California Resources Corporation (CRC) vs Crescent Energy Company (CRGY)

California Resources Corporation and Crescent Energy Company are both Oil & Gas E&P companies. Crescent Energy Company is the larger, with a market value of $4.7B against $4.0B — 1.2× the size. California Resources Corporation has negative trailing earnings, so its P/E is not meaningful; Crescent Energy Company trades at 62.7×. Crescent Energy Company grew revenue faster over the last twelve months: 33.5% against −23.8%. Crescent Energy Company has the higher net margin (1.30% vs −18.1%) and the higher return on invested capital (8.47% vs −8.22%). Both pay a dividend; Crescent Energy Company yields more (4.29% vs 3.53%). Across the 21 metrics below, Crescent Energy Company leads on 19 and California Resources Corporation on 2.

Valuation

Metric CRC CRGY Oil & Gas E&P median
P/E n/m 62.74 9.67
P/S 1.47 0.77 1.76
P/B 1.35 0.72 1.19
Price to free cash flow 12.00 1.41 8.37
EV/EBITDA n/m 3.10 4.59
EV/Sales 1.96 1.76 2.27
Earnings yield (12.30%) 1.59% 7.55%
Free cash flow yield 8.33% 70.95% 3.98%

Profitability

Metric CRC CRGY Oil & Gas E&P median
Gross margin 43.10% 100.00% 79.54%
Operating margin (20.28%) 27.82% 24.01%
Net margin (18.11%) 1.30% 14.11%
Free cash flow margin 12.28% 54.67% 7.72%
Return on equity (15.46%) 1.29% 8.99%
Return on assets (7.11%) 0.58% 4.63%
Return on invested capital (8.22%) 8.47% 6.33%

Growth

Metric CRC CRGY Oil & Gas E&P median
Revenue growth (TTM) (23.77%) 33.54% 13.60%
EPS growth (last fiscal year) (10.17%) 161.36% (10.17%)
Revenue growth, 5-year CAGR 18.67% 36.54% 18.67%
Net income growth, 5-year CAGR (27.12%) 0.00% 0.00%

Health

Metric CRC CRGY Oil & Gas E&P median
Debt to equity 0.42 0.92 0.29
Current ratio 0.51 0.67 0.92
Net debt to EBITDA 1.04 3.40 0.93

Dividend

Metric CRC CRGY Oil & Gas E&P median
Dividend yield 3.53% 4.29% 3.76%
Payout ratio — — 0.33

Size

Metric CRC CRGY Oil & Gas E&P median
Market cap 4.03b 4.71b 953.29m

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