Latest Ratios: P/E Ratio 23.9x · EV/EBITDA 3.0x · ROE 3.9%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $567M | $613M | $841M | $801M | $1.2B | $1.3B | $1.3B |
| Enterprise Value | $920M | $966M | $1.0B | $901M | $1.2B | $1.3B | $1.3B |
| P/E Ratio → | 23.89 | 26.11 | 46.14 | 9.87 | 4.58 | 11.96 | — |
| P/S Ratio | 1.26 | 1.36 | 2.21 | 2.03 | 2.42 | 4.49 | 15.32 |
| P/B Ratio | 0.93 | 1.01 | 1.32 | 1.19 | 1.81 | 2.75 | 7.48 |
| P/FCF | — | — | — | — | 10.76 | — | — |
| P/OCF | 1.91 | 2.07 | 3.05 | 2.65 | 3.47 | 7.20 | 19.97 |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.15 | 2.73 | 2.29 | 2.31 | 4.63 | 15.40 |
| EV / EBITDA | 3.00 | 3.15 | 4.40 | 3.59 | 2.82 | 5.65 | 29.91 |
| EV / EBIT | 10.10 | 10.60 | 23.87 | 8.12 | 4.15 | 12.12 | — |
| EV / FCF | — | — | — | — | 10.30 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 27.1% | 27.1% | 31.6% | 36.8% | 63.6% | 52.1% | -22.9% |
| Operating Margin | 20.2% | 20.2% | 15.6% | 23.0% | 60.7% | 49.4% | -40.3% |
| Net Profit Margin | 5.4% | 5.4% | 4.9% | 20.6% | 52.7% | 37.4% | -27.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 3.9% | 3.9% | 2.9% | 12.1% | 46.1% | 33.2% | -13.4% |
| ROA | 2.2% | 2.2% | 1.9% | 9.4% | 39.1% | 29.3% | -12.4% |
| ROIC | 7.6% | 7.6% | 5.5% | 9.8% | 40.2% | 30.7% | — |
| ROCE | 9.1% | 9.1% | 6.6% | 11.4% | 49.9% | 42.9% | -18.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.32 | 0.16 | — | 0.11 | 0.06 |
| Debt / EBITDA | 1.20 | 1.20 | 0.87 | 0.44 | — | 0.21 | 0.22 |
| Net Debt / Equity | — | 0.58 | 0.31 | 0.15 | -0.08 | 0.08 | 0.04 |
| Net Debt / EBITDA | 1.15 | 1.15 | 0.83 | 0.40 | -0.12 | 0.16 | 0.16 |
| Debt / FCF | — | — | — | — | -0.46 | — | — |
| Interest Coverage | 3.57 | 3.57 | 2.35 | 20.86 | 139.36 | 46.48 | -12.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.25 | 1.25 | 1.33 | 2.44 | 2.28 | 1.45 | 5.05 |
| Quick Ratio | 1.25 | 1.25 | 1.33 | 2.44 | 2.28 | 1.45 | 5.05 |
| Cash Ratio | 0.27 | 0.27 | 0.40 | 0.98 | 0.79 | 0.18 | 0.65 |
| Asset Turnover | — | 0.39 | 0.37 | 0.43 | 0.63 | 0.53 | 0.45 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 60.12 | 66.94 | 67.55 | 53.04 | 59.49 | 39.81 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.3% | 9.4% | 6.8% | 7.3% | 0.9% | 3.9% | — |
| Payout Ratio | 236.9% | 236.9% | 306.5% | 72.2% | 4.1% | 47.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 3.8% | 2.2% | 10.1% | 21.8% | 8.4% | — |
| FCF Yield | — | — | — | — | 9.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 4.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 10.3% | 9.4% | 6.9% | 11.7% | 0.9% | 3.9% | 0.0% |
| Shares Outstanding | — | $130M | $130M | $133M | $133M | $133M | $133M |
Operator-driven capital intensity
Based on recent market data, GRNT trades at a forward P/E of 9.42, which appears to reflect significant investor skepticism regarding the sustainability of its non-operated production model compared to the broader energy sector's historical valuation multiples.
The disparity between the TTM P/E of 25.22 and the forward P/E of 9.42 suggests that the market is pricing in a sharp recovery in earnings that may not materialize if commodity prices remain volatile. Investors should monitor whether this valuation gap narrows as the company's dividend yield of 9.7% faces pressure from ongoing negative free cash flow.
As reported in financial statements, GRNT's ROIC has trended downward from 3.8% in 2025Q1 to 2.1% in 2026Q1, indicating that the company is struggling to generate meaningful returns on its expanding asset base in a capital-intensive environment.
The inability to maintain consistent ROIC levels suggests that the capital deployed into new non-operated interests is not yet yielding the expected accretive growth. This trend warrants further investigation into whether the company is overpaying for acreage or if the underlying well performance is failing to meet initial internal rate of return projections.
According to recent SEC filings, the company's asset turnover ratio remains persistently low at approximately 0.10, highlighting the inherent inefficiency of a non-operated model that relies on third-party drilling schedules rather than internal operational control.
The lack of visibility into the cash conversion cycle, combined with fluctuating DSO figures, suggests that GRNT faces significant timing mismatches in revenue recognition and joint interest billing. This operational friction appears to be a structural feature of the business model that limits the company's ability to optimize its working capital cycle.
Based on reported figures, GRNT's debt-to-equity ratio has surged to 0.78 in 2026Q1 from 0.16 in 2023Q4, signaling a rapid transition toward a more levered capital structure to fund its non-operated working interests.
While the company maintains a relatively clean balance sheet compared to some peers, the rapid increase in debt-to-EBITDA to 5.25 suggests that debt service capacity is becoming increasingly constrained. Investors should monitor whether this leverage trajectory forces management to curtail its dividend policy to preserve liquidity in a lower commodity price environment.
The most commonly misapplied metric for GRNT is the traditional P/E ratio, which obscures the company's true earning power by failing to account for the significant non-cash depletion and amortization charges inherent in its non-operated asset portfolio.
Analysts should instead focus on EV/EBITDA or cash flow-based metrics, as the P/E ratio is heavily distorted by the accounting treatment of non-operated interests. Relying on P/E may lead to an inaccurate assessment of the company's ability to sustain its dividend and fund future capital expenditures.
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Quick answers to the most common questions about buying GRNT stock.
Granite Ridge Resources, Inc's current P/E ratio is 23.9x. The historical average is 19.7x. This places it at the 60th percentile of its historical range.
Granite Ridge Resources, Inc's current EV/EBITDA is 3.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.3x.
Granite Ridge Resources, Inc's return on equity (ROE) is 3.9%. The historical average is 14.1%.
Based on historical data, Granite Ridge Resources, Inc is trading at a P/E of 23.9x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Granite Ridge Resources, Inc's current dividend yield is 10.28% with a payout ratio of 236.9%.
Granite Ridge Resources, Inc has 27.1% gross margin and 20.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Granite Ridge Resources, Inc's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.