Magnolia Oil & Gas

MGY · NYSE · Energy · Financials, fiscal 2017 to 2025

MGY · Last close · October 26, 2026

$26.46

Magnolia Oil & Gas' revenue fell 0.3% to $1.3 billion in fiscal 2025. Its operating margin was 33.5%, down from 38.9% a year earlier. It paid out $113 million in dividends and buybacks. The diluted share count fell 0.5%.

Magnolia Oil & Gas Corp Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001698990-26-000005 Updated October 21, 2026

Revenue

$1.3B

0.3%

Operating margin

33.5%

5.4 pts

Net income

$325M

11.1%

Free cash flow

—

Return on capital

16.8%

4.0 pts

Market cap

$4.9B

Oct 26 close

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 2017 to 2025, net income grew 7.8% a year; the filings' structured data doesn't give diluted earnings per share.

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. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

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 Magnolia Oil & Gas 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 Magnolia Oil & Gas' 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 Magnolia Oil & Gas' cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $441M, net cash of −$126M at December 31, 2025 and 186 million diluted shares, from its filings. The scenarios are fitted to Magnolia Oil & Gas: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -8.2% a year, kept between 0% and 20%; 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 $4.9B, 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 depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

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 Magnolia Oil & Gas's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% 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: $26.46
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 Magnolia Oil & Gas' latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	367	675	401	260	267
Debt incl. finance leases	388	390	393	392	393
Net debt (negative means net cash)	21	−285	−8	132	126
Net debt to EBITDA	0.0x	−0.2x	−0.0x	0.1x	0.1x
Debt to equity	0.4x	0.2x	0.2x	0.2x	0.2x
Interest coverage	22.4x	40.3x	20.3x	15.1x	14.8x
Current ratio	2.4x	2.5x	1.9x	1.4x	1.5x
Quick ratio	2.4x	2.5x	1.9x	1.4x	1.5x

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, 3 insiders bought $430,906 of Magnolia Oil & Gas shares on the open market, and 7 insiders sold $10.8 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 1, 2026	David M. KhaniDirector	Bought	54	$26.78	$1,446	Form 4
Aug 7, 2026	David M. KhaniDirector	Bought	8,000	$25.00	$200,000	Form 4
Aug 7, 2026	Ralph Lewis RoppDirector	Bought	5,000	$24.63	$123,150	Form 4
Jun 1, 2026	Shandell SzaboDirector	Bought	86	$27.44	$2,360	Form 4
Mar 30, 2026	Shandell SzaboDirector	Sold	11,731	$31.98	$375,157	Form 4
Mar 10, 2026	Edward P DjerejianDirector	Sold	18,000	$28.98	$521,640	Form 4
Mar 9, 2026	Timothy D. YangEVP, Chief Legal & Comm & Sec	Sold	150,000	$29.29	$4.4 million	Form 4
Mar 9, 2026	Christopher G StavrosCEO & Chairman, Director	Sold	119,954	$29.29	$3.5 million	Form 4
Mar 9, 2026	Brian CoralesSVP & Chief Financial Officer	Sold	33,000	$29.12	$960,960	Form 4
Mar 9, 2026	Arcilia AcostaDirector	Sold	19,235	$29.10	$559,738	Form 4
Mar 9, 2026	Dan F SmithDirector	Sold	18,000	$29.01	$522,180	Form 4
Nov 11, 2025	Ralph Lewis RoppDirector	Bought	4,500	$23.10	$103,950	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	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	4 of 8	6 of 8	6 of 8
Accruals ratio	−17.6%	−19.9%	−19.3%

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

Compare

Put Magnolia Oil & Gas 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
Magnolia Oil & Gas	FY25	−0.3%	33.5%	—	16.8%	0.1x	6
Gulfport Energy	FY25	48.5%	42.2%	—	18.8%	0.9x	7	Compare
Talos Energy	FY25	−9.8%	−31.5%	—	−12.4%	2.0x	5	Compare
Texas Pacific Land	FY25	13.1%	74.2%	—	45.0%	−0.2x	5	Compare
Comstock Resources	FY25	77.0%	29.1%	−20.2%	9.7%	2.2x	7	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.

8 years of figures

Fiscal year	FY17	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	403	942	541	1,078	1,694	1,227	1,316	1,312
Revenue growth	—	—	−42.5%	99.2%	57.1%	−27.6%	7.2%	−0.3%
Gross profit	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—
Operating income	190	128	−1,926	603	1,074	534	512	439
Net income	179	50	−1,208	417	894	388	366	325
Diluted EPS (US$)	—	—	—	—	—	—	—	—
Diluted shares (millions)	—	167	166	175	188	188	186	186
Cash flow
Cash from operations	257	648	310	788	1,297	856	921	879
Capital expenditure	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—
Dividends paid	0	0	0	14	75	88	98	113
Share buybacks	0	0	0	0	0	0	0	0
Acquisitions	0	4	0	0	90	356	165	67
Stock-based compensation	0	11	10	12	13	16	19	27
Balance sheet at fiscal year end
Cash and short-term investments	1	183	193	367	675	401	260	267
Debt incl. finance leases	—	390	391	388	390	393	392	393
Total assets	654	3,466	1,453	1,747	2,573	2,756	2,821	2,903
Total liabilities	25	738	614	702	832	874	854	904
Shareholders' equity	5	2,728	839	1,045	1,740	1,883	1,967	1,999
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—
Operating margin	47.1%	13.5%	−355.8%	55.9%	63.4%	43.6%	38.9%	33.5%
Net margin	44.4%	5.3%	−223.2%	38.7%	52.8%	31.6%	27.8%	24.8%
Free cash flow margin	—	—	—	—	—	—	—	—
Return on capital	—	—	−76.6%	56.4%	84.6%	25.9%	20.8%	16.8%
Return on equity	—	—	−67.7%	44.3%	64.2%	21.4%	19.0%	16.4%
Return on assets	—	—	−49.1%	26.1%	41.4%	14.6%	13.1%	11.4%
Net debt to EBITDA	—	0.3x	—	0.0x	−0.2x	−0.0x	0.1x	0.1x

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