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Magnolia Oil & Gas Corporation (MGY) USD

South Texas–focused independent E&P developing oil and gas in the Eagle Ford and Austin Chalk.

At a glance: strengths & risks
✓Revenue growing (+50% y/y, Q2 2026)✓Profit growing (+133% y/y, Q2 2026)✓Margins improving (67%→74%, Q2 2026)✓Low leverage (0.2x EBITDA)✓Commodity price +31% vs 1-yr · +6% vs 3-yr✗Only 6 years of reserves✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_MGY

Price chart

24.52 USDDay -1.29%

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
24.52 USD · -1.29%
Market cap
4.5 bn USD

Growth

Δ revenue y/y
50.1%
Δ EBITDA y/y
67.2%

Multiples

P/E (LTM)
10.6x
3y avg: 11.6x
P/B (FY)
2.3x
P/E (ann.)
6.2x
EV/EBITDA (LTM)
4.5x
3y avg: 4.8x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
2.7%
FCF yield (LTM)
3.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-48.0%
↓ details

Liquidity

Daily turnover (listing)
55 mln USD

Shares: sec_companyfacts/1698990

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
2026-06-30Q2 2026 (3M)OK478.8
y/y 50.1%
242.7
y/y 125.1%
116.5
y/y 8.8%
359.2
y/y 67.2%
181.8
y/y 132.7%
384.0-125.13140.6
y/y 9.8%
2146.9
y/y 7.4%
34.8%117.2Link
2026-03-31Q1 2026 (3M)OK358.5
y/y 2.3%
127.8
y/y -5.9%
113.4
y/y 7.1%
241.1
y/y -0.2%
99.8
y/y -3.0%
197.6-283.42944.5
y/y 2.6%
2035.9
y/y 2.3%
19.8%288.5Link
2025-12-31Q4 2025 (3M)OK317.6
y/y -2.7%
94.1
y/y -24.2%
114.2
y/y 8.4%
208.3
y/y -9.2%
68.8
y/y -19.7%
208.4-97.12903.1
y/y 2.9%
1999.2
y/y 1.6%
16.2%152.8Link
2025-09-30Q3 2025 (3M)OK324.9
y/y -2.5%
101.5
y/y -21.4%
110.6
y/y 3.1%
212.1
y/y -10.3%
75.5
y/y -24.4%
247.1-143.82923.6
y/y 4.0%
2006.4
y/y 2.3%
5.0%131.1Link
2025-06-30Q2 2025 (3M)OK319.0
y/y -5.3%
107.8
y/y -19.8%
107.1
y/y 2.2%
214.9
y/y -10.1%
78.1
y/y -18.3%
198.7-115.82860.6
y/y 0.6%
1998.3
y/y 4.2%
15.7%159.9Link
2025-03-31Q1 2025 (3M)OK350.3
y/y 9.7%
135.8
y/y 9.0%
105.9
y/y 9.0%
241.7
y/y 9.0%
102.9
y/y 21.0%
224.5-179.52868.6
y/y 2.2%
1989.3
y/y 4.8%
20.8%163.9Link
2024-12-31Q4 2024 (3M)OK326.6
y/y 1.2%
124.1
y/y -10.2%
105.3
y/y 9.8%
229.4
y/y -2.0%
85.6
y/y -13.0%
222.6-285.42820.8
y/y 2.3%
1967.3
y/y 4.5%
18.6%150.3Link
2024-09-30Q3 2024 (3M)OK333.1
y/y 5.5%
129.0
y/y -12.9%
107.3
y/y 32.3%
236.3
y/y 3.1%
99.8
y/y -2.2%
217.9-119.72811.0
y/y 6.0%
1960.6
y/y 6.1%
6.9%118.7Link
2024-06-30Q2 2024 (3M)OK336.7
y/y 20.1%
134.4
y/y 10.8%
104.7
y/y 36.0%
239.1
y/y 20.6%
95.6
y/y 4.4%
269.4-126.12842.9
y/y 10.8%
1918.4
y/y 6.0%
20.0%118.4Link
2024-03-31Q1 2024 (3M)OK319.4
y/y 3.6%
124.6
y/y -1.8%
97.1
y/y 37.3%
221.6
y/y 12.2%
85.1
y/y -11.7%
210.9-121.02807.9
y/y 9.0%
1897.8
y/y 7.4%
18.0%-5.8Link
2023-12-31Q4 2023 (3M)OK322.6
y/y —
138.2
y/y —
95.9
y/y —
234.1
y/y —
98.4
y/y —
246.9-39.02756.2
y/y —
1882.7
y/y —
20.8%8.4Link
2023-09-30Q3 2023 (3M)OK315.7
y/y —
148.1
y/y —
81.2
y/y —
229.3
y/y —
102.0
y/y —
187.3-160.52652.5
y/y —
1847.2
y/y —
7.4%-226.3Link
2023-06-30Q2 2023 (3M)OK280.3
y/y —
121.3
y/y —
77.0
y/y —
198.3
y/y —
91.5
y/y —
201.8-86.72566.7
y/y —
1809.9
y/y —
20.5%-226.9Link
2023-03-31Q1 2023 (3M)OK308.4
y/y —
126.9
y/y —
70.7
y/y —
197.6
y/y —
96.3
y/y —
219.8-138.62576.1
y/y —
1767.1
y/y —
—-227.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)19
Long-term debt (incl. LT leases)394
− Cash & equivalents296
Net debt117

