Matador Resources Co key statistics and ratios

In fiscal 2025, Matador Resources Co had return on equity of 14.1%, an operating margin of 33.2%, debt equal to 60.1% of equity and a current ratio of 0.79. 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.

Matador Resources Co: financial ratios, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	—	—	—	—	—	95.2%	96.3%	96.9%	95.6%	95.2%	94.4%	—
Operating margin	23.0%	−19.3%	−20.2%	23.2%	41.7%	−253.6%	−67.0%	29.6%	40.4%	23.9%	−60.5%	47.7%	57.5%	43.1%	40.9%	33.2%	32.2%
Net margin	15.0%	−13.0%	−20.1%	17.3%	25.6%	−213.7%	−36.8%	23.1%	30.5%	8.9%	−68.8%	35.2%	39.7%	30.1%	25.3%	20.5%	19.9%
Free-cash-flow margin	60.4%	72.2%	70.8%	67.3%	−83.0%	−154.0%	−121.1%	−105.4%	−99.6%	−40.1%	−28.3%	13.0%	29.9%	−48.5%	−47.4%	7.3%	7.3%
Return on equity	2.3%	−3.7%	−10.2%	9.5%	15.4%	−100.3%	−16.5%	13.6%	19.3%	5.0%	−38.0%	36.6%	48.4%	24.1%	19.7%	14.1%	12.5%
Return on assets	—	−2.3%	−6.2%	5.9%	9.5%	−52.8%	−7.5%	7.0%	9.8%	2.3%	−15.3%	14.7%	24.7%	12.7%	9.5%	6.7%	5.7%
Asset turnover	—	0.18	0.31	0.34	0.37	0.25	0.20	0.30	0.32	0.26	0.22	0.42	0.62	0.42	0.38	0.33	0.29
Current ratio	—	0.49	0.40	0.43	0.79	0.93	1.65	0.91	0.93	0.70	0.90	0.80	1.86	1.04	0.93	0.79	0.65
Debt to equity	0.0%	41.6%	39.6%	35.2%	39.0%	0.0%	83.2%	49.6%	74.5%	72.4%	34.2%	20.2%	37.3%	56.4%	65.3%	60.1%	71.1%
Interest cover (operating income ÷ interest)	—	n/m	n/m	10.6x	33.8x	n/m	n/m	4.7x	8.8x	3.2x	n/m	10.6x	26.2x	10.0x	8.4x	5.9x	5.4x
Effective tax rate	35.6%	—	—	17.7%	36.8%	—	—	−6.3%	−2.6%	22.4%	—	10.4%	23.7%	17.0%	23.1%	16.7%	14.6%
Capital spending as % of revenue	3.8%	5.9%	4.4%	1.5%	141.2%	219.6%	171.8%	160.4%	167.3%	96.2%	83.7%	50.4%	34.8%	115.0%	111.5%	58.3%	64.2%
Free cash flow ÷ net income	402.4%	—	—	389.2%	−324.0%	—	—	−455.9%	−326.8%	−448.8%	—	36.8%	75.4%	−160.8%	−187.5%	35.5%	36.6%
Dividends ÷ net income	4.3%	—	—	0.0%	0.0%	—	—	—	—	—	—	2.5%	2.9%	9.1%	11.8%	21.5%	24.6%
Dividends and buybacks ÷ free cash flow	41.2%	0.5%	0.1%	0.0%	—	—	—	—	—	—	—	6.8%	3.9%	—	—	81.2%	76.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Matador Resources Co: 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	43.6%	37.1%	38.4%	32.2%	32.6%	28.6%	7.0%	48.7%
Net margin	27.6%	22.1%	23.7%	16.8%	18.8%	22.7%	−5.3%	32.9%
Free-cash-flow margin	−178.2%	4.7%	17.1%	1.1%	8.3%	1.0%	−3.9%	17.3%
Current ratio	0.88	0.93	0.79	0.85	0.73	0.79	0.73	0.65
Debt to equity	—	65.3%	60.1%	61.2%	58.5%	60.1%	62.1%	71.1%

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 · $13.5bn

Short-term assets $1.0bnLonger-term assets $12.5bn

What it owes, and who funded it · $7.5bn

Short-term liabilities $1.5bnShareholders' equity $5.9bn

Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $1.5bn 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 $26m of cash against $4.2bn of debt.
Debt below 40% of shareholders' equity Debt is 71% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $2.6bn of operating cash flow against $4.2bn of debt.
Operating profit covers interest at least five times over Operating income of $1.2bn against $218m of interest.

From Matador Resources Co'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

49 /100

Moderate moat

How hard Matador 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 10 / 20

Net income has been a median 7.2% of total assets over 10 years.
Durability 10 / 20

Operating margin has been a median 32.5%; its worst year was -8.3%.
Cash conversion 4 / 20

Free cash flow was positive in 4 of 10 years, at a median -37.3% of revenue.
Discipline 15 / 20

The diluted share count rose 5.8% over five years; stock-based pay has been a median 0.7% 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 Matador Resources Co's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Matador Resources Co.