Matador Resources (MTDR) Financials

$62.96 -0.86 (-1.34%)

Closing price 03:59 PM Eastern

Extended Trading

$62.90 -0.06 (-0.10%)

As of 07:21 PM Eastern

Annual Income Statements for Matador Resources

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-680	-97	126	274	88	-593	585	1,214	846	885	759
Consolidated Net Income / (Loss)	-680	-97	138	300	123	-554	641	1,286	910	971	861
Net Income / (Loss) Continuing Operations	-680	-97	138	300	123	-554	641	1,286	910	971	861
Total Pre-Tax Income	-827	-98	130	292	159	-599	715	1,686	1,096	1,264	1,033
Total Operating Income	-807	-177	161	363	235	-521	793	1,759	1,209	1,435	1,227
Total Gross Profit	263	259	464	782	830	821	1,602	2,963	2,390	3,279	3,006
Total Revenue	318	264	544	900	984	862	1,663	3,058	2,807	3,505	3,696
Operating Revenue	318	264	544	900	984	862	1,663	3,058	2,807	3,505	3,696
Total Cost of Revenue	55	5.39	80	118	154	42	61	96	416	226	691
Operating Cost of Revenue	55	5.39	80	118	154	42	61	96	416	226	691
Total Operating Expenses	1,069	436	303	419	594	1,342	808	1,203	1,181	1,844	1,779
Selling, General & Admin Expense	50	55	66	69	80	63	96	116	110	127	137
Depreciation Expense	179	122	178	265	351	362	345	466	717	974	1,195
Other Operating Expenses / (Income)	4.22	57	1.29	8.17	71	140	188	338	354	743	447
Total Other Income / (Expense), net	-21	79	-31	-71	-77	-78	-78	-74	-113	-171	-193
Interest Expense	22	28	35	73	74	77	75	67	122	172	209
Other Income / (Expense), net	0.62	107	3.57	1.36	-3.09	-0.97	-3.04	-6.43	8.58	0.70	15
Income Tax Expense	-147	-1.04	-8.16	-7.69	36	-46	75	399	186	292	173
Net Income / (Loss) Attributable to Noncontrolling Interest	0.26	0.36	12	26	35	40	56	72	64	86	102
Basic Earnings per Share	($8.34)	($1.07)	$1.23	$2.41	$0.75	($5.11)	$5.00	$10.28	$7.10	$7.16	$6.10
Weighted Average Basic Shares Outstanding	81.54M	91.27M	102.03M	113.58M	116.56M	116.07M	117.00M	118.12M	119.14M	123.57M	124.56M
Diluted Earnings per Share	($8.34)	($1.07)	$1.23	$2.41	$0.75	($5.11)	$4.91	$10.11	$7.05	$7.14	$6.09
Weighted Average Diluted Shares Outstanding	81.54M	91.27M	102.54M	113.69M	117.06M	116.07M	119.16M	120.13M	119.98M	124.08M	124.59M
Weighted Average Basic & Diluted Shares Outstanding	100.03M	91M	102.30M	116.39M	116.57M	116.76M	118.04M	119.07M	119.52M	125.21M	124.25M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	165	264	255	194	229	248	215	240	150	176	193
Consolidated Net Income / (Loss)	177	278	276	213	248	273	238	262	182	201	216
Net Income / (Loss) Continuing Operations	177	278	276	213	248	273	238	262	182	201	216
Total Pre-Tax Income	234	293	333	280	326	358	300	345	239	260	190
Total Operating Income	252	340	366	319	364	392	360	389	289	306	243
Total Gross Profit	607	741	800	672	810	769	996	961	850	888	306
Total Revenue	638	772	836	788	847	900	970	1,014	895	939	848
Operating Revenue	638	772	836	788	847	900	970	1,014	895	939	848
Total Cost of Revenue	31	31	36	116	37	131	-25	53	46	51	542
Operating Cost of Revenue	31	31	36	116	37	131	-25	53	46	51	542
Total Operating Expenses	355	401	434	353	446	377	636	572	561	583	64
Selling, General & Admin Expense	27	32	29	30	28	29	41	34	32	37	34
Depreciation Expense	178	193	220	212	226	243	293	282	303	305	306
Other Operating Expenses / (Income)	89	105	109	41	116	33	214	162	143	157	-17
Total Other Income / (Expense), net	-18	-47	-32	-39	-38	-34	-60	-44	-50	-46	-53
Interest Expense	34	35	36	40	36	36	60	49	53	51	55
Other Income / (Expense), net	16	-12	3.50	0.58	-2.12	2.11	0.13	5.51	3.50	4.41	2.00
Income Tax Expense	57	15	57	67	78	85	62	83	56	59	-26
Net Income / (Loss) Attributable to Noncontrolling Interest	12	15	21	19	19	24	23	22	32	24	23
Basic Earnings per Share	$1.38	$2.21	$2.14	$1.62	$1.83	$1.99	$1.72	$1.92	$1.21	$1.42	$1.55
Weighted Average Basic Shares Outstanding	119.18M	119.15M	119.14M	119.72M	124.79M	124.81M	123.57M	125.19M	124.42M	124.40M	124.56M
Diluted Earnings per Share	$1.37	$2.20	$2.12	$1.61	$1.83	$1.99	$1.71	$1.92	$1.21	$1.42	$1.54
Weighted Average Diluted Shares Outstanding	119.84M	120.08M	119.98M	120.25M	124.90M	124.98M	124.08M	125.34M	124.46M	124.41M	124.59M
Weighted Average Basic & Diluted Shares Outstanding	119.15M	119.13M	119.52M	124.78M	124.82M	124.77M	125.21M	125.20M	124.49M	124.27M	124.25M

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	8.33	153	-112	-18	-19	26	-4.46	460	-441	-12	-15
Net Cash From Operating Activities	209	134	299	609	552	478	1,053	1,979	1,868	2,247	2,425
Net Cash From Continuing Operating Activities	209	134	299	609	552	478	1,053	1,979	1,868	2,247	2,425
Net Income / (Loss) Continuing Operations	-680	-97	138	300	123	-554	641	1,286	910	971	861
Consolidated Net Income / (Loss)	-680	-97	138	300	123	-554	641	1,286	910	971	861
Depreciation Expense	179	122	178	265	351	362	345	466	717	974	1,195
Amortization Expense	0.85	1.15	0.47	1.36	2.48	2.83	3.66	-0.52	7.05	17	15
Non-Cash Adjustments To Reconcile Net Income	811	65	15	46	30	692	17	50	-25	72	-24
Changes in Operating Assets and Liabilities, net	-103	43	-32	-3.90	46	-25	47	176	259	213	378
Net Cash From Investing Activities	-425	-449	-819	-1,515	-904	-776	-729	-1,037	-3,211	-3,672	-2,158
Net Cash From Continuing Investing Activities	-425	-449	-819	-1,515	-904	-776	-729	-1,037	-3,211	-3,672	-2,158
Purchase of Property, Plant & Equipment	-497	-454	-820	-1,524	-926	-780	-733	-1,008	-1,550	-1,967	-2,183
Acquisitions	-24	-	-	-	-	0.00	0.00	-76	-1,676	-1,831	0.00
Sale of Property, Plant & Equipment	140	5.17	0.98	8.33	22	4.79	4.22	47	15	12	22
Divestitures	-	-	-	-	-	-	-	0.00	0.00	114	3.26
Net Cash From Financing Activities	225	468	408	888	333	324	-329	-481	902	1,414	-283
Net Cash From Continuing Financing Activities	225	468	408	888	333	324	-329	-481	902	1,414	-283
Repayment of Debt	-87	-123	0.00	-993	-37	-29	-687	-799	-3,237	-5,467	-2,716
Repurchase of Common Equity	-1.16	-0.85	-0.28	-0.20	-	-	-	-	0.00	0.00	-56
Payment of Dividends	0.00	0.00	-13	-122	-39	-46	-77	-121	-155	-202	-294
Issuance of Debt	125	305	0.00	1,682	318	266	395	430	4,255	6,541	2,783
Issuance of Common Equity	189	289	253	312	77	120	0.00	0.00	25	364	0.00
Other Financing Activities, net	-1.04	-1.85	169	9.05	14	13	40	9.01	15	178	1.04

