Granite Ridge Resources (GRNT) Financials

$5.56 -0.11 (-1.86%)

Closing price 03:59 PM Eastern

Extended Trading

$5.60 +0.04 (+0.72%)

As of 04:59 PM Eastern

Annual Income Statements for Granite Ridge Resources

This table shows Granite Ridge Resources' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-24	108	262	81	19
Consolidated Net Income / (Loss)	-24	108	262	81	19
Net Income / (Loss) Continuing Operations	-24	108	262	81	19
Total Pre-Tax Income	-24	108	275	106	25
Total Operating Income	-35	143	302	91	59
Total Gross Profit	87	264	453	334	380
Total Revenue	87	290	497	394	380
Operating Revenue	87	290	497	394	380
Total Cost of Revenue	0.00	26	45	61	0.00
Total Operating Expenses	122	121	151	243	321
Selling, General & Admin Expense	10	10	14	28	25
Marketing Expense	6.66	18	31	28	26
Other Operating Expenses / (Income)	100	95	106	161	234
Impairment Charge	5.73	0.00	0.00	26	36
Total Other Income / (Expense), net	11	-35	-27	14	-34
Interest Expense	1.84	2.39	1.99	5.32	18
Interest & Investment Income	-	0.00	-	-	-15
Other Income / (Expense), net	13	-32	-25	20	-0.64
Income Tax Expense	0.00	0.00	13	24	6.21
Basic Earnings per Share	($0.18)	$0.82	$1.97	$0.61	$0.14
Weighted Average Basic Shares Outstanding	132.92M	132.92M	132.92M	133.09M	130.19M
Diluted Earnings per Share	($0.18)	$0.82	$1.97	$0.61	$0.14
Weighted Average Diluted Shares Outstanding	132.92M	132.92M	133.07M	133.11M	130.23M
Weighted Average Basic & Diluted Shares Outstanding	-	-	133.21M	130.45M	130.81M
Cash Dividends to Common per Share	-	-	$0.08	$0.44	$0.44

This table shows Granite Ridge Resources' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	80	57	37	8.74	18	18	16	5.10	9.05	-12	9.81
Consolidated Net Income / (Loss)	80	57	37	8.74	18	18	16	5.10	9.05	-12	9.81
Net Income / (Loss) Continuing Operations	80	57	37	8.74	18	18	16	5.10	9.05	-12	9.81
Total Pre-Tax Income	80	69	48	13	23	22	21	6.78	13	-16	13
Total Operating Income	77	64	29	24	33	4.73	20	22	25	-6.92	43
Total Gross Profit	125	102	91	73	91	78	74	77	81	148	107
Total Revenue	137	116	91	88	108	107	89	91	94	106	123
Operating Revenue	137	116	91	88	108	107	89	91	94	106	123
Total Cost of Revenue	12	14	0.00	14	17	29	15	14	13	-42	16
Operating Cost of Revenue	12	14	-	14	17	-	15	14	13	-	16
Total Operating Expenses	47	38	62	49	59	73	54	55	56	155	64
Selling, General & Admin Expense	2.71	6.47	8.58	8.01	5.25	6.08	6.49	6.62	5.59	5.94	7.46
Marketing Expense	7.87	9.85	5.72	6.30	7.79	7.90	5.75	6.88	6.35	7.03	8.37
Other Operating Expenses / (Income)	37	22	48	35	44	34	41	42	44	107	48
Impairment Charge	-	-	0.00	0.00	0.00	26	0.73	0.00	0.00	36	0.00
Total Other Income / (Expense), net	2.50	5.54	18	-11	-9.49	17	1.46	-15	-11	-9.35	-30
Interest Expense	0.57	0.29	0.34	1.21	1.36	2.41	3.16	5.82	4.82	4.67	5.02
Interest & Investment Income	-	-	-	0.00	0.00	-	7.78	-8.51	-18	3.86	-9.97
Other Income / (Expense), net	3.07	5.82	19	-9.79	-8.14	19	-3.16	-0.79	12	-8.53	-15
Income Tax Expense	0.00	13	11	4.13	5.15	4.42	4.84	1.68	4.33	-4.64	2.88
Basic Earnings per Share	$0.60	$0.43	$0.28	$0.07	$0.13	$0.13	$0.12	$0.04	$0.07	($0.09)	$0.07
Weighted Average Basic Shares Outstanding	132.92M	132.92M	133.00M	132.87M	134.40M	133.09M	130.14M	130.20M	130.20M	130.19M	130.34M
Diluted Earnings per Share	$0.60	$0.43	$0.28	$0.07	$0.13	$0.13	$0.12	$0.04	$0.07	($0.09)	$0.07
Weighted Average Diluted Shares Outstanding	132.92M	133.07M	133.00M	132.88M	134.42M	133.11M	130.16M	130.25M	130.24M	130.23M	130.40M
Weighted Average Basic & Diluted Shares Outstanding	-	133.21M	133.04M	134.84M	133.00M	130.45M	130.74M	130.74M	130.74M	130.81M	131.11M
Cash Dividends to Common per Share	-	$0.08	$0.11	$0.11	$0.11	-	$0.11	$0.11	$0.11	-	$0.11

