GRNTGranite Ridge Resources, Inc.
Crude Petroleum & Natural Gas · $756M market cap
0.9×
About as likely as average to be taken private
Top 21% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
4of 15 firedHow well they predict deals →
- TSR below peersYes3 of 3 years3+ of last 5 years
- Shareholder dissentYes77% lowest supportAny vote under 80% support
- Quiet on AIYes0.1 per 10K words · 9th pctBottom quartile of AI mentions in 10-Ks
- Buyout-sizedYes$756M market capMarket cap $500M–$5B
11 other checks
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo12× net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo19% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Net cashNo9.0× EBITDA net debtMore cash than debt, positive EBITDA
- Recurring revenueNo2 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo0 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$1M netNet sales over $10M in 12 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Sep 29, 2022 | DEFM14A | — | $10.00 | 0% |
Key numbers
- Revenue
- $450M
- 18% YoY
- Operating margin
- 10.3%
- 34% YoY
- EBITDA
- $46M
- 22% YoY
- Net debt / EBITDA
- 9.0×
- $418M net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $290M | $497M | $394M | $380M | $450M | 18% |
| Operating income | $143M | $302M | $91M | $59M | $46M | 22% |
| Net income | $108M | $262M | $81M | $19M | $24M | 30% |
| Operating cash flow | $181M | $346M | $303M | $276M | $296M | 7.5% |
| Stock-based comp | $0 | $0 | $2M | $2M | $4M | 63% |
| Buybacks | $0 | $216K | $35M | $442K | $16K | 96% |
| Dividends | — | $11M | $59M | $57M | $58M | 0.3% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 4, 2026 | GREP GP III, LLC | SCHEDULE 13D/A | 39.2% | Passive |
| Aug 21, 2026 | GREP GP III, LLC | SCHEDULE 13D/A | 39.2% | Passive |
| Dec 16, 2024 | GREP GP III, LLC | SCHEDULE 13D/A | 50.2% | Passive |
| Apr 11, 2024 | GREP GP III, LLC | SC 13D/A | 52.0% | Active |
| Sep 1, 2023 | GREP GP III, LLC | SC 13D | 56.3% | Active |
| Feb 21, 2023 | GREP GP II, LLC | SC 13D/A | 8.0% | Passive |
| Jan 27, 2023 | GREP GP II, LLC | SC 13D/A | 9.6% | Passive |
| Nov 2, 2022 | GREP GP III, LLC | SC 13D | 71.3% | Passive |
| Nov 2, 2022 | GREP GP II, LLC | SC 13D | 17.7% | Passive |
Insider trading
+$1Mnet buying by insiders, open market, last 12 months
Bought $1M · 35 tradesSold $0 · 0 trades
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 65 | 100 |
| FY2024 | — | — | 82 | 103 |
| FY2023 | — | — | 72 | 104 |