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-438	-3.66	44	-32	-10	13	18	-17	9.27	9.60	-17
Net Cash From Operating Activities	449	461	618	469	593	610	575	728	501	722	474
Net Cash From Continuing Operating Activities	449	461	618	469	593	610	575	728	501	722	474
Net Income / (Loss) Continuing Operations	177	278	276	213	248	273	238	262	182	201	216
Consolidated Net Income / (Loss)	177	278	276	213	248	273	238	262	182	201	216
Depreciation Expense	178	193	220	212	226	243	293	282	303	305	306
Amortization Expense	2.06	2.10	2.05	4.64	4.94	2.70	4.25	3.66	3.67	3.69	3.74
Non-Cash Adjustments To Reconcile Net Income	-6.13	-4.49	-7.65	22	23	4.19	24	38	0.86	20	-83
Changes in Operating Assets and Liabilities, net	98	-7.83	128	17	92	88	16	142	12	192	33
Net Cash From Investing Activities	-1,895	-424	-549	-543	-577	-2,161	-391	-512	-495	-563	-588
Net Cash From Continuing Investing Activities	-1,895	-424	-549	-543	-577	-2,161	-391	-512	-495	-563	-588
Purchase of Property, Plant & Equipment	-287	-424	-495	-544	-482	-425	-516	-534	-498	-563	-588
Divestitures	-	0.28	-0.73	0.90	-	-	113	22	3.28	0.17	-22
Net Cash From Financing Activities	1,009	-41	-25	43	-27	1,563	-166	-233	3.26	-149	97
Net Cash From Continuing Financing Activities	1,009	-41	-25	43	-27	1,563	-166	-233	3.26	-149	97
Repayment of Debt	-2,252	-465	-457	-1,007	-877	-1,442	-2,141	-696	-706	-705	-609
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-6.46	-5.14
Payment of Dividends	-43	-34	-41	-50	-49	-48	-56	-75	-66	-73	-81
Issuance of Debt	3,283	449	458	759	1,582	3,041	1,159	545	813	637	788
Other Financing Activities, net	-3.88	8.96	14	-12	-694	12	872	-7.75	5.86	-0.74	3.66

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,141	1,465	2,146	3,456	4,070	3,687	4,262	5,555	7,727	10,850	11,711
Total Current Assets	127	279	257	306	278	262	371	1,072	716	927	817
Cash & Equivalents	17	213	97	65	40	58	48	505	53	23	15
Restricted Cash	44	1.26	5.98	19	25	33	39	42	54	72	64
Accounts Receivable	44	59	141	146	189	137	241	454	473	655	530
Inventories, net	2.02	3.05	5.99	18	11	11	12	15	42	38	44
Prepaid Expenses	3.20	3.33	6.29	8.06	13	16	29	52	93	123	129
Other Current Assets	16	0.00	1.19	50	0.00	6.73	1.97	3.93	2.11	16	34
Plant, Property, & Equipment, net	1,012	1,185	1,881	3,123	3,700	3,368	3,857	4,418	6,956	9,764	10,731
Plant, Property & Equipment, gross	2,596	3,049	3,923	5,430	6,355	7,069	7,903	8,930	12,185	15,967	18,126
Accumulated Depreciation	1,584	1,864	2,042	2,307	2,656	3,702	4,046	4,512	5,229	6,203	7,395
Total Noncurrent Assets	1.45	0.96	7.06	27	92	58	34	64	55	159	163
Other Noncurrent Operating Assets	1.45	0.96	7.06	6.51	92	58	34	64	55	159	163
Total Liabilities & Shareholders' Equity	1,141	1,465	2,146	3,456	4,070	3,687	4,262	5,555	7,727	10,850	11,711
Total Liabilities	652	773	888	1,676	2,100	2,174	2,135	2,237	3,599	5,393	5,714
Total Current Liabilities	137	170	283	330	400	291	465	576	685	995	1,032
Accounts Payable	11	4.67	12	67	25	14	26	59	68	619	541
Accrued Expenses	109	125	236	236	286	185	348	379	528	228	351
Other Current Liabilities	9.32	39	35	27	89	92	91	138	89	148	140
Total Noncurrent Liabilities	515	604	606	1,346	1,700	1,883	1,670	1,662	2,914	4,397	4,682
Long-Term Debt	391	574	574	1,298	1,582	1,815	1,528	1,160	2,207	3,325	3,402
Asset Retirement Reserve & Litigation Obligation	15	20	25	30	36	38	42	53	87	114	144
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.00	13	37	0.00	78	428	581	848	1,016
Other Noncurrent Operating Liabilities	6.15	10	6.39	5.05	45	30	23	20	38	110	120
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	489	691	1,258	1,780	1,969	1,513	2,127	3,317	4,128	5,457	5,997
Total Preferred & Common Equity	488	690	1,157	1,689	1,834	1,287	1,907	3,111	3,911	5,089	5,658
Total Common Equity	488	690	1,157	1,689	1,834	1,287	1,907	3,111	3,911	5,089	5,658
Common Stock	1,027	1,326	1,667	1,926	1,982	2,028	2,079	2,103	2,134	2,534	2,510
Retained Earnings	-539	-636	-510	-236	-149	-742	-171	1,008	1,777	2,557	3,153
Treasury Stock	-	0.00	-0.07	-0.42	-0.03	-0.00	-0.24	-0.03	-0.05	-2.34	-5.33
Noncontrolling Interest	0.96	1.32	101	91	136	226	220	206	217	368	339

