Mach Natural Resources Lp
MNR NYSE Crude Petroleum & Natural Gas Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$1.2B
21.2%
vs prior year
Operating margin
Operating income as a share of revenue.
20.8%
9.2 pts
Net income
Profit after all expenses, interest and tax.
$143M
22.8%
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.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.56 EPS (TTM)
What Mach Natural Resources Lp does
No business description yet.
- Legal name
- MACH NATURAL RESOURCES LP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001628280-26-017249
0001980088
Revenue and margins
Mach Natural Resources Lp had $1.2B of revenue in fiscal 2025, up 21.2% on the year before.
FY21
Revenue $392M
FY22
Revenue $937M
FY23
Revenue $762M
FY24
Revenue $970M
FY25
Revenue $1.2B
Q3 '23
Revenue $175M
Q4 '23
Revenue $228M
Q1 '24
Revenue $239M
Q2 '24
Revenue $240M
Q3 '24
Revenue $256M
Q4 '24
Revenue $235M
Q1 '25
Revenue $227M
Q2 '25
Revenue $289M
Q3 '25
Revenue $273M
Q4 '25
Revenue $388M
Q1 '26
Revenue $286M
Q2 '26
Revenue $406M
FY21
Gross —
Operating 39.6%
Net 35.3%
FCF —
FY22
Gross —
Operating 55.7%
Net 55.1%
FCF —
FY23
Gross —
Operating 47.1%
Net 9.0%
FCF —
FY24
Gross —
Operating 30.0%
Net 19.1%
FCF —
FY25
Gross —
Operating 20.8%
Net 12.2%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 47.7%
Net 47.6%
FCF —
Q4 '23
Gross —
Operating 44.7%
Net −81.0%
FCF —
Q1 '24
Gross —
Operating 28.1%
Net 17.4%
FCF —
Q2 '24
Gross —
Operating 29.4%
Net 16.5%
FCF —
Q3 '24
Gross —
Operating 37.1%
Net 26.4%
FCF —
Q4 '24
Gross —
Operating 24.9%
Net 15.5%
FCF —
Q1 '25
Gross —
Operating 22.8%
Net 7.0%
FCF —
Q2 '25
Gross —
Operating 38.6%
Net 31.1%
FCF —
Q3 '25
Gross —
Operating −7.0%
Net −13.1%
FCF —
Q4 '25
Gross —
Operating 26.1%
Net 18.9%
FCF —
Q1 '26
Gross —
Operating −3.4%
Net −12.3%
FCF —
Q2 '26
Gross —
Operating 30.2%
Net 24.2%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $138M
FY22
Net income $517M
FY23
Net income $68.5M
FY24
Net income $185M
FY25
Net income $143M
Q3 '23
Net income $83.5M
Q4 '23
Net income −$184M
Q1 '24
Net income $41.7M
Q2 '24
Net income $39.5M
Q3 '24
Net income $67.4M
Q4 '24
Net income $36.5M
Q1 '25
Net income $15.9M
Q2 '25
Net income $89.7M
Q3 '25
Net income −$35.7M
Q4 '25
Net income $73.1M
Q1 '26
Net income −$35.0M
Q2 '26
Net income $98.2M
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS $0.72
FY24
Diluted EPS $1.90
FY25
Diluted EPS $1.09
Q3 '23
Diluted EPS —
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS $0.44
Q2 '24
Diluted EPS $0.42
Q3 '24
Diluted EPS $0.70
Q4 '24
Diluted EPS $0.34
Q1 '25
Diluted EPS $0.14
Q2 '25
Diluted EPS $0.76
Q3 '25
Diluted EPS −$0.28
Q4 '25
Diluted EPS $0.47
Q1 '26
Diluted EPS −$0.21
Q2 '26
Diluted EPS $0.58
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital —
Return on equity —
Return on assets 58.2%
FY23
Return on capital —
Return on equity —
Return on assets 4.3%
FY24
Return on capital —
Return on equity —
Return on assets 8.0%
FY25
Return on capital —
Return on equity —
Return on assets 4.7%
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.
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY21
Cash from operations $198M
Capital spending —
FY22
Cash from operations $554M
Capital spending —
FY23
Cash from operations $492M
Capital spending —
FY24
Cash from operations $505M
Capital spending —
FY25
Cash from operations $507M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $107M
Capital spending —
Q4 '23
Cash from operations $110M
Capital spending —
Q1 '24
Cash from operations $144M
Capital spending —
Q2 '24
Cash from operations $117M
Capital spending —
Q3 '24
Cash from operations $111M
Capital spending —
Q4 '24
Cash from operations $134M
Capital spending —
Q1 '25
Cash from operations $143M
Capital spending —
Q2 '25
Cash from operations $130M
Capital spending —
Q3 '25
Cash from operations $106M
Capital spending —
Q4 '25
Cash from operations $129M
Capital spending —
Q1 '26
Cash from operations $170M
Capital spending —
Q2 '26
Cash from operations $154M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Mach Natural Resources Lp returned — to shareholders in fiscal 2025. The diluted share count rose 34.6%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares 0.09B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably Mach Natural Resources Lp can carry it.