This table details how cash moves in and out of Granite Ridge Resources' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	2.13	3.65	39	-40	-1.31
Net Cash From Operating Activities	67	181	346	303	276
Net Cash From Continuing Operating Activities	67	181	346	303	276
Net Income / (Loss) Continuing Operations	-24	108	262	81	19
Consolidated Net Income / (Loss)	-24	108	262	81	19
Amortization Expense	0.11	0.05	0.16	1.26	3.54
Non-Cash Adjustments To Reconcile Net Income	84	100	88	192	247
Changes in Operating Assets and Liabilities, net	6.70	-27	-4.39	29	6.82
Net Cash From Investing Activities	-117	-186	-231	-357	-311
Net Cash From Continuing Investing Activities	-117	-186	-231	-357	-311
Purchase of Property, Plant & Equipment	-99	-136	-185	-282	-286
Acquisitions	-18	-83	-51	-77	-62
Divestitures	0.65	29	4.85	0.06	14
Sale and/or Maturity of Investments	-	-	0.00	0.00	3.46
Other Investing Activities, net	0.00	3.82	1.18	2.46	20
Net Cash From Financing Activities	52	8.49	-77	13	34
Net Cash From Continuing Financing Activities	52	8.49	-77	13	34
Repayment of Debt	-55	-49	-75	-55	-18
Repurchase of Common Equity	0.00	0.00	-0.22	-35	-0.44
Payment of Dividends	-13	-51	-11	-59	-57
Issuance of Debt	37	62	21	163	110
Issuance of Common Equity	0.00	0.00	6.83	0.01	0.00
Other Financing Activities, net	83	47	-18	-0.04	0.00
Cash Interest Paid	1.26	1.64	2.29	4.83	14
Cash Income Taxes Paid	0.07	0.08	0.10	0.74	0.20

This table details how cash moves in and out of Granite Ridge Resources' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-9.48	14	-40	3.56	-8.38	4.31	10	-7.24	9.26	-14	6.69
Net Cash From Operating Activities	114	95	81	74	57	90	69	64	75	68	76
Net Cash From Continuing Operating Activities	114	95	81	74	57	90	69	64	75	68	76
Net Income / (Loss) Continuing Operations	80	57	37	8.74	18	18	16	5.10	9.05	-12	9.81
Consolidated Net Income / (Loss)	80	57	37	8.74	18	18	16	5.10	9.05	-12	9.81
Amortization Expense	0.04	0.10	0.16	0.16	0.16	0.77	0.30	2.52	0.35	0.38	0.38
Non-Cash Adjustments To Reconcile Net Income	18	13	23	53	59	57	40	56	57	94	74
Changes in Operating Assets and Liabilities, net	16	25	22	12	-20	15	12	0.94	8.32	-14	-7.75
Net Cash From Investing Activities	-71	-55	-130	-82	-75	-70	-71	-82	-81	-77	-100
Net Cash From Continuing Investing Activities	-71	-55	-130	-82	-75	-70	-71	-82	-81	-77	-100
Purchase of Property, Plant & Equipment	-59	-42	-106	-77	-55	-45	-70	-66	-58	-92	-67
Acquisitions	-12	-18	-24	-5.15	-20	-27	-2.63	-18	-31	-10	-35
Divestitures	-0.00	4.10	-	-	0.06	-	0.00	-	0.18	11	0.12
Other Investing Activities, net	0.22	0.21	0.00	-	-	2.46	1.28	-	4.03	14	1.30
Net Cash From Financing Activities	-53	-26	8.55	11	9.29	-16	13	10	16	-4.74	31
Net Cash From Continuing Financing Activities	-53	-26	8.55	11	9.29	-16	13	10	16	-4.74	31
Repayment of Debt	-58	-8.24	-	-	-15	-23	-0.03	-	-	-15	0.00
Repurchase of Common Equity	-	-0.22	-	-	-5.91	-24	-0.42	-	-	-0.02	-0.02
Payment of Dividends	-	-11	-15	-15	-15	-15	-14	-14	-14	-14	-14
Issuance of Debt	5.00	5.00	25	48	45	45	28	28	30	25	45

This table presents Granite Ridge Resources' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	547	795	927	1,036
Total Current Assets	98	146	152	135
Cash & Equivalents	12	51	10	9.42
Short-Term Investments	-	0.00	50	32
Prepaid Expenses	0.68	4.20	1.72	3.83
Other Current Assets	86	91	89	90
Plant, Property, & Equipment, net	449	645	770	897
Plant, Property & Equipment, gross	728	1,029	1,237	1,540
Accumulated Depreciation	279	384	467	643
Total Noncurrent Assets	0.39	3.47	6.01	4.29
Other Noncurrent Operating Assets	0.39	3.47	6.01	4.29
Total Liabilities & Shareholders' Equity	547	795	927	1,036
Total Liabilities	72	131	255	401
Total Current Liabilities	68	64	62	102
Accounts Payable	-	-	61	99
Other Current Liabilities	7.28	1.95	1.20	2.37
Total Noncurrent Liabilities	4.72	66	193	299
Long-Term Debt	1.10	0.00	110	205
Asset Retirement Reserve & Litigation Obligation	2.96	4.75	9.39	11
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	50	74	80
Other Noncurrent Operating Liabilities	0.66	12	0.00	3.68
Total Equity & Noncontrolling Interests	475	664	672	635
Total Preferred & Common Equity	475	664	672	635
Total Common Equity	475	664	672	635
Common Stock	475	632	653	655
Retained Earnings	0.00	32	55	16
Treasury Stock	0.00	-0.23	-36	-36