This table presents Matador 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	Q2 2025	Q3 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	6/30/2025	9/30/2025
Total Assets	5,305	5,782	7,132	7,439	8,227	8,518	10,623	11,082	11,280	11,647
Total Current Assets	927	1,006	634	711	754	738	847	891	916	917
Cash & Equivalents	400	449	22	26	23	15	23	15	11	20
Restricted Cash	41	55	44	36	51	49	54	63	76	76
Accounts Receivable	418	413	461	527	528	528	606	643	659	640
Inventories, net	14	20	31	35	40	38	34	35	43	44
Prepaid Expenses	51	70	77	87	108	103	104	112	111	116
Other Current Assets	1.50	0.00	0.00	0.00	3.03	5.59	26	23	16	21
Plant, Property, & Equipment, net	4,318	4,706	6,439	6,676	7,379	7,678	9,546	10,012	10,202	10,560
Plant, Property & Equipment, gross	8,699	9,345	11,255	11,685	12,820	13,345	15,456	16,494	16,986	17,650
Accumulated Depreciation	4,381	4,639	4,816	5,009	5,441	5,667	5,910	6,482	6,784	7,090
Total Noncurrent Assets	60	69	59	52	94	102	230	179	162	170
Other Noncurrent Operating Assets	60	69	59	52	94	102	115	179	162	170
Total Liabilities & Shareholders' Equity	5,305	5,782	7,132	7,439	8,227	8,518	10,623	11,082	11,280	11,647
Total Liabilities	2,240	2,326	3,515	3,564	3,591	3,663	5,527	5,438	5,553	5,791
Total Current Liabilities	625	601	687	722	851	857	966	1,130	1,072	1,257
Accounts Payable	61	45	75	81	122	96	114	129	144	126
Accrued Expenses	441	447	488	518	598	584	699	759	715	891
Other Current Liabilities	120	109	124	123	131	176	153	242	213	240
Total Noncurrent Liabilities	1,614	1,725	2,828	2,842	2,740	2,806	4,561	4,308	4,482	4,534
Long-Term Debt	1,193	1,171	2,203	2,189	1,972	1,982	3,596	3,176	3,286	3,220
Asset Retirement Reserve & Litigation Obligation	52	54	63	87	90	94	119	112	117	139
Noncurrent Deferred & Payable Income Tax Liabilities	349	483	545	553	626	674	784	907	942	1,041
Other Noncurrent Operating Liabilities	21	17	17	13	52	57	61	112	137	134
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,066	3,456	3,617	3,875	4,636	4,856	5,096	5,644	5,727	5,856
Total Preferred & Common Equity	2,859	3,253	3,403	3,663	4,418	4,632	4,871	5,287	5,366	5,506
Total Common Equity	2,859	3,253	3,403	3,663	4,418	4,632	4,871	5,287	5,366	5,506
Common Stock	2,096	2,101	2,108	2,122	2,474	2,484	2,500	2,535	2,548	2,556
Retained Earnings	766	1,153	1,300	1,546	1,946	2,150	2,374	2,758	2,869	3,007
Treasury Stock	-2.59	-1.27	-5.08	-5.08	-2.09	-2.99	-3.03	-5.67	-51	-57
Noncontrolling Interest	207	203	215	213	218	224	226	357	360	350

