Free cash flow generation remains highly variable, with margins peaking at 46.9% in 2024Q3 before dropping to 3.3% in 2025Q2, reflecting unpredictable capital expenditure requirements that reached 52.1% of revenue in 2025Q4.
| Metric | TTM | Dec'25 | 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 209.33M | 212.54M | 246.27M | 207.19M | 170.29M | 86.08M | -1.55M | 226K | 1.34M | 154K | -1.01M | 96K | 6.45M | 7.89M | 9.04M | 8.49M | 4.04M | 1.69M | 7.13M | 3.45M | 4.35M | 2.11M | -370.14K | 314K | -566.02K | -221.18K | -820.62K | -2.56M | -2.3M | -1.54M | -770K |
| Operating CF Margin % | - | 54.22% | 60.04% | 55.25% | 52.93% | 56.99% | -50.99% | 4.6% | 22.77% | 2.93% | -21.66% | 1.56% | 46.78% | 50.23% | 43.99% | 49.7% | 30.6% | 17.35% | 45.7% | 36.79% | 48.37% | 29.47% | -6.06% | 5.06% | -9.93% | -3.16% | -15.66% | -84.68% | -109.52% | - | -2566.67% |
| Operating CF Growth % | -55.25% | -13.7% | 18.86% | 21.67% | 97.83% | 5657.13% | -785.4% | -83.1% | 768.18% | 115.22% | -1154.17% | -98.51% | -18.21% | -12.79% | 6.5% | 109.97% | 139.57% | -76.32% | 106.86% | -20.84% | 105.98% | 671.08% | -217.88% | 155.48% | -155.91% | 73.05% | 67.88% | -11.09% | -49.21% | -100.18% | - |
| Net Income | 61.77M | 160.84M | 88.9M | 111.59M | 118.01M | -46.87M | -3.65M | -436K | 442K | -603K | -4.2M | -24.72M | -788K | 2.96M | 4.24M | 4.68M | -1.75M | -2.02M | 169.66K | 3.51M | 2.14M | 1.09M | -2.79M | -3.44M | -3.15M | -2.26M | -1.54M | -2.67M | -3.1M | -4.18M | -1.76M |
| Depreciation & Amortization | 99.77M | 93.18M | 74.9M | 65.06M | 32.11M | 26.02M | 769K | 848K | 936K | 1M | 1.28M | 2.8M | 3.14M | 2.91M | 3.4M | 2.7M | 2.63M | 2.57M | 2.16M | 1.63M | 1.91M | 1.61M | 2.07M | 2.32M | 2.41M | 1.85M | 371.25K | 265.81K | 500K | 79.27K | 130K |
| Stock-Based Compensation | 7.76M | 9.13M | 8.14M | 0 | 3.95M | 6.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -10.13M | 11.35M | 3.2M | 27.59M | 28.37M | 12.96M | 0 | 0 | 0 | 0 | 0 | 7.35M | -12K | 1.92M | 2.23M | 118K | -1.09M | -169K | -7M | -2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 31.9M | -82.54M | 52.26M | 1.82M | -13.67M | 82.9M | 759K | -23K | 38K | 73K | 2.83M | 14.51M | 2.81M | -85K | 290K | 708K | 4.64M | 1.53M | 12M | 193.15K | 179.03K | -423.98K | 1.27M | 1.38M | 48.62K | -40.69K | 284K | 204.5K | 600K | 2.23M | 2.09M |
| Working Capital Changes | 18.27M | 20.58M | 18.88M | 1.14M | 1.52M | 4.28M | 571K | -163K | -79K | -319K | -928K | 157K | 1.29M | 188K | -1.12M | 282K | -385K | -231K | -203.13K | 211.74K | 122.15K | -155.32K | -913.83K | 60.28K | 126.32K | 232.34K | 66.02K | -353.39K | -300K | 329.17K | -1.23M |
| Change in Receivables | -11.61M | 12.36M | -9.29M | -9.57M | -7.55M | -7.75M | 328K | 41K | 96K | -318K | -46K | 432K | 576K | 307K | -89K | 666K | -1.36M | -20K | -21.84K | -374.17K | 431.33K | -384.41K | -202.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 622K | 274K | 1.51M | -546K | 0 | 0 | 0 | -68K | -28K | 203K | -238K | 198K | 450K | 0 | -579K | -283K | 4K | -105K | -15.28K | 90.16K | -54.19K | -154.59K | -61.05K | -17.95K | -103.38K | 91.98K | 8.41K | -159.46K | 0 | 0 | 0 |
| Change in Payables | 10.46M | -3.73M | 9.88M | 3.2M | 3.02M | 7.45M | 32K | 63K | -58K | -78K | -482K | -58K | 58K | 103K | 136K | -75K | 802K | 41K | -202.15K | 215.76K | 90.2K | 277.46K | -756.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K |
| Cash from Investing | -149.18M | -145.77M | -147.84M | -469.56M | -128.26M | -55.74M | -71K | -233K | 1.64M | -179K | -401K | -541K | -3.99M | -823K | -7.57M | -10.37M | -3.76M | -1.48M | -14.87M | -3.15M | -4.41M | 2.17M | -876.85K | -63.05K | -2.89M | -9.41M | -8.94M | -1.87M | -6.1M | -2.12M | -1.34M |
| Capital Expenditures | -142.26M | -126.29M | -129.93M | -141.3M | -128.26M | -60.49M | -109K | -439K | -1.04M | -186K | -449K | -571K | -4.01M | -2.32M | -8.6M | -8.31M | -3.53M | -1.44M | -12.15M | -5.36M | -5.38M | -2.56M | -1.17M | -139.28K | -3.04M | -9.32M | -9.57M | -1.86M | -3.1M | -2.43M | -1.59M |
| CapEx % of Revenue | 35.27% | 32.22% | 31.68% | 37.68% | 39.86% | 40.05% | 3.59% | 8.94% | 17.68% | 3.53% | 9.61% | 9.26% | 29.09% | 14.8% | 41.81% | 48.67% | 26.73% | 14.78% | 77.91% | 57.24% | 59.74% | 35.67% | 19.21% | 2.24% | 53.31% | 133.22% | 182.56% | 61.74% | 147.62% | - | 5300% |
| Acquisitions | -8.17M | 0 | 0 | -324.69M | 0 | 860K | 38K | 206K | 15K | 7K | 48K | 30K | 17K | 106K | 1.02M | 36K | 0 | 142K | 0 | 17K | 27.91K | 2.78M | 296.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 18.98M | -3.73M | 0 | 0 | 0 | 3.89M | 0 | 0 | 2.66M | 0 | 0 | 0 | 0 | 1.4M | 0 | -2.1M | -225K | -184K | -2.71M | 2.2M | 936.69K | 1.95M | 0 | 76.23K | 149.24K | -87.98K | 631.11K | -6.25K | -3M | 310K | 250K |
| Cash from Financing | -53.21M | -62.01M | -100.63M | 264.38M | -37.05M | -14.94M | 126K | -53K | -42K | 134K | 1.45M | 64K | -2.6M | -7.04M | -1.51M | 1.81M | -567K | -31K | 5.76M | 1.56M | 167.91K | -4.29M | 1.2M | -122.42K | 3.25M | 8.42M | 10.94M | 3.93M | 4.9M | 7.97M | 2.25M |
| Debt Issued (Net) | -11.95M | -25M | -92.78M | 294.59M | -10.94M | -41.14M | 125K | -53K | -42K | -2.46M | 1.45M | 64K | -2.6M | -5.67M | -1.82M | 1.84M | -532K | -142K | 5.75M | 1.58M | 2.62M | -3.03M | -6.54M | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -7.24M | -3.25M | 25.41M | - | - | 46.49M | 1K | - | - | 2.6M | - | - | - | -60K | 52K | 28K | 15K | 111K | 71.87K | 55.87K | 158.23K | -1.82M | 8.2M | - | - | - | - | - | - | - | - |
| Dividends Paid | -33.65M | -33.33M | -30.83M | -27.71M | -25.07M | -19.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8K | -456.17K | -20.12K | -364.86K | 0 | -257.56K | -79.57K | 0 | 0 | 0 |
| Share Repurchases | -7.24M | -3.25M | 0 | 0 | 0 | -191K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.24M | -723.37K | 0 | 0 | -503.39K | 0 | 0 | 0 | 0 | 370K |
| Other Financing | -371K | -432K | -2.43M | -2.51M | -1.04M | -514K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.31M | 265K | -60K | -50K | 0 | -69.14K | -77.47K | -2.61M | 568.8K | 0 | -352.3K | -368.68K | 1.09M | 4.77M | 40.31K | 1.1M | 1.62M | 1.88M |
| Net Change in Cash | 6.95M | 4.76M | -2.19M | 2.02M | -3.77M | 15.51M | -1.49M | -60K | 2.93M | 109K | 36K | 5K | -19K | 23K | -37K | -73K | -281K | 177.24K | -1.98M | 1.86M | 108.7K | 260.97K | 0 | 128.54K | -209.32K | -1.21M | 1.18M | -492.6K | -3.6M | 4.3M | 140K |
| Free Cash Flow | 67.07M | 86.25M | 116.35M | 65.89M | 42.03M | 25.59M | -1.66M | -213K | 299K | -32K | -1.46M | -475K | 2.44M | 5.56M | 448K | 176K | 511K | 250K | -5.02M | -1.92M | -1.02M | -444.46K | -1.54M | 174.73K | -3.61M | -9.54M | -10.39M | -4.42M | -5.4M | -3.97M | -2.36M |
| FCF Margin % | 16.63% | 22% | 28.37% | 17.57% | 13.06% | 16.94% | -54.58% | -4.34% | 5.09% | -0.61% | -31.27% | -7.71% | 17.69% | 35.43% | 2.18% | 1.03% | 3.87% | 2.57% | -32.2% | -20.46% | -11.37% | -6.2% | -25.27% | 2.82% | -63.24% | -136.38% | -198.21% | -146.42% | -257.14% | - | -7866.67% |
| FCF Growth % | -46.99% | -25.87% | 76.58% | 56.76% | 64.24% | 1643.55% | -678.4% | -171.24% | 1034.38% | 97.81% | -207.58% | -119.48% | -56.15% | 1141.52% | 154.55% | -65.56% | 104.4% | 104.98% | -162.16% | -87.18% | -130.35% | 71.21% | -983.58% | 104.85% | 62.22% | 8.15% | -135.16% | 18.19% | -35.86% | -68.42% | - |
| FCF per Share | 3.21 | 4.07 | 5.57 | 3.29 | 2.13 | 1.60 | -1.87 | -0.24 | 0.34 | -0.04 | -2.88 | -0.94 | 4.81 | 10.96 | 0.88 | 0.35 | 1.01 | 0.50 | -9.80 | -3.78 | -2.04 | -1.03 | -4.65 | 1.75 | -30.72 | -111.87 | -131.63 | -60.17 | -6.79 | -5.64 | -4.14 |
