Chord Energy

CHRD · Nasdaq · Energy · Financials, fiscal 2015 to 2025

CHRD · Last close · October 26, 2026

$156.15

Chord Energy's revenue fell 7.1% to $4.9 billion in fiscal 2025. Its operating margin was 4.0%, down from 20.9% a year earlier. Free cash flow was $693 million, down 24.6%. It paid out $683 million in dividends and buybacks, 99% of free cash flow. The diluted share count rose 9.7%.

Chord Energy Corporation Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001486159-26-000005 Updated October 9, 2026

Revenue

$4.9B

7.1%

Operating margin

4.0%

16.9 pts

Net income

$44M

94.8%

Free cash flow

$693M

24.6%

Return on capital

1.1%

10.4 pts

Market cap

$8.8B

Oct 26 close

P/E

10.5x

On $14.90 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Chord doesn't report a gross profit; the only cost of sales its filings tag is a line for oil and gas it buys and resells, so gross profit and gross margin are left blank. Capital spending is Chord's (until 2022 Oasis Petroleum's) spending on drilling and developing its oil and gas properties, its main capital spending line in every year; acquisitions are a separate line. Oasis Petroleum emerged from bankruptcy in November 2020, so 2020 is split into two periods with no full-year figures and is not shown. Its old shares were cancelled, so earnings per share before and after 2020 aren't comparable.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 4.5% a year and net income fell 12.0% a year, as buybacks cut the share count by 76%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Chord Energy yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Chord Energy's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Chord Energy's fiscal 2025 free cash flow of $693M, net cash of −$1.3B at December 31, 2025 and 58 million diluted shares, from its filings. The scenarios are fitted to Chord Energy: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 10.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Oil & Gas Exploration & Production), plus 1 point as a smaller company, worth $8.8B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Chord Energy's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 14% discount rate. Base: growth of 10% then 6% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 15.5% then 9% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $156.15
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Chord Energy's earnings per share of $14.90 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 11.9×, the middle of Chord Energy's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 14%, 13% and 12%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Permian Resources, Antero Resources, Matador Resources.

Earnings growth in the years ahead (% a year) Starts at Chord Energy's revenue growth over the last 3 years, 10.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $156.15
Value at this multiple, against the last close: —
Chord Energy's P/E at the last close: 10.5×

Company	Last close	Earnings per share	P/E today
Permian ResourcesPR	$25.77	$1.51	17.1×
Antero ResourcesAR	$41.54	$3.48	11.9×
Chord EnergyCHRD	$156.15	$14.90	10.5×
Matador ResourcesMTDR	$60.09	$5.83	10.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	172	593	318	37	190
Debt incl. finance leases	394	396	399	848	1,485
Net debt (negative means net cash)	222	−197	81	811	1,296
Net debt to EBITDA	0.2x	−0.1x	0.0x	0.4x	0.8x
Debt to equity	0.4x	0.1x	0.1x	0.1x	0.2x
Interest coverage	26.3x	54.0x	44.5x	19.5x	2.5x
Current ratio	1.3x	1.1x	1.2x	0.9x	1.1x
Quick ratio	1.3x	1.1x	1.2x	0.9x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $106,875 of Chord Energy shares on the open market, and 8 insiders sold $11.7 million, $3.5 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 1, 2026	Samantha McKinneyDirector	Sold	9,750	$149.94	$1.5 million	Form 4
Aug 21, 2026	Daniel E BrownPresident and CEO, Director	Sold plan	656	$150.12	$98,479	Form 4
Aug 20, 2026	Daniel E BrownPresident and CEO, Director	Sold plan	13,048	$151.33	$2.0 million	Form 4
Aug 11, 2026	Shannon Browning KinneyEVP, CAO, GC & Corp Secretary	Sold	4,019	$140.00	$562,660	Form 4
Aug 10, 2026	Samantha McKinneyDirector	Sold	2,200	$136.32	$299,904	Form 4
Aug 7, 2026	Douglas E BrooksDirector	Sold	8,000	$133.14	$1.1 million	Form 4
Jul 23, 2026	Michael H LouEVP, CSO, and CCO	Sold plan	10,000	$140.42	$1.4 million	Form 4
May 15, 2026	Darrin J. HenkeEVP and COO	Sold	1,276	$145.97	$186,258	Form 4
May 11, 2026	Douglas E BrooksDirector	Sold	1,500	$138.57	$207,855	Form 4
May 8, 2026	Douglas E BrooksDirector	Sold	3,500	$136.71	$478,485	Form 4
May 7, 2026	Douglas E BrooksDirector	Sold	3,000	$137.79	$413,370	Form 4
Mar 13, 2026	Richard N RobuckEVP, CFO and Treasurer	Sold	5,000	$121.75	$608,750	Form 4

