MTDRMatador Resources Co

Crude Petroleum & Natural Gas

Revenue: $3.7B; 5.1% YoY
Operating margin: 33.5%; 19% YoY
EBITDA: $2.4B; 0.5% YoY
Market cap: $7.5B
Employees: 483; $8M revenue each
Net debt / EBITDA: 1.7×; $4.2B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
319% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$8M · 89th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 14th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.9B	$3.2B	$2.8B	$3.5B	$3.7B	5.1%
Operating income	$793M	$1.8B	$1.2B	$1.4B	$1.2B	15%
Net income	$585M	$1.2B	$846M	$885M	$759M	14%
Operating cash flow	$1.1B	$2.0B	$1.9B	$2.2B	$2.4B	7.9%
Capex	$838M	$1.1B	$3.2B	$3.9B	$2.2B	45%
Stock-based comp	$9M	$15M	$14M	$15M	$18M	22%
Buybacks	—	—	$0	$0	$56M
Dividends	$15M	$35M	$77M	$105M	$163M	56%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $3M · 33
Open-market sells, 12 mo: $0 · 0
Net: $3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$7M	355	193
FY2024	$8M	$9M	469	188
FY2023	$8M	$8M	473	204
FY2022	$9M	$22M	475	193
FY2021	$9M	$27M	307	137