| FCF Conversion (FCF/Net Income) | 1.09x | 1.32x | 2.77x | 1.86x | 1.44x | -1.31x | 0.42x | -0.52x | 0.85x | -0.27x | 0.24x | -0.00x | -8.19x | 2.80x | -134.97x | 1.81x | -2.32x | -0.84x | 42.02x | 0.98x | 2.03x | 1.94x | 0.19x | -0.12x | 0.18x | 0.10x | 0.53x | 0.96x | 0.74x | 0.37x | 0.44x |
| Interest Paid | 0 | 0 | 31.58M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 18.08M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity price realization volatility
According to quarterly financial disclosures, REPX's operating cash flow to net income ratio has exhibited extreme instability, swinging from a negative 0.67 in 2026Q1 to a high of 6.07 in 2024Q4, which suggests that reported net income is a poor proxy for actual cash generation.
The significant divergence between net income and operating cash flow indicates that non-cash items, such as derivative adjustments or asset impairments, are heavily influencing the bottom line. Investors should interpret this disconnect as a signal that the company's accounting earnings may not reflect the underlying cash-generating capacity of its San Andres assets.
Based on reported cash flow statements, REPX's free cash flow margins have fluctuated significantly, ranging from a low of 3.3% in 2025Q2 to a peak of 46.9% in 2024Q3, reflecting a lack of consistent cash conversion efficiency across the observed ten-quarter period.
This volatility in free cash flow margins suggests that the company's capital expenditure requirements are not perfectly aligned with its revenue cycles. The inability to maintain a stable margin profile warrants further investigation into whether the company's drilling program is being managed for long-term efficiency or short-term production targets.
As indicated by recent filings, the company's capital expenditure as a percentage of revenue has varied widely, reaching a peak of 52.1% in 2025Q4, which suggests that the firm's asset maintenance and growth strategy requires unpredictable levels of reinvestment to sustain its production profile.
The high variability in capital intensity implies that the company may be struggling to optimize its drilling cadence relative to commodity price environments. Analysts should monitor whether these spikes in capital spending are truly growth-oriented or if they represent necessary maintenance to offset the natural decline of mature wells.
Based on the provided cash flow data, working capital changes have been erratic, oscillating between a $29.4M inflow in 2025Q4 and a $12.9M outflow in 2025Q2, which suggests that the company's cash conversion cycle is subject to significant, unpredictable timing differences in receivables and payables.
These fluctuations in working capital suggest that the company's operational cash flow is sensitive to the timing of energy sales and vendor payments. Investors should monitor these swings as they may mask underlying operational inefficiencies or temporary liquidity constraints that are not immediately apparent in the headline revenue figures.
Quick answers to the most common questions about buying REPX stock.
Riley Exploration Permian, Inc. (REPX) generated $212.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Riley Exploration Permian, Inc. (REPX) generated $86.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Riley Exploration Permian, Inc. (REPX) spent $126.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Riley Exploration Permian, Inc. (REPX) returned $33.3M to shareholders via cash dividends and spent $3.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.