The latest 12 of 17 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	5 of 8	4 of 8	4 of 8
Accruals ratio	−11.7%	−12.5%	−15.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Chord Energy side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Chord Energy	FY25	−7.1%	4.0%	14.2%	1.1%	0.8x	4
Permian Resources	FY25	1.3%	28.9%	71.0%	8.0%	—	4	Compare
Antero Resources	FY25	22.0%	16.8%	30.8%	7.6%	0.7x	8	Compare
Matador Resources	FY25	5.5%	33.2%	7.3%	—	—	—	Compare
California Resources	FY25	14.7%	16.3%	14.8%	9.5%	1.0x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY15	FY16	FY17	FY18	FY19	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	—	705	1,294	2,322	1,931	1,580	3,647	3,897	5,251	4,877
Revenue growth	—	—	83.6%	79.5%	−16.9%	—	130.8%	6.8%	34.8%	−7.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−114	−131	144	119	−90	809	1,584	1,273	1,100	197
Net income	−40	−243	124	−35	−128	320	1,856	1,024	849	44
Diluted EPS (US$)	−0.31	−1.32	0.52	−0.11	−0.41	15.48	57.55	23.51	16.02	0.74
Diluted shares (millions)	130	184	238	308	315	21	32	43	53	58
Cash flow
Cash from operations	360	228	508	996	893	914	1,924	1,820	2,097	2,041
Capital expenditure	820	426	647	1,149	869	213	531	906	1,179	1,348
Free cash flow	−460	−198	−139	−153	24	701	1,393	914	918	693
Dividends paid	0	0	0	0	0	112	655	500	530	318
Share buybacks	0	0	0	0	0	100	152	239	444	365
Acquisitions	0	782	62	582	21	590	148	362	655	576
Stock-based compensation	25	24	26	29	34	16	61	46	23	26
Balance sheet at fiscal year end
Cash and short-term investments	10	11	17	22	20	172	593	318	37	190
Debt incl. finance leases	2,303	2,297	2,098	2,735	2,718	394	396	399	848	1,485
Total assets	5,649	6,179	6,623	7,626	7,499	3,027	6,631	6,926	13,032	13,074
Total liabilities	3,330	3,256	3,109	3,707	3,662	1,805	1,951	1,850	4,330	4,994
Shareholders' equity	2,319	2,923	3,376	3,735	3,636	1,033	4,680	5,077	8,702	8,080
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	−18.6%	11.1%	5.1%	−4.7%	51.2%	43.4%	32.7%	20.9%	4.0%
Net margin	—	−34.5%	9.6%	−1.5%	−6.6%	20.2%	50.9%	26.3%	16.2%	0.9%
Free cash flow margin	—	−28.1%	−10.8%	−6.6%	1.2%	44.4%	38.2%	23.5%	17.5%	14.2%
Return on capital	−2.0%	−2.1%	2.1%	1.5%	−1.1%	—	53.5%	20.2%	11.4%	1.1%
Return on equity	−1.9%	−9.3%	3.9%	−1.0%	−3.5%	—	65.0%	21.0%	12.3%	0.5%
Return on assets	−0.7%	−4.1%	1.9%	−0.5%	−1.7%	—	38.4%	15.1%	8.5%	0.3%
Net debt to EBITDA	6.2x	6.6x	3.1x	3.6x	3.9x	0.2x	−0.1x	0.0x	0.4x	0.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Chord Energy's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Chord Energy.