This table presents Granite Ridge Resources' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	0.00	856	873	921	967	990	1,036	1,087
Total Current Assets	0.00	115	104	102	169	151	132	128
Cash & Equivalents	0.00	11	14	6.12	21	14	23	16
Short-Term Investments	-	-	-	-	58	49	28	22
Prepaid Expenses	-	2.24	1.35	0.45	2.74	2.48	2.59	4.72
Other Current Assets	0.00	17	89	96	87	85	79	86
Plant, Property, & Equipment, net	0.00	737	766	815	793	835	899	955
Plant, Property & Equipment, gross	-	1,155	1,218	1,312	1,301	1,384	1,493	1,646
Accumulated Depreciation	0.00	417	452	496	508	549	593	691
Total Noncurrent Assets	0.00	3.31	3.14	2.98	4.79	4.98	4.33	4.09
Other Noncurrent Operating Assets	0.00	3.31	3.14	2.98	4.79	4.98	4.33	4.09
Total Liabilities & Shareholders' Equity	0.00	856	873	921	967	990	1,036	1,087
Total Liabilities	0.00	211	221	270	293	325	375	456
Total Current Liabilities	0.00	72	53	70	66	67	84	107
Accounts Payable	-	-	-	-	-	-	83	91
Other Current Liabilities	0.00	2.36	1.39	7.85	4.08	5.00	1.23	16
Total Noncurrent Liabilities	0.00	139	167	201	227	258	291	349
Long-Term Debt	-	25	55	85	138	165	195	250
Asset Retirement Reserve & Litigation Obligation	0.00	5.92	6.05	6.50	9.59	9.96	10	11
Noncurrent Deferred & Payable Income Tax Liabilities	-	102	106	109	79	80	85	83
Other Noncurrent Operating Liabilities	0.00	6.62	0.16	0.48	0.66	2.48	0.68	4.94
Total Equity & Noncontrolling Interests	1,778	645	652	650	674	665	661	631
Total Preferred & Common Equity	1,778	645	652	650	674	665	661	631
Total Common Equity	0.00	645	652	650	674	665	661	631
Common Stock	1,778	593	610	611	654	654	655	656
Retained Earnings	-	54	49	52	57	47	42	11
Treasury Stock	-	-2.03	-6.21	-13	-36	-36	-36	-36

