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California Resources Corp (CRC) stock

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NYSE: CRC NYSE Oil & Gas Exploration & Production

C Fundamentals grade

California Resources Corp is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$52

Cash-flow model

Base case. Range ~$36–$75 across our lower- and higher-growth cases (-4.1%–5.9% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

California Resources Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 7 selling2 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds199 adding, 180 cuttingOf 55 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter California Resources files

Where California Resources stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.19bn, down 22.5% on a year earlier, a steeper fall than the 21.3% decline a quarter earlier. That puts it 24 of 25 for growth among the oil & gas exploration & production companies we cover. Free-cash-flow margin held at 12.1%. Operating margin narrowed to -1.7% from 25.2%. The diluted share count is down 5.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $42.13 a share, against a share price of $54.77.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

California Resources Corp's trailing-twelve-month revenue fell 3.4% year on year, with a free-cash-flow margin of 9.7%. Where it stands out: change in share count of -5.5% ranks 4 of 48 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$52 per share in the base case (~$36–$75 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -3.4% (-3.5pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 5.5% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 3.4% over the last 12 months.
  • Loss-making. Operating margin is -1.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 26.6 points on a year ago.
  • Growth easing. The growth rate is 3.5 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -3.5pp ranks 45 of 57 oil & gas exploration & production companies we cover (median +4.9pp).
  • Short interest rising. Shares sold short rose 19% in a month to 7.5% of tradable shares.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$1.17 against an average estimate of $0.97: beat by 21.1%
Revenue
$1.30bn, up 32.6% on a year earlier
Share reaction
+1.0% in the first session after the results on October 13, 2026, against -1.1% for the S&P 500
Next report
November 2, 2026; average EPS estimate $1.21

California Resources' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.3%
  • 1 week-4.0%
  • 1 month+0.2%
  • This year+20.0%
  • 1 year+14.7%
  • 5 years+32.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4B
Operating margin
-1.4%
Net margin
-3.0%
EPS (TTM, diluted)
$-1.39

Growth

Revenue growth
−3.4%
Change in growth rate
−3.5 pts
Share count change
−5.5%

Cash

Free cash flow (TTM)
$385M
FCF margin
9.7%
Stock pay % of revenue
1.1%

Earnings

Last results
November 2, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Results
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

California Resources Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Our value per share comes from a discounted-cash-flow model of California Resources Corp's free cash flow after stock-based pay ( $382M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value California Resources Corp as an oil and gas producer, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.76 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. — Does not apply: no standardised measure of proved reserves in the company's tagged filings
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$52 ~$36–$75 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$27 ~$21–$41 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$300 ~$220–$440 Left out: out of range vs price (5.74x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$190 ~$160–$230 Left out: far from the other models (more than 3x away from their median)
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$40 ~$27–$52 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare California Resources Corp with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −32%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −13%
  • Last year's free-cash-flow margin change, if it persists ▼ −24%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $48$70$99$138$188$254
8.5% $33$49$70$98$134$180
10% $24$37$53$74$102$137

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$37.70$39.09$50.37$49.08$43.79$52.54
Market value$3.1bn$3.0bn$3.7bn$4.0bn$3.8bn$4.6bn
+ Net debt (− = net cash)$295m$293m$49m$773m$1.2bn$1.2bn
Enterprise value$3.4bn$3.3bn$3.7bn$4.8bn$5.0bn$5.8bn
Multiples
Price / sales 1.7x1.1x1.3x1.2x1.0x1.1x
Price / earnings 5.1x5.8x6.5x10.6x10.5x—
Price / free cash flow 6.7x9.8x7.8x11.3x7.0x11.8x
EV / EBITDA 6.8x3.3x3.6x4.7x4.5x12.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

39 /100

Weak moat

How hard California Resources's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.4% of total assets over 10 years.

  • Durability 4 / 20

    Operating margin has been a median 14.0%; its worst year was -70.7%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 8 of 10 years, at a median 10.2% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 76.2% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.10 −0% $3.6bn −2%
Next $3.73 −9% $3.5bn −3%

Next year's EPS estimate has moved −3.0% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −19.6% on 90 days ago. In the last 30 days, 4 analysts raised California Resources Corp's forecast and 2 cut it.

