Latest Ratios: P/E Ratio 25.1x · EV/EBITDA 3.1x · ROE 3.9%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $595M | $613M | $841M | $801M | $1.2B | $1.3B | $1.3B |
| Enterprise Value | $948M | $966M | $1.0B | $901M | $1.2B | $1.3B | $1.3B |
| P/E Ratio → | 25.06 | 26.11 | 46.14 | 9.87 | 4.58 | 11.96 | — |
| P/S Ratio | 1.32 | 1.36 | 2.21 | 2.03 | 2.42 | 4.49 | 15.32 |
| P/B Ratio | 0.97 | 1.01 | 1.32 | 1.19 | 1.81 | 2.75 | 7.48 |
| P/FCF | — | — | — | — | 10.76 | — | — |
| P/OCF | 2.01 | 2.07 | 3.05 | 2.65 | 3.47 | 7.20 | 19.97 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.15 | 2.73 | 2.29 | 2.31 | 4.63 | 15.40 |
| EV / EBITDA | 3.09 | 3.15 | 4.40 | 3.59 | 2.82 | 5.65 | 29.91 |
| EV / EBIT | 10.40 | 16.77 | 23.87 | 8.12 | 4.15 | 12.12 | — |
| EV / FCF | — | — | — | — | 10.30 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 27.1% | 27.1% | 31.6% | 36.8% | 63.6% | 52.1% | -22.9% |
| Operating Margin | 20.2% | 20.2% | 15.6% | 23.0% | 60.7% | 49.4% | -40.3% |
| Net Profit Margin | 5.4% | 5.4% | 4.9% | 20.6% | 52.7% | 37.4% | -27.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 3.9% | 3.9% | 2.9% | 12.1% | 46.1% | 33.2% | -13.4% |
| ROA | 2.2% | 2.2% | 1.9% | 9.4% | 39.1% | 29.3% | -12.4% |
| ROIC | 7.6% | 7.6% | 5.5% | 9.8% | 40.2% | 30.7% | — |
| ROCE | 9.1% | 9.1% | 6.6% | 11.4% | 49.9% | 42.9% | -18.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.32 | 0.16 | — | 0.11 | 0.06 |
| Debt / EBITDA | 1.20 | 1.20 | 0.87 | 0.44 | — | 0.21 | 0.22 |
| Net Debt / Equity | — | 0.58 | 0.31 | 0.15 | -0.08 | 0.08 | 0.04 |
| Net Debt / EBITDA | 1.15 | 1.15 | 0.83 | 0.40 | -0.12 | 0.16 | 0.16 |
| Debt / FCF | — | — | — | — | -0.46 | — | — |
| Interest Coverage | 2.26 | 2.26 | 2.35 | 20.86 | 139.36 | 46.48 | -12.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.25 | 1.25 | 1.33 | 2.44 | 2.28 | 1.45 | 5.05 |
| Quick Ratio | 1.25 | 1.25 | 1.33 | 2.44 | 2.28 | 1.45 | 5.05 |
| Cash Ratio | 0.27 | 0.27 | 0.40 | 0.98 | 0.79 | 0.18 | 0.65 |
| Asset Turnover | — | 0.39 | 0.37 | 0.43 | 0.63 | 0.53 | 0.45 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 60.12 | 66.94 | 67.55 | 53.04 | 59.49 | 39.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.8% | 9.4% | 6.8% | 7.3% | 0.9% | 3.9% | — |
| Payout Ratio | 236.9% | 236.9% | 306.5% | 72.2% | 4.1% | 47.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 3.8% | 2.2% | 10.1% | 21.8% | 8.4% | — |
| FCF Yield | — | — | — | — | 9.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 4.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.8% | 9.4% | 6.9% | 11.7% | 0.9% | 3.9% | 0.0% |
| Shares Outstanding | — | $130M | $130M | $133M | $133M | $133M | $133M |
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying GRNT stock.
Granite Ridge Resources, Inc's current P/E ratio is 25.1x. The historical average is 19.7x. This places it at the 60th percentile of its historical range.
Granite Ridge Resources, Inc's current EV/EBITDA is 3.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.3x.
Granite Ridge Resources, Inc's return on equity (ROE) is 3.9%. The historical average is 14.1%.
Based on historical data, Granite Ridge Resources, Inc is trading at a P/E of 25.1x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Granite Ridge Resources, Inc's current dividend yield is 9.80% with a payout ratio of 236.9%.
Granite Ridge Resources, Inc has 27.1% gross margin and 20.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Granite Ridge Resources, Inc's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Rising leverage and margin compression
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Earning Power
GRNT's gross margin swung from 15.6% to 38.4% over the past year, per reported financials, while net margin averaged only 5.4%, indicating high sensitivity to commodity prices and operator cost allocations.
The wide quarterly swings in gross margin—from 15.6% in 2025Q4 to 38.4% in 2026Q2—reflect the pass-through nature of non-operated costs and commodity price volatility, rather than a stable cost structure. Net margin of 20.1% in 2026Q2 appears to be a cyclical peak, as prior quarters showed negative net margins, suggesting that the company's earning power is highly dependent on the commodity price environment. Investors should focus on cash margins rather than GAAP net income, as non-cash DD&A and one-time items distort the true profitability of the underlying assets.
Return on Capital Remains Thin and Volatile
ROIC has ranged from -0.6% to 3.8% over the last ten quarters, per financial statements, indicating that the company is barely earning its cost of capital, with returns highly sensitive to commodity price cycles.
The sub-4% ROIC across all quarters suggests that GRNT is not consistently generating economic returns above its cost of capital, which is typical for a non-operated E&P with high capital intensity and limited operational control. The improvement to 3.0% in 2026Q2 is encouraging but remains below the double-digit returns seen in some operated peers, implying that the non-op model may cap upside returns. The low ROE of 5.4% in 2026Q2, despite a leveraged balance sheet, further indicates that the company is not yet compounding shareholder value at an attractive rate.
Working Capital Efficiency Deteriorates with Growth
DSO has remained elevated at 58 days in 2026Q2, per reported figures, while DPO has swung from 34 to 89 days, indicating that GRNT's working capital management is increasingly dependent on operator billing timing.
The stable DSO of around 58-66 days suggests that GRNT has limited control over receivables collection, as it relies on operator remittances, which may lag production. The volatile DPO, ranging from 34 to 89 days, reflects the lumpy nature of joint interest billings, which can distort quarterly cash flows. The absence of DIO data is consistent with an E&P model that holds minimal inventory, but the overall cash conversion cycle appears to be lengthening, which could strain liquidity if commodity prices decline.
Debt-Fueled Expansion Raises Leverage Risk
GRNT's debt-to-equity ratio climbed from 0.20 to 0.82 over the past two years, per SEC filings, while interest coverage fell to 4.51x in 2026Q2, indicating a strategic shift toward leverage that warrants close monitoring.
The rapid increase in debt, from $137.5M to $462.1M, has funded asset growth but has also eroded the balance sheet's flexibility, as evidenced by the declining current ratio and negative retained earnings. Interest coverage of 4.51x in 2026Q2 is adequate but has been negative in prior quarters, highlighting the vulnerability to commodity price downturns. The D/EBITDA ratio of 9.25x in 2026Q2 is elevated relative to peers, suggesting that the company may face refinancing risk if cash flows weaken.
Liquidity Buffer Shrinks as Current Ratio Declines
The current ratio fell from 2.55 in 2024Q1 to 1.02 in 2026Q2, per financial statements, with cash at $44.1M, indicating a shrinking buffer against short-term obligations and potential stress under adverse conditions.
The decline in the current ratio to near 1.0 suggests that GRNT's short-term assets are barely sufficient to cover its short-term liabilities, leaving little room for error if commodity prices drop or operators delay payments. The quick ratio, which equals the current ratio due to minimal inventory, indicates that the company relies heavily on receivables and cash, which are subject to operator timing. Given the negative free cash flow in most quarters, the liquidity position appears strained, and the company may need to rely on its credit facility or asset sales to meet obligations.
EV/EBITDA Misleads in Non-Op Model
GRNT's EV/EBITDA of 3.35x appears cheap, per current multiples, but this metric obscures the high capital intensity and negative free cash flow, making it an unreliable valuation tool for this non-operated E&P.
The low EV/EBITDA multiple is typical for E&Ps but fails to capture the significant reinvestment required to maintain production, as evidenced by negative FCF margins in most quarters. For a non-operated model, EBITDA does not reflect the full cost of capital expenditures, which are driven by operator decisions and can be lumpy. Investors should instead focus on EV/Production or EV/Proved Reserves, which better account for the asset base and the sustainability of cash flows, or use a NAV-based approach that incorporates the value of undeveloped inventory.