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-26.42%	-16.86%	105.84%	65.28%	9.35%	-12.36%	92.89%	83.89%	-8.22%	24.88%	5.46%
EBITDA Growth	-298.71%	108.51%	542.35%	84.33%	-7.24%	-126.96%	821.53%	94.86%	-12.49%	24.96%	1.07%
EBIT Growth	-546.65%	91.33%	335.23%	121.77%	-36.27%	-324.83%	251.21%	121.87%	-30.52%	17.86%	-13.48%
NOPAT Growth	-595.13%	78.04%	237.84%	118.10%	-51.00%	-299.81%	294.56%	89.02%	-25.20%	9.82%	-7.36%
Net Income Growth	-713.54%	85.72%	242.19%	117.21%	-58.97%	-550.11%	215.73%	100.79%	-29.23%	6.70%	-11.38%
EPS Growth	-634.62%	87.17%	214.95%	95.94%	-68.88%	-781.33%	196.09%	105.91%	-30.27%	1.28%	-14.71%
Operating Cash Flow Growth	-17.08%	-35.70%	123.08%	103.43%	-9.28%	-13.49%	120.56%	87.85%	-5.61%	20.29%	7.93%
Free Cash Flow Firm Growth	8.92%	12.72%	-99.90%	-75.86%	65.17%	62.98%	429.57%	158.82%	-231.96%	-4.90%	128.76%
Invested Capital Growth	-22.92%	14.06%	64.49%	73.12%	16.48%	-7.17%	10.24%	10.14%	58.47%	39.50%	7.26%
Revenue Q/Q Growth	-21.40%	6.62%	14.42%	17.86%	-0.12%	-6.95%	25.90%	4.84%	4.80%	3.98%	-3.20%
EBITDA Q/Q Growth	-96.24%	119.13%	-12.31%	25.06%	-9.22%	-522.40%	50.44%	4.09%	4.88%	2.82%	-4.06%
EBIT Q/Q Growth	-58.99%	82.76%	-30.09%	42.23%	-27.50%	-30.21%	93.36%	2.70%	0.00%	-0.62%	-8.51%
NOPAT Q/Q Growth	-58.80%	56.53%	33.51%	45.51%	-38.30%	-31.07%	73.11%	3.03%	1.71%	-1.62%	-1.53%
Net Income Q/Q Growth	-68.75%	77.52%	-30.95%	51.31%	-47.31%	-24.87%	92.50%	3.26%	0.44%	-3.76%	-2.54%
EPS Q/Q Growth	-74.48%	79.38%	-40.87%	51.57%	-56.40%	-23.73%	109.83%	2.95%	0.43%	-5.43%	-2.72%
Operating Cash Flow Q/Q Growth	-18.87%	12.61%	14.99%	22.70%	1.79%	-7.96%	20.18%	6.00%	10.13%	-1.89%	-3.98%
Free Cash Flow Firm Q/Q Growth	25.15%	-56.22%	-15.85%	5.39%	12.53%	53.01%	-14.33%	21.64%	-8.02%	1.48%	-30.15%
Invested Capital Q/Q Growth	-15.70%	8.35%	12.58%	9.47%	2.99%	-3.43%	7.48%	2.97%	3.77%	2.21%	3.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	82.80%	97.96%	85.24%	86.93%	84.33%	95.19%	96.30%	96.88%	95.41%	95.11%	81.31%
EBITDA Margin	-196.94%	20.16%	62.91%	70.16%	59.51%	-18.30%	68.47%	72.55%	69.18%	69.22%	66.34%
Operating Margin	-253.64%	-67.00%	29.55%	40.38%	23.94%	-60.49%	47.69%	57.53%	43.09%	40.93%	33.18%
EBIT Margin	-253.45%	-26.43%	30.21%	40.53%	23.62%	-60.60%	47.51%	57.32%	43.39%	40.95%	33.60%
Profit (Net Income) Margin	-213.66%	-36.71%	25.36%	33.32%	12.50%	-64.21%	38.52%	42.06%	32.43%	27.71%	23.29%
Tax Burden Percent	82.18%	98.94%	106.28%	102.63%	77.58%	92.39%	89.56%	76.31%	83.03%	76.86%	83.29%
Interest Burden Percent	102.59%	140.35%	78.98%	80.10%	68.21%	114.68%	90.55%	96.17%	90.02%	88.04%	83.21%
Effective Tax Rate	0.00%	0.00%	-6.28%	-2.63%	22.42%	0.00%	10.44%	23.69%	16.97%	23.14%	16.71%
Return on Invested Capital (ROIC)	-53.34%	-12.57%	12.30%	15.79%	5.64%	-10.86%	20.88%	35.81%	19.77%	14.79%	11.35%
ROIC Less NNEP Spread (ROIC-NNEP)	-83.49%	-5.77%	4.37%	7.12%	1.27%	-22.49%	16.48%	30.34%	12.86%	9.86%	6.44%
Return on Net Nonoperating Assets (RNNOA)	-46.93%	-3.87%	1.87%	3.95%	0.92%	-20.93%	14.32%	11.44%	4.69%	5.48%	3.68%
Return on Equity (ROE)	-100.26%	-16.44%	14.16%	19.74%	6.56%	-31.79%	35.20%	47.25%	24.46%	20.27%	15.03%
Cash Return on Invested Capital (CROIC)	-27.45%	-25.71%	-36.47%	-37.76%	-9.58%	-3.42%	11.13%	26.15%	-25.48%	-18.20%	4.34%
Operating Return on Assets (OROA)	-62.60%	-5.37%	9.11%	13.02%	6.18%	-13.47%	19.88%	35.71%	18.34%	15.45%	11.01%
Return on Assets (ROA)	-52.77%	-7.45%	7.65%	10.70%	3.27%	-14.27%	16.12%	26.21%	13.71%	10.46%	7.63%
Return on Common Equity (ROCE)	-100.18%	-16.41%	13.42%	18.49%	6.16%	-28.48%	30.88%	43.55%	23.07%	19.03%	14.10%
Return on Equity Simple (ROE_SIMPLE)	-139.25%	-14.06%	11.93%	17.75%	6.71%	-43.03%	33.59%	41.35%	23.28%	19.09%	0.00%
Net Operating Profit after Tax (NOPAT)	-565	-124	171	373	183	-365	710	1,342	1,004	1,103	1,022
NOPAT Margin	-177.55%	-46.90%	31.41%	41.44%	18.57%	-42.34%	42.71%	43.90%	35.78%	31.46%	27.64%
Net Nonoperating Expense Percent (NNEP)	30.15%	-6.80%	7.92%	8.67%	4.37%	11.63%	4.40%	5.47%	6.91%	4.93%	4.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	29.98%	15.85%	12.56%	10.87%
Cost of Revenue to Revenue	17.20%	2.04%	14.76%	13.07%	15.67%	4.81%	3.70%	3.12%	4.59%	4.89%	18.69%
SG&A Expenses to Revenue	15.75%	20.83%	12.13%	7.70%	8.14%	7.26%	5.80%	3.80%	3.93%	3.64%	3.71%
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	336.15%	164.96%	55.69%	46.55%	60.39%	155.68%	48.61%	39.35%	52.32%	54.17%	48.13%
Earnings before Interest and Taxes (EBIT)	-806	-70	164	365	232	-522	790	1,753	1,218	1,435	1,242
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-626	53	342	631	585	-158	1,139	2,219	1,942	2,426	2,452
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.36	3.38	2.83	1.04	1.11	1.06	2.21	2.12	1.71	1.38	0.93
Price to Tangible Book Value (P/TBV)	3.36	3.38	2.83	1.04	1.11	1.06	2.21	2.12	1.71	1.38	0.93
Price to Revenue (P/Rev)	5.15	8.82	6.01	1.95	2.07	1.58	2.53	2.15	2.38	2.00	1.43
Price to Earnings (P/E)	0.00	0.00	25.99	6.39	23.14	0.00	7.20	5.42	7.89	7.93	6.95
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.35%	0.54%	1.16%	1.51%	3.09%
Earnings Yield	0.00%	0.00%	3.85%	15.66%	4.32%	0.00%	13.88%	18.44%	12.67%	12.61%	14.40%
Enterprise Value to Invested Capital (EV/IC)	2.25	2.56	2.22	1.02	1.06	1.02	1.65	1.88	1.44	1.22	0.96
Enterprise Value to Revenue (EV/Rev)	6.52	10.19	7.06	3.40	3.75	3.85	3.53	2.42	3.20	3.03	2.42
Enterprise Value to EBITDA (EV/EBITDA)	0.00	50.55	11.23	4.84	6.29	0.00	5.16	3.34	4.63	4.38	3.64
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	23.38	8.38	15.85	0.00	7.44	4.22	7.39	7.40	7.19
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	22.49	8.20	20.17	0.00	8.27	5.52	8.96	9.63	8.75
Enterprise Value to Operating Cash Flow (EV/OCF)	9.94	20.10	12.85	5.02	6.67	6.94	5.58	3.74	4.82	4.73	3.68
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	15.51	7.55	0.00	0.00	22.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.01	0.83	0.46	0.73	0.80	1.20	0.72	0.35	0.53	0.61	0.57
Long-Term Debt to Equity	1.01	0.83	0.46	0.73	0.80	1.20	0.72	0.35	0.53	0.61	0.57
Financial Leverage	0.56	0.67	0.43	0.55	0.73	0.93	0.87	0.38	0.36	0.56	0.57
Leverage Ratio	1.90	2.21	1.85	1.84	2.01	2.23	2.18	1.80	1.78	1.94	1.97
Compound Leverage Factor	1.95	3.10	1.46	1.48	1.37	2.55	1.98	1.73	1.61	1.71	1.64
