Tearsheet

Granite Ridge Resources (GRNT)

Market Price (12/28/2025): $4.65 | Market Cap: $606.7 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Granite Ridge Resources (GRNT)

Market Price (12/28/2025): $4.65
Market Cap: $606.7 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 9.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%	Weak multi-year price returns 2Y Excs Rtn is -59%, 3Y Excs Rtn is -115%	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 67%		Key risks GRNT key risks include [1] rising leverage and significant cash burn from aggressive spending, Show more.
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30%
3	Low stock price volatility Vol 12M is 41%
4	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US Oilfield Technologies.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 9.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 67%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30%
3	Low stock price volatility Vol 12M is 41%
4	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US Oilfield Technologies.
5	Weak multi-year price returns 2Y Excs Rtn is -59%, 3Y Excs Rtn is -115%
6	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20%
7	Key risks GRNT key risks include [1] rising leverage and significant cash burn from aggressive spending, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$4.65	$5.97	$5.20	$7.26	$7.82
Market Cap CYE ($ Mil)	606.7	777.5	686.4	967.8	1,039.3
Total Debt ($ Mil)	300.0	205.0	110.0	0.0	51.1
Total Cash ($ Mil)	23.4	41.2	60.9	50.8	11.9
Enterprise Value ($ Mil)	883.3	982.5	796.4	967.8	1,090.4
Valuation Ratios
P/S TTM	1.3	2.2	2.0	2.4	4.5
P/EBIT TTM	8.6	19.4	7.2	4.3	11.8
P/E TTM	16.1	44.8	9.9	4.6	12.0
P/FCF TTM	-6.6	-11.8	-14.2	10.7	-34.2
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6	1.3	1.3
P/EBIT TTM (Sector)	7.7	6.7	5.7	4.1	4.7
P/E TTM (Sector)	11.3	10.3	8.5	5.6	5.4
P/FCF TTM (Sector)	7.1	7.0	7.6	5.0	5.4

	12/28/25	2024	2023
Share Price CYE	$4.65	$5.97	$5.20
Market Cap CYE ($ Mil)	606.7	777.5	686.4
Total Debt ($ Mil)	300.0	205.0	110.0
Total Cash ($ Mil)	23.4	41.2	60.9
Enterprise Value ($ Mil)	883.3	982.5	796.4
Valuation Ratios
P/S TTM	1.3	2.2	2.0
P/EBIT TTM	8.6	19.4	7.2
P/E TTM	16.1	44.8	9.9
P/FCF TTM	-6.6	-11.8	-14.2
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6
P/EBIT TTM (Sector)	7.7	6.7	5.7
P/E TTM (Sector)	11.3	10.3	8.5
P/FCF TTM (Sector)	7.1	7.0	7.6

	GRNT	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.5
Rev Chg Q	19.8%	7.3%
Rev Chg LTM	18.6%	6.1%
Rev Chg 3Y Avg	6.0%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	24.7%	18.8%
CFO/Rev LTM	66.5%	20.4%
Net Inc Mgn	8.4%	13.1%
VALUATION	MODERATE
P/S	1.3	3.3
P/CFO	2.0	15.8
P/FCF	-6.6	20.7
P/E	16.1	23.7
STABILITY	FAIR
Debt/Equity	0.49	0.21
Cash/Assets	0.02	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Daily Production	31,925 Boe per day	9302025	Link
Oil Production	16,222 Bbls per day	9302025	Link
Natural Gas Production	94,217 Mcf per day	9302025	Link
Net Wells Turned In-Line	9.3	9302025	Link
Gross Wells in Process	108	9302025	Link
Net Wells in Process	11.3	9302025	Link
Proved Reserves	53,472 MBoe	12312023	Link
Proved Developed Reserves	31,111 MBoe	12312023	Link
Lease Operating Expense per Boe	$8.03 per Boe	9302025	Link

Upcoming
3/05/2026	Earnings Release	Rev: - EPS: -

GRNT Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Granite Ridge Resources (GRNT) experienced a decline in its stock price, with key factors emerging from its third-quarter 2025 performance and broader market sentiment.

