Recent News
Jul 23, 2026 — Matador announced a definitive agreement to acquire Paloma Permian LLC for $1.275 billion, adding 16,235 net undeveloped acres in Eddy and Lea Counties and estimated Q3 production of roughly 10,600–11,600 BOE/day (57% oil). Jun 29, 2026 — San Mateo Midstream (Matador’s 51% JV) agreed to buy Cardinal Midstream Partners’ operating subsidiaries for $752 million; the transaction completed by July 31, 2026. Jul 22, 2026 — the Board declared a quarterly cash dividend of $0.375 per share payable Sep 8, 2026 to holders of record Aug 10, 2026.
Technical Analysis
Directional indicators: DI+ at 29.41 and trending increasing while DI– at 20.84 and trending decreasing, which signals a bullish directional setup; ADX at 17.32 indicates no strong persistent trend despite the bullish DI divergence.
MACD: MACD at 0.72 with the MACD trend increasing and the MACD signal at –0.16; the MACD has crossed above its signal line, producing a bullish momentum cue that supports short-term upside bias.
MRO: MRO at –4.63 with an increasing MRO trend. The negative MRO indicates price sits modestly below the model target and suggests potential for price to move higher toward that target.
RSI and volatility: RSI at 50.56 with an increasing trend, implying neutral momentum shifting slightly toward buyers without overbought conditions; volatility measures (42‑day and 52‑week at 3% each) indicate relatively muted price swings for the sector.
Price versus averages and bands: the latest close at $57.24 sits above the 20‑day average ($50.90), 50‑day average ($51.21) and 200‑day average ($49.64); 12‑day EMA (price12dayEMA $52.55) trends higher. Price currently trades above the 1× Bollinger upper band ($54.55) but below the 2× upper band ($58.21), consistent with a controlled extension rather than exhaustion. SuperTrend lower support sits at $52.03, offering a nearby technical support reference.
Fundamental Analysis
Profitability and earnings: EBIT $581.3M and EBITDA $896.5M yield an EBIT margin of 49.54%, which sits above the industry peer mean of 39.92% and above the industry peer median of 41.98%. EBIT margin improved QoQ by +12.32% and improved YoY by +56.96% (both figures reported). Net income $390.7M and operating cash flow $937.1M underline strong cash generation despite negative free cash flow for the period.
EPS and surprises: Reported EPS $2.61 versus an estimate of $2.09, an EPS surprise ratio of +24.88% that confirms the company beat consensus on the latest report.
Cash flow and capital: Free cash flow stands at –$625.2M, producing a free cash flow yield of –9.61%. Free cash growth shows large QoQ improvement but the absolute free cash flow shortfall reflects heavy capital deployment; capital expenditures totaled $1.5624B and capex-to-revenue registers at –133.15% (reflecting significant investment). Operating cash flow of $937.1M offsets some capex pressure but WMDST’s data show free cash flow remains negative for the reported period.
Leverage and liquidity: Total debt $4.3237B and net debt $4.1901B yield debt-to-EBITDA of 4.82x and debt-to-assets of 32.04%. Interest coverage at 9.56x provides comfortable coverage on current interest expense, while current ratio at 0.65 and quick ratio at 0.62 indicate tighter near-term liquidity relative to the industry peer mean current ratio of 1.76.
Growth and returns: Revenue growth YoY reported at –4.08% while QoQ revenue growth came in at +50.92%. Earnings growth displays a strong positive figure of +70.59% (reported). Return on equity stands at 6.59% and return on assets at 3.04%—positive but below the industry peer mean ROE of 7.49% and peer ROA mean of 4.426%.
Valuation metrics and WMDST view: PE ratio at 20.10 sits essentially in line with the lower bound of the reported peer range (industry peer low 20.11), while price-to-book at 1.10 remains below the industry peer mean of 2.15. Enterprise multiple registers at 12.05 and EV/Revenue metrics position the company in mid-cap valuation territory. The current valuation as determined by WMDST: over-valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-05 |
| NEXT REPORT DATE: | 2026-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 92.5 M |
| Operating Cash Flow | $ 937.1 M | |
| Capital Expenditures | $ -1.56 B | |
| Change In Working Capital | $ 174.5 M | |
| Dividends Paid | $ -46.44 M | |
| Cash Flow Delta | $ -1.56 M | |
| End Period Cash Flow | $ 90.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.2 B | |
| Forward Revenue | $ 196.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 443.7 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 609.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 729.7 M | |
| EBITDA | $ 896.5 M | |
| EBIT | $ 581.3 M | |
| Operating Income | $ 564.4 M | |
| Interest Income | — | |
| Interest Expense | $ 60.8 M | |
| Net Interest Income | $ -60.82 M | |
| Income Before Tax | $ 520.5 M | |
| Tax Provision | $ 106.8 M | |
| Tax Rate | 20.526 % | |
| Net Income | $ 390.7 M | |
| Net Income From Continuing Operations | $ 413.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.09 | |
| EPS Actual | $ 2.61 | |
| EPS Difference | $ 0.52 | |
| EPS Surprise | 24.88 % | |
| Forward EPS | $ 2.10 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 13.5 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 5.9 B | |
| Total Current Assets | $ 1.0 B | |
| Cash and Short-Term Investments | $ 26.3 M | |
| Cash | $ 26.3 M | |
| Net Receivables | $ 593.6 M | |
| Inventory | $ 50.2 M | |
| Long-Term Investments | $ 224.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 243.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.5 B | |
| Net Debt | $ 4.2 B | |
| Total Debt | $ 4.3 B | |
| Total Liabilities | $ 7.2 B | |
| EQUITY | ||
| Total Equity | $ 5.9 B | |
| Retained Earnings | $ 3.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 47.81 | |
| Shares Outstanding | 123.998 M | |
| Revenue Per-Share | $ 9.46 | |
| VALUATION | Market Capitalization | $ 6.5 B |
| Enterprise Value | $ 10.8 B | |
| Enterprise Multiple | 12.049 | |
| Enterprise Multiple QoQ | -62.671 % | |
| Enterprise Multiple YoY | -23.517 % | |
| Enterprise Multiple IPRWA | high: 39.984 mean: 17.787 median: 15.584 MTDR: 12.049 low: -2.194 |
|
| EV/R | 9.205 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.276 | |
| Asset To Liability | 1.863 | |
| Debt To Capital | 0.422 | |
| Debt To Assets | 0.32 | |
| Debt To Assets QoQ | 9.385 % | |
| Debt To Assets YoY | 6.932 % | |
| Debt To Assets IPRWA | high: 0.422 MTDR: 0.32 mean: 0.18 median: 0.151 low: 0.011 |
|
| Debt To Equity | 0.729 | |
| Debt To Equity QoQ | 14.216 % | |
| Debt To Equity YoY | 15.79 % | |
| Debt To Equity IPRWA | high: 1.23 MTDR: 0.729 mean: 0.349 median: 0.259 low: -0.454 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.097 | |
| Price To Book QoQ | -13.005 % | |
| Price To Book YoY | -1.894 % | |
| Price To Book IPRWA | high: 5.928 median: 2.255 mean: 2.145 MTDR: 1.097 low: -0.595 |
|
| Price To Earnings (P/E) | 20.096 | |
| Price To Earnings QoQ | -45.774 % | |
| Price To Earnings YoY | -49.591 % | |
| Price To Earnings IPRWA | high: 60.475 mean: 30.617 median: 26.969 low: 20.113 MTDR: 20.096 |
|
| PE/G Ratio | 0.285 | |
| Price To Sales (P/S) | 5.543 | |
| Price To Sales QoQ | -25.895 % | |
| Price To Sales YoY | -14.495 % | |
| Price To Sales IPRWA | high: 148.887 mean: 8.914 median: 8.459 MTDR: 5.543 low: 3.355 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 24.8 | |
| Forward PE/G | 0.351 | |
| Forward P/S | 31.803 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 63.356 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.091 | |
| Asset Turnover Ratio QoQ | 15.969 % | |
| Asset Turnover Ratio YoY | 10.436 % | |
| Asset Turnover Ratio IPRWA | high: 0.243 median: 0.157 mean: 0.144 MTDR: 0.091 low: 0.0 |
|
| Receivables Turnover | 1.977 | |
| Receivables Turnover Ratio QoQ | 7.042 % | |
| Receivables Turnover Ratio YoY | 22.178 % | |
| Receivables Turnover Ratio IPRWA | high: 23.551 mean: 2.965 median: 2.384 MTDR: 1.977 low: 0.096 |
