Granite Ridge Resources, Inc.
GRNT NYSE Crude Petroleum & Natural Gas Financials FY2020–FY2025
Last close · Oct 23, 2026
$5.86
3.7%
Revenue
Total sales reported in the income statement.
$450M
18.5%
vs prior year
Operating margin
Operating income as a share of revenue.
10.3%
5.3 pts
Net income
Profit after all expenses, interest and tax.
$24.4M
29.8%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.6%
1.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$767M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.21 EPS (TTM)
What Granite Ridge Resources, Inc. does
No business description yet.
- Legal name
- Granite Ridge Resources, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 6, 2026
- Accession · CIK
- 0001928446-26-000007
0001928446
Revenue and margins
Granite Ridge Resources, Inc. had $450M of revenue in fiscal 2025, up 18.5% on the year before.
FY20
Revenue $87.1M
FY21
Revenue $290M
FY22
Revenue $497M
FY23
Revenue $394M
FY24
Revenue $380M
FY25
Revenue $450M
Q3 '23
Revenue $108M
Q4 '23
Revenue $107M
Q1 '24
Revenue $89.0M
Q2 '24
Revenue $90.7M
Q3 '24
Revenue $94.1M
Q4 '24
Revenue $106M
Q1 '25
Revenue $123M
Q2 '25
Revenue $109M
Q3 '25
Revenue $113M
Q4 '25
Revenue $105M
Q1 '26
Revenue $128M
Q2 '26
Revenue $149M
FY20
Gross —
Operating −40.3%
Net −27.5%
FCF —
FY21
Gross —
Operating 49.4%
Net 37.4%
FCF —
FY22
Gross —
Operating 60.7%
Net 52.7%
FCF —
FY23
Gross —
Operating 23.0%
Net 20.6%
FCF —
FY24
Gross —
Operating 15.6%
Net 4.9%
FCF —
FY25
Gross —
Operating 10.3%
Net 5.4%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 30.1%
Net 16.6%
FCF —
Q4 '23
Gross —
Operating 4.4%
Net 16.4%
FCF —
Q1 '24
Gross —
Operating 22.0%
Net 18.2%
FCF —
Q2 '24
Gross —
Operating 24.1%
Net 5.6%
FCF —
Q3 '24
Gross —
Operating 26.2%
Net 9.6%
FCF —
Q4 '24
Gross —
Operating −6.5%
Net −10.9%
FCF —
Q1 '25
Gross —
Operating 34.6%
Net 8.0%
FCF —
Q2 '25
Gross —
Operating 19.0%
Net 23.0%
FCF —
Q3 '25
Gross —
Operating 17.4%
Net 12.9%
FCF —
Q4 '25
Gross —
Operating −34.5%
Net −23.8%
FCF —
Q1 '26
Gross —
Operating 11.6%
Net −36.7%
FCF —
Q2 '26
Gross —
Operating 26.1%
Net 20.1%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$23.9M
FY21
Net income $108M
FY22
Net income $262M
FY23
Net income $81.1M
FY24
Net income $18.8M
FY25
Net income $24.4M
Q3 '23
Net income $18.0M
Q4 '23
Net income $17.5M
Q1 '24
Net income $16.2M
Q2 '24
Net income $5.1M
Q3 '24
Net income $9.1M
Q4 '24
Net income −$11.6M
Q1 '25
Net income $9.8M
Q2 '25
Net income $25.1M
Q3 '25
Net income $14.5M
Q4 '25
Net income −$25.1M
Q1 '26
Net income −$47.0M
Q2 '26
Net income $30.0M
FY20
Diluted EPS −$0.18
FY21
Diluted EPS $0.82
FY22
Diluted EPS $1.97
FY23
Diluted EPS $0.61
FY24
Diluted EPS $0.14
FY25
Diluted EPS $0.18
Q3 '23
Diluted EPS $0.13
Q4 '23
Diluted EPS $0.13
Q1 '24
Diluted EPS $0.12
Q2 '24
Diluted EPS $0.04
Q3 '24
Diluted EPS $0.07
Q4 '24
Diluted EPS −$0.09
Q1 '25
Diluted EPS $0.07
Q2 '25
Diluted EPS $0.19
Q3 '25
Diluted EPS $0.11
Q4 '25
Diluted EPS −$0.19
Q1 '26
Diluted EPS −$0.36
Q2 '26
Diluted EPS $0.23
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity −6.5%
Return on assets —
FY21
Return on capital 27.9%
Return on equity 25.7%
Return on assets 19.8%
FY22
Return on capital 47.0%
