Mach Natural Resources LP
MNR Energy Oil & Gas E&P
Mach Natural Resources LP’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 21.2% from fiscal 2024. In the quarter to June 2026, revenue grew 40.7%, EPS fell 22.4%, free cash flow fell 13.1% and total debt rose 107.1%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Mach Natural Resources LP (MNR) Piotroski F-score
Mach Natural Resources LP's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | (1.00) |
| FY2024 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 4.68% | 7.98% | Pass | 1 |
| Positive operating cash flow | 506.96m | 505.29m | Pass | 1 |
| Rising return on assets | 4.68% | 7.98% | Fail | 0 |
| Cash flow above net income | 363.97m | 320.11m | Pass | 1 |
| Falling long-term leverage | 0.37 | 0.29 | Fail | 0 |
| Rising current ratio | 1.05 | 0.91 | Pass | 1 |
| No new shares issued | 131,455,000 | 97,591,000 | Fail | 0 |
| Rising gross margin | 62.41% | 66.88% | Fail | 0 |
| Rising asset turnover | 0.38 | 0.42 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| NOG Northern Oil and Gas, Inc. compare | 8 |
| BKV BKV Corporation compare | 7 |
| KRP Kimbell Royalty compare | 6 |
| VET Vermilion Energy Inc. compare | 5 |
| GFR Greenfire Resources Ltd. compare | 5 |
| HPK HighPeak Energy, Inc. compare | 5 |
| DMLP Dorchester Minerals, L.P. compare | 4 |
| MNR Mach Natural Resources LP | 4 |
| KOS Kosmos Energy Ltd. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover