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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Matador Resources reported revenue of $3.7B in the fiscal year ended Dec 2025, up 5.1% from the year before. Operating income was $1.2B, an operating margin of 33.5%, and net income was $759M. Operating cash flow of $2.4B less capital expenditure of $2.2B left free cash flow of $270M. Net debt was $3.4B.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,862 | 3,197 | 2,818 | 3,479 | 3,657 |
| Cost of revenue | 61.5 | 95.5 | 124 | 167 | 208 |
| Gross profit | 1,801 | 3,101 | 2,694 | 3,312 | 3,448 |
| Operating income | 793 | 1,759 | 1,209 | 1,435 | 1,227 |
| Interest expense | 74.7 | 67.2 | 122 | 172 | 209 |
| Pre-tax income | 715 | 1,686 | 1,096 | 1,264 | 1,033 |
| Income tax | 74.7 | 399 | 186 | 292 | 173 |
| Net income | 585 | 1,214 | 846 | 885 | 759 |
| Diluted EPS | 4.91 | 10.11 | 7.05 | 7.14 | 6.09 |
| Diluted shares | 119 | 120 | 120 | 124 | 125 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 48.1 | 505 | 52.7 | 23.0 | 15.3 |
| Receivables | 164 | 225 | 274 | 332 | 286 |
| Current assets | 371 | 1,072 | 716 | 927 | 817 |
| Net PP&E | 3,857 | 4,418 | 6,956 | 9,764 | 10,731 |
| Total assets | 4,262 | 5,555 | 7,727 | 10,850 | 11,711 |
| Payables | 26.3 | 58.8 | 68.2 | 147 | 541 |
| Current liabilities | 465 | 576 | 685 | 995 | 1,032 |
| Long-term debt | – | 1,160 | 2,207 | 3,325 | 3,402 |
| Total liabilities | 2,135 | 2,237 | 3,599 | 5,393 | 5,714 |
| Shareholders' equity | 1,907 | 3,111 | 3,911 | 5,089 | 5,658 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,053 | 1,979 | 1,868 | 2,247 | 2,425 |
| Capital expenditure | 838 | 1,063 | 3,228 | 3,907 | 2,155 |
| Free cash flow | 215 | 915 | −1,360 | −1,660 | 270 |
| Depreciation & amortisation | 345 | 466 | 717 | 974 | 1,195 |
| Stock-based compensation | 9.0 | 15.1 | 13.7 | 15.0 | 18.3 |
| Acquisitions | 0.0 | 75.8 | – | – | – |
| Share buybacks | – | – | 0.0 | 0.0 | 55.8 |
| Dividends paid | 14.6 | 35.2 | 77.2 | 105 | 163 |
| Dividend per share | 0.13 | 0.30 | 0.65 | 0.85 | 1.31 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 71.7% | −11.9% | 23.5% | 5.1% |
| Operating income growth (YoY) | – | 121.8% | −31.3% | 18.6% | −14.5% |
| EPS growth (YoY) | – | 105.9% | −30.3% | 1.3% | −14.7% |
| Gross margin | 96.7% | 97.0% | 95.6% | 95.2% | 94.3% |
| Operating margin | 42.6% | 55.0% | 42.9% | 41.2% | 33.5% |
| Net margin | 31.4% | 38.0% | 30.0% | 25.4% | 20.8% |
| Return on equityBlank when equity is negative | 30.7% | 39.0% | 21.6% | 17.4% | 13.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.9% | 35.3% | 17.2% | 14.6% | 11.5% |
| Free cash flow margin | 11.6% | 28.6% | −48.3% | −47.7% | 7.4% |
| Cash conversion (CFO ÷ net income) | 1.80x | 1.63x | 2.21x | 2.54x | 3.19x |
| Receivable days | 32 | 26 | 36 | 35 | 29 |
| Payable days | 156 | 225 | 201 | 321 | 948 |
| Interest cover | 10.6x | 26.2x | 9.95x | 8.36x | 5.88x |
| Debt ÷ equity | – | 0.37x | 0.56x | 0.65x | 0.60x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 655 | 2,154 | 3,302 | 3,387 |
| Current ratio | 0.80x | 1.86x | 1.04x | 0.93x | 0.79x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.