Debt to Total Capital	50.24%	45.36%	31.34%	42.17%	44.55%	54.54%	41.79%	25.91%	34.84%	37.86%	36.20%
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	50.24%	45.36%	31.34%	42.17%	44.55%	54.54%	41.79%	25.91%	34.84%	37.86%	36.20%
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	0.10%	0.10%	5.51%	2.95%	3.82%	6.81%	6.02%	4.61%	3.42%	4.19%	3.60%
Common Equity to Total Capital	49.66%	54.54%	63.14%	54.88%	51.63%	38.66%	52.18%	69.48%	61.74%	57.94%	60.20%
Debt to EBITDA	-0.79	10.77	1.68	2.06	2.70	-11.50	1.34	0.52	1.14	1.37	1.39
Net Debt to EBITDA	-0.69	6.75	1.38	1.92	2.59	-10.92	1.27	0.28	1.08	1.33	1.36
Long-Term Debt to EBITDA	-0.79	10.77	1.68	2.06	2.70	-11.50	1.34	0.52	1.14	1.37	1.39
Debt to NOPAT	-0.87	-4.63	3.36	3.48	8.66	-4.97	2.15	0.86	2.20	3.02	3.33
Net Debt to NOPAT	-0.77	-2.90	2.76	3.26	8.31	-4.72	2.03	0.46	2.09	2.93	3.25
Long-Term Debt to NOPAT	-0.87	-4.63	3.36	3.48	8.66	-4.97	2.15	0.86	2.20	3.02	3.33
Altman Z-Score	-1.22	1.32	2.37	1.13	0.92	-0.15	2.10	3.72	2.32	1.86	1.57
Noncontrolling Interest Sharing Ratio	0.08%	0.19%	5.25%	6.31%	6.04%	10.40%	12.27%	7.83%	5.68%	6.10%	6.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.93	1.65	0.91	0.93	0.70	0.90	0.80	1.86	1.04	0.93	0.79
Quick Ratio	0.45	1.60	0.84	0.64	0.57	0.67	0.62	1.67	0.77	0.68	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-291	-254	-507	-892	-311	-115	379	981	-1,294	-1,357	390
Operating Cash Flow to CapEx	58.35%	29.88%	36.51%	40.16%	61.07%	61.57%	144.44%	205.76%	121.68%	114.96%	112.22%
Free Cash Flow to Firm to Interest Expense	-13.36	-8.99	-14.67	-12.29	-4.20	-1.50	5.07	14.60	-10.65	-7.91	1.87
Operating Cash Flow to Interest Expense	9.59	4.76	8.65	8.39	7.47	6.23	14.10	29.46	15.37	13.09	11.63
Operating Cash Flow Less CapEx to Interest Expense	-6.84	-11.16	-15.05	-12.50	-4.76	-3.89	4.34	15.14	2.74	1.70	1.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.20	0.30	0.32	0.26	0.22	0.42	0.62	0.42	0.38	0.33
Accounts Receivable Turnover	7.11	5.13	5.45	6.26	5.86	5.28	8.79	8.80	6.06	6.22	6.24
Inventory Turnover	33.83	2.13	17.78	9.98	10.89	3.89	5.40	6.98	4.52	4.27	16.78
Fixed Asset Turnover	0.27	0.24	0.36	0.36	0.29	0.24	0.46	0.74	0.49	0.42	0.36
Accounts Payable Turnover	3.84	0.69	9.78	2.99	3.34	2.12	3.05	2.24	2.03	1.59	1.19
Days Sales Outstanding (DSO)	51.30	71.14	67.02	58.30	62.26	69.13	41.54	41.49	60.26	58.72	58.49
Days Inventory Outstanding (DIO)	10.79	171.60	20.53	36.57	33.52	93.79	67.62	52.30	80.68	85.43	21.75
Days Payable Outstanding (DPO)	95.05	529.65	37.32	122.20	109.19	172.44	119.49	162.60	179.84	229.15	306.43
Cash Conversion Cycle (CCC)	-32.96	-286.92	50.23	-27.34	-13.41	-9.52	-10.32	-68.81	-38.90	-85.00	-226.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	922	1,051	1,729	2,994	3,487	3,237	3,568	3,930	6,228	8,688	9,319
Invested Capital Turnover	0.30	0.27	0.39	0.38	0.30	0.26	0.49	0.82	0.55	0.47	0.41
Increase / (Decrease) in Invested Capital	-274	130	678	1,264	493	-250	331	362	2,298	2,460	631
Enterprise Value (EV)	2,073	2,694	3,844	3,055	3,684	3,316	5,875	7,405	8,995	10,619	8,935
Market Capitalization	1,639	2,333	3,272	1,751	2,031	1,366	4,215	6,586	6,678	7,020	5,274
Book Value per Share	$5.70	$7.38	$10.66	$14.52	$15.72	$11.01	$16.25	$26.33	$32.83	$40.79	$45.53
Tangible Book Value per Share	$5.70	$7.38	$10.66	$14.52	$15.72	$11.01	$16.25	$26.33	$32.83	$40.79	$45.53
Total Capital	983	1,265	1,832	3,077	3,552	3,328	3,655	4,477	6,334	8,783	9,399
Total Debt	494	574	574	1,298	1,582	1,815	1,528	1,160	2,207	3,325	3,402
Total Long-Term Debt	494	574	574	1,298	1,582	1,815	1,528	1,160	2,207	3,325	3,402
Net Debt	433	360	472	1,214	1,517	1,724	1,441	613	2,100	3,231	3,323
Capital Expenditures (CapEx)	357	449	819	1,515	904	776	729	962	1,535	1,954	2,161
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-71	-104	-128	-108	-186	-121	-180	-51	-76	-163	-294
Debt-free Net Working Capital (DFNWC)	-9.82	110	-25	-24	-121	-29	-94	496	31	-68	-215
Net Working Capital (NWC)	-9.82	110	-25	-24	-121	-29	-94	496	31	-68	-215
Net Nonoperating Expense (NNE)	115	-27	33	73	60	189	70	56	94	131	161
Net Nonoperating Obligations (NNO)	433	360	472	1,214	1,517	1,724	1,441	613	2,100	3,231	3,323
Total Depreciation and Amortization (D&A)	180	123	178	266	353	365	349	466	724	991	1,210
Debt-free, Cash-free Net Working Capital to Revenue	-22.30%	-39.51%	-23.50%	-12.04%	-18.95%	-14.00%	-10.85%	-1.68%	-2.70%	-4.64%	-7.97%
Debt-free Net Working Capital to Revenue	-3.09%	41.48%	-4.67%	-2.71%	-12.33%	-3.40%	-5.62%	16.22%	1.09%	-1.94%	-5.82%
Net Working Capital to Revenue	-3.09%	41.48%	-4.67%	-2.71%	-12.33%	-3.40%	-5.62%	16.22%	1.09%	-1.94%	-5.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.23	$2.41	$0.75	($5.11)	$5.00	$10.28	$7.10	$7.16	$6.10
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	102.03M	113.58M	116.56M	116.07M	117.00M	118.12M	119.14M	123.57M	124.56M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.23	$2.41	$0.75	($5.11)	$4.91	$10.11	$7.05	$7.14	$6.09
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	102.54M	113.69M	117.06M	116.07M	119.16M	120.13M	119.98M	124.08M	124.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$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	0.00	109.25M	116.39M	116.57M	116.76M	118.04M	119.07M	119.52M	125.21M	124.25M
Normalized Net Operating Profit after Tax (NOPAT)	-4.48	-13	113	254	183	114	710	1,342	1,004	1,103	1,022
Normalized NOPAT Margin	-1.41%	-4.91%	20.69%	28.27%	18.57%	13.25%	42.71%	43.90%	35.78%	31.46%	27.64%
Pre Tax Income Margin	-260.00%	-37.10%	23.86%	32.47%	16.11%	-69.50%	43.02%	55.12%	39.06%	36.05%	27.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-37.05	-2.48	4.76	5.03	3.15	-6.81	10.58	26.10	10.02	8.36	5.96
NOPAT to Interest Expense	-25.96	-4.40	4.95	5.14	2.47	-4.76	9.51	19.99	8.26	6.42	4.90
EBIT Less CapEx to Interest Expense	-53.48	-18.39	-18.95	-15.86	-9.09	-16.93	0.81	11.78	-2.61	-3.02	-4.41
NOPAT Less CapEx to Interest Expense	-42.38	-20.31	-18.76	-15.75	-9.76	-14.87	-0.25	5.67	-4.37	-4.96	-5.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	9.20%	40.54%	31.87%	-8.23%	11.95%	9.43%	17.07%	20.83%	34.20%
