MNR

MKT CAP:$2B

Mach Natural Resources LP

Market Cap

$2B

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

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

Stock Price

$13.04+$1.79 (+15.91%)

Apr 24, 2026

Company Details

Mach Natural Resources LP, an independent upstream oil and gas company, focuses on the acquisition, development, and production of oil, natural gas, and natural gas liquids reserves in the Anadarko Basin region of Western Oklahoma, Southern...

CEO

Tom L. Ward

IPO Date

Oct 25, 2023

Website

www.machresources.com

Key Metrics TTM

Revenue

$1.1B

+24.6% YoY

Net Income

$143M

EPS (Diluted)

$1.09

Free Cash Flow

$78M

Revenue / Share

$8.62

Gross Margin

36.7%

Operating Margin

17.9%

Net Margin

12.6%

FCF Margin

6.9%

P/S

1.9x

P/E

15.3x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 12, 2026

$1.1B+12.8%EPS $1.09

Q4 2025

Mar 12, 2026

$346MEPS $0.47

Q3 2025

Nov 6, 2025

$273M+6.7%EPS -$0.28

Q2 2025

Aug 7, 2025

$289M+20.2%EPS $0.76

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$296M	$181M	$175M
Q1 23	$192M	$98M	$93M
Q2 23	$167M	$85M	$80M
Q3 23	$175M	$89M	$84M
Q1 24	$239M	$78M	$67M
Q2 24	$240M	$82M	$70M
Q3 24	$256M	$104M	$95M
Q1 25	$227M	$63M	$52M
Q2 25	$289M	$120M	$111M
Q3 25	$273M	$160M	-$19M
Q4 25	$346M	$73M	$60M

Valuation

Quarter	P/S	P/E
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	2.1x	4.2x
Q1 24	2.4x	6.2x
Q2 24	2.3x	7.7x
Q3 24	1.7x	6.5x
Q1 25	1.6x	9.2x
Q2 25	1.6x	7.6x
Q3 25	1.5x	11.5x
Q4 25	1.2x	9.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$170M	$90M
Q1 23	$147M	$65M
Q2 23	$128M	$23M
Q3 23	$107M	$34M
Q1 24	$144M	$89M
Q2 24	$117M	$47M
Q3 24	$111M	$63M
Q1 25	$143M	$91M
Q2 25	$130M	-$4M
Q3 25	$106M	$48M
Q4 25	$129M	-$57M

Capital Expenditures

Quarter	CapEx
Q3 22	$81M
Q1 23	$82M
Q2 23	$105M
Q3 23	$73M
Q1 24	$55M
Q2 24	$69M
Q3 24	$48M
Q1 25	$51M
Q2 25	$135M
Q3 25	$57M
Q4 25	$186M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 24	-19.1%	+42.2%
Q2 24	+24.9%	+71.6%
Q3 24	+53.1%	+85.3%
Q1 25	+29.3%	+91.1%
Q2 25	+20.6%	+3.1%
Q3 25	+13.6%	+72.1%
Q4 25	+35.4%	+78.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$2M	0.6%
Q1 23	$647.0K	0.3%
Q2 23	$647.0K	0.4%
Q3 23	$647.0K	0.4%
Q1 24	$1M	0.5%
Q2 24	$2M	1.0%
Q3 24	$1M	0.5%
Q1 25	$2M	0.9%
Q2 25	$2M	0.7%
Q3 25	$2M	0.8%
Q4 25	$3M	0.9%

OpEx Breakdown

Quarter	G&A	SG&A
Q3 22	$6M	—
Q1 23	$5M	—
Q2 23	$5M	—
Q3 23	$5M	—
Q1 24	$10M	—
Q2 24	$11M	—
Q3 24	$9M	—
Q1 25	$11M	—
Q2 25	$9M	—
Q3 25	$23M	—
Q4 25	—	$14M

Revenue Segments

Quarter	Natural Gas	Natural Gas Liquids	Natural Gas, Gathering, Transportation, Marketing and Processing	Oil
Q3 23	$37M	$17M	$155.0K	$113M
Q2 24	$39M	$46M	-$4M	$150M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$29M	$0	$29M
Q4 23	$153M	$0	$153M
Q1 24	$151M	$0	$151M
Q2 24	$145M	$0	$145M
Q3 24	$185M	$0	$185M
Q4 24	$106M	$0	$106M
Q1 25	$8M	$0	$8M
Q2 25	$14M	$0	$14M
Q3 25	$54M	$0	$54M
Q4 25	$43M	$0	$43M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	95M	—	—
Q1 23	95M	0.0%	—
Q2 23	95M	0.0%	—
Q3 23	95M	0.0%	—
Q1 24	95M	+0.0%	+0.0%
Q2 24	95M	+0.2%	+0.2%
Q3 24	97M	+1.9%	+2.1%
Q1 25	112M	+15.6%	+18.1%
Q2 25	118M	+5.5%	+24.6%
Q3 25	126M	+6.8%	+32.9%
Q4 25	132M	+4.0%	+35.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q1 24	$538.6K	444
Q2 24	$540.5K	444
Q3 24	$575.5K	444
Q1 25	$449.0K	505
Q2 25	$571.3K	505
Q3 25	$539.7K	505
Q4 25	$411.8K	840

Revenue / Employee