Greenfire Resources Ltd. (GFR) vs Mach Natural Resources LP (MNR)

Greenfire Resources Ltd. and Mach Natural Resources LP are both Oil & Gas E&P companies. Mach Natural Resources LP is the larger, with a market value of $1.8B against $1.6B — 1.2× the size. Greenfire Resources Ltd. has negative trailing earnings, so its P/E is not meaningful; Mach Natural Resources LP trades at 18.4×. Mach Natural Resources LP grew revenue faster over the last twelve months: 34.4% against −16.5%. Mach Natural Resources LP has the higher net margin (7.44% vs −6.42%) and the higher return on invested capital (4.09% vs 0.48%). Across the 18 metrics below, Mach Natural Resources LP leads on 12 and Greenfire Resources Ltd. on 6.

Valuation

Metric GFR MNR Oil & Gas E&P median
P/E n/m 18.38 11.01
P/S 1.95 1.37 1.98
P/B 0.99 1.00 1.30
Price to free cash flow n/m 7.39 10.68
EV/EBITDA 13.03 5.47 5.09
EV/Sales 2.02 2.26 2.63
Earnings yield (4.26%) 5.44% 5.78%
Free cash flow yield (5.27%) 13.54% 4.91%

Profitability

Metric GFR MNR Oil & Gas E&P median
Gross margin 91.87% 56.26% 80.41%
Operating margin 1.54% 14.40% 21.39%
Net margin (6.42%) 7.44% 14.17%
Free cash flow margin (10.30%) 18.51% 8.18%
Return on equity (3.69%) 0.00% 10.05%
Return on assets (2.89%) 3.35% 5.81%
Return on invested capital 0.48% 4.09% 6.32%

Growth

Metric GFR MNR Oil & Gas E&P median
Revenue growth (TTM) (16.46%) 34.42% 9.94%
EPS growth (last fiscal year) (62.10%) (42.63%) (10.50%)
Revenue growth, 5-year CAGR — — 18.67%
Net income growth, 5-year CAGR — — 0.00%

Health

Metric GFR MNR Oil & Gas E&P median
Debt to equity 0.03 0.63 0.28
Current ratio 0.96 0.88 0.96
Net debt to EBITDA (0.21) 2.03 0.89

Dividend

Metric GFR MNR Oil & Gas E&P median
Dividend yield — — 3.29%
Payout ratio — — 0.35

Size

Metric GFR MNR Oil & Gas E&P median
Market cap 1.55b 1.81b 1.04b

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