DECDiversified Energy Co

Crude Petroleum & Natural Gas

Revenue: $1.8B; 142% YoY
Operating margin: 29.2%; 328% YoY
EBITDA: $948M; 386% YoY
Market cap: $1.0B
Employees: 950; $2M revenue each
Net debt / EBITDA: 3.0×; $2.8B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 3 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 cashNo
136% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
18% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 50th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 22nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$28M net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$757M	$1.8B	142%
Operating income	$1.1B	−$97M	$535M	651%
Net income	$749M	−$104M	$341M	427%
Operating cash flow	$291M	$221M	$465M	111%
Capex	$74M	$52M	$185M	254%
Stock-based comp	$6M	$8M	$10M	25%
Dividends	$168M	$84M	$85M	1.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 13, 2026	EIG Energy Fund XVI, L.P.	SCHEDULE 13D/A	0.0%	Passive
Jan 12, 2026	EIG Energy Fund XVI, L.P.	SCHEDULE 13D/A	0.4%	Passive
Sep 22, 2025	EIG Energy Fund XVI, L.P.	SCHEDULE 13D/A	0.5%	Passive
May 29, 2025	EIG Energy Fund XVI, L.P.	SCHEDULE 13D	0.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $28M · 1
Net: −$28M

Pay vs performance

No pay-versus-performance disclosure yet.