Consensus EPS forecast California Resources Corp, last 90 days
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.11 Current fiscal year, 60 days ago: $3.69 Current fiscal year, 30 days ago: $3.98 Current fiscal year, 7 days ago: $4.05 Current fiscal year, Now: $4.10 $4.10 Next fiscal year, 90 days ago: $3.84 Next fiscal year, 60 days ago: $4.09 Next fiscal year, 30 days ago: $4.17 Next fiscal year, 7 days ago: $3.50 Next fiscal year, Now: $3.73 $3.73

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.11$3.84
60 days ago $3.69$4.09
30 days ago $3.98$4.17
7 days ago $4.05$3.50
Now $4.10$3.73

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.97 $1.17 +21.1%
Jun 2026 $1.37 $0.99 −28.0%
Mar 2026 $0.90 $0.88 −2.2%
Dec 2025 $0.50 $0.47 −6.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Our model doesn't use the consensus here: consensus revenue is 0.68x the latest quarter's run rate while reported revenue grew 33% a year: a different business (spin-off, disposal or merger) - not used.

Analyst recommendations

13 analysts, Nov 2026
Buy1292%
Hold18%
Sell00%

Monthly trend

  1. Nov 202639113
  2. Oct 202639113
  3. Sep 202639113
  4. Aug 20263811

Counts of recommendations published by analysts covering California Resources Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.5%
of tradable shares
Days to cover
5.16
at average volume
Short interest, 1 month
+19%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
4.9%
of shares
Employees
2,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.7%

$45.81 on October 31, 2025 to $52.54

ThenNowEffect
Revenue (last 12 months) $4.1bn $4.0bn −3.4%
P/S multiple 1.0x 1.1x +12.2%
Share count 92m 87m +5.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +10.7%

$47.48 on November 3, 2023 to $52.54

ThenNowEffect
Revenue (last 12 months) $3.4bn $4.0bn +16.3%
P/S multiple 1.0x 1.1x +10.6%
Share count 75m 87m −14.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CRC+82%+4%+29%−3%−11%+20%
Industry peers (median)+88%+55%−8%+2%−15%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CRC58%50%50%42%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CRC−24%−29%−26%−24%−40%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 28, 2020: 45% from November 22, 2024 to April 8, 2025. Getting back needed a 81% gain, reached on September 17, 2025, 162 days after the low.

Price behaviour

52-week range
$42.65 – $69.14
From 52-week high
−24.0%
vs 50-day average
−1.8%
vs 200-day average
−7.1%
Volatility (1 year)
33%
Beta vs S&P 500
-0.23

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 5 down
typical move ±4.6%
After a week
6 up, 5 down
typical move ±6.2%
After a month
7 up, 3 down
typical move ±9.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 13, 2026 +1.0% −1.1% +1.4% —
August 10, 2026 +3.9% −0.3% +2.8% +9.7%
July 14, 2026 −2.0% +0.8% −0.1% +0.2%
June 16, 2026 −2.2% −1.8% −5.6% −6.6%
May 5, 2026 −11.1% +2.2% −13.7% −11.2%
March 11, 2026 +0.8% −1.6% +4.8% +8.7%
November 4, 2025 −1.9% −0.8% +2.0% +2.1%
September 24, 2025 +1.9% −0.8% −3.4% −11.8%
August 5, 2025 +3.4% +0.3% +2.8% +10.1%
May 6, 2025 +10.1% −0.4% +25.4% +27.1%
March 3, 2025 −12.2% −2.9% −6.0% +2.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

