CRGYCrescent Energy Co
Crude Petroleum & Natural Gas
- Revenue
- $3.6B
- 22% YoY
- Operating margin
- 6.4%
- 14% YoY
- EBITDA
- $1.4B
- 20% YoY
- Market cap
- $4.7B
- Employees
- 1,066
- $3M revenue each
- Net debt / EBITDA
- 3.4×
- $4.7B net debt
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo13× net incomeCash flow under 80% of net income
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Payouts exceed cash flowNo9% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$3M · 64th pctBottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 8th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.7B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$402M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.5B | $3.1B | $2.4B | $2.9B | $3.6B | 22% |
| Operating income | $484M | $1.3B | $325M | $218M | $229M | 5.0% |
| Net income | −$19M | $97M | $68M | −$115M | $133M | 216% |
| Operating cash flow | $233M | $1.0B | $936M | $1.2B | $1.7B | 37% |
| Stock-based comp | $40M | $38M | $83M | $186M | $245M | 32% |
| Buybacks | $18M | $0 | $0 | $8M | $33M | 327% |
| Dividends | $0 | $28M | $34M | $65M | $115M | 77% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 13, 2026 | Independence Energy Aggregator L.P. | SCHEDULE 13D/A | 15.7% | Passive |
| May 11, 2026 | Liberty Mutual Foundation Inc. | SCHEDULE 13D/A | 1.3% | Passive |
| Dec 22, 2025 | PT Independence Energy Holdings LLC | SCHEDULE 13D/A | 14.5% | Passive |
| Aug 27, 2025 | PT Independence Energy Holdings LLC | SCHEDULE 13D/A | 14.5% | Active |
| Aug 26, 2025 | Independence Energy Aggregator L.P. | SCHEDULE 13D/A | 10.3% | Passive |
| May 23, 2025 | GOFF JOHN C | SCHEDULE 13D/A | 3.8% | Passive |
| Apr 8, 2025 | Independence Energy Aggregator L.P. | SCHEDULE 13D/A | 12.0% | Passive |
| Mar 11, 2025 | Independence Energy Aggregator L.P. | SCHEDULE 13D/A | 11.8% | Passive |
| Aug 9, 2024 | PT Independence Energy Holdings LLC | SC 13D/A | 18.4% | Active |
| Aug 7, 2024 | Independence Energy Aggregator L.P. | SC 13D/A | — | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $402M · 2
- Net
- −$402M
Pay vs performance
No pay-versus-performance disclosure yet.