This table displays calculated financial ratios and metrics derived from Granite Ridge Resources' official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	233.18%	71.41%	-20.78%	-3.56%
EBITDA Growth	0.00%	604.49%	150.10%	-59.74%	-44.33%
EBIT Growth	0.00%	601.81%	150.07%	-60.17%	-46.90%
NOPAT Growth	0.00%	683.04%	101.10%	-75.84%	-36.01%
Net Income Growth	0.00%	553.23%	141.88%	-69.09%	-76.87%
EPS Growth	0.00%	555.56%	140.24%	-69.04%	-77.05%
Operating Cash Flow Growth	0.00%	171.20%	91.18%	-12.56%	-8.96%
Free Cash Flow Firm Growth	0.00%	0.00%	150.90%	-120.02%	10.46%
Invested Capital Growth	0.00%	0.00%	19.30%	17.50%	10.87%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-2.36%	-0.13%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-28.83%	-38.97%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-29.37%	-40.14%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-40.83%	-17.20%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-32.52%	-60.85%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-31.46%	-61.11%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	1.69%	-1.58%	-7.38%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-53.89%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-1.14%	-0.71%
Profitability Metrics	-	-	-	-	-
Gross Margin	100.00%	90.93%	91.02%	84.64%	100.00%
EBITDA Margin	-25.24%	38.21%	55.76%	28.33%	16.36%
Operating Margin	-40.29%	49.36%	60.74%	22.99%	15.59%
EBIT Margin	-25.36%	38.20%	55.72%	28.01%	15.42%
Profit (Net Income) Margin	-27.47%	37.37%	52.74%	20.58%	4.94%
Tax Burden Percent	100.00%	100.00%	95.33%	76.81%	75.14%
Interest Burden Percent	108.33%	97.85%	99.28%	95.65%	42.59%
Effective Tax Rate	0.00%	0.00%	4.67%	23.19%	24.86%
Return on Invested Capital (ROIC)	0.00%	55.71%	51.09%	10.43%	5.86%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-121.50%	494.56%	-1,352.63%	-18.34%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-10.04%	-5.03%	1.71%	-2.99%
Return on Equity (ROE)	0.00%	45.67%	46.06%	12.14%	2.87%
Cash Return on Invested Capital (CROIC)	0.00%	-144.29%	33.49%	-5.67%	-4.45%
Operating Return on Assets (OROA)	0.00%	20.25%	41.31%	12.82%	5.97%
Return on Assets (ROA)	0.00%	19.82%	39.10%	9.42%	1.91%
Return on Common Equity (ROCE)	0.00%	45.67%	46.06%	12.14%	2.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	22.84%	39.49%	12.07%	2.95%
Net Operating Profit after Tax (NOPAT)	-25	143	288	70	45
NOPAT Margin	-28.21%	49.36%	57.91%	17.66%	11.72%
Net Nonoperating Expense Percent (NNEP)	0.00%	177.21%	-443.47%	1,363.06%	24.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	43.36%	8.90%	5.30%
Cost of Revenue to Revenue	0.00%	9.07%	8.98%	15.36%	0.00%
SG&A Expenses to Revenue	11.61%	3.51%	2.86%	7.09%	6.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	140.29%	41.57%	30.28%	61.61%	84.41%
Earnings before Interest and Taxes (EBIT)	-22	111	277	110	59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-22	111	277	112	62
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	1.55	1.10	1.33
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.55	1.10	1.33
Price to Revenue (P/Rev)	0.00	0.00	2.07	1.87	2.22
Price to Earnings (P/E)	0.00	0.00	3.92	9.07	45.05
Dividend Yield	0.00%	0.00%	1.04%	7.97%	6.94%
Earnings Yield	0.00%	0.00%	25.52%	11.03%	2.22%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.59	1.09	1.26
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.96	1.99	2.66
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	3.52	7.03	16.23
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	3.52	7.11	17.21
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	3.39	11.28	22.66
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	2.82	2.59	3.66
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	5.18	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.11	0.00	0.16	0.32
Long-Term Debt to Equity	0.00	0.00	0.00	0.16	0.32
Financial Leverage	0.00	0.08	-0.01	0.00	0.16
Leverage Ratio	0.00	1.15	1.18	1.29	1.50
Compound Leverage Factor	0.00	1.13	1.17	1.23	0.64
Debt to Total Capital	0.00%	9.71%	0.00%	14.07%	24.39%
Short-Term Debt to Total Capital	0.00%	9.51%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.21%	0.00%	14.07%	24.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	90.29%	100.00%	85.93%	75.61%
Debt to EBITDA	0.00	0.46	0.00	0.99	3.30
Net Debt to EBITDA	0.00	0.35	0.00	0.44	2.64
Long-Term Debt to EBITDA	0.00	0.01	0.00	0.99	3.30
Debt to NOPAT	0.00	0.36	0.00	1.58	4.60
Net Debt to NOPAT	0.00	0.27	0.00	0.71	3.68
Long-Term Debt to NOPAT	0.00	0.01	0.00	1.58	4.60
Altman Z-Score	0.00	0.00	6.68	2.74	1.88
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	1.45	2.28	2.44	1.33
Quick Ratio	0.00	0.18	0.79	0.98	0.40
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-371	189	-38	-34
Operating Cash Flow to CapEx	67.15%	133.15%	186.74%	107.25%	96.48%
Free Cash Flow to Firm to Interest Expense	0.00	-155.53	94.92	-7.11	-1.83
Operating Cash Flow to Interest Expense	36.29	75.97	174.15	56.98	14.93
Operating Cash Flow Less CapEx to Interest Expense	-17.75	18.91	80.89	3.85	-0.54
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.53	0.74	0.46	0.39
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.65	0.91	0.56	0.46
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	514	613	721	799
Invested Capital Turnover	0.00	1.13	0.88	0.59	0.50
Increase / (Decrease) in Invested Capital	0.00	514	99	107	78
Enterprise Value (EV)	0.00	0.00	977	785	1,009
Market Capitalization	0.00	0.00	1,028	735	845
Book Value per Share	$0.00	$3.57	$5.00	$5.05	$4.86
Tangible Book Value per Share	$0.00	$3.57	$5.00	$5.05	$4.86
Total Capital	0.00	526	664	782	840
Total Debt	0.00	51	0.00	110	205
Total Long-Term Debt	0.00	1.10	0.00	110	205
Net Debt	0.00	39	-51	49	164
Capital Expenditures (CapEx)	99	136	185	282	286
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	69	31	29	-7.79
Debt-free Net Working Capital (DFNWC)	0.00	80	82	89	33
Net Working Capital (NWC)	0.00	30	82	89	33
Net Nonoperating Expense (NNE)	-0.64	35	26	-12	26
Net Nonoperating Obligations (NNO)	0.00	39	-51	49	164
Total Depreciation and Amortization (D&A)	0.11	0.05	0.16	1.26	3.54
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	23.65%	6.30%	7.26%	-2.05%
Debt-free Net Working Capital to Revenue	0.00%	27.73%	16.52%	22.70%	8.79%
Net Working Capital to Revenue	0.00%	10.50%	16.52%	22.70%	8.79%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.97	$0.61	$0.14
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	132.92M	133.09M	130.19M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.97	$0.61	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	133.07M	133.11M	130.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	133.21M	130.45M	130.81M
Normalized Net Operating Profit after Tax (NOPAT)	-21	99	288	90	72
Normalized NOPAT Margin	-24.13%	34.00%	57.91%	22.82%	18.91%
Pre Tax Income Margin	-27.47%	37.37%	55.32%	26.79%	6.57%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-12.00	46.48	139.36	20.77	3.17
NOPAT to Interest Expense	-13.34	60.06	144.81	13.09	2.41
EBIT Less CapEx to Interest Expense	-66.04	-10.58	46.10	-32.36	-12.30
NOPAT Less CapEx to Interest Expense	-67.38	3.00	51.55	-40.04	-13.06
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	-53.81%	47.11%	4.06%	72.24%	306.49%
Augmented Payout Ratio	-53.81%	47.11%	4.15%	115.83%	308.84%

