Matador Resources Company MTDR

EnergyOil & GasUnited States of America

Last close 60.88 USD on Nov 1, 2026, +46.5% year to date

Quant rating

Quant rating A Rank 22 of 167 in Energy

Growth B 27 of 167
Valuation A 7 of 167
Quality B 44 of 167
Revisions B 36 of 167
Momentum B 54 of 167

Wall Street consensus Buy (1.92)Average target 70.57 USD +15.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.5B
Enterprise value: 12.0B
52-week range: 37.14 – 66.68
3-year range: 36.67 – 70.15
Dividend yield: 2.87%
Beta (5 years): 0.96
Shares outstanding: 124M
Next earnings: Nov 3, 2026

About the company

Matador Resources Company is an independent energy company. The Company is engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. It also operates in the Haynesville shale, and Cotton Valley plays in Northwest Louisiana. Additionally, the Company conducts midstream operations primarily through its midstream joint venture, San Mateo Midstream, LLC and its subsidiaries in support of, and to provide flow assurance for, the Company’s exploration, development and production operations, and San Mateo provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,696	3,505	2,807	3,058	1,663	–
Revenue growth	5.5%	24.9%	−8.2%	83.9%	92.9%	33.8%
EPS (basic, normalized)	5.76	7.48	6.77	10.53	4.25	–
EPS growth	−23.0%	10.5%	−35.7%	147.8%	–	–
Gross margin	79.9%	75.1%	74.8%	77.8%	75.7%	76.6%
Net margin	20.5%	25.3%	30.1%	39.7%	35.2%	30.2%
ROE	14.1%	19.7%	24.1%	48.4%	36.6%	28.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	26.3
Current ratio	0.65x
Long-term debt (mil)	4,216
Net debt (mil)	4,512
Total equity (mil)	5,929
Net debt / equity	0.76x
Net debt / EBITDA	1.97x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,696	+5.5%	3.3x	2,295	−0.7%	5.3x	5.76	−23.0%	10.6x
2026	4,247	+14.9%	2.8x	2,801	+22.1%	4.3x	8.13	+41.1%	7.5x
2027	4,878	+14.8%	2.5x	3,272	+16.8%	3.7x	9.38	+15.3%	6.5x
2028	4,817	−1.2%	2.5x	3,071	−6.1%	3.9x	8.30	−11.4%	7.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,247	+1.5%	+7.3%	+9.3%	8.13	+3.5%	+14.9%	+18.5%
2027	4,878	+3.8%	+7.3%	+15.2%	9.38	+11.3%	+16.0%	+15.1%
2028	4,817	+3.3%	+2.9%	+14.0%	8.30	+11.9%	−2.2%	+8.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	788	847	900	970	1,014	895	939	848	672	1,186
Sales mean (mil)	736	825	848	967	968	910	892	799	862	1,077
Surprise	+7.0%	+2.6%	+6.2%	+0.3%	+4.8%	−1.6%	+5.2%	+6.1%	−22.1%	+10.2%
EPS reported	1.71	2.05	1.89	1.83	1.99	1.53	1.36	0.87	1.53	2.61
EPS mean	1.51	1.76	1.72	1.72	1.80	1.41	1.26	0.80	1.26	2.09
Surprise	+13.3%	+16.7%	+9.9%	+6.2%	+10.8%	+8.7%	+7.9%	+8.3%	+21.1%	+25.0%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MTDR Matador Resources Company	7.5B	1.97x	20.5%	1.27x	7.5x	6.5x	4.3x	3.7x
XOM Exxonmobil Holdings Corp	770.0B	0.43x	8.9%	2.97x	14.2x	15.2x	8.0x	8.1x
CVX Chevron Corporation	465.3B	0.85x	6.7%	2.45x	13.3x	14.9x	6.9x	7.5x
COP ConocoPhillips	185.0B	0.62x	12.8%	2.83x	13.8x	14.8x	5.9x	6.2x
MPC Marathon Petroleum Corporation	124.9B	2.65x	3.0%	6.60x	7.1x	8.5x	5.2x	6.2x
VLO Valero Energy Corp	111.5B	0.57x	1.9%	3.98x	6.8x	7.8x	4.6x	5.6x
Mean		1.18x	9.0%	3.35x	10.4x	11.3x	5.8x	6.2x
Median		0.74x	7.8%	2.90x	10.4x	11.6x	5.6x	6.2x

Technical analysis

1M+18.3%
3M+33.0%
1Y+60.1%
3Y+7.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Matador Resources Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,696	3,505	2,807	3,058	1,663	862
Cost of revenue	741	874	708	680	404	247
Gross profit	2,955	2,630	2,099	2,378	1,259	615
Selling, general & administrative expenses	525	215	169	154	123	94.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,195	974	717	462	341	356
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	0	0	685
Other operating expenses	7.8	6.0	3.9	2.4	2.1	1.9
Operating income	1,227	1,435	1,209	1,759	793	−521
Net interest income (expense)	−209	−172	−122	−67.2	−74.7	−76.7
Gain (loss) on sale of assets	−0.6	0	−0.2	−1.3	−0.3	−2.8
Other non-operating income (expense)	16.0	0.7	8.8	−5.1	−2.7	1.9
Net income before taxes	1,033	1,264	1,096	1,686	715	−599
Provision for taxes	173	292	186	399	74.7	−45.6
Minority interest	−102	−86.0	−64.3	−72.1	−55.7	−39.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	759	885	846	1,214	585	−593
Extraordinary items	–	–	–	–	–	–
Net income	759	885	846	1,214	585	−593
EBIT, normalized	1,215	1,435	1,209	1,759	793	163
EBITDA, normalized	2,410	2,409	1,926	2,226	1,138	525
Basic EPS, normalized	5.76	7.48	6.77	10.53	4.25	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Matador Resources Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	15.3	23.0	52.7	505	48.1	57.9
Receivables	530	655	473	454	241	137
Total inventory	43.8	38.5	41.8	15.2	12.2	10.6
Prepaid expenses	129	123	92.7	51.6	28.8	15.8
Other current assets	98.2	87.7	55.7	46.1	40.8	40.2
Total current assets	817	927	716	1,072	371	262
Property, plant & equipment	10,731	9,764	6,956	4,418	3,857	3,419
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	163	159	54.7	64.5	34.2	6.4
Total assets	11,711	10,850	7,727	5,555	4,262	3,687
Liabilities
Accounts payable	244	230	88.1	111	44.3	18.2
Payable/accrued	35.0	–	–	–	–	–
Accrued expenses	391	499	403	305	273	155
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.1	1.3	1.3	0.7	0.4	0.6
Other current liabilities	361	264	193	159	147	117
Total current liabilities	1,032	995	685	576	465	291
Long-term debt	3,403	3,326	2,207	1,161	1,528	1,815
Minority interest	339	368	217	206	220	226
Other liabilities	1,279	1,071	707	501	142	68.1
Total liabilities	6,052	5,761	3,816	2,444	2,355	2,401
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.2	1.3	1.2	1.2	1.2	1.2
Additional paid-in capital	2,509	2,533	2,133	2,102	2,078	2,027
Retained earnings (accumulated deficit)	3,153	2,557	1,777	1,008	−171	−742
Treasury stock	−5.3	−2.3	0	0	−0.2	0
Other equity	0	0	0	0	0	0
Total equity	5,658	5,089	3,911	3,111	1,907	1,287
Total liabilities & shareholders' equity	11,711	10,850	7,727	5,555	4,262	3,687

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Matador Resources Company, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	861	971	910	1,286	641	−554
Depreciation, depletion & amortization	1,195	974	717	466	345	362
Deferred taxes	166	265	172	344	74.7	−45.6
Non-cash items	27.1	22.9	18.6	−0.5	−5.9	738
Changes in working capital	176	13.1	50.0	−118	−1.0	−23.1
Cash from operations	2,425	2,247	1,868	1,979	1,053	478
Investing activities
Capital expenditures	−1,844	−1,512	−1,362	−853	−495	−708
Other investing cash flows	−313	−2,160	−1,849	−184	−234	−68.0
Cash from investing	−2,158	−3,672	−3,211	−1,037	−729	−776
Financing activities
Financing cash flow items	−134	34.6	−72.3	−81.3	−26.3	93.3
Cash dividends paid	−163	−105	−77.2	−35.2	−14.6	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	14.7	1,484	1,052	−364	−288	231
Cash from financing	−283	1,414	902	−481	−329	324
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−15.3	−11.6	−441	460	−4.5	26.3
Free cash flow	581	734	506	1,126	558	−230

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.