Augmented Payout Ratio	-0.17%	-0.87%	9.40%	40.61%	31.87%	-8.23%	11.95%	9.43%	17.07%	20.83%	40.69%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-32.40%	-8.16%	18.19%	40.59%	32.76%	16.51%	16.05%	28.73%	5.69%	4.36%	-12.61%
EBITDA Growth	-36.96%	-12.92%	18.03%	41.58%	32.17%	22.24%	11.24%	26.79%	1.02%	-3.17%	-15.77%
EBIT Growth	-54.52%	-32.14%	0.00%	26.91%	34.57%	20.03%	-2.41%	23.51%	-19.18%	-21.25%	-32.05%
NOPAT Growth	-57.98%	-11.63%	5.64%	27.19%	45.08%	-7.57%	-5.69%	21.73%	-20.28%	-20.86%	-3.35%
Net Income Growth	-59.40%	-21.36%	1.48%	19.15%	39.77%	-2.06%	-13.77%	23.01%	-26.33%	-26.42%	-9.42%
EPS Growth	-60.52%	-21.99%	1.44%	18.38%	33.58%	-9.55%	-19.34%	19.25%	-33.88%	-28.64%	-9.94%
Operating Cash Flow Growth	-30.53%	-17.23%	38.48%	38.02%	32.05%	32.42%	-7.02%	55.34%	-15.50%	18.22%	-17.48%
Free Cash Flow Firm Growth	-2,476.88%	-1,317.70%	-2,542.49%	-900.36%	58.37%	-18.15%	-8.99%	11.70%	-160.21%	88.99%	83.66%
Invested Capital Growth	52.23%	57.25%	58.47%	58.47%	17.71%	41.63%	39.50%	33.82%	31.78%	5.63%	7.26%
Revenue Q/Q Growth	13.89%	21.03%	8.27%	-5.79%	7.55%	6.21%	7.84%	4.49%	-11.70%	4.88%	-9.69%
EBITDA Q/Q Growth	18.28%	16.75%	12.98%	-9.26%	10.42%	7.99%	2.81%	3.43%	-12.02%	3.51%	-10.57%
EBIT Q/Q Growth	6.70%	22.25%	12.40%	-13.43%	13.13%	9.04%	-8.62%	9.57%	-25.97%	6.24%	-21.15%
NOPAT Q/Q Growth	-0.19%	69.51%	-6.34%	-19.74%	13.85%	8.00%	-4.43%	3.60%	-25.45%	7.22%	16.71%
Net Income Q/Q Growth	-1.02%	57.20%	-0.88%	-22.74%	16.11%	10.16%	-12.74%	10.21%	-30.46%	10.02%	7.43%
EPS Q/Q Growth	0.74%	60.58%	-3.64%	-24.06%	13.66%	8.74%	-14.07%	12.28%	-36.98%	17.36%	8.45%
Operating Cash Flow Q/Q Growth	32.26%	2.66%	34.14%	-24.22%	26.54%	2.95%	-5.81%	26.60%	-31.17%	44.04%	-34.26%
Free Cash Flow Firm Q/Q Growth	-723.18%	-4.39%	-7.17%	-8.63%	65.75%	-196.30%	1.15%	11.99%	-0.94%	87.46%	-46.72%
Invested Capital Q/Q Growth	39.57%	4.30%	3.77%	4.90%	3.67%	25.50%	2.21%	0.63%	2.09%	0.60%	3.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.20%	96.01%	95.65%	85.28%	95.60%	95.14%	102.62%	94.78%	94.90%	94.62%	36.12%
EBITDA Margin	70.24%	67.76%	70.71%	68.11%	69.93%	71.09%	67.78%	67.08%	66.84%	65.97%	65.33%
Operating Margin	39.54%	44.03%	43.73%	40.49%	42.92%	43.57%	37.11%	38.38%	32.24%	32.59%	28.63%
EBIT Margin	42.10%	42.52%	44.14%	40.57%	42.67%	43.81%	37.12%	38.92%	32.63%	33.06%	28.86%
Profit (Net Income) Margin	27.75%	36.05%	33.00%	27.07%	29.22%	30.30%	24.52%	25.86%	20.37%	21.37%	25.42%
Tax Burden Percent	75.55%	95.02%	82.77%	76.15%	76.04%	76.17%	79.26%	75.98%	76.36%	77.24%	113.62%
Interest Burden Percent	87.26%	89.22%	90.33%	87.62%	90.05%	90.82%	83.35%	87.46%	81.74%	83.68%	77.51%
Effective Tax Rate	24.45%	4.98%	17.23%	23.85%	23.96%	23.83%	20.74%	24.02%	23.64%	22.76%	-13.62%
Return on Invested Capital (ROIC)	17.21%	22.82%	20.00%	17.56%	16.90%	15.43%	13.82%	14.24%	11.85%	11.00%	13.35%
ROIC Less NNEP Spread (ROIC-NNEP)	16.36%	19.72%	18.03%	15.24%	15.47%	14.49%	12.04%	12.91%	10.37%	9.90%	11.51%
Return on Net Nonoperating Assets (RNNOA)	8.17%	8.17%	6.57%	4.83%	7.40%	8.93%	6.70%	6.27%	5.01%	5.90%	6.59%
Return on Equity (ROE)	25.38%	31.00%	26.57%	22.39%	24.30%	24.36%	20.52%	20.52%	16.87%	16.90%	19.94%
Cash Return on Invested Capital (CROIC)	-19.73%	-24.40%	-25.48%	-25.40%	1.99%	-19.00%	-18.20%	-13.80%	-13.41%	6.40%	4.34%
Operating Return on Assets (OROA)	19.12%	17.87%	18.66%	17.57%	17.69%	16.35%	14.01%	15.04%	12.46%	11.34%	9.46%
Return on Assets (ROA)	12.60%	15.15%	13.95%	11.72%	12.11%	11.31%	9.25%	10.00%	7.78%	7.33%	8.33%
Return on Common Equity (ROCE)	23.67%	29.12%	25.06%	21.22%	23.05%	23.17%	19.27%	19.37%	15.93%	16.01%	18.71%
Return on Equity Simple (ROE_SIMPLE)	28.86%	24.74%	0.00%	21.38%	21.92%	20.72%	0.00%	19.30%	17.80%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	191	323	303	243	277	299	285	296	220	236	276
NOPAT Margin	29.87%	41.83%	36.19%	30.83%	32.64%	33.19%	29.41%	29.16%	24.62%	25.17%	32.52%
Net Nonoperating Expense Percent (NNEP)	0.85%	3.11%	1.97%	2.32%	1.43%	0.94%	1.78%	1.34%	1.49%	1.09%	1.84%
Return On Investment Capital (ROIC_SIMPLE)	-	-	4.78%	-	-	-	3.25%	3.35%	2.45%	2.60%	2.93%
Cost of Revenue to Revenue	4.80%	3.99%	4.35%	14.72%	4.40%	4.86%	-2.62%	5.22%	5.10%	5.38%	63.88%
SG&A Expenses to Revenue	4.19%	4.11%	3.53%	3.76%	3.30%	3.20%	4.24%	3.33%	3.60%	3.92%	4.05%
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	55.66%	51.98%	51.92%	44.79%	52.68%	51.57%	65.51%	56.40%	62.66%	62.03%	7.50%
Earnings before Interest and Taxes (EBIT)	269	328	369	320	361	394	360	395	292	310	245
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	448	523	591	536	592	640	658	680	598	619	554
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.80	1.91	1.71	1.79	1.60	1.27	1.38	1.21	1.11	1.02	0.93
Price to Tangible Book Value (P/TBV)	1.80	1.91	1.71	1.79	1.60	1.27	1.38	1.21	1.11	1.02	0.93
Price to Revenue (P/Rev)	2.23	2.61	2.38	2.60	2.28	1.83	2.00	1.71	1.58	1.46	1.43
Price to Earnings (P/E)	6.67	8.27	7.89	9.01	7.88	6.67	7.93	6.87	7.00	7.16	6.95
Dividend Yield	0.97%	0.94%	1.16%	1.06%	1.26%	1.62%	1.51%	1.88%	2.25%	2.64%	3.09%
Earnings Yield	14.98%	12.09%	12.67%	11.10%	12.70%	15.00%	12.61%	14.56%	14.28%	13.97%	14.40%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.55	1.44	1.53	1.41	1.15	1.22	1.13	1.07	1.01	0.96
Enterprise Value to Revenue (EV/Rev)	3.09	3.48	3.20	3.30	2.95	2.91	3.03	2.64	2.52	2.37	2.42
Enterprise Value to EBITDA (EV/EBITDA)	4.40	5.04	4.63	4.77	4.26	4.15	4.38	3.83	3.70	3.55	3.64
Enterprise Value to EBIT (EV/EBIT)	6.18	7.66	7.39	7.79	6.93	6.78	7.40	6.52	6.62	6.68	7.19
Enterprise Value to NOPAT (EV/NOPAT)	8.21	9.45	8.96	9.47	8.35	8.74	9.63	8.53	8.67	8.74	8.75
Enterprise Value to Operating Cash Flow (EV/OCF)	4.74	5.50	4.82	5.02	4.46	4.28	4.73	3.93	3.95	3.59	3.68
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	76.49	0.00	0.00	0.00	0.00	16.22	22.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.56	0.53	0.43	0.41	0.71	0.61	0.56	0.57	0.55	0.57
Long-Term Debt to Equity	0.61	0.56	0.53	0.43	0.41	0.71	0.61	0.56	0.57	0.55	0.57
Financial Leverage	0.50	0.41	0.36	0.32	0.48	0.62	0.56	0.49	0.48	0.60	0.57
Leverage Ratio	1.90	1.84	1.78	1.73	1.85	2.01	1.94	1.88	1.87	2.03	1.97
Compound Leverage Factor	1.66	1.64	1.61	1.52	1.66	1.83	1.62	1.64	1.53	1.70	1.53
Debt to Total Capital	37.85%	36.09%	34.84%	29.84%	28.98%	41.37%	37.86%	36.01%	36.46%	35.48%	36.20%