|
| Inventory Turnover | 9.268 | |
| Inventory Turnover Ratio QoQ | -16.76 % | |
| Inventory Turnover Ratio YoY | -36.773 % | |
| Inventory Turnover Ratio IPRWA | high: 13.874 MTDR: 9.268 mean: 3.504 median: 2.549 low: 0.842 |
|
| Days Sales Outstanding (DSO) | 46.149 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 13.922 | |
| Cash Conversion Cycle Days QoQ | -242.245 % | |
| Cash Conversion Cycle Days YoY | -66.303 % | |
| Cash Conversion Cycle Days IPRWA | high: 45.789 MTDR: 13.922 mean: -37.573 median: -54.099 low: -1538.434 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.165 | |
| CapEx To Revenue | -1.331 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 10.1 B | |
| Net Invested Capital | $ 10.1 B | |
| Invested Capital | $ 10.1 B | |
| Net Tangible Assets | $ 5.9 B | |
| Net Working Capital | $ -542.00 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.017 | |
| Current Ratio | 0.65 | |
| Current Ratio QoQ | -11.36 % | |
| Current Ratio YoY | -23.915 % | |
| Current Ratio IPRWA | high: 22.477 median: 1.851 mean: 1.764 MTDR: 0.65 low: 0.066 |
|
| Quick Ratio | 0.618 | |
| Quick Ratio QoQ | -12.083 % | |
| Quick Ratio YoY | -24.134 % | |
| Quick Ratio IPRWA | high: 1.677 median: 1.677 mean: 1.612 low: 1.099 MTDR: 0.618 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.823 | |
| Cost Of Debt | 1.432 % | |
| Interest Coverage Ratio | 9.558 | |
| Interest Coverage Ratio QoQ | 1306.147 % | |
| Interest Coverage Ratio YoY | 74.514 % | |
| Interest Coverage Ratio IPRWA | high: 83.612 median: 53.224 mean: 43.423 MTDR: 9.558 low: -60.084 |
|
| Operating Cash Flow Ratio | 0.275 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.003 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 8.412 | |
| Dividend Payout Ratio | 0.119 | |
| Dividend Rate | $ 0.37 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 10.843 % | |
| Revenue Growth | 24.62 % | |
| Revenue Growth QoQ | 50.923 % | |
| Revenue Growth YoY | -407.75 % | |
| Revenue Growth IPRWA | high: 70.433 % median: 25.688 % MTDR: 24.62 % mean: 14.942 % low: -89.777 % |
|
| Earnings Growth | 70.588 % | |
| Earnings Growth QoQ | -6.952 % | |
| Earnings Growth YoY | -280.09 % | |
| Earnings Growth IPRWA | MTDR: 70.588 % high: 61.538 % median: 48.68 % mean: 30.425 % low: -80.0 % |
|
| MARGINS | ||
| Gross Margin | 62.186 % | |
| Gross Margin QoQ | 31.934 % | |
| Gross Margin YoY | 63.081 % | |
| Gross Margin IPRWA | high: 85.582 % median: 71.721 % MTDR: 62.186 % mean: 59.878 % low: -111.111 % |
|
| EBIT Margin | 49.54 % | |
| EBIT Margin QoQ | 1231.72 % | |
| EBIT Margin YoY | 56.961 % | |
| EBIT Margin IPRWA | high: 90.216 % MTDR: 49.54 % median: 41.983 % mean: 39.917 % low: -645.823 % |
|
| Return On Sales (ROS) | 48.095 % | |
| Return On Sales QoQ | 42.957 % | |
| Return On Sales YoY | 39.551 % | |
| Return On Sales IPRWA | high: 68.145 % MTDR: 48.095 % median: 40.605 % mean: 35.223 % low: -674.478 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -625.24 M | |
| Free Cash Flow Yield | -9.613 % | |
| Free Cash Flow Yield QoQ | -5856.287 % | |
| Free Cash Flow Yield YoY | -20997.826 % | |
| Free Cash Flow Yield IPRWA | high: 9.766 % median: 4.018 % mean: 3.608 % MTDR: -9.613 % low: -20.508 % |
|
| Free Cash Growth | -5421.174 % | |
| Free Cash Growth QoQ | 4813.02 % | |
| Free Cash Growth YoY | 5398.65 % | |
| Free Cash Growth IPRWA | high: 355.835 % median: 118.381 % mean: 97.356 % low: -245.512 % MTDR: -5421.174 % |
|
| Free Cash To Net Income | -1.601 | |
| Cash Flow Margin | 36.293 % | |
| Cash Flow To Earnings | 1.09 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 3.044 % | |
| Return On Assets QoQ | -1114.667 % | |
| Return On Assets YoY | 126.488 % | |
| Return On Assets IPRWA | high: 10.029 % median: 5.037 % mean: 4.426 % MTDR: 3.044 % low: -5.482 % |
|
| Return On Capital Employed (ROCE) | 4.866 % | |
| Return On Equity (ROE) | 0.066 | |
| Return On Equity QoQ | -1126.324 % | |
| Return On Equity YoY | 135.406 % | |
| Return On Equity IPRWA | high: 0.102 median: 0.085 mean: 0.075 MTDR: 0.066 low: -0.04 |
|
| DuPont ROE | 6.786 % | |
| Return On Invested Capital (ROIC) | 4.554 % | |
| Return On Invested Capital QoQ | 1127.493 % | |
| Return On Invested Capital YoY | 76.649 % | |
| Return On Invested Capital IPRWA | high: 6.99 % median: 6.99 % mean: 5.995 % MTDR: 4.554 % low: 0.71 % |
|