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Crescent Energy (CRGY) USD

At a glance: strengths & risks
✓Revenue growing (+56% y/y, Q3 2026)✓Margins improving (38%→63%, Q3 2026)✓Cheaper than own history (EV/EBITDA 3.7 vs avg 6.8)✗High leverage (4.0x EBITDA)

Sector: Oil & gas

Geography: US (Texas, Gulf Coast, Rockies)

COMM_CRGY

Price chart

12.12 USDDay 0.66%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
12.12 USD · 0.66%
Market cap
5.1 bn USD

Growth

Δ revenue y/y
55.9%
Δ EBITDA y/y
159.3%

Multiples

P/E (LTM)
82.5x
3y avg: 54.8x
P/B (FY)
1.0x
P/E (ann.)
<0
EV/EBITDA (LTM)
3.7x
3y avg: 6.8x
EV/EBITDA (ann.)
2.9x

Cash return

Dividend yield
4.0%
FCF yield (LTM)
22.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+56.9%
↓ details

Liquidity

Daily turnover (listing)
50.4 mln USD

Shares: sec_cover/1866175:10-Q@2026-10-30

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-09-30Q3 2026 (3M)OK1351.2
y/y 55.9%
478.7
y/y 1454.1%
374.9
y/y 25.6%
853.6
y/y 159.3%
-2.2
y/y —
608.5-368.511759.2
y/y 21.3%
5136.1
y/y 14.7%
-0.2%4724.3Link
2026-06-30Q2 2026 (3M)OK1395.0
y/y 55.3%
581.0
y/y 629.6%
358.0
y/y 20.5%
939.0
y/y 149.3%
492.8
y/y 221.6%
706.8-330.912008.4
y/y 21.8%
5159.6
y/y 14.7%
40.0%4914.4Link
2026-03-31Q1 2026 (3M)OK1182.8
y/y 24.5%
327.5
y/y 90.2%
354.1
y/y 25.3%
681.6
y/y 49.9%
-419.8
y/y —
409.2-681.711998.2
y/y 21.5%
4686.4
y/y 43.5%
-34.1%5242.3Link
2025-12-31Q4 2025 (3M)OK865.0
y/y -1.2%
-53.4
y/y -94.0%
288.8
y/y -6.5%
235.4
y/y -16.4%
-8.7
y/y 92.7%
371.0632.712443.2
y/y 35.8%
5165.4
y/y 64.5%
2.8%5529.6Link
2025-09-30Q3 2025 (3M)OK866.6
y/y 16.3%
30.8
y/y —
298.4
y/y 18.7%
329.3
y/y 34.9%
-9.5
y/y —
473.1-249.99694.2
y/y 4.8%
4478.9
y/y 55.8%
-0.8%3231.3Link
2025-06-30Q2 2025 (3M)OK898.0
y/y 37.5%
79.6
y/y -33.3%
297.1
y/y 39.9%
376.7
y/y 13.5%
153.2
y/y 308.1%
499.0-276.99856.7
y/y 31.8%
4498.7
y/y 110.1%
15.8%3387.7Link
2025-03-31Q1 2025 (3M)OK950.2
y/y 44.5%
172.2
y/y 28.5%
282.6
y/y 60.0%
454.8
y/y 46.4%
-2.1
y/y —
337.1-1056.99872.3
y/y 45.2%
3265.2
y/y 63.6%
-0.3%3608.7Link
2024-12-31Q4 2024 (3M)OK875.3
y/y 33.1%
-27.5
y/y 12.4%
309.0
y/y 69.0%
281.5
y/y 85.8%
-118.0
y/y -312.5%
384.4-341.39160.6
y/y 34.6%
3139.6
y/y 81.0%
-3.8%2932.9Link
2024-09-30Q3 2024 (3M)OK744.9
y/y 16.0%
-7.4
y/y -105.2%
251.5
y/y 34.9%
244.1
y/y -25.6%
-9.9
y/y —
368.0-547.89250.4
y/y 32.4%
2875.3
y/y 76.7%
-1.6%3112.5Link
2024-06-30Q2 2024 (3M)OK653.3
y/y 32.7%
119.4
y/y 86.4%
212.4
y/y 32.8%
331.8
y/y 48.1%
37.5
y/y 628.9%
286.9-151.77480.8
y/y 21.7%
2141.1
y/y 44.8%
7.3%1655.9Link
2024-03-31Q1 2024 (3M)OK657.5
y/y 11.4%
134.0
y/y -11.0%
176.6
y/y 20.5%
310.6
y/y 4.6%
-24.2
y/y -140.4%
183.8-157.56797.9
y/y 11.2%
1996.2
y/y 117.8%
-5.2%1779.7Link
2023-12-31Q4 2023 (3M)OK657.7
y/y —
-31.4
y/y —
182.9
y/y —
151.5
y/y —
55.5
y/y —
322.9-319.66803.3
y/y —
1734.5
y/y —
4.0%1732.4Link
2023-09-30Q3 2023 (3M)OK642.4
y/y —
141.5
y/y —
186.5
y/y —
328.0
y/y —
-52.9
y/y —
189.3-691.36986.4
y/y —
1627.1
y/y —
-13.6%1720.9Link
2023-06-30Q2 2023 (3M)OK492.3
y/y —
64.0
y/y —
159.9
y/y —
223.9
y/y —
5.2
y/y —
183.5-192.86148.3
y/y —
1478.4
y/y —
1.7%1361.4Link
2023-03-31Q1 2023 (3M)OK590.1
y/y —
150.6
y/y —
146.5
y/y —
297.1
y/y —
59.8
y/y —
240.1-195.16111.7
y/y —
916.5
y/y —
—1267.3Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)4
Long-term debt (incl. LT leases)4 718
Non-controlling interests9
Commodity hedges (net liability)242
− Cash & equivalents6
Net debt4 966

