Latest Ratios: P/E Ratio 8.7x · EV/EBITDA 3.6x · ROE 13.3%. (2009–2025 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $5.3B | $7.0B | $6.8B | $6.9B | $4.4B | $1.4B | $2.1B | $1.8B | $3.2B | $2.4B |
| Enterprise Value | $9.7B | $8.8B | $9.1B | $9.0B | $7.6B | $5.9B | $3.2B | $3.7B | $3.0B | $3.7B | $2.7B |
| P/E Ratio → | 8.68 | 6.97 | 7.88 | 8.07 | 5.66 | 7.52 | — | 17.11 | 6.44 | 25.31 | — |
| P/S Ratio | 1.53 | 1.45 | 2.01 | 2.42 | 2.25 | 2.65 | 1.64 | 2.05 | 1.96 | 5.86 | 8.89 |
| P/B Ratio | 1.05 | 0.88 | 1.28 | 1.65 | 2.07 | 2.07 | 0.93 | 1.07 | 0.99 | 2.54 | 3.40 |
| P/FCF | 10.97 | 21.88 | 24.93 | 21.45 | 7.69 | 13.75 | — | — | — | — | — |
| P/OCF | 2.58 | 2.18 | 3.11 | 3.65 | 3.48 | 4.18 | 2.93 | 3.81 | 2.90 | 10.67 | 17.53 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.39 | 2.61 | 3.21 | 2.48 | 3.55 | 3.76 | 3.56 | 3.33 | 6.74 | 10.26 |
| EV / EBITDA | 3.61 | 3.68 | 3.77 | 4.69 | 3.41 | 5.19 | — | 6.23 | 4.76 | 10.80 | — |
| EV / EBIT | 8.20 | 7.05 | 6.32 | 7.42 | 4.33 | 7.48 | — | 15.77 | 8.99 | 22.32 | — |
| EV / FCF | — | 36.23 | 32.40 | 28.42 | 8.49 | 18.48 | — | — | — | — | — |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.8% | 45.8% | 44.3% | 47.4% | 61.4% | 53.6% | 25.8% | 35.2% | 48.3% | 41.9% | 14.3% |
| Operating Margin | 32.5% | 32.5% | 41.2% | 42.9% | 57.5% | 47.7% | -61.0% | 22.9% | 40.4% | 29.6% | -67.0% |
| Net Profit Margin | 20.8% | 20.8% | 25.4% | 30.0% | 39.7% | 35.2% | -69.4% | 8.5% | 30.5% | 23.1% | -36.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 18.5% | 22.7% | 44.6% | 32.1% | -34.1% | 4.7% | 18.1% | 12.9% | -16.5% |
| ROA | 6.7% | 6.7% | 9.5% | 12.7% | 24.7% | 14.7% | -15.3% | 2.3% | 9.8% | 7.0% | -7.5% |
| ROIC | 10.5% | 10.5% | 15.5% | 17.5% | 34.4% | 17.1% | -11.4% | 5.4% | 11.5% | 8.7% | -13.9% |
| ROCE | 11.5% | 11.5% | 17.0% | 20.1% | 40.1% | 22.0% | -14.8% | 6.9% | 14.6% | 10.2% | -15.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.59 | 0.59 | 0.39 | 0.55 | 0.37 | 0.73 | 1.24 | 0.81 | 0.73 | 0.46 | 0.83 |
| Debt / EBITDA | 1.49 | 1.49 | 0.88 | 1.18 | 0.55 | 1.37 | — | 2.72 | 2.06 | 1.69 | — |
| Net Debt / Equity | — | 0.58 | 0.38 | 0.54 | 0.22 | 0.71 | 1.20 | 0.79 | 0.69 | 0.38 | 0.52 |
| Net Debt / EBITDA | 1.46 | 1.46 | 0.87 | 1.15 | 0.32 | 1.33 | — | 2.65 | 1.96 | 1.41 | — |
| Debt / FCF | — | 14.35 | 7.47 | 6.97 | 0.80 | 4.73 | — | — | — | — | — |
| Interest Coverage | 5.96 | 5.96 | 8.36 | 10.02 | 26.10 | 10.58 | -6.81 | 3.15 | 8.07 | 4.76 | -2.48 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 0.93 | 1.04 | 1.86 | 0.80 | 0.90 | 0.70 | 0.93 | 0.91 | 1.65 |
| Quick Ratio | 0.75 | 0.75 | 0.89 | 0.98 | 1.83 | 0.77 | 0.86 | 0.67 | 0.87 | 0.89 | 1.63 |
| Cash Ratio | 0.08 | 0.08 | 0.02 | 0.08 | 0.88 | 0.10 | 0.20 | 0.10 | 0.20 | 0.34 | 1.26 |
| Asset Turnover | — | 0.31 | 0.32 | 0.36 | 0.55 | 0.39 | 0.23 | 0.25 | 0.26 | 0.25 | 0.18 |
| Inventory Turnover | 45.22 | 45.22 | 50.35 | 35.48 | 77.72 | 63.30 | 59.94 | 62.02 | 26.50 | 52.75 | 74.44 |
| Days Sales Outstanding | — | 52.89 | 68.69 | 61.27 | 48.44 | 52.99 | 51.18 | 67.26 | 59.30 | 94.70 | 80.98 |
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 3.1% | 1.5% | 1.1% | 0.5% | 0.3% | — | — | — | — | — |
| Payout Ratio | 21.5% | 21.5% | 11.8% | 9.1% | 2.9% | 2.5% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.5% | 14.3% | 12.7% | 12.4% | 17.7% | 13.3% | — | 5.8% | 15.5% | 4.0% | — |
| FCF Yield | 9.1% | 4.6% | 4.0% | 4.7% | 13.0% | 7.3% | — | — | — | — | — |
| Buyback Yield | 0.9% | 1.1% | 0.0% | 0.3% | 0.3% | 0.2% | 0.1% | 0.2% | 0.4% | 0.2% | 0.1% |
| Total Shareholder Yield | 3.5% | 4.1% | 1.5% | 1.5% | 0.8% | 0.5% | 0.1% | 0.2% | 0.4% | 0.2% | 0.1% |
| Shares Outstanding | — | $125M | $124M | $120M | $120M | $119M | $116M | $117M | $114M | $103M | $91M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying MTDR stock.
