Latest Ratios: P/E Ratio 11.5x · EV/EBITDA 5.1x · ROE 17.9%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.5B | $1.7B | $1.6B | — | — |
| Enterprise Value | $3.2B | $2.6B | $2.3B | $2.2B | — | — |
| P/E Ratio → | 11.52 | 10.13 | 9.04 | 22.90 | — | — |
| P/S Ratio | 1.80 | 1.24 | 1.73 | 2.05 | — | — |
| P/B Ratio | 0.83 | 0.73 | 1.40 | 1.31 | — | — |
| P/FCF | 8.94 | 6.14 | 5.89 | 8.84 | — | — |
| P/OCF | 4.17 | 2.86 | 3.32 | 3.18 | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.19 | 2.41 | 2.93 | — | — |
| EV / EBITDA | 5.15 | 4.10 | 4.16 | 4.50 | — | — |
| EV / EBIT | 9.64 | 11.96 | 8.07 | 6.25 | — | — |
| EV / FCF | — | 10.88 | 8.21 | 12.64 | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 33.4% | 33.4% | 34.2% | 50.7% | 58.4% | 55.1% |
| Operating Margin | 28.5% | 28.5% | 30.0% | 47.1% | 55.7% | 39.6% |
| Net Profit Margin | 24.3% | 24.3% | 19.1% | 45.5% | 55.1% | 35.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 17.9% | 17.9% | 15.5% | 38.8% | 118.6% | 49.6% |
| ROA | 9.4% | 9.4% | 8.0% | 21.7% | 73.2% | 26.3% |
| ROIC | 10.1% | 10.1% | 11.7% | 21.3% | 80.9% | — |
| ROCE | 12.4% | 12.4% | 14.5% | 26.0% | 92.4% | 39.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.58 | 0.58 | 0.64 | 0.69 | 0.17 | 0.31 |
| Debt / EBITDA | 1.85 | 1.85 | 1.36 | 1.66 | 0.16 | 0.44 |
| Net Debt / Equity | — | 0.56 | 0.55 | 0.56 | 0.12 | 0.10 |
| Net Debt / EBITDA | 1.78 | 1.78 | 1.18 | 1.35 | 0.12 | 0.14 |
| Debt / FCF | — | 4.74 | 2.32 | 3.80 | 0.23 | 0.17 |
| Interest Coverage | 2.98 | 2.98 | 2.77 | 31.94 | 107.52 | 84.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.05 | 1.05 | 0.91 | 1.25 | 1.22 | 1.38 |
| Quick Ratio | 0.93 | 0.93 | 0.84 | 1.14 | 1.06 | 1.34 |
| Cash Ratio | 0.12 | 0.12 | 0.30 | 0.56 | 0.19 | 0.46 |
| Asset Turnover | — | 0.31 | 0.41 | 0.33 | 1.06 | 0.75 |
| Inventory Turnover | 18.00 | 18.00 | 26.25 | 11.97 | 15.77 | 35.64 |
| Days Sales Outstanding | — | 71.55 | 64.58 | 63.30 | 50.53 | 87.30 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | 14.8% | 16.8% | 18.5% | 6.5% | — | — |
| Payout Ratio | 85.5% | 85.5% | 167.3% | 29.2% | 53.2% | 105.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 9.9% | 11.1% | 4.4% | — | — |
| FCF Yield | 11.2% | 16.3% | 17.0% | 11.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 4.2% | — | — |
| Total Shareholder Yield | 14.8% | 16.8% | 18.5% | 10.7% | — | — |
| Shares Outstanding | — | $132M | $98M | $95M | $95M | $95M |
Asset Maintenance and Liquidity
Based on reported figures, MNR trades at a forward EV/EBITDA of 4.01x, which appears to discount the company's aggressive acquisition-led growth strategy compared to peers like Magnolia Oil & Gas, suggesting investors remain skeptical of the long-term sustainability of the current cash flow yield and distribution profile.
The absence of a meaningful P/E ratio and the 14.6% dividend yield indicate that the market is pricing MNR primarily as a yield-generating vehicle rather than a growth equity. This valuation approach warrants investigation, as it may undervalue the company's potential to consolidate regional assets while simultaneously ignoring the risks inherent in its high-cost, mature wellbore portfolio.
As reported in financial statements, MNR's ROIC has fluctuated significantly, reaching a low of -0.6% in 2025Q3 before recovering to 2.2% in 2026Q1, which highlights the difficulty of generating consistent returns on invested capital while simultaneously integrating large-scale, mature asset acquisitions into the existing production base.
The volatility in ROIC suggests that the company's capital allocation strategy is highly sensitive to the timing and pricing of inorganic growth. Investors should monitor whether management can improve these returns as the integration of recent acquisitions matures, or if the cost of maintaining aging infrastructure will continue to suppress overall capital efficiency.
According to recent SEC filings, MNR's cash conversion cycle has remained relatively stable around 43 days, yet the tightening current ratio of 0.83 in 2026Q1 suggests that the company's operational scaling is beginning to pressure its short-term liquidity and working capital management capabilities.
The reliance on a 'buy and harvest' model requires significant liquidity to fund ongoing maintenance and acquisition costs. The compression of the current ratio indicates that the company may have less flexibility to navigate commodity price volatility than it did during its earlier, less leveraged stages of public operation.
Based on the company's reported figures, the debt-to-EBITDA ratio has trended toward 6.23x in 2026Q1, reflecting a strategic shift toward debt-funded expansion that warrants further investigation into the company's long-term ability to service these obligations if regional commodity price differentials widen unexpectedly.
While the current debt-to-equity ratio of 0.62 remains manageable, the rising interest coverage volatility suggests that the company's balance sheet is becoming more sensitive to external financing costs. This leverage profile appears to be a departure from the company's historical conservatism and may limit future strategic flexibility.
As indicated by the data, the P/E ratio is a fundamentally flawed metric for MNR, as it fails to account for the significant non-cash mark-to-market adjustments on commodity derivatives that frequently distort the company's reported net income and obscure its true underlying operational cash generation capacity.
Analysts should instead prioritize Adjusted EBITDA or Free Cash Flow to evaluate the company's performance, as these metrics better reflect the cash-harvesting nature of the business model. Relying on GAAP earnings may lead to incorrect conclusions regarding the company's ability to sustain its dividend and fund future asset acquisitions.
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Quick answers to the most common questions about buying MNR stock.
Mach Natural Resources LP's current P/E ratio is 11.5x. The historical average is 14.0x. This places it at the 67th percentile of its historical range.
Mach Natural Resources LP's current EV/EBITDA is 5.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.3x.
Mach Natural Resources LP's return on equity (ROE) is 17.9%. The historical average is 48.1%.
Based on historical data, Mach Natural Resources LP is trading at a P/E of 11.5x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mach Natural Resources LP's current dividend yield is 14.80% with a payout ratio of 85.5%.
Mach Natural Resources LP has 33.4% gross margin and 28.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Mach Natural Resources LP's Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.