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Friday 6 November 2026
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Matador Resources Company
MTDR Energy Oil & Gas E&P
Matador Resources Company’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 5.46% from fiscal 2024.
- Revenue
- +23.8%
- EPS
- +11.0%
- Free cash flow
- −65.1%
- Total debt
- +54.3%
Quarter to September 2026, against a year earlier
50.13
0.24
−0.48%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 264 | 544 | 900 | 984 | 862 | 1,663 | 3,058 | 2,807 | 3,505 | 3,696 | 3,869 | +34.1% | 4,174 | 4,771 | 4,770 | +8.9% | |
| Gross margin, % | 81.68 | 86.90 | 88.06 | 79.82 | 80.56 | 80.90 | 81.80 | 90.97 | 91.15 | 89.96 | 92.34 | +8.3 pt | ||||||
| EBT | (98) | 130 | 292 | 159 | (599) | 715 | 1,686 | 1,096 | 1,264 | 1,033 | 970 | n/m | ||||||
| EBT margin, % | (37.10) | 23.86 | 32.47 | 16.11 | (69.50) | 43.02 | 55.12 | 39.06 | 36.05 | 27.96 | 25.08 | +65.1 pt | ||||||
| Net income | (97) | 138 | 300 | 123 | (554) | 641 | 1,286 | 910 | 971 | 861 | 808 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 2.90 | 5.33 | 7.92 | 8.44 | 7.43 | 14.21 | 25.89 | 23.56 | 28.36 | 29.68 | 31.25 | +29.5% | |||||
| Earnings | (1.07) | 1.23 | 2.41 | 0.75 | (5.11) | 5.00 | 10.28 | 7.10 | 7.16 | 6.10 | 5.99 | n/m | ||||||
| Cash flow | 1.47 | 2.93 | 5.36 | 4.74 | 4.11 | 9.00 | 16.75 | 15.68 | 18.18 | 19.47 | 20.00 | +33.3% | ||||||
| Capex | (4.92) | (8.03) | (7.59) | (7.32) | (6.06) | (4.19) | (6.83) | (11.31) | (12.14) | (14.63) | (14.44) | +12.9% | ||||||
| Free cash flow | (3.45) | (5.10) | (2.24) | (2.58) | (1.94) | 4.81 | 9.92 | 4.37 | 6.04 | 4.84 | 5.57 | n/m | ||||||
| Book value | 7.58 | 12.33 | 15.67 | 16.90 | 13.04 | 18.18 | 28.08 | 34.65 | 44.17 | 48.14 | 51.82 | +22.8% | ||||||
| Shares, m | 91 | 102 | 114 | 117 | 116 | 117 | 118 | 119 | 124 | 125 | 124 | +3.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 25.68 | 6.44 | 23.64 | 0.00 | 7.38 | 5.17 | 8.08 | 7.86 | 6.96 | 8.37 | 9.1 | |||||
| P/S | 9.04 | 5.92 | 1.96 | 2.13 | 1.62 | 2.60 | 2.05 | 2.44 | 1.98 | 1.43 | 1.60 | 3.1 | ||||||
| P/B | 3.46 | 2.56 | 0.99 | 1.06 | 0.93 | 2.03 | 1.89 | 1.66 | 1.27 | 0.88 | 0.97 | 1.7 | ||||||
| EV/Sales | 10.40 | 6.79 | 3.31 | 3.67 | 3.62 | 3.46 | 2.25 | 3.18 | 2.91 | 2.33 | 2.87 | 4.2 | ||||||
| EV/FCF | (8.74) | (7.10) | (11.73) | (11.99) | (13.86) | 10.24 | 5.88 | 17.17 | 13.63 | 14.27 | 16.11 | 0.8 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 134 | 299 | 609 | 552 | 478 | 1,053 | 1,979 | 1,868 | 2,247 | 2,425 | 2,477 | +37.9% | |||||
| Capex | (449) | (819) | (862) | (853) | (703) | (491) | (807) | (1,347) | (1,500) | (1,822) | (1,787) | +16.8% | ||||||
| Free cash flow | (315) | (520) | (254) | (301) | (225) | 563 | 1,172 | 520 | 747 | 603 | 689 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 110 | (25) | (24) | (121) | (29) | (94) | 496 | 31 | (68) | (215) | (1,025) | n/m | |||||
| Net debt | 360 | 472 | 1,214 | 1,517 | 1,724 | 1,441 | 613 | 2,100 | 3,231 | 3,323 | 4,898 | +28.0% | ||||||
| Shareholders’ equity | 691 | 1,258 | 1,780 | 1,969 | 1,513 | 2,127 | 3,317 | 4,128 | 5,457 | 5,997 | 6,415 | +27.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (7.48) | 6.97 | 9.79 | 2.33 | (15.29) | 14.72 | 24.74 | 12.74 | 9.53 | 6.73 | 5.46 | +14.2 pt | |||||
| ROIC | (10.53) | 5.81 | 7.58 | 4.22 | (10.07) | 13.89 | 27.98 | 12.14 | 10.32 | 8.23 | 6.74 | +18.8 pt | ||||||
| ROE | (16.51) | 12.92 | 18.06 | 4.68 | (34.07) | 32.14 | 44.60 | 22.73 | 18.47 | 13.26 | 11.73 | +29.8 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 165 | 217 | 264 | 304 | 288 | 286 | 360 | 395 | 452 | 483 | — | +12.7% | |||||
| Revenue/emp, $m | 1.60 | 2.51 | 3.41 | 3.24 | 2.99 | 5.81 | 8.49 | 7.11 | 7.75 | 7.65 | — | +19.0% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2023
| Crude Oil, Condensate, and Natural Gas Liquids (NGL) | 2,145 | 76.42% |
|---|---|---|
| Natural gas revenues | 401 | 14.28% |
| Sales of purchased natural gas | 150 | 5.34% |
| Third-party midstream services revenues | 122 | 4.35% |