1. Missed Analyst Estimates for Q3 2025 Earnings and Revenue. Despite reporting a significant increase in revenue to $112.7 million for Q3 2025, up from $94.1 million in Q3 2024, Granite Ridge Resources fell short of analyst expectations. The company's adjusted earnings per share (EPS) of $0.09 missed estimates of $0.12, and its revenue of $112.7 million was lower than the projected $123.7 million. This miss on key financial metrics contributed to a stock price drop of 6.57% following the earnings announcement on November 7, 2025.

2. Investor Concerns Over Future Earnings Projections. Following the Q3 2025 earnings report, investor concerns regarding future earnings projections were a significant factor in the stock's decline. Despite robust production growth, the outlook on future earnings per share suggested a moderate trajectory, leading to investor disappointment.

3. Higher Than Expected Lease Operating Expenses (LOE). Lease Operating Expenses (LOE) for Q3 2025 came in higher than anticipated at $8.03 per barrel of oil equivalent (BOE). This increase was primarily attributed to elevated costs associated with saltwater disposal and contract labor within the Permian Basin, impacting profitability.

4. Weak Natural Gas Prices in the Waha Region. Granite Ridge Resources faced challenges due to weak natural gas prices in the Waha region. This weakness is expected to persist until new pipelines become operational in the latter half of 2026. The company's unhedged exposure to Waha prices presented a financial vulnerability.

5. Bearish Technical Signals and Falling Trend. Technical analysis as of December 27, 2025, indicated a bearish trend for GRNT. The stock received sell signals from both short and long-term moving averages, with the long-term average being above the short-term average. The price had declined in 7 of the last 10 days leading up to December 26, 2025, resulting in a total change of -9.53% during that period. A sell signal was also issued from a pivot top point on December 5, 2025, and the stock had fallen -14.39% since then.

Stock Movement Drivers

Fundamental Drivers

The -17.7% change in GRNT stock from 9/27/2025 to 12/27/2025 was primarily driven by a -29.6% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	5.65	4.65	-17.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	432.53	451.13	4.30%
Net Income Margin (%)	7.47%	8.38%	12.10%
P/E Multiple	22.80	16.05	-29.58%
Shares Outstanding (Mil)	130.47	130.47	-0.00%
Cumulative Contribution			-17.67%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
GRNT	-17.7%
Market (SPY)	4.3%	21.4%
Sector (XLE)	-3.9%	63.2%

Fundamental Drivers

The -25.7% change in GRNT stock from 6/28/2025 to 12/27/2025 was primarily driven by a -75.7% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	6.26	4.65	-25.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	413.96	451.13	8.98%
Net Income Margin (%)	2.98%	8.38%	180.93%
P/E Multiple	66.07	16.05	-75.70%
Shares Outstanding (Mil)	130.34	130.47	-0.10%
Cumulative Contribution			-25.70%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
GRNT	-25.7%
Market (SPY)	12.6%	21.9%
Sector (XLE)	4.5%	65.0%

Fundamental Drivers

The -15.9% change in GRNT stock from 12/27/2024 to 12/27/2025 was primarily driven by a -33.5% change in the company's Net Income Margin (%).

	12272024	12272025	Change
Stock Price ($)	5.53	4.65	-15.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	380.52	451.13	18.56%
Net Income Margin (%)	12.59%	8.38%	-33.48%
P/E Multiple	15.02	16.05	6.88%
Shares Outstanding (Mil)	130.20	130.47	-0.21%
Cumulative Contribution			-15.88%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
GRNT	-15.9%
Market (SPY)	17.0%	51.2%
Sector (XLE)	7.1%	75.8%

Fundamental Drivers

The -31.2% change in GRNT stock from 12/28/2022 to 12/27/2025 was primarily driven by a -83.6% change in the company's Net Income Margin (%).

	12282022	12272025	Change
Stock Price ($)	6.76	4.65	-31.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	249.97	451.13	80.48%
Net Income Margin (%)	51.01%	8.38%	-83.58%
P/E Multiple	7.04	16.05	127.95%
Shares Outstanding (Mil)	132.92	130.47	1.84%
Cumulative Contribution			-31.19%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
GRNT	-11.0%
Market (SPY)	48.0%	45.0%
Sector (XLE)	11.4%	69.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
GRNT Return	1%	-2%	-7%	-28%	15%	-22%	-41%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
GRNT Win Rate	50%	58%	50%	58%	58%	33%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
GRNT Max Drawdown	-3%	-4%	-17%	-44%	-12%	-26%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	GRNT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-51.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	106.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-3.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	3.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	29 days	148 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Granite Ridge Resources's stock fell -51.7% during the 2022 Inflation Shock from a high on 1/22/2021. A -51.7% loss requires a 106.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Granite Ridge Resources (GRNT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

N/A

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Granite Ridge Resources (GRNT):

Pioneer Natural Resources (PXD) for the Permian Basin, but on a smaller, independent scale.
A focused Permian Basin oil and gas producer, similar to a younger, smaller Devon Energy (DVN).