Net debt / LTM EBITDA: 0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%60%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 2.52x of reported net profit; after capex, 1.19x.
year202320242025
cash flow / profit2.20x2.52x2.70x
accruals, % of assets-17.0%-19.7%-19.1%
Last twelve months (to 2026-06-30): 2.44x of profit came back as operating cash flow.
net debt / EBITDA 0.2x · capex 1.2x of depreciation · dividends 23% of free cash flow · share count -0.7% a year
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.

Production & Reserves

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

Oil and Gas E and P

Proved reserves
210.20 mln boe
2025
Reserve life (R/P)
5.8 yrs
reserves ÷ annual output
Annual production
36.42 mln boe
2025

Production, mln boe

22.63202024.10202127.51202230.05202332.83202436.422025

Proved reserves

YearReserves, mln boe
2025210.20
2024191.70
2023169.80
2022157
2021135.40
2020112.30
2019109.30
2018164.60

Production

YearProduction, mln boeper day, mln boe
202618.89 * (6M)
+7.1%		0.10
202536.42
+10.9%		0.10
202432.83
+9.3%		0.09
202330.05
+9.3%		0.08
202227.51
+14.1%		0.08
202124.10
+6.5%		0.07
202022.630.06
201918.10 * (9M)0.07
20186.70 * (6M)0.04

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 94spot vs LTM +22%

Commodity-player potential

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

Upside: -48.0% ▼ -0.1 pp 1d

Main driver: WTI Crude Oil +31% vs LTM; revenue ×1.24 vs costs ×1.06; EBITDA 1 017→1 204; at 4.4× EV/EBITDA → -48%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+65%94.4871.9676.60+31%+6%
Henry Hub Gas (rev)+20%3.263.383.12-4%-8%
Propane (Texas, USD/gallon) (rev)+15%0.920.700.77+31%+10%
US Diesel Index (EIA) (cost)-5%6.184.264.21+45%-1%

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

1 · Reported baseline (LTM)
LTM revenue1 480
LTM EBITDA1 017
LTM cash costs (revenue − EBITDA)463
2 · Revenue projection
Revenue multiplier — spot×1.242 (+24%)
= Spot revenue1 838
Revenue multiplier — 3y price×1.041 (+4%)
= 3-year-price revenue1 541
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs491
Cost multiplier — 3y price×1.037 (+4%)
= 3-year-price cash costs480
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 347
= 3-year-price EBITDA1 061
Conservative EBITDA = min(spot, avg)1 204
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.4x
Target EV = EV/EBITDA × conservative EBITDA5 274
Net debt98
Target market cap = EV − net debt5 142
Current market cap4 705

Upside = target market cap ÷ current − 1 = -48.0%

Life of mine: 6 yrs — before haircut +9.3%

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
2024 Q1319299+7.0%222205+8.3%
2024 Q2337313+7.7%239222+7.6%
2024 Q3333305+9.1%236211+12.1%
2024 Q4327326+0.2%229229+0.2%
2025 Q1350364-3.7%242264-8.6%
2025 Q2319324-1.6%215222-3.2%
2025 Q3325307+5.8%212203+4.5%
2025 Q4318307+3.4%208199+4.7%
2026 Q1359341+5.2%241229+5.3%
2026 Q2479417+14.7%356301+18.0%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

99.8097.2894.7592.2289.7020242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 5.8 yr

210.2205.6200.9196.3191.720242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-3199.8210.2——
2024-12-3189.7191.7——

2025-12-31 · FY

Production & proved reserves

FY2025 average daily production (Mboe/d) and year-end 2025 proved reserves (MMboe) per Magnolia press release / earnings materials.

