California Resources Corp key statistics and ratios

In fiscal 2025, California Resources Corp had return on equity of 10.1%, an operating margin of 16.3%, debt equal to 35.4% of equity and a current ratio of 0.89. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

California Resources Corp: financial ratios, annual
Fiscal year	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	3.6%	25.1%	16.3%	—	—	—	—	—	—
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%
Return on equity	7.1%	8.8%	−22.8%	—	—	—	—	—	94.2%	29.5%	27.6%	13.1%	10.1%	−3.4%
Return on assets	—	6.1%	−10.7%	−36.5%	4.2%	−4.2%	4.9%	−0.4%	11.3%	13.4%	14.2%	6.8%	5.0%	−1.7%
Asset turnover	—	0.30	0.31	0.25	0.23	0.32	0.46	0.37	0.35	0.69	0.70	0.57	0.50	0.55
Current ratio	—	0.37	0.76	0.72	0.59	0.66	1.05	0.69	0.88	0.97	1.51	1.04	0.89	0.66
Debt to equity	—	0.0%	245.1%	—	—	—	—	—	35.5%	32.2%	24.6%	32.4%	35.4%	38.2%
Effective tax rate	40.8%	39.9%	—	—	−38.8%	—	0.0%	1.0%	—	31.1%	24.6%	27.1%	27.7%	—
SG&A as % of revenue	—	—	7.2%	14.7%	15.2%	12.4%	9.8%	11.0%	10.6%	8.2%	9.5%	10.0%	9.1%	9.7%
Capital spending as % of revenue	57.2%	39.0%	50.1%	16.7%	4.8%	18.5%	22.5%	17.3%	10.3%	14.0%	6.6%	8.0%	8.8%	12.3%
Free cash flow ÷ net income	−15.5%	92.9%	—	—	19.7%	—	−69.8%	—	76.1%	59.4%	83.0%	94.4%	149.6%	—
Dividends ÷ net income	—	—	—	—	—	—	—	—	2.3%	11.3%	14.4%	30.1%	37.5%	—
Dividends and buybacks ÷ free cash flow	—	—	—	600.0%	—	—	—	0.0%	34.8%	119.6%	47.9%	85.9%	94.5%	53.8%

US$ thousands unless shown otherwise. Fiscal quarters.

California Resources Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	38.3%	7.8%	20.4%	27.3%	11.5%	5.1%	−78.6%	39.4%
Net margin	25.5%	3.8%	12.6%	17.6%	7.5%	1.3%	−78.6%	39.6%
Free-cash-flow margin	10.4%	13.5%	14.4%	11.1%	22.0%	12.4%	−3.5%	8.8%
Current ratio	0.97	1.04	0.83	0.78	0.89	0.89	0.55	0.66
Debt to equity	32.3%	32.0%	28.7%	29.6%	29.4%	34.9%	44.9%	37.7%
SG&A as % of revenue	7.8%	10.8%	7.9%	8.1%	10.2%	10.3%	11.7%	7.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from California Resources Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to California Resources Corp.