The business behind the dividend
| Measure | EOG | Median | Formula |
|---|---|---|---|
| Return on equity | 16.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 16.9% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $3.33bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $3.93bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 28.2% | 15.0% | Operating income ÷ revenue |
| Net margin | 22.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.27x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 27.17x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.63x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.67x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.02x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 16.7% | 21.8% | 27.0% | 31.3% | 21.0% | -3.0% | 12.6% | 17.7% | 15.9% | -7.8% | 16.7% |
| Return on capital employed | 16.9% | 23.7% | 30.1% | 33.4% | 22.4% | -2.1% | 13.8% | 17.6% | 4.1% | -5.8% | 16.9% |
| Operating margin | 28.2% | 34.1% | 39.7% | 38.8% | 32.7% | -4.9% | 21.3% | 25.9% | 8.3% | -16.0% | 25.9% |
| Net margin | 22.0% | 27.0% | 31.4% | 30.2% | 25.0% | -5.5% | 15.7% | 19.8% | 23.0% | -14.3% | 22.0% |
| Debt to equity | 0.27x | 0.16x | 0.14x | 0.20x | 0.23x | 0.29x | 0.24x | 0.31x | 0.39x | 0.50x | 0.24x |
| Current ratio | 1.63x | 2.10x | 2.44x | 1.90x | 2.12x | 1.69x | 1.18x | 1.36x | 1.20x | 1.67x | 1.67x |
| Cash conversion | 2.02x | 1.90x | 1.49x | 1.43x | 1.88x | — | 2.98x | 2.27x | 1.65x | — | 1.90x |
How it compares in energy
Among the 31 energy companies here measured on free cash flow, EOG Resources pays out less than 9 of them. The median for that group is 35.7%, against this company’s 55.0%.
Closest on free cash flow
- Expand Energy (EXE) 41.6%
- Chord Energy (CHRD) 45.9%
- Matador Resources (MTDR) 60.5%
- Northern Oil & Gas (NOG) 68.4%
Same sector and same denominator, so the figures are comparable. All 40 in energy →