Mach Natural Resources LP held its Q2 2026 earnings call. Earnings call delivers financial results and outlook that can move investor sentiment.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 4 | 1 | — | — | 2 | 1 | — | — | — | — | 2 |
| Sell | — | — | — | — | — | — | 1 | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | ‡‡‡‡ |
|
| 2025 | ‡‡‡‡ |
|
| 2024 | ‡‡‡‡ |
|
| 2023 | ‡‡‡‡ |
|
| 2021 | 0.72 |
—
—
—
—
|
| 2020 | 0.68 |
—
—
—
—
|
| 2019 | 0.68 |
—
—
—
—
|
| 2018 | 0.68 |
—
—
—
—
|
| 2017 | 0.65 |
—
—
—
—
|
| 2016 | 0.48 |
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 152.79 | 105.78 | 42.63 | 41.19 |
| Receivables | 132.21 | 171.55 | 230.42 | 215.30 |
| Inventory | 31.38 | 24.30 | 43.51 | 42.37 |
| Other | 27.23 | 20.47 | 61.39 | 17.80 |
| 343.60 | 322.10 | 377.95 | 316.66 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 47.44 | 54.44 | 69.62 | 81.93 |
| ST’ Debt | 61.88 | 82.50 | — | — |
| Other | — | 6.23 | — | 5.44 |
| 274.91 | 352.42 | 359.92 | 361.73 |
| 10y | 5y | 3y | |
| Sales | — | — | ‡‡‡‡‡ |
| Cash Flow | — | — | ‡‡‡‡‡ |
| Earnings | — | — | ‡‡‡‡‡ |
| Book Value | — | — | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 285.93 | 405.96 | — | — |
—
|
| ’25 | 226.77 | 288.52 | 272.56 | 387.54 |
1,175.39
|
| ’24 | 239.16 | 239.99 | 255.54 | 234.94 |
969.63
|
| ’23 | 192.17 | 166.92 | 175.39 | 227.83 |
762.31
|
| ’22 | — | — | 295.74 | — |
937.41
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 170.31 | 153.65 | — | — |
—
|
| ’25 | 142.52 | 130.14 | 105.55 | 128.75 |
506.96
|
| ’24 | 143.95 | 116.83 | 110.85 | 133.66 |
505.29
|
| ’23 | 147.15 | 128.00 | 106.82 | 109.78 |
491.74
|
| ’22 | — | — | 398.30 | 155.24 |
553.54
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 111.75 | 58.94 | — | — |
—
|
| ’25 | 93.81 | 67.83 | 49.21 | 30.30 |
241.16
|
| ’24 | 90.38 | 86.40 | 62.77 | 85.48 |
325.03
|
| ’23 | 64.69 | 23.11 | 36.89 | 55.59 |
180.28
|
| ’22 | — | — | 234.36 | 80.39 |
314.74
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.21) | 0.58 | — | — |
—
|
| ’25 | 0.14 | 0.76 | (0.28) | 0.50 |
1.09
|
| ’24 | 0.44 | 0.42 | 0.70 | 0.34 |
1.90
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — | 14.40 | 14.46 | 10.93 | — | — | — |
Low Price
|
| — | — | — | — | — | — | — | 19.20 | 21.19 | 19.00 | — | — | — |
High Price
|
| — | — | — | — | — | — | — | 444 | 505 | 840 | — | — | — |
Employees
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 1.72 | 1.92 | 1.40 | — | — | — |
Revenue/Emp
|
| — | — | — | — | — | ‡‡‡‡‡ | 937.41 | 762.31 | 969.63 | 1,175.39 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | — | — | — | ‡‡‡‡‡ | 72.99% | 72.98% | 66.88% | 62.41% | — | — | — |
Gross Margin
|
| — | — | — | — | — | ‡‡‡‡‡ | 516.84 | 346.56 | 185.18 | 142.98 | — | — | — |
EBT
|
| — | — | — | — | — | ‡‡‡‡‡ | 55.13% | 45.46% | 19.10% | 12.16% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | — | — | — | — | ‡‡‡‡‡ | 516.84 | 346.56 | 185.18 | 142.98 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | — | — | — | ‡‡‡‡‡ | 88.96 | 139.57 | 278.36 | 297.91 | — | — | — |
Depreciation
