Free cash flow remains highly erratic, swinging from a negative $803.4 million in 2024Q3 to a positive $286.6 million in 2025Q3, highlighting the impact of volatile capital expenditure cycles.
| 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 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 1.15B | 1B | 812.96M | 829.62M | 496.67M | 383.39M | 475.07M | 537.8M | 384.91M | 356.3M | 315.95M | 498.28M | 364.73M | 376.78M | 344.08M | 157.04M | 112.67M |
| Operating CF Margin % | - | 51.24% | 52.53% | 43.19% | 35.63% | 56.61% | 56.74% | 48.64% | 46.82% | 59.64% | 52.08% | 62.76% | 54.83% | 64.07% | 67.43% | 64.89% | 116.28% |
| Operating CF Growth % | 122.32% | 23.05% | -2.01% | 67.04% | 29.55% | -19.3% | -11.66% | 39.72% | 8.03% | 12.77% | -36.59% | 36.62% | -3.2% | 9.5% | 119.1% | 39.38% | - |
| Net Income | -1.31B | -173.52M | 695.08M | 631.51M | 145.01M | -874.17M | -342.46M | 324.6M | 548.97M | -260.74M | -2.21B | 265.57M | 118M | 61.65M | 105.55M | 86.25M | -184.5M |
| Depreciation & Amortization | 771.34M | 746.17M | 466.95M | 22.62M | 13.61M | 13.07M | 14.56M | 212.68M | 0 | 0 | 277.72M | 0 | 234.35M | 243.65M | 0 | 97.41M | 58.01M |
| Stock-Based Compensation | 13.39M | 14.65M | 10.99M | 10.06M | 7.67M | 8.22M | 8.29M | 36.4M | 35.73M | 29.23M | 24.51M | 23.08M | 21.43M | 10.06M | 0 | 1.26M | 1.42M |
| Deferred Taxes | 131.24M | -50.2M | -189.06M | -619K | 2.32M | -3.95M | -2.59M | 5.06M | 0 | 0 | -176.94M | 164.29M | 75.29M | 32.95M | 59.37M | -25.81M | -74.01M |
| Other Non-Cash Items | 1.6B | 591.06M | -99.56M | 136.94M | 282.54M | 1.22B | 863.46M | -41.35M | -206.08M | 577.55M | 2.44B | 31.4M | -71.9M | 16.96M | 172.45M | 9.06M | 287.53M |
| Working Capital Changes | -56.25M | -127.83M | -71.44M | 29.1M | 45.51M | 20.04M | -66.19M | 427K | 6.29M | 10.25M | -41.85M | 13.94M | -12.45M | 11.51M | 6.7M | -11.12M | 24.22M |
| Change in Receivables | -3.5M | -61.16M | -77.74M | -9.23M | -87.83M | 21.12M | 8.92M | 4.67M | -12.12M | 832K | 38.98M | -49.95M | 6.83M | -9.71M | 0 | -23.3M | 22.06M |
| Change in Inventory | 0 | 0 | 0 | -31.53M | 56.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.14M | 2.89M |
| Change in Payables | 32.2M | 12.8M | 52.76M | 31.53M | 31.39M | -2.24M | -28.98M | 11.16M | 9.14M | 873K | -24.83M | 23.01M | -32.58M | 2.67M | -3.83M | 5.71M | -6.75M |
| Cash from Investing | -989.3M | -1.74B | -1.48B | -475.95M | -796.81M | -389.24M | -661.71M | -690.96M | 295.05M | -564.4M | -667.51M | -1.41B | -329.88M | -940.75M | -706.79M | -460.55M | -361.33M |
| Capital Expenditures | -21.32M | 0 | -1.48B | -586.72M | -1.19B | -35.79M | -668.61M | -705.21M | -563.91M | -498.19M | -632.6M | -1.35B | -776.73M | -920.31M | -706.84M | -460.64M | -363.7M |
| CapEx % of Revenue | 1.12% | 89.06% | 95.69% | 30.55% | 85.4% | 5.28% | 79.86% | 63.78% | 68.59% | 83.4% | 104.28% | 170.5% | 116.76% | 156.49% | 138.52% | 190.34% | 375.37% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.6M | 0 | -69.61M | -99.86M | -55.16M | -33.71M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -967.98M | -1.74B | 4.8M | 110.77M | 393.74M | -353.45M | 6.9M | 1.66M | 858.96M | 3.4M | 64.95M | 1.75M | 480.55M | -20.44M | 56K | 89K | 2.37M |
| Cash from Financing | -165.24M | 763.38M | 632.8M | -366.03M | 308.18M | 13.75M | 182.34M | 86.14M | -600.48M | 209.63M | 353.39M | 739.85M | 130.08M | 569.2M | 359.48M | 319.75M | 250.14M |
| Debt Issued (Net) | -1.11B | 794.29M | 504.92M | -317.9M | 250M | 33.01M | 185M | 190M | -588.48M | -65M | -391.2M | 750M | -165M | 580M | 63.44M | 244.5M | 98.5M |
| Equity Issued (Net) | -33K | -1000K | 1000K | -1000K | 1000K | 0 | -1000K | -1000K | 0 | 1000K | 1000K | -1000K | 1000K | 0 | 1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -33K | -3.57M | 0 | -37.29M | 0 | 0 | -2.66M | -97.06M | -7.66M | -1.64M | -2.81M | -4.24M | -2.08M | 0 | -167K | -513K | 0 |
| Other Financing | 942M | -27.34M | -33.34M | -10.84M | -14.31M | -19.26M | 0 | -2.38M | -12M | -1.43M | -6.76M | -5.91M | -937K | -10.8M | -23.17M | 65.77M | 151.64M |
| Net Change in Cash | -7.5M | 26.12M | -30.37M | -12.36M | 8.04M | 7.9M | -4.29M | -67.01M | 79.49M | 1.52M | 1.83M | -168.83M | 164.93M | 5.22M | -3.23M | 16.25M | 1.48M |