Return on equity 46.1%
Return on assets 39.1%
FY23
Return on capital 9.0%
Return on equity 12.1%
Return on assets 9.4%
FY24
Return on capital 5.4%
Return on equity 2.9%
Return on assets 1.9%
FY25
Return on capital 3.6%
Return on equity 3.9%
Return on assets 2.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY20
Cash from operations $66.8M
Capital spending —
FY21
Cash from operations $181M
Capital spending —
FY22
Cash from operations $346M
Capital spending —
FY23
Cash from operations $303M
Capital spending —
FY24
Cash from operations $276M
Capital spending —
FY25
Cash from operations $296M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $57.0M
Capital spending —
Q4 '23
Cash from operations $90.2M
Capital spending —
Q1 '24
Cash from operations $68.7M
Capital spending —
Q2 '24
Cash from operations $64.2M
Capital spending —
Q3 '24
Cash from operations $74.7M
Capital spending —
Q4 '24
Cash from operations $68.2M
Capital spending —
Q1 '25
Cash from operations $76.1M
Capital spending —
Q2 '25
Cash from operations $78.0M
Capital spending —
Q3 '25
Cash from operations $77.8M
Capital spending —
Q4 '25
Cash from operations $64.5M
Capital spending —
Q1 '26
Cash from operations $58.3M
Capital spending —
Q2 '26
Cash from operations $55.6M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Granite Ridge Resources, Inc. returned $57.7M to shareholders in fiscal 2025. The diluted share count rose 0.2%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends $10.7M
Buybacks $0.2M
FY23
Dividends $58.6M
Buybacks $35.4M
FY24
Dividends $57.5M
Buybacks $0.4M
FY25
Dividends $57.7M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $14.8M
Buybacks $5.9M
Q4 '23
Dividends $14.5M
Buybacks $23.6M
Q1 '24
Dividends $14.3M
Buybacks $0.4M
Q2 '24
Dividends $14.4M
Buybacks $0.0M
Q3 '24
Dividends $14.4M
Buybacks $0.0M
Q4 '24
Dividends $14.4M
Buybacks $0.0M
Q1 '25
Dividends $14.4M
Buybacks $0.0M
Q2 '25
Dividends $14.4M
Buybacks $0.0M
Q3 '25
Dividends $14.4M
Buybacks $0.0M
Q4 '25
Dividends $14.4M
Buybacks $0.0M
Q1 '26
Dividends $14.5M
Buybacks $0.0M
Q2 '26
Dividends $14.5M
Buybacks $0.0M
Dividends
Buybacks
FY20
Diluted shares 0.13B
FY21
Diluted shares 0.13B
FY22
Diluted shares 0.13B
FY23
Diluted shares 0.13B
FY24
Diluted shares 0.13B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably Granite Ridge Resources, Inc. can carry it.
FY20
Cash $8.5M
Debt —
FY21
Cash $12.2M
Debt $51.1M
FY22
Cash $51.1M
Debt $0.0M
FY23
Cash $10.7M
Debt $110M
FY24
Cash $9.4M
Debt $205M
FY25
Cash $14.8M
Debt $385M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $12.2M | $51.1M | $10.7M | $9.4M | $14.8M |
| Debt incl. finance leases | $51.1M | $0.0M | $110M | $205M | $385M |
| Debt / equity | 0.1x | 0.0x | 0.2x | 0.3x | 0.6x |
| Interest coverage | 60.1x | 151.9x | 17.0x | 3.2x | 1.8x |
| Current ratio | 1.5x | 2.3x | 2.4x | 1.3x | 1.2x |
| Quick ratio | 1.5x | 2.3x | 2.4x | 1.3x | 1.2x |
| Total assets | $547M | $795M | $927M | $1.0B | $1.2B |
| Total liabilities | $72.3M | $131M | $255M | $401M | $562M |
| Shareholders' equity | $475M | $664M | $672M | $635M | $606M |