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	37.85%	36.09%	34.84%	29.84%	28.98%	41.37%	37.86%	36.01%	36.46%	35.48%	36.20%
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	3.69%	3.51%	3.42%	3.30%	3.28%	2.60%	4.19%	4.04%	4.00%	3.85%	3.60%
Common Equity to Total Capital	58.47%	60.40%	61.74%	66.86%	67.74%	56.03%	57.94%	59.94%	59.54%	60.67%	60.20%
Debt to EBITDA	1.14	1.18	1.14	0.94	0.88	1.52	1.37	1.24	1.28	1.26	1.39
Net Debt to EBITDA	1.11	1.15	1.08	0.90	0.85	1.44	1.33	1.21	1.24	1.22	1.36
Long-Term Debt to EBITDA	1.14	1.18	1.14	0.94	0.88	1.52	1.37	1.24	1.28	1.26	1.39
Debt to NOPAT	2.13	2.22	2.20	1.86	1.73	3.21	3.02	2.75	2.99	3.10	3.33
Net Debt to NOPAT	2.07	2.15	2.09	1.79	1.68	3.04	2.93	2.68	2.91	3.01	3.25
Long-Term Debt to NOPAT	2.13	2.22	2.20	1.86	1.73	3.21	3.02	2.75	2.99	3.10	3.33
Altman Z-Score	1.80	1.97	1.96	2.13	2.07	1.41	1.54	1.48	1.41	1.32	1.29
Noncontrolling Interest Sharing Ratio	6.72%	6.04%	5.68%	5.20%	5.18%	4.88%	6.10%	5.59%	5.52%	5.25%	6.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	0.98	1.04	0.89	0.86	0.88	0.93	0.79	0.85	0.73	0.79
Quick Ratio	0.70	0.77	0.77	0.65	0.63	0.65	0.68	0.58	0.62	0.53	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,784	-1,862	-1,995	-2,168	-742	-2,200	-2,175	-1,914	-1,932	-242	-355
Operating Cash Flow to CapEx	156.54%	108.75%	124.87%	86.10%	123.12%	143.77%	111.33%	136.33%	100.55%	128.15%	80.68%
Free Cash Flow to Firm to Interest Expense	-52.11	-52.59	-55.88	-54.79	-20.63	-60.83	-36.26	-38.68	-36.22	-4.78	-6.46
Operating Cash Flow to Interest Expense	13.12	13.02	17.32	11.84	16.48	16.88	9.59	14.71	9.39	14.25	8.62
Operating Cash Flow Less CapEx to Interest Expense	4.74	1.05	3.45	-1.91	3.09	5.14	0.98	3.92	0.05	3.13	-2.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.42	0.42	0.43	0.41	0.37	0.38	0.39	0.38	0.34	0.33
Accounts Receivable Turnover	5.98	5.67	6.06	6.45	6.56	5.95	6.22	6.37	6.37	6.13	6.24
Inventory Turnover	3.45	1.59	4.52	15.26	13.47	13.71	4.27	2.89	2.88	0.95	16.78
Fixed Asset Turnover	0.52	0.49	0.49	0.50	0.46	0.42	0.42	0.43	0.42	0.38	0.36
Accounts Payable Turnover	1.32	0.55	2.03	5.47	5.41	4.88	1.59	0.86	0.97	0.31	1.19
Days Sales Outstanding (DSO)	61.07	64.39	60.26	56.62	55.64	61.35	58.72	57.32	57.31	59.55	58.49
Days Inventory Outstanding (DIO)	105.87	230.06	80.68	23.92	27.10	26.63	85.43	126.10	126.73	384.17	21.75
Days Payable Outstanding (DPO)	276.07	657.76	179.84	66.67	67.45	74.87	229.15	422.01	374.73	1,186.28	306.43
Cash Conversion Cycle (CCC)	-109.12	-363.31	-38.90	13.88	15.28	13.11	-85.00	-238.60	-190.69	-742.56	-226.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,754	6,002	6,228	6,533	6,773	8,500	8,688	8,743	8,926	8,979	9,319
Invested Capital Turnover	0.58	0.55	0.55	0.57	0.52	0.46	0.47	0.49	0.48	0.44	0.41
Increase / (Decrease) in Invested Capital	1,974	2,185	2,298	2,410	1,019	2,499	2,460	2,210	2,152	479	631
Enterprise Value (EV)	8,487	9,330	8,995	10,016	9,552	9,798	10,619	9,852	9,534	9,067	8,935
Market Capitalization	6,135	6,991	6,678	7,901	7,410	6,168	7,020	6,397	5,975	5,594	5,274
Book Value per Share	$28.55	$30.74	$32.83	$36.90	$37.12	$39.02	$40.79	$42.23	$42.86	$44.23	$45.53
Tangible Book Value per Share	$28.55	$30.74	$32.83	$36.90	$37.12	$39.02	$40.79	$42.23	$42.86	$44.23	$45.53
Total Capital	5,820	6,064	6,334	6,608	6,837	8,692	8,783	8,821	9,013	9,075	9,399
Total Debt	2,203	2,189	2,207	1,972	1,982	3,596	3,325	3,176	3,286	3,220	3,402
Total Long-Term Debt	2,203	2,189	2,207	1,972	1,982	3,596	3,325	3,176	3,286	3,220	3,402
Net Debt	2,137	2,126	2,100	1,897	1,918	3,404	3,231	3,099	3,199	3,123	3,323
Capital Expenditures (CapEx)	287	424	495	544	482	425	516	534	498	563	588
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-118	-73	-76	-172	-182	-196	-163	-316	-243	-437	-294
Debt-free Net Working Capital (DFNWC)	-53	-11	31	-97	-118	-119	-68	-238	-156	-340	-215
Net Working Capital (NWC)	-53	-11	31	-97	-118	-119	-68	-238	-156	-340	-215
Net Nonoperating Expense (NNE)	13	45	27	30	29	26	47	33	38	36	60
Net Nonoperating Obligations (NNO)	2,137	2,126	2,100	1,897	1,918	3,404	3,231	3,099	3,199	3,123	3,323
Total Depreciation and Amortization (D&A)	180	195	222	217	231	246	297	286	306	309	309
Debt-free, Cash-free Net Working Capital to Revenue	-4.31%	-2.73%	-2.70%	-5.65%	-5.61%	-5.81%	-4.64%	-8.47%	-6.42%	-11.44%	-7.97%
Debt-free Net Working Capital to Revenue	-1.91%	-0.41%	1.09%	-3.20%	-3.64%	-3.52%	-1.94%	-6.39%	-4.13%	-8.91%	-5.82%
Net Working Capital to Revenue	-1.91%	-0.41%	1.09%	-3.20%	-3.64%	-3.52%	-1.94%	-6.39%	-4.13%	-8.91%	-5.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.38	$2.21	$2.14	$1.62	$1.83	$1.99	$1.72	$1.92	$1.21	$1.42	$1.55
Adjusted Weighted Average Basic Shares Outstanding	119.18M	119.15M	119.14M	119.72M	124.79M	124.81M	123.57M	125.19M	124.42M	124.40M	124.56M
Adjusted Diluted Earnings per Share	$1.37	$2.20	$2.12	$1.61	$1.83	$1.99	$1.71	$1.92	$1.21	$1.42	$1.54
Adjusted Weighted Average Diluted Shares Outstanding	119.84M	120.08M	119.98M	120.25M	124.90M	124.98M	124.08M	125.34M	124.46M	124.41M	124.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$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	119.15M	119.13M	119.52M	124.78M	124.82M	124.77M	125.21M	125.20M	124.49M	124.27M	124.25M
Normalized Net Operating Profit after Tax (NOPAT)	191	323	303	243	277	299	285	296	220	236	170
Normalized NOPAT Margin	29.87%	41.83%	36.19%	30.83%	32.64%	33.19%	29.41%	29.16%	24.62%	25.17%	20.04%
Pre Tax Income Margin	36.74%	37.94%	39.87%	35.54%	38.43%	39.79%	30.94%	34.04%	26.67%	27.66%	22.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.85	9.27	10.34	8.08	10.05	10.90	6.01	7.97	5.48	6.13	4.45
NOPAT to Interest Expense	5.57	9.12	8.47	6.14	7.68	8.26	4.76	5.97	4.13	4.67	5.01
EBIT Less CapEx to Interest Expense	-0.53	-2.70	-3.53	-5.68	-3.34	-0.84	-2.61	-2.81	-3.86	-4.99	-6.24
NOPAT Less CapEx to Interest Expense	-2.81	-2.85	-5.39	-7.62	-5.70	-3.48	-3.85	-4.81	-5.21	-6.45	-5.67
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	14.75%	15.99%	17.07%	17.80%	17.16%	18.57%	20.83%	22.30%	25.52%	30.53%	34.20%
Augmented Payout Ratio	14.75%	15.99%	17.07%	17.80%	17.16%	18.57%	20.83%	22.30%	25.52%	30.53%	40.69%

