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Matador Resources Company (MTDR) USD

Permian and Eagle Ford focused independent oil and gas producer.

At a glance: strengths & risks
✓Revenue growing (+31% y/y, Q2 2026)✓Profit growing (+160% y/y, Q2 2026)✓Margins improving (66%→76%, Q2 2026)✓Low leverage (0.2x EBITDA)✓Commodity price +39% vs 1-yr · +6% vs 3-yr✗Only 9 years of reserves✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_MTDR

Price chart

61.05 USDDay -0.93%

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
61.05 USD · -0.93%
Market cap
7.6 bn USD

Growth

Δ revenue y/y
31.1%
Δ EBITDA y/y
50.9%

Multiples

P/E (LTM)
10.5x
3y avg: 7.7x
P/B (FY)
1.3x
P/E (ann.)
4.8x
EV/EBITDA (LTM)
3.5x
3y avg: 3.2x
EV/EBITDA (ann.)
2.4x

Cash return

Dividend yield
2.5%
FCF yield (LTM)
5.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-40.3%
↓ details

Liquidity

Daily turnover (listing)
93.2 mln USD

Shares: sec_companyfacts/1520006

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)OK1173.4
y/y 31.1%
577.3
y/y 100.0%
315.1
y/y 4.1%
892.4
y/y 50.9%
390.7
y/y 160.0%
937.1-1167.213494.6
y/y 19.6%
5928.6
y/y 10.5%
27.1%912.7Link
2026-03-31Q1 2026 (3M)OK671.6
y/y -33.8%
46.8
y/y -88.0%
292.7
y/y 3.8%
339.5
y/y -49.4%
-35.9
y/y -114.9%
470.5-496.912174.5
y/y 9.9%
5584.9
y/y 5.6%
-2.6%3438.5Link
2025-12-31Q4 2025 (3M)OK848.0
y/y -12.6%
242.7
y/y -32.6%
305.5
y/y 4.2%
548.3
y/y -16.1%
192.5
y/y -10.2%
474.4-466.411710.6
y/y 7.9%
5658.1
y/y 11.2%
13.6%529.3Link
2025-09-30Q3 2025 (3M)OK939.0
y/y 4.4%
306.0
y/y -22.0%
305.4
y/y 25.8%
611.3
y/y -3.7%
176.4
y/y -29.0%
721.7-643.411646.7
y/y 9.6%
5506.0
y/y 13.0%
4.3%264.9Link
2025-06-30Q2 2025 (3M)OK895.3
y/y 5.7%
288.7
y/y -20.6%
302.6
y/y 33.9%
591.3
y/y 0.3%
150.2
y/y -34.3%
501.0-491.411279.9
y/y 32.4%
5366.2
y/y 15.9%
11.3%379.5Link
2025-03-31Q1 2025 (3M)OK1014.0
y/y 28.7%
389.2
y/y 22.0%
281.9
y/y 32.8%
671.0
y/y 26.3%
240.1
y/y 23.9%
727.9-554.311082.0
y/y 34.7%
5287.5
y/y 19.7%
18.5%390.5Link
2024-12-31Q4 2024 (3M)OK970.4
y/y 16.1%
360.1
y/y -1.5%
293.2
y/y 33.2%
653.3
y/y 11.5%
214.5
y/y -15.7%
575.0-529.810850.1
y/y 40.4%
5089.1
y/y 30.1%
17.8%705.2Link
2024-09-30Q3 2024 (3M)OK899.8
y/y 16.5%
392.1
y/y 15.3%
242.8
y/y 25.9%
634.9
y/y 19.2%
248.3
y/y -5.9%
610.4-2214.310623.3
y/y 42.8%
4870.6
y/y 33.0%
7.0%931.7Link
2024-06-30Q2 2024 (3M)OK847.1
y/y 32.8%
363.6
y/y 44.1%
225.9
y/y 27.3%
589.6
y/y 37.2%
228.8
y/y 38.9%
592.9-523.98518.4
y/y 19.4%
4631.6
y/y 36.1%
20.2%1359.4Link
2024-03-31Q1 2024 (3M)OK787.7
y/y 40.6%
319.0
y/y 26.9%
212.3
y/y 68.1%
531.3
y/y 40.7%
193.7
y/y 18.8%
468.6-638.68227.3
y/y 42.3%
4418.2
y/y 35.8%
18.6%236.8Link
2023-12-31Q4 2023 (3M)OK836.1
y/y —
365.6
y/y —
220.1
y/y —
585.7
y/y —
254.5
y/y —
618.3-597.77727.0
y/y —
3910.9
y/y —
22.3%497.2Link
2023-09-30Q3 2023 (3M)OK772.3
y/y —
340.0
y/y —
192.8
y/y —
532.8
y/y —
263.7
y/y —
461.0-316.47439.2
y/y —
3662.7
y/y —
10.0%504.1Link
2023-06-30Q2 2023 (3M)OK638.1
y/y —
252.3
y/y —
177.5
y/y —
429.8
y/y —
164.7
y/y —
449.0-1980.57132.3
y/y —
3402.9
y/y —
19.8%534.1Link
2023-03-31Q1 2023 (3M)OK560.3
y/y —
251.4
y/y —
126.3
y/y —
377.7
y/y —
163.1
y/y —
339.5-333.65782.1
y/y —
3252.9
y/y —
—-448.7Link

