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. In the quarter to June 2026, revenue grew 32.5%, EPS grew 160.3%, free cash flow grew 1,086.3% and total debt rose 28.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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Matador Resources Company (MTDR) Beneish M-score
Matador Resources Company's Beneish M-score for fiscal 2025 is −3.28; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.28 | (0.99) |
| FY2024 | −2.29 | 1.35 |
| FY2023 | −3.64 | (1.68) |
| FY2022 | −1.97 | 0.30 |
| FY2021 | −2.27 | 1.97 |
| FY2020 | −4.24 | (2.30) |
| FY2019 | −1.94 | 0.16 |
| FY2018 | −2.10 | (2.12) |
| FY2017 | 0.02 | 3.02 |
| FY2016 | −3.00 | 3.38 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.77 | — | 0.71 | |
| Gross margin index | 1.01 | — | 0.54 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 1.05 | — | 0.94 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 0.99 | — | −0.17 | |
| Total accruals to total assets | (0.13) | — | −0.63 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.28 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CHRD Chord Energy Corporation compare | −3.7× |
| MGY Magnolia Oil & Gas Corp compare | −3.4× |
| MTDR Matador Resources Company | −3.3× |
| SM SM Energy Company compare | −3.0× |
| CRGY Crescent Energy Company compare | −2.9× |
| CRC California Resources Corporation compare | −2.7× |
| MUR Murphy Oil Corporation compare | −2.7× |
| CNX CNX Resources Corporation. compare | −2.2× |
| VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI