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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 (+52% y/y, Q3 2026)✓Margins improving (64%→67%, Q3 2026)✓Commodity price +17% vs 1-yr · -0% 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

50.41 USDDay 1.08%

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
50.41 USD · 1.08%
Market cap
6.2 bn USD

Growth

Δ revenue y/y
52.0%
Δ EBITDA y/y
57.4%

Multiples

P/E (LTM)
8.7x
3y avg: 7.7x
P/B (FY)
1.0x
P/E (ann.)
9.1x
EV/EBITDA (LTM)
4.0x
3y avg: 4.4x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
3.0%
FCF yield (LTM)
5.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-83.6%
↓ details

Liquidity

Daily turnover (listing)
121.6 mln USD

Shares: sec_cover/1520006:10-Q@2026-11-03

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)OK1390.5
y/y 52.0%
581.8
y/y 106.2%
343.0
y/y 12.3%
924.7
y/y 57.4%
172.1
y/y -2.4%
594.4-434.014693.3
y/y 26.2%
6050.4
y/y 9.9%
11.5%5321.0Link
2026-06-30Q2 2026 (3M)OK1173.4
y/y 26.8%
564.4
y/y 76.9%
315.1
y/y 4.1%
879.5
y/y 41.5%
390.7
y/y 160.0%
937.1-1167.213494.6
y/y 19.6%
5928.6
y/y 10.5%
27.1%4512.4Link
2026-03-31Q1 2026 (3M)OK941.6
y/y -6.4%
316.8
y/y -16.9%
292.7
y/y 3.8%
609.5
y/y -8.1%
-35.9
y/y -114.9%
470.5-496.912174.5
y/y 9.9%
5584.9
y/y 5.6%
-2.6%3766.7Link
2025-12-31Q4 2025 (3M)OK849.3
y/y -15.2%
244.1
y/y -38.1%
305.5
y/y 4.2%
549.6
y/y -20.0%
192.5
y/y -10.2%
474.4-466.411710.6
y/y 7.9%
5658.1
y/y 11.2%
13.6%3871.9Link
2025-09-30Q3 2025 (3M)OK915.1
y/y 6.4%
282.1
y/y -20.0%
305.4
y/y 25.8%
587.4
y/y -1.3%
176.4
y/y -29.0%
721.7-643.411646.7
y/y 9.6%
5506.0
y/y 13.0%
13.0%3899.0Link
2025-06-30Q2 2025 (3M)OK925.7
y/y 8.2%
319.0
y/y -14.2%
302.6
y/y 33.9%
621.6
y/y 4.0%
150.2
y/y -34.3%
501.0-491.411279.9
y/y 32.4%
5366.2
y/y 15.9%
11.3%3996.2Link
2025-03-31Q1 2025 (3M)OK1006.2
y/y 27.7%
381.4
y/y 20.5%
281.9
y/y 32.8%
663.3
y/y 25.4%
240.1
y/y 23.9%
727.9-554.311082.0
y/y 34.7%
5287.5
y/y 19.7%
18.5%3875.2Link
2024-12-31Q4 2024 (3M)OK1002.0
y/y 22.1%
394.0
y/y 12.3%
293.2
y/y 33.2%
687.2
y/y 20.4%
214.5
y/y -15.7%
575.0-529.810850.1
y/y 40.4%
5089.1
y/y 30.1%
17.8%3803.4Link
2024-09-30Q3 2024 (3M)OK860.1
y/y 11.4%
352.4
y/y 3.8%
242.8
y/y 25.9%
595.2
y/y 11.8%
248.3
y/y -5.9%
610.4-2214.310623.3
y/y 42.8%
4870.6
y/y 33.0%
20.9%1157.3Link
2024-06-30Q2 2024 (3M)OK855.2
y/y 31.6%
371.7
y/y 40.7%
225.9
y/y 27.3%
597.6
y/y 35.3%
228.8
y/y 38.9%
592.9-523.98518.4
y/y 19.4%
4631.6
y/y 36.1%
20.2%1583.3Link
2024-03-31Q1 2024 (3M)OK787.7
y/y 39.7%
316.6
y/y 24.3%
212.3
y/y 68.1%
528.9
y/y 38.8%
193.7
y/y 18.8%
468.6-638.68227.3
y/y 42.3%
4418.2
y/y 35.8%
18.6%672.6Link
2023-12-31Q4 2023 (3M)OK820.9
y/y —
350.9
y/y —
220.1
y/y —
571.0
y/y —
254.5
y/y —
618.3-597.77727.0
y/y —
3910.9
y/y —
22.3%2420.7Link
2023-09-30Q3 2023 (3M)OK772.3
y/y —
339.5
y/y —
192.8
y/y —
532.3
y/y —
263.7
y/y —
461.0-316.47439.2
y/y —
3662.7
y/y —
29.9%716.6Link
2023-06-30Q2 2023 (3M)OK649.9
y/y —
264.1
y/y —
177.5
y/y —
441.6
y/y —
164.7
y/y —
449.0-1980.57132.3
y/y —
3402.9
y/y —
19.8%748.6Link
2023-03-31Q1 2023 (3M)OK563.7
y/y —
254.8
y/y —
126.3
y/y —
381.1
y/y —
163.1
y/y —
339.5-333.65782.1
y/y —
3252.9
y/y —
—-42.8Link