This table displays calculated financial ratios and metrics derived from Granite Ridge Resources' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	145.82%	0.00%	-2.71%	-41.73%	-20.85%	-8.20%	-2.53%	3.53%	-13.22%	-0.46%	38.13%
EBITDA Growth	216.41%	0.00%	46.01%	-84.83%	-69.44%	-64.75%	-65.24%	65.84%	49.72%	-161.21%	67.61%
EBIT Growth	216.25%	0.00%	45.56%	-85.01%	-69.63%	-65.80%	-65.74%	49.90%	49.28%	-164.77%	68.32%
NOPAT Growth	141.91%	0.00%	-62.95%	-83.69%	-67.31%	-92.75%	-33.58%	1.61%	-34.09%	-228.22%	117.75%
Net Income Growth	218.42%	0.00%	13.63%	-90.63%	-77.55%	-69.03%	-55.98%	-41.62%	-49.58%	-166.27%	-39.53%
EPS Growth	0.00%	0.00%	16.67%	-90.00%	-78.33%	-69.77%	-57.14%	-42.86%	-46.15%	-169.23%	-41.67%
Operating Cash Flow Growth	0.00%	6.44%	45.32%	-8.69%	-49.99%	-5.11%	-15.73%	-13.48%	30.97%	-24.37%	10.83%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	-1,008.16%	0.00%	73.88%	91.53%	91.61%	19.69%	45.72%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	17.50%	27.71%	10.65%	10.39%	10.87%	15.15%
Revenue Q/Q Growth	-8.85%	-15.06%	-21.51%	-4.11%	23.81%	-1.48%	-16.67%	1.86%	3.78%	13.00%	15.64%
EBITDA Q/Q Growth	-14.17%	-13.33%	-31.07%	-70.43%	72.94%	-0.02%	-32.02%	41.09%	56.14%	-140.87%	286.15%
EBIT Q/Q Growth	-14.20%	-13.41%	-31.21%	-70.67%	73.80%	-2.50%	-31.07%	28.32%	73.09%	-142.30%	279.15%
NOPAT Q/Q Growth	-22.01%	-32.75%	-56.37%	-28.72%	56.30%	-85.10%	299.98%	9.06%	1.38%	-128.99%	779.24%
Net Income Q/Q Growth	-14.25%	-29.21%	-34.89%	-76.30%	105.53%	-2.33%	-7.48%	-68.56%	77.49%	-228.37%	184.42%
EPS Q/Q Growth	-14.29%	-28.33%	-34.88%	-75.00%	85.71%	0.00%	-7.69%	-66.67%	75.00%	-228.57%	177.78%
Operating Cash Flow Q/Q Growth	40.37%	-16.67%	-14.27%	-8.95%	-23.12%	58.11%	-23.86%	-6.51%	16.37%	-8.70%	11.58%
Free Cash Flow Firm Q/Q Growth	0.00%	-100.00%	0.00%	-22.96%	-3.90%	85.28%	-38.86%	60.12%	-2.97%	-40.86%	6.16%
Invested Capital Q/Q Growth	0.00%	0.00%	-6.50%	20.91%	5.13%	-1.14%	1.63%	4.75%	4.88%	-0.71%	5.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	91.00%	87.60%	100.00%	83.55%	84.38%	72.68%	82.61%	84.92%	86.15%	139.67%	86.79%
EBITDA Margin	58.85%	60.05%	52.74%	16.26%	22.72%	23.06%	18.81%	26.05%	39.20%	-14.18%	22.82%
Operating Margin	56.58%	54.96%	32.19%	27.26%	30.08%	4.43%	22.03%	24.14%	26.24%	-6.51%	34.60%
EBIT Margin	58.82%	59.97%	52.56%	16.08%	22.57%	22.34%	18.48%	23.28%	38.82%	-14.53%	22.52%
Profit (Net Income) Margin	58.40%	48.67%	40.37%	9.98%	16.56%	16.42%	18.23%	5.63%	9.62%	-10.93%	7.98%
Tax Burden Percent	100.00%	81.50%	77.37%	67.91%	77.70%	79.89%	77.04%	75.25%	67.65%	71.48%	77.31%
Interest Burden Percent	99.29%	99.59%	99.29%	91.40%	94.46%	92.03%	128.10%	32.13%	36.64%	105.25%	45.86%
Effective Tax Rate	0.00%	18.50%	22.63%	32.09%	22.30%	20.11%	22.96%	24.75%	32.35%	0.00%	22.69%
Return on Invested Capital (ROIC)	0.00%	36.32%	42.97%	23.07%	25.87%	2.09%	10.18%	9.82%	8.81%	-2.28%	14.05%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	27.44%	3.44%	-13.21%	26.74%	-1,626.72%	-7.17%	-6.06%	1.96%	-8.65%	-3.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-2.10%	-0.38%	-0.83%	-18.71%	2.06%	0.07%	-0.66%	0.33%	-1.41%	-0.62%
Return on Equity (ROE)	0.00%	34.22%	42.59%	22.24%	7.16%	4.15%	10.25%	9.16%	9.14%	-3.69%	13.43%
Cash Return on Invested Capital (CROIC)	0.00%	30.78%	0.00%	0.00%	0.00%	-5.67%	-14.87%	-1.70%	-2.87%	-4.45%	-6.32%
Operating Return on Assets (OROA)	0.00%	44.45%	30.38%	7.96%	19.79%	10.22%	7.94%	9.86%	15.10%	-5.63%	9.07%
Return on Assets (ROA)	0.00%	36.08%	23.34%	4.94%	14.52%	7.52%	7.84%	2.38%	3.74%	-4.23%	3.22%
Return on Common Equity (ROCE)	0.00%	34.22%	42.59%	22.24%	1.92%	4.15%	10.25%	9.16%	9.14%	-3.69%	13.43%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	41.36%	27.93%	18.48%	0.00%	8.97%	8.54%	7.25%	0.00%	1.96%