California Resources Corp in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) California Resources Corp
$2B $2.5B $3B $3.5B $4B $4.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.8B Revenue (TTM), FY23 Q4: $2.8B Revenue (TTM), FY24 Q1: $2.2B Revenue (TTM), FY24 Q2: $2.2B Revenue (TTM), FY24 Q3: $3B Revenue (TTM), FY24 Q4: $3.2B Revenue (TTM), FY25 Q1: $3.7B Revenue (TTM), FY25 Q2: $4.1B Revenue (TTM), FY25 Q3: $3.6B Revenue (TTM), FY25 Q4: $3.7B Revenue (TTM), FY26 Q1: $3.7B Revenue (TTM), FY26 Q2: $4B $4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.8B
FY23 Q4 $2.8B
FY24 Q1 $2.2B
FY24 Q2 $2.2B
FY24 Q3 $3B
FY24 Q4 $3.2B
FY25 Q1 $3.7B
FY25 Q2 $4.1B
FY25 Q3 $3.6B
FY25 Q4 $3.7B
FY26 Q1 $3.7B
FY26 Q2 $4B
Revenue growth, TTM YoY California Resources Corp
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -12.0% Revenue growth, TTM YoY, FY23 Q4: -12.0% Revenue growth, TTM YoY, FY24 Q1: -37.6% Revenue growth, TTM YoY, FY24 Q2: -37.1% Revenue growth, TTM YoY, FY24 Q3: 10.5% Revenue growth, TTM YoY, FY24 Q4: 14.2% Revenue growth, TTM YoY, FY25 Q1: 63.9% Revenue growth, TTM YoY, FY25 Q2: 91.3% Revenue growth, TTM YoY, FY25 Q3: 18.9% Revenue growth, TTM YoY, FY25 Q4: 14.7% Revenue growth, TTM YoY, FY26 Q1: 0.2% Revenue growth, TTM YoY, FY26 Q2: -3.4% -3.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -12.0%
FY23 Q4 -12.0%
FY24 Q1 -37.6%
FY24 Q2 -37.1%
FY24 Q3 10.5%
FY24 Q4 14.2%
FY25 Q1 63.9%
FY25 Q2 91.3%
FY25 Q3 18.9%
FY25 Q4 14.7%
FY26 Q1 0.2%
FY26 Q2 -3.4%
Operating margin (TTM) California Resources Corp
-10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 23.8% Operating margin (TTM), FY23 Q4: 28.8% Operating margin (TTM), FY24 Q1: 18.4% Operating margin (TTM), FY24 Q2: 14.0% Operating margin (TTM), FY24 Q3: 27.4% Operating margin (TTM), FY24 Q4: 19.4% Operating margin (TTM), FY25 Q1: 22.2% Operating margin (TTM), FY25 Q2: 25.2% Operating margin (TTM), FY25 Q3: 17.1% Operating margin (TTM), FY25 Q4: 16.3% Operating margin (TTM), FY26 Q1: -8.2% Operating margin (TTM), FY26 Q2: -1.4% -1.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 23.8%
FY23 Q4 28.8%
FY24 Q1 18.4%
FY24 Q2 14.0%
FY24 Q3 27.4%
FY24 Q4 19.4%
FY25 Q1 22.2%
FY25 Q2 25.2%
FY25 Q3 17.1%
FY25 Q4 16.3%
FY26 Q1 -8.2%
FY26 Q2 -1.4%
FCF margin (TTM) California Resources Corp
8% 10% 12% 14% 16% 18% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 16.0% FCF margin (TTM), FY23 Q4: 16.7% FCF margin (TTM), FY24 Q1: 10.7% FCF margin (TTM), FY24 Q2: 10.8% FCF margin (TTM), FY24 Q3: 9.9% FCF margin (TTM), FY24 Q4: 11.1% FCF margin (TTM), FY25 Q1: 12.4% FCF margin (TTM), FY25 Q2: 12.1% FCF margin (TTM), FY25 Q3: 15.1% FCF margin (TTM), FY25 Q4: 14.8% FCF margin (TTM), FY26 Q1: 10.4% FCF margin (TTM), FY26 Q2: 9.7% 9.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 16.0%
FY23 Q4 16.7%
FY24 Q1 10.7%
FY24 Q2 10.8%
FY24 Q3 9.9%
FY24 Q4 11.1%
FY25 Q1 12.4%
FY25 Q2 12.1%
FY25 Q3 15.1%
FY25 Q4 14.8%
FY26 Q1 10.4%
FY26 Q2 9.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar California Resources took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.7B
  2. Selling, general and admin $333M · 9.1%
  3. Other operating costs $2.7B · 74.6%
  4. Operating income $598M · 16.3%
  5. Income tax $139M · 3.8%
  6. Interest and other $96M · 2.6%
  7. Net income $363M · 9.9%