| Net debt (− = net cash) | $38.9M | −$51.1M | $99.3M | $196M | $370M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✓ | ✕ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | — / 4 | 7 / 8 | 4 / 8 | 4 / 8 | 5 / 8 |
| Accruals ratio | — | −13.3% | −12.5% | −25.8% | −26.2% | −24.7% |
| Altman Z'' | — | — | 8.71 | 4.24 | 2.31 | 1.48 |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $87.1M | $290M | $497M | $394M | $380M | $450M |
| Operating income | −$35.1M | $143M | $302M | $90.6M | $59.3M | $46.4M |
| Interest expense | $1.8M | $2.4M | $2.0M | $5.3M | $18.5M | $25.5M |
| Pretax income | −$23.9M | $108M | $275M | $106M | $25.0M | $32.1M |
| Income tax | — | $0.0M | $12.9M | $24.5M | $6.2M | $7.8M |
| Net income | −$23.9M | $108M | $262M | $81.1M | $18.8M | $24.4M |
| Diluted EPS | −$0.18 | $0.82 | $1.97 | $0.61 | $0.14 | $0.18 |
| Diluted shares | 0.13B | 0.13B | 0.13B | 0.13B | 0.13B | 0.13B |
| Cash flow | ||||||
| Cash from operations | $66.8M | $181M | $346M | $303M | $276M | $296M |
| Stock-based compensation | — | $0.0M | $0.0M | $2.2M | $2.3M | $3.8M |
| Share buybacks | — | $0.0M | $0.2M | $35.4M | $0.4M | $0.0M |
| Dividends paid | — | — | $10.7M | $58.6M | $57.5M | $57.7M |
| Dividends and buybacks | — | $0.0M | $10.9M | $93.9M | $57.9M | $57.7M |
| Balance sheet | ||||||
| Cash and short-term investments | $8.5M | $12.2M | $51.1M | $10.7M | $9.4M | $14.8M |
| Total debt | — | $51.1M | $0.0M | $110M | $205M | $385M |
| Current assets | — | $98.1M | $146M | $152M | $135M | $119M |
| Current liabilities | — | $67.6M | $64.1M | $62.1M | $102M | $95.2M |
| Property and equipment, net | — | $278M | — | — | — | — |
| Total assets | — | $547M | $795M | $927M | $1.0B | $1.2B |
| Total liabilities | — | $72.3M | $131M | $255M | $401M | $562M |
| Shareholders' equity | $371M | $475M | $664M | $672M | $635M | $606M |
| Margins | ||||||
| Operating margin | −40.3% | 49.4% | 60.7% | 23.0% | 15.6% | 10.3% |
| Net margin | −27.5% | 37.4% | 52.7% | 20.6% | 4.9% | 5.4% |
| Returns | ||||||
| Return on capital | — | 27.9% | 47.0% | 9.0% | 5.4% | 3.6% |
| Return on capital employed | — | 29.9% | 41.4% | 10.5% | 6.3% | 4.3% |
| Return on equity | −6.5% | 25.7% | 46.1% | 12.1% | 2.9% | 3.9% |
| Return on assets | — | 19.8% | 39.1% | 9.4% | 1.9% | 2.2% |
| Return on tangible equity | −6.5% | 22.8% | 39.5% | 12.1% | 3.0% | 4.0% |
| Growth | ||||||
| Revenue growth | — | 233.2% | 71.4% | −20.8% | −3.6% | 18.5% |
| Net income growth | — | — | 141.9% | −69.1% | −76.9% | 29.8% |
| EPS growth | — | — | 140.2% | −69.0% | −77.0% | 28.6% |
| Share count change | — | 0.0% | 0.1% | 0.0% | −2.2% | 0.2% |
| Financial health | ||||||
| Debt / equity | — | 0.1x | 0.0x | 0.2x | 0.3x | 0.6x |
| Interest coverage | −19.1x | 60.1x | 151.9x | 17.0x | 3.2x | 1.8x |
| Current ratio | — | 1.5x | 2.3x | 2.4x | 1.3x | 1.2x |
| Quick ratio | — | 1.5x | 2.3x | 2.4x | 1.3x | 1.2x |
| Capital allocation | ||||||
| Stock comp / revenue | — | 0.0% | 0.0% | 0.5% | 0.6% | 0.8% |
| Quality scores | ||||||
| Piotroski F-score | — | — | 7.0 | 4.0 | 4.0 | 5.0 |
| Altman Z'' | — | — | 8.7 | 4.2 | 2.3 | 1.5 |
| Accruals ratio | — | −13.3% | −12.5% | −25.8% | −26.2% | −24.7% |
Source: SEC EDGAR XBRL filings (CIK 0001928446). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.