Matador Resources Company's current P/E ratio is 8.7x. The historical average is 12.2x. This places it at the 60th percentile of its historical range.
Matador Resources Company's current EV/EBITDA is 3.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.3x.
Matador Resources Company's return on equity (ROE) is 13.3%. The historical average is 1.4%.
Based on historical data, Matador Resources Company is trading at a P/E of 8.7x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Matador Resources Company's current dividend yield is 2.60% with a payout ratio of 21.5%.
Matador Resources Company has 45.8% gross margin and 32.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Matador Resources Company's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Leverage and acquisition integration risk
Metrics are mathematically derived from official filings.
Low Multiples Imply Skeptical Market Pricing
Based on reported figures, MTDR trades at 8.19x trailing earnings and 4.04x EV/EBITDA, multiples that sit well below the 14.47x P/E and 5.94x EV/EBITDA of Coterra, suggesting the market applies a discount to Matador's earnings durability.
The 6.10x forward P/E implies consensus expects earnings to rise, yet the discount persists, which may reflect investor caution about margin volatility and recent acquisition-driven leverage. Against SM Energy's 5.25x P/E and 4.73x EV/EBITDA, MTDR's valuation looks broadly in line with mid-cap Permian peers rather than a clear outlier. Investors should monitor whether reported earnings stabilize, since the multiple discount depends on confidence that the 2026 earnings base is sustainable rather than peak-cycle.
Margin Volatility Obscures True Earning Power
According to reported quarterly figures, MTDR's operating margin compressed from 48.7% in 2026Q2 to 30.4% in 2026Q3, while net margin swung from 32.9% to 14.8%, indicating that headline profitability is highly sensitive to quarter-specific items.
The gross margin series, ranging from 2.6% in 2025Q4 to 87.6% in 2026Q2, appears distorted by irregular cost-of-revenue classification rather than reflecting stable unit economics. Operating margin is the more reliable gauge of underlying earning power, and its 25% to 48% range suggests a business with meaningful but cyclical operating leverage. Net margin turns negative in 2026Q1, which may point to non-operating or tax items, and warrants further investigation before treating any single quarter as representative.
Returns Decaying as Capital Base Expands
Based on reported figures, MTDR's ROIC fell from 4.1% in 2024Q2 to 2.5% in 2026Q3 while total assets grew roughly 73%, suggesting incremental acquired capital is earning returns well below the historical base.
The decline in ROE from 5.0% in 2024Q3 to 2.7% in 2026Q3 indicates that equity growth is outpacing earnings growth, a pattern consistent with acquisitions priced at higher multiples. Compared with Coterra's 10.9% ROIC and Civitas's 10.8%, Matador's current returns look structurally lower, though part of the gap may reflect the timing of newly acquired assets not yet at full productivity. Investors should monitor whether ROIC recovers as integration matures, as sustained sub-3% returns would challenge the value-creation case behind recent deals.
Rising Debt Strains the Equity Cushion
As reported in financial statements, MTDR's total debt climbed from $2.0B in 2024Q2 to $5.0B in 2026Q3 and debt-to-EBITDA reached 7.13x, a level that suggests debt service is becoming materially less comfortable.
Interest coverage fell to 4.46x in 2026Q3 from 9.43x in 2026Q2, and the 0.68x in 2026Q1 indicates that a single weak quarter could breach comfortable service thresholds. The debt-to-equity ratio of 0.77 looks moderate in isolation, but total liabilities of $8.3B against $6.1B of equity suggests obligations are growing faster than the equity base implies. Refinancing exposure and covenant headroom cannot be assessed from the supplied data, so further review of debt maturities is warranted.
Thin Liquid Buffer Against Obligations
Based on reported figures, MTDR's current ratio declined from 0.93 in 2024Q4 to 0.55 in 2026Q3 and quick ratio to 0.53, with cash of only $11.8M against $5.0B of debt, suggesting limited near-term liquidity reserves.
A current ratio below 1.0 is common in upstream energy given revolver usage, but the sustained downward trend warrants attention rather than dismissal. The reliance on credit facilities rather than cash reserves means liquidity depends on continued access to capital markets and cash flow generation. Under a severe commodity downturn, the thin cash position may limit flexibility, though the magnitude of undrawn capacity is not disclosed in the supplied data.
P/E Misleads Given Non-Cash Charge Distortions
The P/E ratio is most commonly misapplied to MTDR because reported net income is depressed by DD&A and irregular items, with operating cash flow running 2.40x to 4.09x net income in most quarters, suggesting a cash-flow-based multiple would be more informative.
Successful efforts accounting expenses exploration and dry-hole costs immediately, which can make earnings look volatile relative to the underlying cash generation of the Delaware Basin asset base. Applying P/E therefore penalizes the company for accounting timing rather than economic performance, and may overstate the discount implied by the 8.19x multiple. Price-to-free-cash-flow of 25.63x, or EV/EBITDA adjusted for acquisition timing, offers a more defensible lens, though free cash flow itself swings sharply with capex deployment.