California Resources

CRC · NYSE · Energy · Financials, fiscal 2015 to 2025

CRC · Last close · October 26, 2026

$54.75

California Resources' revenue rose 14.7% to $3.7 billion in fiscal 2025. Its operating margin was 16.3%, down from 19.4% a year earlier. Free cash flow was $543 million, up 53.0%. It paid out $513 million in dividends and buybacks, 94% of free cash flow. The diluted share count rose 7.4%.

California Resources Corp Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001609253-26-000051 Updated October 21, 2026

Revenue

$3.7B

14.7%

Operating margin

16.3%

3.1 pts

Net income

$363M

3.5%

Free cash flow

$543M

53.0%

Return on capital

9.5%

4.3 pts

Market cap

$4.9B

Oct 26 close

P/E

—

Loss: no P/E

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.

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 2016 to 2025, earnings per share fell 5.3% a year and net income grew 3.0% a year, as new shares raised the share count by 116% and diluted each share's earnings.

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 California Resources 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 California Resources' 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 California Resources' fiscal 2025 free cash flow of $543M, net cash of −$1.2B at December 31, 2025 and 87 million diluted shares, from its filings. The scenarios are fitted to California Resources: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 10.7% 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 12%: 11% for a cyclical or higher-risk business (Oil & Gas Exploration & Production), plus 1 point as a smaller company, worth $4.9B; 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 California Resources's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 13% discount rate. Base: growth of 10.5% then 6.5% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 16% then 9.5% a year, 3% after year 10, a 11% 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: $54.75
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.

The P/E method needs positive earnings, and California Resources' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	305	307	496	372	132
Debt incl. finance leases	589	592	540	1,135	1,285
Net debt (negative means net cash)	284	285	44	763	1,153
Net debt to EBITDA	0.6x	0.3x	0.0x	0.8x	1.0x
Debt to equity	0.3x	0.3x	0.2x	0.3x	0.3x
Interest coverage	10.5x	18.9x	14.4x	7.1x	5.6x
Current ratio	0.9x	1.0x	1.5x	1.0x	0.9x
Quick ratio	0.8x	0.9x	1.4x	0.9x	0.8x

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, 2 insiders bought $281,056 of California Resources shares on the open market, and 7 insiders sold $222.7 million, $2.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 4, 2026	Jay A. BysEVP & Chief Commercial Officer	Sold plan	11,907	$54.00	$642,978	Form 4
Aug 10, 2026	Jay A. BysEVP & Chief Commercial Officer	Sold plan	11,907	$54.00	$642,978	Form 4
Jul 13, 2026	Jay A. BysEVP & Chief Commercial Officer	Sold plan	11,907	$54.00	$642,978	Form 4
Jun 4, 2026	Jay A. BysEVP & Chief Commercial Officer	Sold plan	11,907	$61.68	$734,424	Form 4
May 12, 2026	Michael L. PrestonEVP, Chf Strategy Officer & GC	Sold	26,409	$59.82	$1.6 million	Form 4
Mar 12, 2026	Canada Pension Plan Investment Board10% owner	Sold	3,500,000	$61.10	$213.8 million	Form 4
Mar 11, 2026	Christopher D. GouldEVP & Chief Sustainability Off	Sold	24,347	$62.21	$1.5 million	Form 4
Mar 9, 2026	Omar HayatEVP & Chief Operating Officer	Sold	23,000	$65.87	$1.5 million	Form 4
Mar 6, 2026	Mark Allen McFarlandDirector	Sold	16,372	$64.83	$1.1 million	Form 4
Mar 5, 2026	Noelle M. RepettiSenior VP and Controller	Sold	8,564	$63.71	$545,612	Form 4
Nov 12, 2025	Francisco LeonPresident and CEO, Director	Bought	5,425	$47.71	$258,827	Form 4
Nov 12, 2025	William B RobyDirector	Bought	467	$47.63	$22,229	Form 4

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	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	8 of 8	4 of 8	4 of 8
Accruals ratio	−2.2%	−4.2%	−6.9%

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

Compare

Put California Resources 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
California Resources	FY25	14.7%	16.3%	14.8%	9.5%	1.0x	4
Matador Resources	FY25	5.5%	33.2%	7.3%	—	—	—	Compare
Crescent Energy	FY25	22.1%	6.4%	—	2.3%	4.0x	—	Compare
SM Energy	FY25	17.2%	31.7%	—	11.1%	—	6	Compare
Range Resources	FY25	28.9%	—	18.9%	13.7%	0.9x	8	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	2,403	1,547	2,006	3,064	2,634	1,889	2,707	2,801	3,198	3,669
Revenue growth	−42.4%	−35.6%	29.7%	52.7%	−14.0%	—	43.3%	3.5%	14.2%	14.7%
Gross profit	—	—	73	769	429	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−5,142	−293	73	769	429	293	812	808	620	598
Net income	−3,554	279	−266	328	−28	612	524	564	376	363
Diluted EPS (US$)	−92.79	6.76	−6.26	6.77	−0.57	7.37	6.75	7.78	4.62	4.15
Diluted shares (millions)	38	40	42	47	49	83	78	72	81	87
Cash flow
Cash from operations	403	130	248	461	676	660	690	653	610	865
Capital expenditure	401	75	371	690	455	194	379	185	255	322
Free cash flow	2	55	−123	−229	221	466	311	468	355	543
Dividends paid	12	0	0	0	0	14	59	81	113	136
Share buybacks	0	0	0	0	0	148	313	143	192	377
Acquisitions	0	0	0	0	0	52	0	0	853	440
Stock-based compensation	37	30	29	45	32	19	30	48	40	39
Balance sheet at fiscal year end
Cash and short-term investments	12	12	20	17	17	305	307	496	372	132
Debt incl. finance leases	6,143	5,268	5,306	5,251	4,979	589	592	540	1,135	1,285
Total assets	7,053	6,354	6,207	7,158	6,958	3,846	3,967	3,998	7,135	7,403
Total liabilities	7,969	6,911	6,927	7,405	7,254	2,158	2,103	1,779	3,597	3,729
Shareholders' equity	−916	−557	−814	−361	−389	1,688	1,864	2,219	3,538	3,674
Margins and ratios
Gross margin	—	—	3.6%	25.1%	16.3%	—	—	—	—	—
Operating margin	−214.0%	−18.9%	3.6%	25.1%	16.3%	15.5%	30.0%	28.9%	19.4%	16.3%
Net margin	−147.9%	18.0%	−13.3%	10.7%	−1.1%	32.4%	19.4%	20.1%	11.8%	9.9%
Free cash flow margin	0.1%	3.6%	−6.1%	−7.5%	8.4%	24.7%	11.5%	16.7%	11.1%	14.8%
Return on capital	−57.3%	−5.9%	1.2%	16.1%	8.8%	—	27.1%	27.6%	13.8%	9.5%
Return on equity	−419.4%	—	—	—	—	—	29.5%	27.6%	13.1%	10.1%
Return on assets	−36.5%	4.2%	−4.2%	4.9%	−0.4%	—	13.4%	14.2%	6.8%	5.0%
Net debt to EBITDA	—	19.8x	8.6x	4.1x	5.5x	0.6x	0.3x	0.0x	0.8x	1.0x

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