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

Long-term debt (incl. LT leases)939
− Cash & equivalents26
Net debt913

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2 000-1 500-1 000-50002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002024 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 2.54x of reported net profit; after capex, -1.61x.
year202320242025
cash flow / profit2.21x2.54x3.19x
accruals, % of assets-13.2%-12.6%-14.2%
Last twelve months (to 2026-06-30): 3.60x of profit came back as operating cash flow.
net debt / EBITDA 0.2x · EBIT covers interest 5.9x · capex 3.2x of depreciation · share count +1.9% 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
667.05 mln boe
2025
Reserve life (R/P)
8.8 yrs
reserves ÷ annual output
Annual production
75.58 mln boe
2025

Production, mln boe

19.03201824.16201927.51202031.45202138.49202248.11202362.49202475.582025

Proved reserves

YearReserves, mln boe
2025667.05
2024611.54
2023460.07
2022356.72
2021323.40
2020270.33
2019252.53
2018215.31
2017152.77

Production

YearProduction, mln boeper day, mln boe
202638.30 * (6M)
+3.8%		0.21
202575.58
+20.9%		0.21
202462.49
+29.9%		0.17
202348.11
+25.0%		0.13
202238.49
+22.4%		0.11
202131.45
+14.3%		0.09
202027.51
+13.9%		0.08
201924.16
+27.0%		0.07
201819.030.05

* historical figures with reconstructed scale · * partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 100spot vs LTM +38%

Commodity-player potential

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

Upside: -40.3% ▼ -1.6 pp 1d

Main driver: WTI Crude Oil +39% vs LTM; revenue ×1.26 vs costs ×1.06; EBITDA 2 392→2 874; at 2.5× EV/EBITDA → -40%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+70%100.1171.9676.41+39%+6%
Henry Hub Gas (rev)+20%2.813.383.12-17%-8%
Propane (Texas, USD/gallon) (rev)+10%0.830.690.77+20%+11%
US Diesel Index (EIA) (cost)-5%5.974.214.16+42%-1%

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

1 · Reported baseline (LTM)
LTM revenue3 632
LTM EBITDA2 392
LTM cash costs (revenue − EBITDA)1 241
2 · Revenue projection
Revenue multiplier — spot×1.260 (+26%)
= Spot revenue4 577
Revenue multiplier — 3y price×1.038 (+4%)
= 3-year-price revenue3 771
3 · Costs projection
Cost multiplier — spot×1.059 (+6%)
= Spot cash costs1 313
Cost multiplier — 3y price×1.037 (+4%)
= 3-year-price cash costs1 287
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 263
= 3-year-price EBITDA2 484
Conservative EBITDA = min(spot, avg)2 874
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.5x
Target EV = EV/EBITDA × conservative EBITDA7 259
Net debt913
Target market cap = EV − net debt6 347
Current market cap6 692

Upside = target market cap ÷ current − 1 = -40.3%

Life of mine: 9 yrs — before haircut -5.2%

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 Q1788677+16.4%531452+17.5%
2024 Q2847767+10.4%590524+12.6%
2024 Q3900763+17.9%635507+25.2%
2024 Q4970831+16.8%653569+14.8%
2025 Q11 014960+5.7%671680-1.3%
2025 Q2895891+0.5%591589+0.4%
2025 Q3939876+7.1%611561+8.9%
2025 Q4848891-4.9%548560-2.1%
2026 Q1672972-30.9%340645-47.3%
2026 Q21 1731 072+9.4%892742+20.3%