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 8.03 | 9.94 | 8.94 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | — | — | — | — | — | 0.72 | 1.90 | 1.09 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 5.18 | 5.18 | 3.86 | — | — | — |
Cash Flow/Sh
|
| — | — | — | — | — | ‡‡‡ | 0.00 | (3.28) | (1.85) | (2.02) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 1.90 | 3.33 | 1.83 | — | — | — |
Free CF/Sh
|
| — | — | — | — | — | ‡‡‡ | 0.00 | 12.56 | 12.29 | 15.13 | — | — | — |
Book Value/Sh
|
| — | — | — | — | — | — | — | 94.91 | 97.59 | 131.46 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | — | — | ‡‡‡‡‡ | 6.56 | 6.56 | 9.04 | 9.86 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ |
PE Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | 2.10 | 1.98 | 1.73 | 1.23 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | 2.27 | 1.27 | 1.40 | 0.73 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | — | — | ‡‡‡‡‡ | 2.15 | 2.84 | 2.39 | 2.24 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | — | — | — | ‡‡‡‡‡ | 8.70 | 12.00 | 7.14 | 10.93 | — | — | — |
EV/FCF
|
| — | — | — | — | — | ‡‡‡‡‡ | 553.54 | 491.74 | 505.29 | 506.96 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | — | — | — | ‡‡‡‡‡ | (238.80) | (311.46) | (180.27) | (265.80) | ‡‡‡‡‡ | — | — |
Capex
|
| — | — | — | — | — | ‡‡‡‡‡ | 314.74 | 180.28 | 325.03 | 241.16 | — | — | — |
FCF
|
| — | — | — | — | — | — | 33.59 | 68.69 | (30.32) | 18.03 | — | — | — |
Working Cap'
|
| — | — | — | — | — | — | 84.90 | 807.02 | 751.28 | 1,144.06 | — | — | — |
Total Debt
|
| — | — | — | — | — | — | 55.48 | 654.22 | 645.50 | 1,101.42 | — | — | — |
Net Debt
|
| — | — | — | — | — | ‡‡‡ | 593.23 | 1,191.72 | 1,199.05 | 1,989.39 | — | — | — |
Sh' Equity
|
| — | — | — | — | — | ‡‡‡ | 116.42% | 4.29% | 7.98% | 4.68% | — | — | — |
ROA
|
| — | — | — | — | — | ‡‡‡ | 50.33% | 12.16% | 9.86% | 4.95% | — | — | — |
ROIC
|
| — | — | — | — | — | ‡‡‡ | 0.00% | 7.68% | 15.49% | 8.97% | — | — | — |
ROE
|
Mach Natural Resources LP (MNR), a Permian Basin-focused MLP, has shown resilient revenue growth amid energy market volatility, surging 27% to $970 million in 2024 despite commodity cycles, with productivity metrics like revenue per employee climbing 12%. Strong free cash flow per share doubled to $3.33, supporting distributions even as profitability margins compressed to 19.1%, while gross margins held a competitive 66.9%. Trading at deep discounts—37-91% below analyst targets—with attractive EV/FCF of 7.1x and insider buying exceeding $10 million (no sells), MNR signals undervaluation reminiscent of past Permian rebounds.
Projections forecast revenue expansion to $1.46 billion by 2027, but a 73% share dilution risks per-share metrics, echoing 2014-2016 cycles where capex-funded growth later rewarded investors. Balance sheet strength, with ROE doubling to 15.5% and moderated capex, positions MNR for FCF yields amid Permian consolidation and LNG tailwinds.
Risks include OPEC+ dynamics, EV shifts, and recession fears, yet insider confidence and historical parallels suggest 40-90% upside potential over 12-24 months for patient allocators.
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