Net Operating Profit after Tax (NOPAT)	77	52	23	16	25	3.78	15	16	17	-4.84	33
NOPAT Margin	56.58%	44.79%	24.90%	18.51%	23.37%	3.54%	16.97%	18.17%	17.75%	-4.55%	26.75%
Net Nonoperating Expense Percent (NNEP)	0.28%	8.88%	39.53%	36.28%	-0.87%	1,628.81%	17.35%	15.88%	6.85%	6.37%	17.05%
Return On Investment Capital (ROIC_SIMPLE)	-	7.85%	-	-	-	0.48%	-	-	-	-0.58%	3.73%
Cost of Revenue to Revenue	9.00%	12.40%	0.00%	16.45%	15.62%	27.32%	17.39%	15.08%	13.85%	-39.67%	13.21%
SG&A Expenses to Revenue	1.98%	5.57%	9.40%	9.15%	4.84%	5.69%	7.29%	7.31%	5.94%	5.59%	6.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.42%	32.64%	67.81%	56.29%	54.30%	68.09%	60.58%	60.78%	59.92%	146.18%	52.19%
Earnings before Interest and Taxes (EBIT)	81	70	48	14	24	24	16	21	37	-15	28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	81	70	48	14	25	25	17	24	37	-15	28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.55	1.13	1.27	1.17	1.10	1.29	1.27	1.20	1.33	1.28
Price to Tangible Book Value (P/TBV)	0.00	1.55	1.13	1.27	1.17	1.10	1.29	1.27	1.20	1.33	1.28
Price to Revenue (P/Rev)	0.00	2.07	1.48	1.91	1.88	1.87	2.21	2.14	2.08	2.22	1.96
Price to Earnings (P/E)	0.00	3.92	2.74	4.54	6.31	9.07	14.33	14.85	16.52	45.05	65.65
Dividend Yield	0.00%	1.04%	3.47%	4.84%	7.21%	7.97%	6.77%	6.95%	7.41%	6.94%	7.24%
Earnings Yield	0.00%	25.52%	36.52%	22.04%	15.85%	11.03%	6.98%	6.73%	6.05%	2.22%	1.52%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.59	1.30	1.25	1.15	1.09	1.26	1.23	1.16	1.26	1.21
Enterprise Value to Revenue (EV/Rev)	0.00	1.96	1.50	2.01	2.07	1.99	2.36	2.40	2.46	2.66	2.47
Enterprise Value to EBITDA (EV/EBITDA)	0.00	3.52	2.55	4.07	5.34	7.03	11.53	10.55	9.19	16.23	13.92
Enterprise Value to EBIT (EV/EBIT)	0.00	3.52	2.55	4.08	5.36	7.11	11.73	11.01	9.56	17.21	14.64
Enterprise Value to NOPAT (EV/NOPAT)	0.00	3.39	3.00	5.13	7.12	11.28	14.96	15.40	17.41	22.66	16.72
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.82	2.00	2.38	2.72	2.59	3.19	3.38	3.14	3.66	3.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.04	0.08	0.13	0.16	0.20	0.25	0.30	0.32	0.40
Long-Term Debt to Equity	0.00	0.00	0.04	0.08	0.13	0.16	0.20	0.25	0.30	0.32	0.40
Financial Leverage	-1.00	-0.08	-0.11	0.06	-0.70	0.00	-0.01	0.11	0.17	0.16	0.21
Leverage Ratio	0.00	1.18	1.33	1.34	0.38	1.29	1.38	1.41	1.49	1.50	1.57
Compound Leverage Factor	0.00	1.17	1.32	1.22	0.36	1.19	1.77	0.45	0.55	1.58	0.72
Debt to Total Capital	0.00%	0.00%	3.73%	7.78%	11.56%	14.07%	16.94%	19.87%	22.79%	24.39%	28.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	3.73%	7.78%	11.56%	14.07%	16.94%	19.87%	22.79%	24.39%	28.36%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	96.27%	92.22%	88.44%	85.93%	83.06%	80.13%	77.21%	75.61%	71.64%
Debt to EBITDA	0.00	0.00	0.09	0.26	0.54	0.99	1.71	1.84	1.91	3.30	3.40
Net Debt to EBITDA	0.00	0.00	0.05	0.19	0.50	0.44	0.73	1.14	1.42	2.64	2.89
Long-Term Debt to EBITDA	0.00	0.00	0.09	0.26	0.54	0.99	1.71	1.84	1.91	3.30	3.40
Debt to NOPAT	0.00	0.00	0.10	0.33	0.72	1.58	2.22	2.69	3.63	4.60	4.09
Net Debt to NOPAT	0.00	0.00	0.06	0.24	0.67	0.71	0.95	1.66	2.68	3.68	3.47
Long-Term Debt to NOPAT	0.00	0.00	0.10	0.33	0.72	1.58	2.22	2.69	3.63	4.60	4.09
Altman Z-Score	0.00	5.82	2.99	2.94	2.33	2.44	2.45	2.19	1.86	1.64	1.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	73.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	2.28	1.60	1.97	1.47	2.44	2.55	2.24	1.56	1.33	1.20
Quick Ratio	0.00	0.79	0.15	0.27	0.09	0.98	1.19	0.94	0.60	0.40	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	77	0.00	-551	-677	-704	-104	-144	-57	-59	-83	-78
Operating Cash Flow to CapEx	193.52%	228.59%	77.19%	96.68%	103.99%	199.27%	98.56%	96.94%	129.90%	73.79%	114.03%
Free Cash Flow to Firm to Interest Expense	135.95	0.00	-1,624.87	-559.29	-518.97	-43.00	-45.54	-9.86	-12.25	-17.80	-15.57
