The business behind the dividend
| Measure | MTDR | Median | Formula |
|---|---|---|---|
| Return on equity | 13.4% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 13.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-200.85m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $269.59m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 33.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 20.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.60x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 5.88x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.79x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.19x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
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 | 13.4% | 17.4% | 21.6% | 39.0% | 30.7% | -46.1% | 4.8% | 16.2% | 10.9% | -14.1% | 13.4% |
| Return on capital employed | 13.5% | 17.1% | 19.8% | 41.2% | — | — | 8.2% | 13.3% | 9.3% | -14.0% | 13.5% |
| Operating margin | 33.5% | 41.2% | 42.9% | 55.0% | 42.6% | -61.3% | 22.9% | 43.8% | 29.6% | -67.0% | 33.5% |
| Net margin | 20.8% | 25.4% | 30.0% | 38.0% | 31.4% | -69.7% | 8.6% | 33.0% | 23.1% | -36.8% | 23.1% |
| Debt to equity | 0.60x | 0.65x | 0.56x | 0.37x | — | — | 0.57x | 0.61x | 0.50x | 0.83x | 0.60x |
| Current ratio | 0.79x | 0.93x | 1.04x | 1.86x | 0.80x | 0.90x | 0.70x | 0.93x | 0.91x | 1.65x | 0.91x |
| Cash conversion | 3.19x | 2.54x | 2.21x | 1.63x | 1.80x | — | 6.29x | 2.22x | 2.38x | — | 2.38x |
How it compares in energy
Among the 31 energy companies here measured on free cash flow, Matador Resources pays out less than 8 of them. The median for that group is 35.7%, against this company’s 60.5%.
Closest on free cash flow
- Chord Energy (CHRD) 45.9%
- EOG Resources (EOG) 55.0%
- Northern Oil & Gas (NOG) 68.4%
- Exxon Mobil (XOM) 73.0%
Same sector and same denominator, so the figures are comparable. All 40 in energy →