Permian Resources

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

PR · Last close · October 26, 2026

$25.77

Permian Resources' revenue rose 1.3% to $5.1 billion in fiscal 2025. Its operating margin was 28.9%, down from 34.9% a year earlier. Free cash flow was $3.6 billion, up 5.7%. It paid out $448 million in dividends and buybacks, 12% of free cash flow. The diluted share count rose 6.8%.

PERMIAN RESOURCES CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001658566-26-000035 Updated October 9, 2026

Revenue

$5.1B

1.3%

Operating margin

28.9%

6.0 pts

Net income

$935M

5.0%

Free cash flow

$3.6B

5.7%

Return on capital

8.0%

2.4 pts

Market cap

$22.0B

Oct 26 close

P/E

17.1x

On $1.51 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. Permian Resources' figures start in 2017: its predecessor, Centennial Resource Development, began as an acquisition company that bought its business in October 2016. Permian Resources tags its depreciation, depletion and amortization with its own label, which the SEC's structured data leaves out, so depreciation and the EBITDA figures built on it are blank.

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 18.9% a year and net income 36.9% a year, as new shares raised the share count by 205% 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 Permian 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 Permian 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 Permian Resources' fiscal 2025 free cash flow of $3.6B, net cash of −$3.4B at December 31, 2025 and 731 million diluted shares, from its filings. The scenarios are fitted to Permian Resources: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 33.4% 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 11% for a cyclical or higher-risk business (Oil & Gas Exploration & Production); 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 Permian Resources's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% 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: $25.77
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 Permian Resources' earnings per share of $1.51 (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: 17.1×, the middle of Permian Resources' own P/E today, its peers' median and its sector's median (Permian Resources' own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. 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: Chord Energy, Antero Resources, Matador Resources.

Earnings growth in the years ahead (% a year) Starts at Permian Resources' revenue growth over the last 3 years, 33.4% a year, kept between 0% and 20%, 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: $25.77
Value at this multiple, against the last close: —
Permian Resources' P/E at the last close: 17.1×

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	9	60	73	479	154
Debt incl. finance leases	826	2,141	3,864	4,200	3,562
Net debt (negative means net cash)	816	2,081	3,791	3,721	3,408
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.3x	0.7x	0.6x	0.5x	0.3x
Interest coverage	6.0x	10.5x	6.2x	5.9x	5.2x
Current ratio	0.5x	0.8x	0.5x	0.8x	0.8x
Quick ratio	0.5x	0.8x	0.5x	0.8x	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, no insider bought Permian Resources shares on the open market, and 8 insiders sold $90.7 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	John Charles BellEVP, General Counsel	Sold	5,492	$23.75	$130,435	Form 4
Sep 3, 2026	Robert Regan ShannonEVP, Chief Accounting Officer	Sold	5,104	$23.75	$121,220	Form 4
Sep 3, 2026	Guy M OliphintEVP, Chief Financial Officer	Sold	5,103	$23.75	$121,196	Form 4
May 21, 2026	Guy M OliphintEVP, Chief Financial Officer	Sold	62,769	$20.44	$1.3 million	Form 4
Mar 18, 2026	William J QuinnDirector	Sold	512,429	$19.59	$10.0 million	Form 4
Mar 18, 2026	Aron MarquezDirector	Sold	7,750	$19.62	$152,055	Form 4
Mar 17, 2026	Aron MarquezDirector	Sold	5,250	$19.58	$102,795	Form 4
Mar 12, 2026	Jeffrey TepperDirector	Sold	50,000	$19.38	$969,000	Form 4
Mar 11, 2026	William J QuinnDirector	Sold	800,000	$19.15	$15.3 million	Form 4
Mar 4, 2026	William M Hickey IIICo-Chief Executive Officer, Director	Sold	898,423	$18.38	$16.5 million	Form 4
Mar 4, 2026	James H WalterCo-Chief Executive Officer, Director	Sold	673,425	$18.38	$12.4 million	Form 4
Mar 4, 2026	John Charles BellEVP, General Counsel	Sold	158,385	$18.39	$2.9 million	Form 4

The latest 12 of 27 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	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Fail
F-score	4 of 8	6 of 8	4 of 8
Accruals ratio	−14.8%	−15.2%	−15.3%

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

Compare

Put Permian 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
Permian Resources	FY25	1.3%	28.9%	71.0%	8.0%	—	4
Chord Energy	FY25	−7.1%	4.0%	14.2%	1.1%	0.8x	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.

9 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	430	891	944	580	1,030	2,131	3,121	5,001	5,065
Revenue growth	—	107.3%	6.0%	−38.5%	77.4%	106.9%	46.4%	60.2%	1.3%
Gross profit	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—
Operating income	114	283	79	−780	371	1,008	1,096	1,744	1,463
Net income	76	200	16	−683	138	515	476	985	935
Diluted EPS (US$)	0.32	0.75	0.06	−2.46	0.46	1.61	1.24	1.45	1.28
Diluted shares (millions)	240	267	277	277	310	323	389	684	731
Cash flow
Cash from operations	260	670	564	171	526	1,372	2,214	3,412	3,608
Capital expenditure	5	6	9	1	1	4	34	13	14
Free cash flow	255	664	555	170	525	1,368	2,179	3,399	3,594
Dividends paid	0	0	0	0	0	14	142	467	448
Share buybacks	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	497	40	0	0
Stock-based compensation	14	21	29	21	38	116	78	60	70
Balance sheet at fiscal year end
Cash and short-term investments	117	18	10	6	9	60	73	479	154
Debt incl. finance leases	391	692	1,057	1,069	826	2,141	3,864	4,200	3,562
Total assets	3,617	4,260	4,688	3,827	3,805	8,493	14,966	16,898	17,912
Total liabilities	613	1,016	1,418	1,224	1,054	2,836	5,736	6,379	6,378
Shareholders' equity	2,834	3,100	3,258	2,604	2,751	2,936	6,336	9,138	10,278
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—
Operating margin	26.5%	31.8%	8.4%	−134.4%	36.0%	47.3%	35.1%	34.9%	28.9%
Net margin	17.6%	22.4%	1.7%	−117.6%	13.4%	24.2%	15.3%	19.7%	18.5%
Free cash flow margin	59.3%	74.5%	58.8%	29.3%	51.0%	64.2%	69.8%	68.0%	71.0%
Return on capital	—	6.2%	1.4%	−15.4%	10.2%	15.4%	9.0%	10.3%	8.0%
Return on equity	—	6.7%	0.5%	−23.3%	5.2%	18.1%	10.3%	12.7%	9.6%
Return on assets	—	5.1%	0.3%	−16.0%	3.6%	8.4%	4.1%	6.2%	5.4%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—

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