Q3, reflecting the difficulty of maintaining profitability amidst shifting commodity price environments.
| 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 |
|---|
| Sales/Revenue | 4.71B | 5.2B | 3.47B | 3.79B | 930.61M | 218.09M | 313.22M | 276.66M | 195.29M | 195.29M | 292.68M | 558.63M | 421.86M | 231.21M | 64.03M |
| Revenue Growth % | -6.58% | 49.76% | -8.28% | 307% | 326.71% | -30.37% | 13.22% | 41.66% | 0% | -33.27% | -47.61% | 32.42% | 82.46% | 261.08% | - |
| Cost of Goods Sold | 2.64B | 3.06B | 1.81B | 1.31B | 361.25M | 57.62M | 79.54M | 116.23M | 47.52M | 183.02M | 339.96M | 167.59M | 47.77M | 31.31M | 17.29M |
| COGS % of Revenue | - | 58.82% | 52.05% | 34.48% | 38.82% | 26.42% | 25.4% | 42.01% | 24.33% | 93.71% | 116.15% | 30% | 11.32% | 13.54% | 26.99% |
| Gross Profit | 2.06B | 2.14B | 1.67B | 2.48B | 569.36M | 160.47M | 233.68M | 160.43M | 147.78M | 12.28M | -47.28M | 391.04M | 374.09M | 199.9M | 46.75M |
| Gross Margin % | 43.88% | 41.18% | 47.95% | 65.52% | 61.18% | 73.58% | 74.6% | 57.99% | 75.67% | 6.29% | -16.15% | 70% | 88.68% | 86.46% | 73.01% |
| Gross Profit Growth % | - | 28.63% | -32.88% | 335.88% | 254.82% | -31.33% | 45.66% | 8.56% | 1103.49% | 125.97% | -112.09% | 4.53% | 87.14% | 327.63% | - |
| Operating Expenses | 603.27M | 631.61M | 441.81M | 455.04M | 146.48M | 36.35M | 40.47M | 42.77M | 77.06M | 85.7M | 86.15M | 81.57M | 227.09M | 122M | 35.54M |
| OpEx % of Revenue | - | 12.14% | 12.72% | 12.01% | 15.74% | 16.67% | 12.92% | 15.46% | 39.46% | 43.88% | 29.43% | 14.6% | 53.83% | 52.77% | 55.5% |
| Selling, General & Admin | 213.22M | 226.97M | 161.08M | 143.48M | 65.13M | 36.35M | 40.47M | 42.45M | 77.06M | 77.06M | 70.32M | 81.57M | 42.86M | 26.92M | 9.34M |
| SG&A % of Revenue | - | 4.36% | 4.64% | 3.79% | 7% | 16.67% | 12.92% | 15.35% | 39.46% | 39.46% | 24.03% | 14.6% | 10.16% | 11.64% | 14.58% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 404.64M | 280.73M | 311.56M | 81.35M | 0 | 0 | 0 | 0 | -2.55M | -2.5M | 0 | 184.23M | 95.07M | 26.2M |
| Operating Income | 1.46B | 1.51B | 1.22B | 2.03B | 422.88M | 124.12M | 193.21M | 115.06M | -129.11M | -136.89M | -853.39M | -47.51M | 147M | 77.9M | 11.21M |
| Operating Margin % | 31.06% | 29.04% | 35.23% | 53.51% | 45.44% | 56.91% | 61.69% | 41.59% | -66.11% | -70.09% | -291.58% | -8.5% | 34.84% | 33.69% | 17.51% |
| Operating Income Growth % | - | 23.45% | -39.62% | 379.26% | 240.71% | -35.76% | 67.92% | 189.12% | 5.68% | 83.96% | -1696.38% | -132.32% | 88.69% | 595% | - |
| EBITDA | 3.45B | 3.57B | 2.4B | 2.84B | 649.81M | 252.7M | 280.87M | 162.22M | -76.73M | -113K | -608.47M | 181.28M | 287.17M | 144.1M | 32.13M |
| EBITDA Margin % | 73.3% | 68.57% | 68.94% | 75.06% | 69.83% | 115.87% | 89.67% | 58.63% | -39.29% | -0.06% | -207.9% | 32.45% | 68.07% | 62.33% | 50.17% |
| EBITDA Growth % | -8.63% | 48.95% | -15.76% | 337.54% | 157.15% | -10.03% | 73.14% | 311.42% | -67800% | 99.98% | -435.65% | -36.87% | 99.28% | 348.56% | - |
| D&A (Non-Cash Add-back) | 1.99B | 2.06B | 1.17B | 816.45M | 226.93M | 128.59M | 87.65M | 47.15M | 52.38M | 136.78M | 244.92M | 228.79M | 140.18M | 66.2M | 20.92M |
| EBIT | 1.27B | 1.54B | 1.17B | 1.69B | 261.48M | 48.99M | 68.41M | 170.79M | 3.69M | -136.89M | -853.39M | 74.45M | 134.48M | 78.69M | 27.91M |
| Net Interest Income | -454.86M | -456.3M | -182.74M | -32.2M | -9.7M | -2.04M | -2.65M | -2.6M | -6.43M | -62.06M | -57.05M | -46.45M | -21.97M | 4.13M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.13M | 0 |
| Interest Expense | 454.86M | 456.3M | 182.74M | 32.2M | 9.7M | 2.04M | 2.65M | 2.6M | 6.43M | 62.06M | 57.05M | 46.45M | 21.97M | 0 | -1.26M |
| Other Income/Expense | -618.93M | -428.13M | -224.35M | -372.92M | -171.1M | -81.14M | -126.15M | 8.62M | 126.37M | -69.84M | -777.02M | 75.51M | -34.49M | -3.34M | -1.17M |
| Pretax Income | 842.76M | 1.08B | 999.45M | 1.65B | 251.78M | 42.98M | 67.07M | 168.19M | -198.95M | -198.95M | -910.44M | 28.01M | 112.51M | 74.56M | 10.04M |
| Pretax Margin % | 17.91% | 20.81% | 28.77% | 43.66% | 27.06% | 19.71% | 21.41% | 60.79% | -101.87% | -101.87% | -311.07% | 5.01% | 26.67% | 32.25% | 15.69% |
| Income Tax | 204.65M | 243.97M | 215.17M | 405.7M | 72.86M | -60.55M | 0 | 2.6M | -376K | 62.06M | -164.89M | -149K | 42.93M | 29.99M | -3.7M |
| Effective Tax Rate % | 24.28% | 22.53% | 21.53% | 24.53% | 28.94% | -140.87% | 0% | 1.55% | 0.19% | -31.19% | 18.11% | -0.53% | 38.15% | 40.22% | -36.8% |
| Net Income | 638.11M | 838.72M | 784.29M | 1.25B | 178.92M | 103.53M | 67.07M | 168.19M | -198.95M | -198.95M | -745.55M | 20.28M | 155.43M | 104.55M | 13.74M |
| Net Margin % | 13.56% | 16.12% | 22.58% | 32.95% | 19.23% | 47.47% | 21.41% | 60.79% | -101.87% | -101.87% | -254.73% | 3.63% | 36.84% | 45.22% | 21.46% |
| Net Income Growth % | -35.59% | 6.94% | -37.16% | 597.56% | 72.82% | 54.36% | -60.12% | 184.54% | 0% | 73.31% | -3775.72% | -86.95% | 48.67% | 660.94% | - |
| Net Income (Continuing) | 638.11M | 838.72M | 784.29M | 1.25B | 178.92M | 103.53M | 67.07M | 168.19M | -2.36M | -198.95M | -745.55M | 16.98M | 69.58M | 44.57M | 12.69M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.3M | -398K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.17 | 8.46 | 9.02 | 14.58 | 4.74 | 4.95 | 3.24 | 8.16 | -9.72 | -450.61 | -1737.78 | 55.89 | 439.24 | 298.75 | 34.53 |
| EPS Growth % | -31.78% | -6.21% | -38.13% | 207.59% | -4.24% | 52.78% | -60.29% | 183.95% | 97.84% | 74.07% | -3209.29% | -87.28% | 47.03% | 765.19% | - |
| EPS (Basic) | - | 8.48 | 9.09 | 14.68 | 4.82 | 4.98 | 3.25 | 8.20 | -6.67 | -450.82 | -1737.78 | 56.18 | 440.19 | 298.75 | 34.53 |
| Diluted Shares Outstanding | 88.96M | 99.18M | 86.99M | 85.6M | 37.75M | 20.91M | 20.68M | 20.6M | 20.46M | 441.51K | 429.02K | 362.94K | 353.87K | 349.96K | 397.88K |
| Basic Shares Outstanding | 88.86M | 98.86M | 86.24M | 85M | 37.16M | 20.77M | 20.61M | 20.51M | 20.45M | 441.31K | 429.02K | 361.06K | 353.11K | 349.96K | 397.88K |
| Dividend Payout Ratio | - | 58.88% | 84.19% | 43.02% | 33.97% | - | - | - | - | - | - | - | - | - | - |
Commodity price and integration
As reported in recent financial filings, Civitas Resources has transitioned from a period of triple-digit expansion to a contracting revenue environment, with the most recent quarterly data showing an 8.1% year-over-year decline, signaling that the initial inorganic growth phase has largely plateaued amid broader commodity price volatility.
The company's revenue trajectory appears to have shifted from aggressive acquisition-led growth to a more challenging organic environment. Investors should monitor whether the current contraction reflects a structural decline in production efficiency or merely the expected cyclicality of energy pricing following the integration of recent large-scale acquisitions.
Based on the company's reported income statements, gross margins have exhibited significant instability, swinging from a high of 74.2% in 2023Q3 to a low of 28.5% in 2025Q2, suggesting that the firm's cost structure remains highly sensitive to the integration of new, potentially higher-cost assets.
The wide variance in gross margins indicates that Civitas is struggling to maintain consistent profitability as it scales across different basins. This volatility warrants further investigation into whether the company's midstream gathering fees and lease operating expenses are being effectively managed under the new multi-basin operational framework.
According to the provided income statement data, operating income has failed to scale consistently with revenue, as evidenced by the sharp drop in operating margins to 2.2% in 2024Q4, which suggests that the company's fixed-cost base is currently outpacing its ability to generate incremental operating profit.
The lack of consistent operating leverage implies that the company's overhead and production costs are not yet optimized for its expanded asset footprint. Analysts should scrutinize whether the recent SG&A levels are sustainable or if further cost-cutting measures are required to protect the bottom line during periods of lower commodity prices.
Analysis of the company's recent filings reveals that net income is frequently impacted by non-operating items and stock-based compensation, which reached $11.0 million in 2025Q3, potentially masking the underlying cash-generating capability of the core exploration and production business for the average retail investor.
The reliance on non-cash adjustments and the variability of net income suggest that reported EPS may not be a reliable proxy for operational performance. Investors should focus on cash flow metrics rather than net income to better understand the true economic value being created by the current management team.
As indicated by the company's modest cash position of $75.8 million, the current strategy of maintaining a fixed-plus-variable dividend framework appears increasingly precarious, as any sustained downturn in commodity prices could force a difficult choice between capital reinvestment and the preservation of shareholder returns.
Short-sellers may focus on the company's limited liquidity buffer and the potential for margin compression as it integrates Permian assets. The market may be underestimating the risk that these new assets require higher-than-anticipated capital expenditures, which could ultimately lead to a reduction in the variable dividend component.
Quick answers to the most common questions about buying CIVI stock.
For fiscal year 2024, Civitas Resources, Inc. (CIVI) reported total revenue of $5.20B. This represents a 8024.8% increase compared to $64.0M in 2011.
Civitas Resources, Inc. (CIVI) is profitable, generating $838.7M in net income for the fiscal year ending 2024 with a net profit margin of 16.1%.
Civitas Resources, Inc. (CIVI) reported an operating income of $1.51B, resulting in an operating profit margin of 29.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Civitas Resources, Inc. (CIVI) generated $2.14B in gross profit for the year, representing a gross profit margin of 41.2%. This demonstrates the company's core pricing power and production efficiency.