Shares of revenue. Source: California Resources's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4,073 4,284 4,173 2,403 1,547 2,006 3,064 2,634 1,889 2,707 2,801 3,198 3,669 3,981
Gross profit — — — — — 73 769 429 — — — — — —
EBITDA — — −1,151 −4,138 266 617 1,271 900 506 1,010 1,033 1,008 1,109 461
Operating income — — −2,349 −5,142 −293 73 769 429 293 812 808 620 598 −55
Net income 699 869 −1,434 −3,554 279 −266 328 −28 612 524 564 376 363 −121
Diluted EPS $18.00 $22.40 −$37.54 −$92.79 $6.76 −$6.26 $6.77 −$0.57 $7.37 $6.75 $7.78 $4.62 $4.15 −$1.39
Growth (year on year)
Revenue — +5.2% −2.6% −42.4% −35.6% +29.7% +52.7% −14.0% −28.3% +43.3% +3.5% +14.2% +14.7% −3.4%
EBITDA — — — — — +132.0% +106.0% −29.2% −43.8% +99.6% +2.3% −2.4% +10.0% −70.8%
Operating income — — — — — — +953.4% −44.2% −31.7% +177.1% −0.5% −23.3% −3.5% −105.3%
Net income — +24.3% −265.0% — — −195.3% — −108.5% — −14.4% +7.6% −33.3% −3.5% −118.2%
Diluted EPS — +24.4% −267.6% — — −192.6% — −108.4% — −8.4% +15.3% −40.6% −10.2% −119.3%
Margins
Gross margin — — — — — 3.6% 25.1% 16.3% — — — — — —
EBITDA margin — — −27.6% −172.2% 17.2% 30.8% 41.5% 34.2% 26.8% 37.3% 36.9% 31.5% 30.2% 11.6%
Operating margin — — −56.3% −214.0% −18.9% 3.6% 25.1% 16.3% 15.5% 30.0% 28.8% 19.4% 16.3% −1.4%
Net margin 17.2% 20.3% −34.4% −147.9% 18.0% −13.3% 10.7% −1.1% 32.4% 19.4% 20.1% 11.8% 9.9% −3.0%
Free-cash-flow margin −2.7% 18.8% 6.8% 0.1% 3.6% −6.1% −7.5% 8.4% 24.7% 11.5% 16.7% 11.1% 14.8% 9.7%
Cash flow
Cash from operations 2,223 2,476 2,371 403 130 248 461 676 660 690 653 610 865 876
Capital spending 2,331 1,669 2,089 401 75 371 690 455 194 379 185 255 322 491
Free cash flow −108 807 282 2 55 −123 −229 221 466 311 468 355 543 385
Stock-based pay 20 33 — 37 30 29 45 32 19 30 48 40 39 45
Free cash flow after stock pay −128 774 — −35 25 −152 −274 189 447 281 420 315 504 340
Balance sheet
Cash — 0 14 12 12 20 17 17 305 307 496 372 132 56
Total debt — 0 6,400 6,143 5,268 5,306 5,251 5,000 600 600 545 1,145 1,300 1,300
Net debt (negative = net cash) — 0 6,386 6,131 5,256 5,286 5,234 4,983 295 293 49 773 1,168 1,244
Diluted shares 38m 38m 38m 38m 40m 43m 47m 49m 83m 78m 73m 81m 87m 87m
Returned to shareholders
Dividends — — — 12 — — — 0 14 59 81 113 136 138
Buybacks — — — — — — — 0 148 313 143 192 377 69
Total returned — — — 12 — — — 0 162 372 224 305 513 207