Operating Cash Flow to Interest Expense	200.08	333.45	240.34	61.26	42.06	37.43	21.73	11.03	15.50	14.59	15.17
Operating Cash Flow Less CapEx to Interest Expense	96.69	187.58	-71.04	-2.11	1.61	18.65	-0.32	-0.35	3.57	-5.18	1.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.74	0.58	0.49	0.88	0.46	0.43	0.42	0.39	0.39	0.40
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.91	0.67	0.56	0.00	0.56	0.51	0.49	0.44	0.46	0.47
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	613	574	694	729	721	733	767	805	799	843
Invested Capital Turnover	0.00	0.81	1.73	1.25	1.11	0.59	0.60	0.54	0.50	0.50	0.53
Increase / (Decrease) in Invested Capital	0.00	0.00	574	694	729	107	159	74	76	78	111
Enterprise Value (EV)	0.00	977	745	867	837	785	925	946	936	1,009	1,023
Market Capitalization	0.00	1,028	730	827	758	735	866	844	792	845	810
Book Value per Share	$0.00	$5.00	$4.84	$4.90	$4.82	$5.05	$5.17	$5.09	$5.05	$4.86	$4.83
Tangible Book Value per Share	$0.00	$5.00	$4.84	$4.90	$4.82	$5.05	$5.17	$5.09	$5.05	$4.86	$4.83
Total Capital	1,778	664	670	707	735	782	812	830	856	840	881
Total Debt	0.00	0.00	25	55	85	110	138	165	195	205	250
Total Long-Term Debt	0.00	0.00	25	55	85	110	138	165	195	205	250
Net Debt	0.00	-51	14	41	79	49	59	102	144	164	212
Capital Expenditures (CapEx)	59	42	106	77	55	45	70	66	58	92	67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	31	32	37	27	29	24	20	-3.12	-7.79	-17
Debt-free Net Working Capital (DFNWC)	0.00	82	43	51	33	89	103	83	48	33	21
Net Working Capital (NWC)	0.00	82	43	51	33	89	103	83	48	33	21
Net Nonoperating Expense (NNE)	-2.50	-4.51	-14	7.47	7.38	-14	-1.13	11	7.64	6.78	23
Net Nonoperating Obligations (NNO)	-1,778	-51	-71	41	79	49	59	102	144	164	212
Total Depreciation and Amortization (D&A)	0.04	0.10	0.16	0.16	0.16	0.77	0.30	2.52	0.35	0.38	0.38
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	6.30%	6.56%	8.56%	6.57%	7.26%	6.07%	5.14%	-0.82%	-2.05%	-4.06%
Debt-free Net Working Capital to Revenue	0.00%	16.52%	8.76%	11.92%	8.09%	22.70%	26.23%	21.09%	12.52%	8.79%	5.10%
Net Working Capital to Revenue	0.00%	16.52%	8.76%	11.92%	8.09%	22.70%	26.23%	21.09%	12.52%	8.79%	5.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.43	$0.28	$0.07	$0.13	$0.13	$0.12	$0.04	$0.07	($0.09)	$0.07
Adjusted Weighted Average Basic Shares Outstanding	0.00	132.92M	133.00M	132.87M	134.40M	133.09M	130.14M	130.20M	130.20M	130.19M	130.34M
Adjusted Diluted Earnings per Share	$0.00	$0.43	$0.28	$0.07	$0.13	$0.13	$0.12	$0.04	$0.07	($0.09)	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	0.00	133.07M	133.00M	132.88M	134.42M	133.11M	130.16M	130.25M	130.24M	130.23M	130.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	133.21M	133.04M	134.84M	133.00M	130.45M	130.74M	130.74M	130.74M	130.81M	131.11M
Normalized Net Operating Profit after Tax (NOPAT)	54	52	23	16	25	25	16	16	17	20	33
Normalized NOPAT Margin	39.60%	44.79%	24.90%	18.51%	23.37%	23.36%	17.60%	18.17%	17.75%	18.91%	26.75%
Pre Tax Income Margin	58.40%	59.72%	52.19%	14.69%	21.32%	20.56%	23.67%	7.48%	14.23%	-15.30%	10.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	141.34	244.77	141.57	11.62	18.04	9.90	5.21	3.63	7.58	-3.31	5.52
NOPAT to Interest Expense	135.95	182.84	67.07	13.38	18.68	1.57	4.78	2.83	3.46	-1.04	6.56
EBIT Less CapEx to Interest Expense	37.95	98.90	-169.81	-51.74	-22.40	-8.88	-16.85	-7.76	-4.35	-23.08	-7.79
NOPAT Less CapEx to Interest Expense	32.56	36.97	-244.30	-49.98	-21.76	-17.22	-17.27	-8.55	-8.47	-20.81	-6.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	4.06%	9.49%	21.91%	45.54%	72.24%	96.42%	102.16%	120.25%	306.49%	466.09%
Augmented Payout Ratio	0.00%	4.15%	9.49%	25.24%	55.51%	115.83%	96.42%	154.81%	170.35%	308.84%	466.41%