| Free Cash Flow | 656.42M | -738.36M | -667.97M | 242.9M | -693.88M | -7.18M | -193.54M | -167.41M | -182M | -141.9M | -316.65M | -855.27M | -378.29M | -543.53M | -362.77M | -303.59M | -251.03M |
| FCF Margin % | 34.6% | -37.82% | -43.16% | 12.65% | -49.77% | -1.06% | -23.12% | -15.14% | -22.14% | -23.75% | -52.2% | -107.73% | -56.86% | -92.42% | -71.09% | -125.45% | -259.09% |
| FCF Growth % | 167.03% | -10.54% | -374.99% | 135.01% | -9557.37% | 96.29% | -15.61% | 8.02% | -28.26% | 55.19% | 62.98% | -126.09% | 30.4% | -49.83% | -19.49% | -20.94% | - |
| FCF per Share | 17.37 | -20.11 | -32.14 | 14.40 | -47.97 | -0.62 | -16.74 | -14.36 | -15.16 | -12.58 | -31.80 | -119.16 | -56.30 | -84.81 | -67.12 | -48.57 | -40.17 |
| FCF Conversion (FCF/Net Income) | -0.50x | -5.76x | 1.17x | 1.31x | 3.43x | -0.44x | -1.39x | 1.66x | 0.70x | -1.37x | -0.14x | 1.88x | 3.09x | 6.11x | 3.26x | 1.82x | -0.61x |
| Interest Paid | 103.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensity vs cash
As reported in financial statements, Vital Energy's operating cash flow frequently decouples from net income, with the 2025Q3 OCF/NI ratio of -0.81 highlighting a persistent disconnect where non-cash charges and derivative adjustments significantly distort the firm's actual ability to generate cash from its core operations.
The extreme variance in the OCF/NI ratio suggests that GAAP net income is a poor proxy for the company's underlying cash-generating health. Investors should monitor whether this divergence is driven by recurring non-cash impairments or if it reflects a fundamental inability to convert production into realized cash flow.
Based on recent SEC filings, Vital Energy's free cash flow trajectory remains highly erratic, swinging from a negative $803.4 million in 2024Q3 to a positive $286.6 million in 2025Q3, which underscores the company's sensitivity to capital expenditure cycles and commodity price fluctuations within the Permian Basin.
The erratic nature of FCF suggests that the company's capital allocation is heavily reactive to drilling requirements rather than being a consistent source of shareholder value. This volatility warrants further investigation into whether the recent positive FCF is sustainable or merely a result of deferred capital spending.
According to historical data, Vital Energy's capital intensity has fluctuated wildly, with CapEx/Revenue ratios spiking as high as 180% in 2024Q3, indicating that the company must commit massive capital to maintain production levels on its secondary-tier acreage compared to more efficient, core-focused industry peers.
The high variability in capital intensity suggests that the company is trapped in a cycle of heavy reinvestment to offset natural production declines. This reliance on aggressive drilling to sustain output may limit the company's ability to deleverage or return capital to shareholders in the near term.
As reported in financial statements, working capital changes have been a significant source of cash flow volatility, with a notable $83.7 million inflow in 2024Q2 followed by a $79.7 million outflow in 2024Q4, suggesting that timing differences in collections and payables are materially affecting short-term liquidity.
These fluctuations appear to indicate that the company's cash position is sensitive to the timing of operational payments and revenue realization. Investors should monitor whether these working capital swings are indicative of broader operational inefficiencies or simply the result of the company's aggressive M&A integration process.
Quick answers to the most common questions about buying VTLE stock.
Vital Energy, Inc. (VTLE) generated $1.00B in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Vital Energy, Inc. (VTLE) reported negative free cash flow of $738.4M in 2024, indicating capital requirements exceeded cash from operations.
Vital Energy, Inc. (VTLE) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Vital Energy, Inc. (VTLE) spent $3.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.