AI Analysis | Feedback

Crude Oil: Extraction, production, and sale of crude oil primarily from wells in the Permian Basin.
Natural Gas: Extraction, production, and sale of natural gas, often produced in conjunction with crude oil reservoirs.
Natural Gas Liquids (NGLs): Production and sale of liquid components separated from natural gas, such as ethane, propane, and butane.

AI Analysis | Feedback

Major Customers of Granite Ridge Resources (GRNT)

Granite Ridge Resources (GRNT) is an independent oil and natural gas company focused on the acquisition, development, and production of oil and gas properties. As such, it sells its crude oil, natural gas, and natural gas liquids (NGLs) primarily to other companies in the energy sector, including marketers, gatherers, processors, and refiners. It does not sell directly to individual consumers.

Based on their latest public filings (e.g., 2023 10-K), the company has significant revenue concentration with the following major customers:

Vitol Inc. (Privately held company)
Shell Trading (US) Company (A subsidiary of **Shell plc**, Symbol: SHEL)

AI Analysis | Feedback

null

AI Analysis | Feedback

Tyler S. Farquharson, President and Chief Executive Officer

Mr. Farquharson has over 16 years of experience in the energy industry. He was promoted to President and Chief Executive Officer of Granite Ridge Resources on June 12, 2025, after serving as the company's Chief Financial Officer since 2022. Prior to joining Granite Ridge, he served as Vice President, Chief Financial Officer, and Treasurer at EXCO Resources, Inc., an independent oil and natural gas company, from October 2017 to May 2022. He was instrumental in shaping Granite Ridge's financial strategy and establishing its presence in the public market.

Kim Weimer, Interim Chief Financial Officer and Chief Accounting Officer

Ms. Weimer was appointed Interim Chief Financial Officer and Chief Accounting Officer of Granite Ridge Resources on June 12, 2025. She brings over 20 years of accounting experience, primarily within the energy sector. Before joining Granite Ridge, Ms. Weimer served as the Chief Financial Officer of Titanium Exploration Partners, an oil and gas asset manager, from October 2018 through December 2023, where she oversaw all aspects of finance and accounting. She is a licensed Certified Public Accountant.

Emily Fuquay, Corporate Secretary

Ms. Fuquay provides legal services to Granite Ridge through the company's Management Services Agreement with Grey Rock, which she joined in 2021. Her previous roles include Senior Counsel at EnLink Midstream, a publicly traded midstream company, and General Counsel and Chief Compliance Officer at Parallel Resource Partners, a private equity firm focused on investments in the upstream oil and gas sector.

Eric Holley, Partner – Accounting and Finance

Mr. Holley provides finance and accounting services to Granite Ridge via the company's Management Services Agreement with Grey Rock, which he joined in 2016. Before Grey Rock, Mr. Holley founded Silverthorn Accounting Services, a firm offering outsourced accounting, audit preparation, and operating consulting to energy fund managers and small business owners. Earlier in his career, he was a financial statement auditor at Rothstein Kass, where he specialized in audits of energy-related private equity funds and oil field service companies.

Ryan Riggelson, Partner – Engineering

Mr. Riggelson provides engineering services to Granite Ridge through its Management Services Agreement with Grey Rock, which he joined in 2016. He has nearly 25 years of experience in the oil and gas industry, holding various production, operations, and reservoir engineering positions with major operators in both Canada and the United States. Prior to Grey Rock, his work at EP Energy significantly increased the value of EP's Haynesville asset and he led the technical aspects of a $420-Million Haynesville asset sale in 2016. Mr. Riggelson holds a BS in Petroleum Engineering from the University of Calgary.