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

Short-term debt (incl. ST leases)647
Long-term debt (incl. LT leases)4 321
Non-controlling interests365
Commodity hedges (net liability)204
− Cash & equivalents12
Net debt5 525

Net debt / LTM EBITDA: 1.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

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

Year-over-year change

-20%0%20%40%60%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

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

-2 000-1 500-1 000-50005002024 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

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 2026-09-30): 3.44x of profit came back as operating cash flow.
net debt / EBITDA 1.6x · 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
202659.51 * (9M)
+6.0%		0.22
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 90spot vs LTM +17%

Commodity-player potential

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

Upside: -83.6% ▲ +0.0 pp 1d

Main driver: WTI Crude Oil +17% vs LTM; revenue ×1.17 vs costs ×1.06; EBITDA 2 734→3 011; at 2.4× EV/EBITDA → -84%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+70%90.3477.2176.92+17%-0%
Henry Hub Gas (rev)+20%3.003.333.11-10%-7%
Propane (Texas, USD/gallon) (rev)+10%1.200.710.78+68%+10%
US Diesel Index (EIA) (cost)-5%6.294.654.25+35%-9%

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

1 · Reported baseline (LTM)
LTM revenue4 354
LTM EBITDA2 734
LTM cash costs (revenue − EBITDA)1 620
2 · Revenue projection
Revenue multiplier — spot×1.167 (+17%)
= Spot revenue5 079
Revenue multiplier — 3y price×0.994 (-1%)
= 3-year-price revenue4 327
3 · Costs projection
Cost multiplier — spot×1.056 (+6%)
= Spot cash costs1 710
Cost multiplier — 3y price×1.034 (+3%)
= 3-year-price cash costs1 674
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 370
= 3-year-price EBITDA2 653
Conservative EBITDA = min(spot, avg)3 011
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.4x
Target EV = EV/EBITDA × conservative EBITDA7 288
Net debt5 538
Target market cap = EV − net debt1 750
Current market cap6 692

Upside = target market cap ÷ current − 1 = -83.6%

Life of mine: 9 yrs — before haircut -73.9%

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
2024 Q1788681+15.7%529456+16.1%
2024 Q2855770+11.0%598526+13.6%
2024 Q3860765+12.5%595508+17.1%
2024 Q4970823+17.9%653561+16.6%
2025 Q11 006951+5.8%663670-1.1%
2025 Q2926882+5.0%622580+7.3%
2025 Q3915873+4.9%587557+5.4%
2025 Q4848891-4.8%548560-2.1%
2026 Q1942972-3.1%609644-5.4%
2026 Q21 1731 161+1.1%879830+5.9%
2026 Q31 3911 072+29.7%697747-6.7%

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)

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDA
Chord Energy CorporationUS7.32.6x
APA CorporationUS15.02.9x
SM Energy CompanyUS7.03.0x
Ovintiv Inc.US16.34.1x
Permian Resources CorporationUS18.24.6x
EOG Resources, Inc.US76.35.1x
Devon Energy CorporationUS48.15.5x
EQT CorporationUS30.96.0x
Antero Resources CorporationUS11.17.1x
Canadian Natural Resources LimitedUS101.97.7x
Range Resources CorporationUS11.48.6x
Diamondback Energy, Inc.US50.08.9x
Group median5.3x
Group average5.5x
This companyUS6.24.0x

Group median 5.3x; this company 4.0x — a 25% discount.

Group average 5.5x; against the average this company is at a 28% discount.

At the adjusted group median the market cap would be +55% 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 18.6x, Russia 3.9x, South Africa 5.4x, Kazakhstan 6.0x, India 19.4x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-07; the company's own is live.

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 8.7x (price to trailing 12-month earnings).
What is Matador Resources Company (MTDR)'s EV/EBITDA?
Matador Resources Company (MTDR) trades at 4.0x EV/EBITDA.
What is Matador Resources Company (MTDR)'s P/B ratio?
Matador Resources Company (MTDR) trades at a P/B of 1.0x.
What is Matador Resources Company (MTDR)'s dividend yield?
Matador Resources Company (MTDR)'s trailing 12-month dividend yield is 3.0%.
What is Matador Resources Company (MTDR)'s return on equity (ROE)?
Matador Resources Company (MTDR)'s ROE is 11.5%.
What is Matador Resources Company (MTDR)'s market capitalization?
Matador Resources Company (MTDR)'s market cap is 6.2 bn USD.

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