Net debt / LTM EBITDA: 1.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-50%0%50%100%150%200%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 000-50005001 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

02 0004 0006 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 12.64x of reported net profit; after capex, 5.24x. Loss years (2021, 2024) are left out of the ratio.
year20212022202320242025
cash flow / profit—10.47x13.84x—12.64x
accruals, % of assets-4.9%-15.2%-12.8%-14.6%-12.4%
Last twelve months (to 2026-09-30): 33.75x of profit came back as operating cash flow.
net debt / EBITDA 4.0x · EBIT covers interest 0.8x · capex 0.8x of depreciation · dividends 11% of free cash flow
● Net debt / EBITDA 4.0x at the last full year.
● EBIT covers interest 0.8x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Oil & liquids share
%		Realized price
USD $/Boe		Operating cost
USD $/Boe		Hedged share of production
%
Q3 2026-09328 000
+29.6%		—44.38
+23.7%		14.41
−13.5%		60
+0.0%
Q2 2026-06335 000
+27.4%		6445.63
+26.9%		13.38
−18.0%		—
H1 2026-06338 000
+30.0%		—42
+11.6%		13.69
−18.7%		65
+12.1%
Q1 2026-03341 000—38.3914—
Q4 2025-12268 000
+5.1%		5833.63
−6.6%		16.52
+9.5%		—
FY 2025-12260 000
+28.9%		5836.1716.71—
Q3 2025-09253 000—35.8716.6560
Q2 2025-06263 000—35.9616.31—
H1 2025-06260 000—37.6516.8458
Q4 2024-12255 000—35.9915.08—
FY 2024-12201 745.20
+35.0%		————
FY 2023-12149 405.48————

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1866175/000162828026065385/exhibit993-8xkoctober2026.htm; https://www.sec.gov/Archives/edgar/data/1866175/000162828026065385/exhibit994-8xkoctober2026.htm; https://www.sec.gov/Archives/edgar/data/1866175/000162828026065385/exhibit995-8xkoctober2026.htm; https://www.sec.gov/Archives/edgar/data/1866175/000186617526000023/exhibit991q42025earningsre.htm; https://www.sec.gov/Archives/edgar/data/1866175/000186617526000026/crgy-20251231.htm; https://www.sec.gov/Archives/edgar/data/1866175/000186617526000112/exhibit991q22026earningsre.htm

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
1 126 mln boe (1P)
2025
Reserve life (R/P)
11.9 yrs
reserves ÷ annual output
Annual production
94.90 mln boe
2025

Production, mln boe

54.53202373.64202494.902025

Proved reserves

YearReserves, mln boe (1P)
20251 126
20241 327
2023548.17
2022302.32

Production

YearProduction, mln boeper day, mln boe
202594.90
+28.9%		0.26
202473.64
+35.0%		0.20
202354.530.15

Company reports: https://www.sec.gov/Archives/edgar/data/1866175/000162828026065385/exhibit993-8xkoctober2026.htm; https://www.sec.gov/Archives/edgar/data/1866175/000162828026065385/exhibit994-8xkoctober2026.htm; https://www.sec.gov/Archives/edgar/data/1866175/000162828026065385/exhibit995-8xkoctober2026.htm; https://www.sec.gov/Archives/edgar/data/1866175/000186617526000023/exhibit991q42025earningsre.htm; https://www.sec.gov/Archives/edgar/data/1866175/000186617526000026/crgy-20251231.htm; https://www.sec.gov/Archives/edgar/data/1866175/000186617526000112/exhibit991q22026earningsre.htm