FY21
Cash $59.3M
Debt —
FY22
Cash $29.4M
Debt $84.9M
FY23
Cash $153M
Debt $807M
FY24
Cash $106M
Debt $751M
FY25
Cash $42.6M
Debt $1.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $59.3M | $29.4M | $153M | $106M | $42.6M |
| Debt incl. finance leases | — | $84.9M | $807M | $751M | $1.1B |
| Net debt / EBITDA | — | 0.1x | 1.3x | 1.1x | 2.0x |
| Interest coverage | 93.8x | 107.7x | 32.1x | 2.8x | 3.4x |
| Current ratio | — | 1.2x | 1.2x | 0.9x | 1.1x |
| Quick ratio | — | 1.1x | 1.1x | 0.8x | 0.9x |
| Total assets | — | $888M | $2.3B | $2.3B | $3.8B |
| Net debt (− = net cash) | — | $55.5M | $654M | $646M | $1.1B |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✕ | ✓ |
| Share count didn't rise | — | — | — | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✕ |
| F-score | — / 3 | — / 3 | 4 / 7 | 6 / 8 | 5 / 8 |
| Accruals ratio | — | −4.1% | −26.5% | −13.8% | −11.9% |
| Altman Z'' | — | — | — | — | — |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $392M | $937M | $762M | $970M | $1.2B |
| Operating income | $155M | $522M | $359M | $291M | $245M |
| Interest expense | $1.7M | $4.9M | $11.2M | $105M | $72.2M |
| Net income | $138M | $517M | $68.5M | $185M | $143M |
| Diluted EPS | — | — | $0.72 | $1.90 | $1.09 |
| Diluted shares | — | — | 0.09B | 0.10B | 0.13B |
| Cash flow | |||||
| Cash from operations | $198M | $554M | $492M | $505M | $507M |
| Depreciation and amortization | $40.7M | $88.6M | $138M | $271M | $293M |
| Stock-based compensation | $45.3M | $7.5M | $3.4M | $6.5M | $9.4M |
| Balance sheet | |||||
| Cash and short-term investments | $59.3M | $29.4M | $153M | $106M | $42.6M |
| Total debt | — | $84.9M | $807M | $751M | $1.1B |
| Current assets | — | $187M | $344M | $322M | $378M |
| Current liabilities | — | $153M | $275M | $352M | $360M |
| Inventory | — | $24.7M | $31.4M | $24.3M | $43.5M |
| Property and equipment, net | — | $72.9M | $89.7M | $91.8M | $195M |
| Total assets | — | $888M | $2.3B | $2.3B | $3.8B |
| Margins | |||||
| Operating margin | 39.6% | 55.7% | 47.1% | 30.0% | 20.8% |
| EBITDA margin | 50.0% | 65.2% | 65.2% | 58.0% | 45.7% |
| Net margin | 35.3% | 55.1% | 9.0% | 19.1% | 12.2% |
| Returns | |||||
| Return on capital employed | — | 71.1% | 17.7% | 14.7% | 7.2% |
| Return on assets | — | 58.2% | 4.3% | 8.0% | 4.7% |
| Growth | |||||
| Revenue growth | — | 138.8% | −18.7% | 27.2% | 21.2% |
| Net income growth | — | 273.5% | −86.7% | 170.3% | −22.8% |
| EPS growth | — | — | — | 163.9% | −42.6% |
| Share count change | — | — | — | 2.9% | 34.6% |
| Financial health | |||||
| Net debt / EBITDA | — | 0.1x | 1.3x | 1.1x | 2.0x |
| Interest coverage | 93.8x | 107.7x | 32.1x | 2.8x | 3.4x |
| Current ratio | — | 1.2x | 1.2x | 0.9x | 1.1x |
| Quick ratio | — | 1.1x | 1.1x | 0.8x | 0.9x |
| Capital allocation | |||||
| Stock comp / revenue | 11.5% | 0.8% | 0.5% | 0.7% | 0.8% |
| Quality scores | |||||
| Piotroski F-score | — | — | 4.0 | 6.0 | 5.0 |
| Accruals ratio | — | −4.1% | −26.5% | −13.8% | −11.9% |
Source: SEC EDGAR XBRL filings (CIK 0001980088). 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.