California Resources vs Permian Resources
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The short version
- Permian Resources is the larger business, with $5.1B of revenue in fiscal 2025 against $3.7B for California Resources.
- California Resources grew revenue faster (14.7%, against 1.3%).
- Permian Resources kept more of each dollar of sales as operating profit (28.9% operating margin, against 16.3%).
- Permian Resources turned more of its sales into free cash flow (71.0% FCF margin, against 14.8%).
- California Resources earned a higher return on the capital invested in it (9.5%, against 8.0%).
| Latest fiscal year | CRC · FY25 | PR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $21.8B |
| Revenue | $3.7B | $5.1B |
| Free cash flow | $543M | $3.6B |
| Net income | $363M | $935M |
| Growth | ||
| Revenue growth | 14.7% | 1.3% |
| 5-year growth | 6.9% | 54.2% |
| Share count change | 7.4% | 6.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.3% | 28.9% |
| Net margin | 9.9% | 18.5% |
| FCF margin | 14.8% | 71.0% |
| Return on capital | 9.5% | 8.0% |
| Return on equity | 10.1% | 9.6% |
| Balance sheet | ||
| Net debt | $1.2B | $3.4B |
| Net debt / EBITDA | 1.0x | — |
| Dividends and buybacks | $513M | $448M |
| Valuation & quality | ||
| P/E | — | 16.9x |
| Piotroski F-score | 4 | 4 |
Revenue
FY16
CRC $1.5B
PR —
FY17
CRC $2.0B
PR $430M
FY18
CRC $3.1B
PR $891M
FY19
CRC $2.6B
PR $944M
FY20
CRC —
PR $581M
FY21
CRC $1.9B
PR $1.0B
FY22
CRC $2.7B
PR $2.1B
FY23
CRC $2.8B
PR $3.1B
FY24
CRC $3.2B
PR $5.0B
FY25
CRC $3.7B
PR $5.1B
CRC
PR
Operating margin
FY16
CRC −18.9%
PR —
FY17
CRC 3.6%
PR 26.5%
FY18
CRC 25.1%
PR 31.8%
FY19
CRC 16.3%
PR 8.4%
FY20
CRC —
PR −134.4%
FY21
CRC 15.5%
PR 36.0%
FY22
CRC 30.0%
PR 47.3%
FY23
CRC 28.9%
PR 35.1%
FY24
CRC 19.4%
PR 34.9%
FY25
CRC 16.3%
PR 28.9%
CRC
PR
Free cash flow
FY16
CRC $55.0M
PR —
FY17
CRC −$123M
PR $255M
FY18
CRC −$229M
PR $664M
FY19
CRC $221M
PR $555M
FY20
CRC —
PR $170M
FY21
CRC $466M
PR $525M
FY22
CRC $311M
PR $1.4B
FY23
CRC $468M
PR $2.2B
FY24
CRC $355M
PR $3.4B
FY25
CRC $543M
PR $3.6B
CRC
PR
Return on capital
FY16
CRC −5.9%
PR —
FY17
CRC 1.2%
PR —
FY18
CRC 16.1%
PR 6.2%
FY19
CRC 8.8%
PR 1.4%
FY20
CRC —
PR −15.4%
FY21
CRC —
PR 10.2%
FY22
CRC 27.1%
PR 15.4%
FY23
CRC 27.6%
PR 9.0%
FY24
CRC 13.8%
PR 10.3%
FY25
CRC 9.5%
PR 8.0%
CRC
PR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.