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $7.1bn
Short-term assets $697mLonger-term assets $6.4bn
What it owes, and who funded it · $4.5bn
Short-term liabilities $1.1bnShareholders' equity $3.4bn
  • Short-term assets cover short-term liabilities $697m of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $56m of cash against $1.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 38% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 35% to 38% over five years.
  • A year's operating cash flow covers at least 20% of debt $876m of operating cash flow against $1.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From California Resources Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$69M
Dividends (TTM)
$138M
Returned to shareholders
54%
of free cash flow
Buybacks, last 3 fiscal years
$712M
Diluted share count
−5.5%
year over year
Total shareholder yield
4.4%
dividends 3.0% + buybacks 1.5% of market value
Sales & admin spending
9.7%
of revenue
Days sales outstanding
31 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated CRC MTDR RRC CRGY MUR SM Median
Revenue, last 12 months $4.0bn $3.6bn $3.5bn $4.8bn $3.0bn $5.5bn $1.4bn
Revenue growth, last 12 months −3.4% −3.6% 20.8% 33.5% 7.8% 75.4% 10.6%
Revenue growth, 3-year average 5.2% 9.9% −4.6% 25.8% −8.6% 27.8% 1.4%
Revenue growth, latest quarter 32.6% 32.5% 12.6% 55.9% 33.5% 215.3% 31.5%
Gross margin — — 94.1% — 100.0% 66.6% 75.2%
Operating margin −1.4% 32.2% — 27.8% 18.6% 29.6% 21.1%
Operating margin, 3-year average 12.6% 37.6% — 14.3% 21.2% 35.7% 16.5%
Net margin −3.0% 19.9% 25.2% 1.3% 9.8% 18.2% 10.1%
Cash from operations / revenue 22.0% 71.4% 40.2% 43.7% 52.1% 49.1% 42.4%
Free-cash-flow margin 9.7% 7.3% 21.7% 38.8% 50.4% 49.1% 19.3%
Free-cash-flow margin, 3-year average 10.9% −9.0% 18.1% 25.0% 52.8% 37.7% 19.1%
Stock pay / revenue 1.1% 0.6% 4.1% 3.5% 1.7% 0.9% 1.5%
Change in share count −5.5% −1.0% −1.8% — −1.2% 44.9% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth -3.4% 10.6% 41 of 57
Change in growth rate Growth -3.5pp +4.9pp 45 of 57
Operating margin Profitability -1.4% 19.9% 32 of 42
Net margin Profitability -3.0% 10.1% 40 of 57
Free-cash-flow margin Cash generation 9.7% 23.2% 36 of 51
Stock pay as % of revenue Cash generation 1.1% 1.2% 22 of 47
Long-term debt as % of assets Balance sheet 18.0% 17.6% 24 of 43
Change in share count Balance sheet -5.5% 0.4% 4 of 48
Days sales outstanding Balance sheet 31 days 41 days 11 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Oil and Natural Gas $2.9B ▲ 14.7%
Reportable $2.9B ▲ 14.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From California Resources Corp's 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.9B
Institutions reporting
360
Shares held vs prior quarter
▼ 1.8%
Positions opened / closed
69 / 59