Key Financial Trends

Granite Ridge Resources (NYSE: GRNT) has demonstrated notable financial trends over the past four years through its income, cash flow, and balance sheet statements.

Positive Developments:

Q1 2025 net income from continuing operations rose to $9.81 million, recovering from a net loss of $11.62 million in Q4 2024, showing strong recent profitability.
Operating revenue has shown growth from $87.5 million in Q2 2023 to $122.9 million in Q1 2025, indicating solid top-line growth over the recent periods.
Gross profit remains robust, reaching $106.7 million in Q1 2025, supported by consistent control of operating costs of revenue (e.g., $16.2 million in Q1 2025).
Operating cash flows remain strong and stable, with Q1 2025 generating $76.1 million in net cash from operating activities, slightly above $68.2 million in Q4 2024, highlighting good cash conversion.
The company maintains a strong asset base with plant, property, and equipment net value increasing from $737 million in Q1 2023 to nearly $955 million in Q1 2025, suggesting ongoing capital investment and asset growth.
Total equity increased from $645 million in Q1 2023 to $631 million in Q1 2025; despite some fluctuations, this highlights substantial shareholder equity backing.
The company has consistently paid dividends ($0.11 per share in Q1 2025) demonstrating commitment to shareholder returns.

Neutral Observations:

Weighted average shares outstanding have remained relatively stable around 130-134 million shares, implying no significant dilution or buyback impact recently.
Interest expense fluctuated, with $5.02 million in Q1 2025 and lower amounts in prior quarters, remaining a manageable cost relative to operating income.
Non-cash adjustments and amortization continue to be material factors in cash flow statements, which is typical for asset-heavy companies like Granite Ridge.

Negative Issues:

Significant fluctuations in other operating expenses, including a jump to $48.3 million in Q1 2025 from $43.1 million in the prior quarter, could pressure margins if not managed.
Impairment charges have varied dramatically, including a zero impairment in Q1 2025 but very high past charges of $35.6 million in Q4 2024 and $26.5 million in Q4 2023, indicating asset write-down risks.
Net cash used in investing activities frequently exceeds operating cash flow, as seen with $99.9 million outflow in Q1 2025 compared to $76.1 million operating cash inflow, stressing heavy capital expenditure and acquisitions.
Debt levels have increased over recent years, with long-term debt rising from $25 million in Q1 2023 to $250 million in Q1 2025, elevating leverage risk and interest burden.
There was a net loss in Q4 2024 (-$11.6 million), reflecting potential operational or market challenges despite recent recovery.

Summary: Granite Ridge Resources shows healthy revenue growth and improved profitability in Q1 2025 after a challenging Q4 2024. Strong operating cash flow and ongoing capital investments reflect growth ambitions, although increased other expenses, large impairments in certain quarters, and rising debt warrant close monitoring. The company continues to reward shareholders with dividends amid a relatively stable share count.

08/29/25 05:51 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Granite Ridge Resources' Financials

When does Granite Ridge Resources' financial year end?

According to the most recent income statement we have on file, Granite Ridge Resources' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Granite Ridge Resources' net income changed over the last 4 years?

Granite Ridge Resources' net income appears to be on an upward trend, with a most recent value of $18.76 million in 2024, falling from -$23.93 million in 2020. The previous period was $81.10 million in 2023. See where experts think Granite Ridge Resources is headed by visiting Granite Ridge Resources' forecast page.

What is Granite Ridge Resources' operating income?

Granite Ridge Resources' total operating income in 2024 was $59.26 million, based on the following breakdown:

Total Gross Profit: $380.03 million
Total Operating Expenses: $320.77 million

How has Granite Ridge Resources' revenue changed over the last 4 years?

Over the last 4 years, Granite Ridge Resources' total revenue changed from $87.10 million in 2020 to $380.03 million in 2024, a change of 336.3%.

How much debt does Granite Ridge Resources have?

Granite Ridge Resources' total liabilities were at $401.13 million at the end of 2024, a 57.0% increase from 2023, and a 454.7% increase since 2021.

How much cash does Granite Ridge Resources have?

In the past 3 years, Granite Ridge Resources' cash and equivalents has ranged from $9.42 million in 2024 to $50.83 million in 2022, and is currently $9.42 million as of their latest financial filing in 2024.

How has Granite Ridge Resources' book value per share changed over the last 4 years?

Over the last 4 years, Granite Ridge Resources' book value per share changed from 0.00 in 2020 to 4.86 in 2024, a change of 486.0%.

Related Companies

This page (NYSE:GRNT) was last updated on 8/29/2025 by MarketBeat.com Staff

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Granite Ridge Resources (GRNT) Financials

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Granite Ridge Resources (GRNT) Financials

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