Key-commodity price — WTI Crude Oil

Current 89spot vs LTM +13%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +56.9% ▲ +0.0 pp 1d

Main driver: WTI Crude Oil +15% vs LTM; revenue ×1.13 vs costs ×1.04; EBITDA 2 710→2 926; at 3.9× EV/EBITDA → +57%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+60%88.9277.2177.01+15%-0%
Henry Hub Gas (rev)+25%3.243.333.11-3%-7%
Propane (NGL) (rev)+10%1.060.710.79+49%+10%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue4 794
LTM EBITDA2 710
LTM cash costs (revenue − EBITDA)2 084
2 · Revenue projection
Revenue multiplier — spot×1.133 (+13%)
= Spot revenue5 431
Revenue multiplier — 3y price×0.992 (-1%)
= 3-year-price revenue4 757
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 168
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 168
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 263
= 3-year-price EBITDA2 589
Conservative EBITDA = min(spot, avg)2 926
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.9x
Target EV = EV/EBITDA × conservative EBITDA11 384
Net debt4 665
Target market cap = EV − net debt6 719
Current market cap3 171

Upside = target market cap ÷ current − 1 = +56.9%

Life of mine: 12 yrs — before haircut +111.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q4658571+15.1%152238-36.4%
2024 Q1657569+15.6%311214+44.8%
2024 Q2653615+6.2%332247+34.3%
2024 Q3745614+21.2%244233+4.8%
2024 Q4875684+28.0%282255+10.6%
2025 Q1950828+14.7%455376+20.8%
2025 Q2898791+13.5%377301+25.0%
2025 Q3867810+6.9%329269+22.3%
2025 Q4865859+0.8%235308-23.6%
2026 Q11 183929+27.3%682369+84.5%
2026 Q21 3951 170+19.2%939609+54.2%
2026 Q31 3511 164+16.1%854619+37.8%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +22% vs +23% the year before — a -0.9 pp move. 3-year CAGR +5%.
revenue growth by year: 2023 -22% · 2024 +23% · 2025 +22%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.4x · target 75th pct (3y) 6.8x · LTM avg 5.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal21.92.3x2.3x
LukoilRussia43.12.5x4.2x
TatneftRussia17.12.8x4.8x
GazpromRussia33.72.9x4.9x
Occidental Petroleumglobal58.75.0x5.0x
RosneftRussia46.23.2x5.4x
ConocoPhillipsglobal168.26.2x6.2x
Gazprom NeftRussia30.74.0x6.8x
SantosAustralia20.09.3x7.4x
Chevronglobal432.27.6x7.6x
Exxon Mobilglobal701.58.7x8.7x
NovatekRussia41.88.4x14.2x
Group median4.5x5.8x
Group average5.2x6.4x
This companyglobal5.13.7x3.7x

Group median 4.5x as traded, 5.8x adjusted; this company 3.7x — a 36% discount.

Group average 5.2x as traded, 6.4x adjusted; against the average this company is at a 43% discount.

At the adjusted group median the market cap would be +114% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-170.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2026-05-180.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2026-03-110.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2025-11-170.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2025-08-180.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2025-05-190.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2025-03-120.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-11-180.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-08-190.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-05-200.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-11-170.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-08-220.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-05-230.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-03-170.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2022-11-220.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2022-08-220.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2022-05-230.17 USDEx-dividend: 0.17 USD per sharePaidYahoo Finance (ex-div)
2022-03-170.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Crescent Energy (CRGY) — from primary filings.

Frequently asked questions

What is Crescent Energy (CRGY)'s P/E ratio?
Crescent Energy (CRGY) trades at a P/E of 82.5x (price to trailing 12-month earnings).
What is Crescent Energy (CRGY)'s EV/EBITDA?
Crescent Energy (CRGY) trades at 3.7x EV/EBITDA.
What is Crescent Energy (CRGY)'s P/B ratio?
Crescent Energy (CRGY) trades at a P/B of 1.0x.
What is Crescent Energy (CRGY)'s dividend yield?
Crescent Energy (CRGY)'s trailing 12-month dividend yield is 4.0%.
What is Crescent Energy (CRGY)'s return on equity (ROE)?
Crescent Energy (CRGY)'s ROE is -0.2%.
What is Crescent Energy (CRGY)'s market capitalization?
Crescent Energy (CRGY)'s market cap is 5.1 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map