Top buyers and sellers, Q2 2026: 199 institutions bought and 180 sold ; the biggest buyer was FMR LLC (+768K shares) and the biggest seller Fuller & Thaler Asset Management, Inc (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $633M 12.0M 13.0% ▼ 3.2%
Canada Pension Plan Investment Board $370M 7.0M 7.6% 0.0%
Gimbel Daniel Scott $330M 6.2M 6.8% 0.0%
Vanguard Portfolio Management LLC $279M 5.3M 5.7% ▲ 0.5%
Sourcerock Group LLC $259M 4.9M 5.3% ▲ 7.6%
State Street Corp $228M 4.3M 4.7% ▲ 8.7%
Dimensional Fund Advisors LP $210M 4.0M 4.3% ▼ 4.4%
Vanguard Capital Management LLC $197M 3.7M 4.1% ▲ 0.2%
American Century Companies Inc $144M 2.7M 3.0% ▼ 15.9%
Orbis Allan Gray Ltd $128M 2.4M 2.6% ▲ 11.2%
FMR LLC $126M 2.4M 2.6% ▲ 47.7%
Invesco Ltd. $120M 2.3M 2.5% ▲ 18.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not California Resources Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $281,056 2 trades by 2 insiders, last 12 months Insider sales History → $223M 11 trades by 7 insiders · 2% under pre-set plans
Net ▼ $223M net selling
Insider Date Trade Shares Price Value
Bys Jay A. EVP & Chief Commercial Officer October 12, 2026 Sell pre-set plan 11,907 $54.00 $642,978
Bys Jay A. EVP & Chief Commercial Officer September 4, 2026 Sell pre-set plan 11,907 $54.00 $642,978
Bys Jay A. EVP & Chief Commercial Officer August 10, 2026 Sell pre-set plan 11,907 $54.00 $642,978
Bys Jay A. EVP & Chief Commercial Officer July 13, 2026 Sell pre-set plan 11,907 $54.00 $642,978
Bys Jay A. EVP & Chief Commercial Officer June 4, 2026 Sell pre-set plan 11,907 $61.68 $734,424
Preston Michael L. EVP, Chf Strategy Officer & GC May 12, 2026 Sell 26,409 $59.82 $1.6M
Canada Pension Plan Investment Board 10% owner March 12, 2026 Sell 3,500,000 $61.10 $214M
Gould Christopher D. EVP & Chief Sustainability Off March 11, 2026 Sell 24,347 $62.21 $1.5M
Hayat Omar EVP & Chief Operating Officer March 9, 2026 Sell 23,000 $65.87 $1.5M
Mcfarland Mark Allen Director March 6, 2026 Sell 16,372 $64.83 $1.1M
Repetti Noelle M. Senior VP and Controller March 5, 2026 Sell 8,564 $63.71 $545,612
Leon Francisco President and CEO November 12, 2025 Buy 5,425 $47.71 $258,827

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • November 2, 2026
  • October 13, 2026
  • August 10, 2026
  • July 14, 2026
  • June 16, 2026
  • May 5, 2026

Recent SEC filings

Data status

When each part of this page on California Resources Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

California Resources Corp in brief

What does California Resources Corp do?
California Resources Corp is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is California Resources Corp's stock ticker?
California Resources Corp trades under the ticker CRC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is California Resources Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, California Resources Corp reported revenue of $4B, 3.4% lower than a year earlier, according to its SEC filings.
What is California Resources Corp's free cash flow?
California Resources Corp's free-cash-flow margin is 9.7% of revenue over the trailing twelve months, ranking 36 of the 51 oil & gas exploration & production companies we cover.
What is California Resources Corp's model value per share?
Our discounted-cash-flow model of California Resources Corp's free cash flow after stock-based pay gives ~$52 per share in the base case, and ~$36–$75 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation. No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Who are California Resources Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Canada Pension Plan Investment Board and Gimbel Daniel Scott. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is California Resources Corp buying back stock, and does it pay a dividend?
California Resources Corp spent $69M on share repurchases over the trailing twelve months, and its diluted share count fell 5.5% over the year.
What is California Resources Corp's market cap?
On November 2, 2026, California Resources Corp's market capitalisation was about $4.6B and net debt of $1.2B. Market figures come from third-party market data and may be delayed.
Does California Resources Corp pay a dividend?
Yes: California Resources Corp paid $138M in dividends over the trailing twelve months, a dividend yield of 2.96%.
How much debt does California Resources Corp have?
California Resources Corp's debt-to-equity ratio is 37.7%, from its latest balance sheet (34.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are California Resources Corp's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to California Resources Corp are Matador Resources Co, Range Resources Corp, Crescent Energy Co, Murphy OIL Corp and SM Energy Co. The side-by-side comparison below sets their revenue, margins and growth against California Resources Corp's.
Are insiders buying or selling California Resources Corp stock?
Over the last 12 months, California Resources Corp's directors and officers reported 2 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.