TakeoverPE & activists

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.

11 other checks
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    12× net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    19% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Net cashNo
    9.0× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    2 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $1M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Sep 29, 2022DEFM14A—$10.000%

Key numbers

Revenue
$450MFY2021: $290MFY2022: $497MFY2023: $394MFY2024: $380MFY2025: $450M
18% YoY
Operating margin
10.3%FY2021: 49.4%FY2022: 60.7%FY2023: 23.0%FY2024: 15.6%FY2025: 10.3%
34% YoY
EBITDA
$46MFY2021: $143MFY2022: $302MFY2023: $91MFY2024: $59MFY2025: $46M
22% YoY
Net debt / EBITDA
9.0×
$418M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$290M$497M$394M$380M$450M 18% FY2021: $290MFY2022: $497MFY2023: $394MFY2024: $380MFY2025: $450M
Operating income$143M$302M$91M$59M$46M 22% FY2021: $143MFY2022: $302MFY2023: $91MFY2024: $59MFY2025: $46M
Net income$108M$262M$81M$19M$24M 30% FY2021: $108MFY2022: $262MFY2023: $81MFY2024: $19MFY2025: $24M
Operating cash flow$181M$346M$303M$276M$296M 7.5% FY2021: $181MFY2022: $346MFY2023: $303MFY2024: $276MFY2025: $296M
Stock-based comp$0$0$2M$2M$4M 63% FY2021: $0FY2022: $0FY2023: $2MFY2024: $2MFY2025: $4M
Buybacks$0$216K$35M$442K$16K 96% FY2021: $0FY2022: $216KFY2023: $35MFY2024: $442KFY2025: $16K
Dividends—$11M$59M$57M$58M 0.3% FY2022: $11MFY2023: $59MFY2024: $57MFY2025: $58M

13D filers

FiledFilerFormStakeIntent
Sep 4, 2026GREP GP III, LLCSCHEDULE 13D/A39.2%Passive
Aug 21, 2026GREP GP III, LLCSCHEDULE 13D/A39.2%Passive
Dec 16, 2024GREP GP III, LLCSCHEDULE 13D/A50.2%Passive
Apr 11, 2024GREP GP III, LLCSC 13D/A52.0%Active
Sep 1, 2023GREP GP III, LLCSC 13D56.3%Active
Feb 21, 2023GREP GP II, LLCSC 13D/A8.0%Passive
Jan 27, 2023GREP GP II, LLCSC 13D/A9.6%Passive
Nov 2, 2022GREP GP III, LLCSC 13D71.3%Passive
Nov 2, 2022GREP GP II, LLCSC 13D17.7%Passive

Insider trading

+$1Mnet buying by insiders, open market, last 12 months
Bought $1M · 35 tradesSold $0 · 0 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——65100
FY2024——82103
FY2023——72104