| Gross margin | 90.97% | |
| Operating margin | 43.09% | |
| Pre-tax margin | 39.06% |
Matador Resources Company vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CHRD Chord Energy Corporation | $7.2B | 8.3× | 6.8× | +30.01% (above 0%: growing) | +46.02% (above 0%: growing) | +257.56% (above 0%: growing) | 0.00% | 29.60% | Compare |
| SM SM Energy Company | $7.1B | 7.2× | 5.5× | +167.38% (above 0%: growing) | −70.93% (below 0%: shrinking) | +369.43% (above 0%: growing) | 73.55% | 10.88% | Compare |
| VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR | $6.4B | 7.5× | 9.9× | +83.39% (above 0%: growing) | −10.66% (below 0%: shrinking) | −82.86% (below 0%: shrinking) | 54.75% | 45.65% | Compare |
| MGY Magnolia Oil & Gas Corp | $6.3B | 10.3× | 9.4× | +58.15% (above 0%: growing) | +136.59% (above 0%: growing) | +176.03% (above 0%: growing) | 0.00% | 30.08% | Compare |
| MTDR Matador Resources Company | $6.2B | 8.4× | 8.7× | +23.82% (above 0%: growing) | +10.97% (above 0%: growing) | −65.09% (below 0%: shrinking) | 85.09% | 30.44% | |
| MUR Murphy Oil Corporation | $5.2B | 11.2× | 10.6× | +16.64% (above 0%: growing) | n/m | −59.09% (below 0%: shrinking) | 100.00% | 30.00% | Compare |
| CNX CNX Resources Corporation. | $5.0B | 5.5× | 7.4× | −0.66% (below 0%: shrinking) | −22.07% (below 0%: shrinking) | −42.35% (below 0%: shrinking) | 82.78% | 44.70% | Compare |
| LB LandBridge Company LLC | $4.8B | 42.4× | 57.6× | +39.46% (above 0%: growing) | +41.94% (above 0%: growing) | +44.89% (above 0%: growing) | 0.00% | 68.06% | Compare |
| CRGY Crescent Energy Company | $4.7B | 62.7× | 10.5× | +55.92% (above 0%: growing) | n/m | +41.37% (above 0%: growing) | 100.00% | 35.43% | Compare |
| Median of peers | $5.8B | 9.3× | 9.6× | +47.69% | +15.64% | +43.13% | 64.15% | 32.76% |
From the latest earnings call
- CEO Joe Foran said Matador used $200 million of quarterly adjusted free cash flow to repay federal-lease acquisition debt and remained focused on further reductions.
- Foran said Matador had closed and was integrating Cardinal, whose pipeline system could help move gas around the Delaware Basin.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
96.88%
Held by the ten largest
48.15%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 14.22m | 11.47% | −268.89k |
| BlackRock | 11.53m | 9.30% | +391.80k |
| Dimensional Fund Advisors | 7.09m | 5.72% | +139.43k |
| State Street | 5.24m | 4.23% | +108.08k |
| T. Rowe Price | 4.29m | 3.46% | −129.28k |
| LSV ASSET MANAGEMENT | 4.02m | 3.24% | +175.76k |
| Wellington Management | 4.00m | 3.22% | −922.00 |
| AllianceBernstein | 3.21m | 2.59% | +548.66k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | 3.18m | 2.57% | +145.02k |
| Morgan Stanley | 2.92m | 2.35% | +749.98k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 29 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.78m | 6.80m | 354.83 |
| 2024 | 8.44m | 9.34m | 468.61 |
| 2023 | 8.06m | 7.63m | 473.10 |
| 2022 | 8.95m | 21.87m | 475.35 |
| 2021 | 9.06m | 27.36m | 306.57 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Matador Resources Company (MTDR) Latest News
4 Nov
3 Nov
2 Nov
27 Oct
22 Oct
20 Oct
MTDR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Matador Resources is an independent energy company that explores for, develops, produces and acquires oil and natural gas resources in the United States. Its operations focus on shale and other unconventional formations, principally the Wolfcamp and Bone Spring formations in the Delaware Basin of Southeast New Mexico and West Texas. It also produces oil and gas in Northwest Louisiana. Joseph Wm. Foran founded Matador in 2003 and is its chairman and chief executive.
Matador drills wells to bring oil and natural gas to the surface and sells the production to purchasers. It operates many of its own wells and also owns interests in wells operated by other companies. Some natural gas is processed to extract natural gas liquids, which can also be sold. Crude oil and gas are sold under both short-term and long-term purchase agreements.