Revenue growth reached 68.8% in 2026Q1, yet gross margins remain highly unstable, fluctuating from a peak of 58.7% in 2025Q3 to 25.1% in 2026Q1.
| Sales/Revenue | 1.33B | 1.18B | 969.63M | 762.31M | 937.41M | 392.5M |
| Revenue Growth % | 39.09% | 21.22% | 27.2% | -18.68% | 138.83% | - |
| Cost of Goods Sold | 840.45M | 783.37M | 637.8M | 375.51M | 389.58M | 176.16M |
| COGS % of Revenue | - | 66.65% | 65.78% | 49.26% | 41.56% | 44.88% |
| Gross Profit | 491M | 392.02M | 331.83M | 386.8M | 547.84M | 216.33M |
| Gross Margin % | 36.88% | 33.35% | 34.22% | 50.74% | 58.44% | 55.12% |
| Gross Profit Growth % | - | 18.14% | -14.21% | -29.4% | 153.24% | - |
| Operating Expenses | 210.53M | 56.64M | 40.84M | 27.65M | 25.45M | 60.93M |
| OpEx % of Revenue | - | 4.82% | 4.21% | 3.63% | 2.72% | 15.52% |
| Selling, General & Admin | 52.67M | 56.64M | 40.84M | 27.65M | 25.45M | 60.93M |
| SG&A % of Revenue | - | 4.82% | 4.21% | 3.63% | 2.72% | 15.52% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 280.47M | 335.38M | 290.99M | 359.14M | 522.38M | 155.41M |
| Operating Margin % | 21.06% | 28.53% | 30.01% | 47.11% | 55.73% | 39.59% |
| Operating Income Growth % | - | 15.25% | -18.98% | -31.25% | 236.14% | - |
| EBITDA | 698.25M | 628.14M | 561.96M | 496.76M | 610.97M | 196.09M |
| EBITDA Margin % | 52.44% | 53.44% | 57.96% | 65.17% | 65.18% | 49.96% |
| EBITDA Growth % | 28.71% | 11.78% | 13.12% | -18.69% | 211.57% | - |
| D&A (Non-Cash Add-back) | 417.78M | 292.76M | 270.97M | 137.62M | 88.59M | 40.69M |
| EBIT | 263.83M | 215.2M | 289.77M | 357.76M | 521.69M | 140.03M |
| Net Interest Income | -25.13M | -72.22M | -104.6M | -11.2M | -4.85M | -1.66M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 25.13M | 72.22M | 104.6M | 11.2M | 4.85M | 1.66M |
| Other Income/Expense | -188.41M | -192.4M | -105.81M | -12.59M | -5.54M | -17.03M |
| Pretax Income | 92.06M | 142.98M | 185.18M | 346.56M | 516.84M | 138.37M |
| Pretax Margin % | 6.91% | 12.16% | 19.1% | 45.46% | 55.13% | 35.25% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 235.04M | 285.97M | 185.18M | 346.56M | 516.84M | 138.37M |
| Net Margin % | 17.65% | 24.33% | 19.1% | 45.46% | 55.13% | 35.25% |
| Net Income Growth % | -31.78% | 54.43% | -46.57% | -32.95% | 273.51% | - |
| Net Income (Continuing) | 92.06M | 142.98M | 185.18M | 346.56M | 516.84M | 138.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.40 | 1.09 | 1.90 | 0.72 | 5.44 | 1.46 |
| EPS Growth % | -53.75% | -42.63% | 163.89% | -86.76% | 272.6% | - |
| EPS (Basic) | - | 1.09 | 1.90 | 0.72 | 5.44 | 1.46 |
| Diluted Shares Outstanding | 168.32M | 131.54M | 97.7M | 94.91M | 95M | 95M |
| Basic Shares Outstanding | 168.32M | 131.46M | 97.59M | 95M | 95M | 95M |
| Dividend Payout Ratio | - | 85.5% | 167.31% | 29.24% | 53.18% | 105.51% |
Commodity Price Realization Volatility
As reported in recent financial filings, MNR achieved a 68.8% revenue increase in 2026Q1, yet this top-line expansion remains highly sensitive to inorganic asset additions rather than organic production growth, suggesting that the company's long-term revenue durability is contingent upon its ability to consistently source accretive deals.
The significant revenue fluctuations observed over the last ten quarters highlight a reliance on periodic acquisitions to offset the natural decline rates inherent in the Anadarko Basin. Investors should monitor whether the company can maintain this growth trajectory without overpaying for assets in an increasingly competitive consolidation environment.
Based on the company's reported figures, gross margins have exhibited extreme volatility, dropping to 25.1% in 2026Q1 from a peak of 58.7% in 2025Q3, which indicates that MNR's profitability is heavily exposed to regional commodity price differentials and the rising costs of maintaining mature wellbores.
The inconsistency in gross margins suggests that the company's cost structure is not yet optimized for the current production mix. This margin instability may imply that the firm is struggling to pass through regional price volatility to the bottom line, warranting further investigation into its hedging effectiveness.
According to recent SEC filings, MNR's net income has been subject to wild swings, including a $221.7M profit in 2024Q4 followed by a $35.0M loss in 2026Q1, largely driven by non-cash mark-to-market adjustments on commodity derivatives that mask the underlying operational performance of the business.
The disconnect between operating income and net income suggests that standard GAAP earnings are an unreliable metric for assessing the company's true cash-generating capacity. Analysts should focus on adjusted EBITDA to strip out these accounting anomalies and better evaluate the sustainability of the LP's distribution model.
As indicated by the data, the company's reliance on a 'buy and harvest' strategy may face significant headwinds, as the 2026Q1 net loss of $35.0M raises questions about whether the current cost of maintaining aging infrastructure is outpacing the cash flow generated from mature assets.
Short-sellers may focus on the potential for escalating plugging and abandonment liabilities that are not fully captured in current operating expenses. If the company fails to secure high-quality, low-cost assets, the current business model may face a structural inflection point where maintenance capital requirements erode all distributable cash.
Quick answers to the most common questions about buying MNR stock.
For fiscal year 2025, Mach Natural Resources LP (MNR) reported total revenue of $1.18B. This represents a 199.5% increase compared to $392.5M in 2021.
Mach Natural Resources LP (MNR) is profitable, generating $286.0M in net income for the fiscal year ending 2025 with a net profit margin of 24.3%.
Mach Natural Resources LP (MNR) reported an operating income of $335.4M, resulting in an operating profit margin of 28.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Mach Natural Resources LP (MNR) generated $392.0M in gross profit for the year, representing a gross profit margin of 33.4%. This demonstrates the company's core pricing power and production efficiency.