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)

Prod. CAGR (2 yr): +13.2%

287.0271.2255.5239.8224.0202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +2.1% · Reserves life (R/P): 6.4 yr

680.0670.0660.0650.0640.0202320242025Proved 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)
2025-12-31287667——
2024-12-31237680——
2023-12-31224640——

2025-12-31 · FY

Production & proved reserves

FY2025 net equivalent production and year-end 2025 proved reserves per Matador Form 10-K; production rounded from company-reported growth vs FY2024 patch baseline where needed.

Line itemAmount
Crude oil equivalent (net, Mboe/d)287
Proved reserves (net, MMboe)667

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 'Operating Summary' unaudited production; average sales prices without realized derivatives (mtdr-20251231.htm). Two-stream disclosure — NGLs not split from gas.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil43.7 MMBbls64.99 USD/bbl2,84087.7%
Natural gas191,300 MMcf2.08 USD/Mcf397.912.3%
Total (implied product revenue)3,237.9100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)3,696.3USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)120.5USD mln
Depreciation, depletion & amortization1,195.4USD mln
General & administrative137.1USD mln
Income tax expense (benefit)172.7USD mln
Total costs and expenses (consolidated)2,469.7USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 net production and proved reserves — Matador Resources Form 10-K (rounded).

Line itemAmount
Crude oil equivalent (net, Mboe/d)237
Proved reserves (net, MMboe)680

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)3,505USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)93.9USD mln
Depreciation, depletion & amortization974.3USD mln
General & administrative127.5USD mln
Income tax expense (benefit)292.4USD mln
Total costs and expenses (consolidated)2,070.3USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 — Form 10-K 2023 (rounded).

Line itemAmount
Crude oil equivalent (net, Mboe/d)224
Proved reserves (net, MMboe)640

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,806.8USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)65USD mln
Depreciation, depletion & amortization716.7USD mln
General & administrative110.4USD mln
Interest expense121.5USD mln
Income tax expense (benefit)186USD mln
Total costs and expenses (consolidated)1,597.5USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +5% vs +25% the year before — a -19.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 +25% · 2025 +5%
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 2.2x · target 75th pct (3y) 2.4x · LTM avg 4.7x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-100.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2026-05-080.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2026-02-270.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2025-11-100.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2025-08-150.313 USDEx-dividend: 0.313 USD per sharePaidYahoo Finance (ex-div)
2025-05-090.313 USDEx-dividend: 0.313 USD per sharePaidYahoo Finance (ex-div)
2025-02-280.313 USDEx-dividend: 0.313 USD per sharePaidYahoo Finance (ex-div)
2024-11-150.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2024-08-150.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2024-05-160.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2024-02-220.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2023-11-090.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2023-08-100.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-05-100.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2023-02-240.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-11-090.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2022-08-160.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2022-05-170.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2022-03-030.05 USDEx-dividend: 0.05 USD per sharePaidYahoo Finance (ex-div)
2021-11-090.05 USDEx-dividend: 0.05 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.matadorresources.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 Matador Resources Company (MTDR) — from primary filings.

Frequently asked questions

What is Matador Resources Company (MTDR)'s P/E ratio?
Matador Resources Company (MTDR) trades at a P/E of 10.5x (price to trailing 12-month earnings).
What is Matador Resources Company (MTDR)'s EV/EBITDA?
Matador Resources Company (MTDR) trades at 3.5x EV/EBITDA.
What is Matador Resources Company (MTDR)'s P/B ratio?
Matador Resources Company (MTDR) trades at a P/B of 1.3x.
What is Matador Resources Company (MTDR)'s dividend yield?
Matador Resources Company (MTDR)'s trailing 12-month dividend yield is 2.5%.
What is Matador Resources Company (MTDR)'s return on equity (ROE)?
Matador Resources Company (MTDR)'s ROE is 27.1%.
What is Matador Resources Company (MTDR)'s market capitalization?
Matador Resources Company (MTDR)'s market cap is 7.6 bn USD.

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