Financials Breakdown Chart

Key Financial Trends

Below is a concise four-year trend view of Matador Resources (MTDR) based on the quarterly statements provided (through Q4 2025). The focus is on key cash flow, income, and balance sheet signals that may matter to retail investors.

Improving per‑share profitability in late 2025: Diluted earnings per share rose through 2025, culminating at about $1.54 in Q4 2025, up from roughly $1.21 in early 2025 (Q1–Q2) and $1.42 in Q3 2025.
Robust operating cash flow in multiple quarters: Net cash from continuing operating activities was strong in several 2025 quarters (e.g., ~$725M in Q1 2025 and ~$722M in Q3 2025), signaling solid cash generation even with ongoing capital spending.
Consistent shareholder returns via dividends: MTDR maintained quarterly cash dividends per share at $0.3125 in 2025, reflecting ongoing cash returns to shareholders.
Ongoing capex supports asset base growth: Quarterly capital expenditures (Purchase of PPE) remained elevated (roughly half a billion per quarter) across 2023–2025, aligning with an asset base expansion program tied to production growth.
Long‑term debt is sizable but broadly stable: Long‑term debt hovered around $3.2B–$3.3B in 2024–2025 with occasional debt issuances, helping fund capex while keeping overall leverage in a manageable, albeit still sizable, range.
Near‑term liquidity shows pockets of stress: In Q3 2025, total current assets (~$0.92B) versus current liabilities (~$1.26B) imply a tighter short‑term liquidity position on that date, though overall quarterly cash flow remained strong.
Reported margins appear unusually high in some quarters: Gross profit figures relative to revenue in certain quarters look unusually large, suggesting differences in presentation or non‑GAAP adjustments; treat these margin indications with caution.
Net cash from investing is typically negative: Investing activities (capex and acquisitions) were a primary use of cash in most quarters, leading to negative net cash from investing—consistent with a growth capex strategy.
Near‑term cash burn from capex can outpace operating cash in some quarters: In Q4 2025, capex exceeded cash from operations by about $114M, contributing to a negative free cash flow for that quarter and highlighting the quarterly cash‑flow sensitivity to capex timing.
Cash balance and liquidity risk in some periods: With recurring large capex and a relatively modest cash balance in some quarters, MTDR can face liquidity pressure during periods of weaker cash flow or higher spending, absent new financing activity.

05/05/26 07:33 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Matador Resources' Financials

When does Matador Resources' financial year end?

According to the most recent income statement we have on file, Matador Resources' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Matador Resources' net income changed over the last 10 years?

Matador Resources' net income appears to be on an upward trend, with a most recent value of $860.77 million in 2025, falling from -$679.52 million in 2015. The previous period was $971.34 million in 2024. See where experts think Matador Resources is headed by visiting Matador Resources' forecast page.

What is Matador Resources' operating income?

Matador Resources' total operating income in 2025 was $1.23 billion, based on the following breakdown:

Total Gross Profit: $3.01 billion
Total Operating Expenses: $1.78 billion

How has Matador Resources' revenue changed over the last 10 years?

Over the last 10 years, Matador Resources' total revenue changed from $318.03 million in 2015 to $3.70 billion in 2025, a change of 1,062.2%.

How much debt does Matador Resources have?

Matador Resources' total liabilities were at $5.71 billion at the end of 2025, a 6.0% increase from 2024, and a 776.5% increase since 2015.

How much cash does Matador Resources have?

In the past 10 years, Matador Resources' cash and equivalents has ranged from $15.31 million in 2025 to $505.18 million in 2022, and is currently $15.31 million as of their latest financial filing in 2025.

How has Matador Resources' book value per share changed over the last 10 years?

Over the last 10 years, Matador Resources' book value per share changed from 5.70 in 2015 to 45.53 in 2025, a change of 698.3%.

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Financial statements for NYSE:MTDR last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Matador Resources (MTDR) Financials

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