Line itemAmount
Crude oil equivalent (net, Mboe/d)99.8
Proved reserves (net, MMboe)210.2

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1, Production, Pricing, and Lease Operating Cost Data table (mgy-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil14.5 MMBbls63.18 USD/bbl916.169.9%
Natural gas68,900 MMcf2.76 USD/Mcf190.214.5%
NGLs10.4 MMBbls19.56 USD/bbl203.415.5%
Total (implied product revenue)1,309.7100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)1,311.8USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization437.8USD mln
General & administrative97USD mln
Exploration expense1USD mln
Income tax expense (benefit)80.1USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 comparatives for production and proved reserves per Magnolia FY2025 results release.

Line itemAmount
Crude oil equivalent (net, Mboe/d)89.7
Proved reserves (net, MMboe)191.7

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2024 column of Magnolia FY2025 10-K Production & Pricing table.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil14 MMBbls74.66 USD/bbl1,045.279.5%
Natural gas58,700 MMcf1.54 USD/Mcf90.46.9%
NGLs9 MMBbls19.83 USD/bbl178.513.6%
Total (implied product revenue)1,314.1100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)1,315.9USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization414.5USD mln
General & administrative88.7USD mln
Exploration expense1.4USD mln
Income tax expense (benefit)95.8USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

Line itemAmount

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2023 column of Magnolia FY2025 10-K Production & Pricing table.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil12.6 MMBbls76.02 USD/bbl957.978.1%
Natural gas55,100 MMcf1.85 USD/Mcf101.98.3%
NGLs8.3 MMBbls20.15 USD/bbl167.213.6%
Total (implied product revenue)1,227100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)1,227USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization324.8USD mln
General & administrative77.1USD mln
Exploration expense5.4USD mln
Income tax expense (benefit)107.2USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -0% vs +7% the year before — a -7.6 pp move. 3-year CAGR —.
revenue growth by year: 2024 +7% · 2025 -0%
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 3.9x · target 75th pct (3y) 4.4x · LTM avg 5.6x

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

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Chord Energy CorporationUS8.13.3x
APA CorporationUS16.73.4x
SM Energy CompanyUS9.14.7x
Ovintiv Inc.US18.55.1x
Permian Resources CorporationUS18.15.1x
EQT CorporationUS33.05.7x
Devon Energy CorporationUS38.86.1x
EOG Resources, Inc.US81.66.2x
Antero Resources CorporationUS11.36.9x
Range Resources CorporationUS9.97.4x
Canadian Natural Resources LimitedUS108.78.1x
Diamondback Energy, Inc.US55.410.4x
Group median5.9x
Group average6.0x
This companyUS4.64.5x

Group median 5.9x; this company 4.5x — a 23% discount.

Group average 6.0x; against the average this company is at a 25% discount.

At the adjusted group median the market cap would be +31% 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 21.0x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.3x, India 18.4x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-100.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2026-05-120.165 USDEx-dividend: 0.165 USD per sharePaidYahoo Finance (ex-div)
2026-02-100.165 USDEx-dividend: 0.165 USD per sharePaidYahoo Finance (ex-div)
2025-11-100.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-08-110.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-05-120.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-02-140.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2024-11-080.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2024-08-090.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2024-05-100.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2024-02-150.13 USDEx-dividend: 0.13 USD per sharePaidYahoo Finance (ex-div)
2023-11-080.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2023-08-090.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2023-05-100.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2023-02-090.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2022-11-040.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2022-08-110.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2022-02-110.2 USDEx-dividend: 0.2 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).

Investor reporting (IR): https://ir.magnoliaoilgas.com/

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 Magnolia Oil & Gas Corporation (MGY) — from primary filings.

Frequently asked questions

What is Magnolia Oil & Gas Corporation (MGY)'s P/E ratio?
Magnolia Oil & Gas Corporation (MGY) trades at a P/E of 10.6x (price to trailing 12-month earnings).
What is Magnolia Oil & Gas Corporation (MGY)'s EV/EBITDA?
Magnolia Oil & Gas Corporation (MGY) trades at 4.5x EV/EBITDA.
What is Magnolia Oil & Gas Corporation (MGY)'s P/B ratio?
Magnolia Oil & Gas Corporation (MGY) trades at a P/B of 2.3x.
What is Magnolia Oil & Gas Corporation (MGY)'s dividend yield?
Magnolia Oil & Gas Corporation (MGY)'s trailing 12-month dividend yield is 2.7%.
What is Magnolia Oil & Gas Corporation (MGY)'s return on equity (ROE)?
Magnolia Oil & Gas Corporation (MGY)'s ROE is 34.8%.
What is Magnolia Oil & Gas Corporation (MGY)'s market capitalization?
Magnolia Oil & Gas Corporation (MGY)'s market cap is 4.5 bn USD.

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