GRNT

MKT CAP:$741M

Granite Ridge Resources, Inc

Market Cap

$741M

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$5.63+$0.96 (+20.41%)

Apr 24, 2026

Company Details

Granite Ridge Resources, Inc. manages private funds with interests in areas of the Midland, Delaware, Bakken, Eagle Ford, DJ, and Haynesville play. It invests in oil and gas exploration and production. The company is based in Dallas, Texas.

CEO

Tyler S. Farquharson

IPO Date

Nov 6, 2020

Website

www.graniteridge.com

Key Metrics TTM

Revenue

$433M

+10.4% YoY

Net Income

$18M

EPS (Diluted)

$0.13

Free Cash Flow

-$82M

Revenue / Share

$3.31

Gross Margin

32.2%

Operating Margin

17.8%

Net Margin

4.1%

FCF Margin

-19.0%

P/S

1.7x

P/E

41.6x

Earnings Reports

Q4 2025

May 7, 2026

PENDING

FY 2025

Mar 5, 2026

$450M+18.5%EPS $0.18

Q3 2025

Nov 6, 2025

$113MEPS $0.11

Q1 2025

May 8, 2025

$123M+38.1%EPS $0.07

FY 2024

Mar 6, 2025

$380M-3.6%EPS $0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$3M	$1M	$956.2K
Q2 21	$3M	$2M	$3M
Q3 21	$56M	$50M	$32M
Q4 21	$130M	$119M	$68M
Q1 22	$94M	$64M	$61M
Q2 22	$150M	$102M	$99M
Q3 22	$137M	$80M	$77M
Q1 23	$91M	$38M	$29M
Q2 23	$88M	$32M	$24M
Q3 23	$108M	$39M	$33M
Q4 23	$107M	$36M	$5M
Q1 24	$89M	$27M	$20M
Q2 24	$91M	$29M	$22M
Q4 24	$106M	$34M	-$7M
Q1 25	$123M	$50M	$43M
Q3 25	$113M	$27M	$20M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	3.9x	9.4x
Q1 22	2.6x	6.7x
Q2 22	1.7x	3.7x
Q3 22	1.4x	2.9x
Q1 23	1.6x	3.1x
Q2 23	1.6x	3.4x
Q3 23	1.7x	5.2x
Q4 23	1.9x	9.1x
Q1 24	1.9x	12.3x
Q2 24	1.9x	13.0x
Q4 24	1.9x	27.2x
Q1 25	1.8x	38.0x
Q3 25	1.7x	41.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$1M	$569.0K
Q2 21	$4M	$2M
Q3 21	$92M	$25M
Q4 21	$89M	-$63M
Q1 22	$56M	$11M
Q2 22	$81M	$21M
Q3 22	$114M	$43M
Q1 23	$81M	-$48M
Q2 23	$74M	-$8M
Q3 23	$57M	-$18M
Q4 23	$90M	$18M
Q1 24	$69M	-$4M
Q2 24	$64M	-$20M
Q4 24	$68M	-$33M
Q1 25	$76M	-$25M
Q3 25	$78M	-$3M

Capital Expenditures

Quarter	CapEx
Q1 21	$719.6K
Q2 21	$1M
Q3 21	$67M
Q4 21	$152M
Q1 22	$45M
Q2 22	$60M
Q3 22	$71M
Q1 23	$130M
Q2 23	$82M
Q3 23	$75M
Q4 23	$73M
Q1 24	$72M
Q2 24	$84M
Q4 24	$102M
Q1 25	$101M
Q3 25	$81M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3099.8%	+1543.4%
Q2 22	+5054.1%	+12392.1%
Q3 22	+145.8%	+151.1%
Q1 23	-30.0%	-1.6%
Q2 23	-6.7%	+96.1%
Q3 23	-27.9%	+48.9%
Q4 23	-22.0%	+71.6%
Q1 24	-2.5%	+12.1%
Q2 24	+3.5%	+8.0%
Q4 24	-1.9%	+49.4%
Q1 25	+15.1%	-21.2%
Q3 25	+26.6%	+34.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$1M	1.2%
Q2 23	$375.0K	0.4%
Q3 23	$0	0.0%
Q4 23	$349.0K	0.3%
Q1 24	$512.0K	0.6%
Q2 24	$583.0K	0.6%
Q4 24	$615.0K	0.6%
Q1 25	$653.0K	0.5%
Q3 25	$1M	1.2%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 21	$63.7K	—
Q2 21	$162.8K	—
Q3 21	$2M	—
Q4 21	$5M	—
Q1 22	$3M	—
Q2 22	$2M	—
Q3 22	$3M	—
Q1 23	$9M	—
Q2 23	$8M	—
Q3 23	$5M	—
Q4 23	$5M	—
Q1 24	$6M	—
Q2 24	$7M	—
Q4 24	$6M	—
Q1 25	$7M	—
Q3 25	—	$7M

Revenue Segments

Quarter	Natural Gas, Storage	Oil and Gas Service
Q1 23	$18M	$73M
Q2 23	$18M	$69M
Q3 23	$20M	$88M
Q1 24	$13M	$76M
Q2 24	$13M	$77M
Q1 25	$31M	$92M
Q3 25	$21M	$92M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$11M	$0	$11M
Q2 22	$172.1K	$0	$172.1K
Q3 22	$6M	$0	$6M
Q4 22	$51M	$0	$51M
Q1 23	$11M	$0	$11M
Q2 23	$14M	$0	$14M
Q3 23	$6M	$0	$6M
Q4 23	$10M	$50M	$61M
Q1 24	$21M	$58M	$79M
Q2 24	$14M	$49M	$63M
Q3 24	$23M	$28M	$51M
Q4 24	$9M	$32M	$41M
Q1 25	$16M	$22M	$38M
Q2 25	$4M	$11M	$15M
Q3 25	$12M	$12M	$23M
Q4 25	$15M	$11M	$26M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	133M	—	—
Q2 21	133M	0.0%	—
Q3 21	133M	-0.1%	—
Q4 21	133M	0.0%	—
Q1 22	133M	-0.1%	-0.3%
Q2 22	133M	0.0%	-0.3%
Q3 22	133M	+0.3%	+0.1%
Q1 23	133M	-0.2%	-0.1%
Q2 23	133M	-0.1%	-0.0%
Q3 23	134M	+1.2%	+1.1%
Q4 23	132M	-1.7%	-0.9%
Q1 24	130M	-1.5%	-2.1%
Q2 24	130M	+0.1%	-2.0%
Q4 24	130M	-0.0%	-3.1%
Q1 25	130M	+0.1%	-1.3%
Q3 25	131M	+0.1%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	$46M	2
Q2 23	$44M	2
Q3 23	$54M	2
Q4 23	$53M	2
Q1 24	$44M	2
Q2 24	$45M	2
Q4 24	$35M	3
Q1 25	$41M	3
Q3 25	$38M	3

Revenue / Employee