AI Analysis | Feedback

The key risks to Granite Ridge Resources' (GRNT) business include:

Rising Leverage and Cash Flow Concerns: Granite Ridge Resources has been aggressively spending to grow production, leading to increasing debt levels and leverage. The company's leverage is projected to increase, and there are concerns about its ability to generate sufficient free cash flow, having burned a significant amount of cash in recent years. This rising debt and cash burn increase the risk to its common stock.
Poor Reinvestment of Profits and Shrinking Earnings: The company has a high payout ratio, with a significant portion of its profits being distributed to shareholders rather than being reinvested into the business. This limited reinvestment is cited as a reason for shrinking earnings and a low return on equity (ROE), which is a "quite worrisome" trend.
Dividend Coverage Issues: Granite Ridge Resources' dividend is currently not well covered by either its earnings or free cash flows. This indicates a potential strain on the company's financial resources to maintain its dividend payments, posing a risk to dividend-focused investors.

AI Analysis | Feedback

null

AI Analysis | Feedback

Granite Ridge Resources (GRNT) operates as a non-operated oil and natural gas exploration and production company, primarily focused on oil and natural gas across various unconventional basins in the United States, including the Permian, Eagle Ford, Bakken, Haynesville, and DJ basins. The company generates maximum revenue from oil.

The addressable market for Granite Ridge Resources' main products and services is the U.S. oil and natural gas market.

The U.S. oil and gas market was valued at approximately USD 453.2 billion in 2024, with projections indicating a rise to USD 474.5 billion in 2025. It is further expected to reach USD 665.5 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2033. Another projection suggests the U.S. oil and gas market size could reach USD 2.24 trillion by 2034.

Specifically, the U.S. natural gas market was valued at USD 454.5 billion in 2024 and is anticipated to grow to USD 577.9 billion by 2032, at a CAGR of 3.2% between 2025 and 2032.

While Granite Ridge Resources generates maximum revenue from oil, a standalone market size in U.S. dollar value specifically for the U.S. crude oil market, separated from the broader U.S. oil and gas market, is not distinctly provided in the available information.

AI Analysis | Feedback

Granite Ridge Resources (GRNT) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

Increased Production Volumes: The company anticipates significant production growth, with expectations of double-digit year-over-year growth in 2025, projected to be in the mid-teens. Its full-year production guidance for 2025 was raised to between 31,000 and 33,000 barrels of oil equivalent per day (BOE/d), reflecting a 28% year-over-year increase. This growth is primarily fueled by new wells coming online, particularly a substantial increase expected in the first quarter of 2025, and a diversified asset strategy across multiple basins.
Strategic Acquisitions and Inventory Expansion: Granite Ridge Resources actively pursues and completes strategic acquisitions to expand its drilling inventory. For 2025, the company plans to deploy approximately $120 million in acquisition capital to add 74 net drilling locations, with about 80% of this capital targeting the Permian Basin. These "unbudgeted acquisitions" are a key component of their capital expenditure strategy, directly contributing to the expansion of future production capabilities.
Focus on Permian Basin and Operated Partnerships: A significant portion of Granite Ridge's drilling locations and acquisition capital is strategically allocated to the Permian Basin. The company consistently highlights its "Operated Partnership platform" as a strong performer, providing a repeatable path to growth, fostering operational excellence, and enhancing capital efficiency. This concentrated focus on high-return areas is expected to drive both production and revenue.
Favorable Commodity Prices and Hedging Strategy: While Granite Ridge hedges approximately 75% of its quarterly production to mitigate price volatility, its long-term growth strategy for 2026 is influenced by oil prices. A sustained environment with oil prices above $50 per barrel would support measured growth, directly enhancing revenue from increased production volumes.
Operational Efficiency and Disciplined Capital Allocation: The company emphasizes disciplined capital allocation, operational excellence, and strong execution across its operations. Improvements in per-unit lease operating costs and overall efficient cost management contribute to stronger financial health. This efficiency allows the company to fund its capital programs and dividends, thereby enabling continuous investment in high-return opportunities that support revenue expansion.

AI Analysis | Feedback

Share Repurchases

In the second quarter of 2023, Granite Ridge Resources purchased treasury stock totaling $4.178 million.

Share Issuance

In June 2023, all outstanding Granite Ridge warrants were converted to shares of Granite Ridge common stock.

Outbound Investments

Granite Ridge plans to allocate approximately $120 million in acquisition capital for the full year 2025, targeting 50 transactions to add 74 to 75 net locations to its inventory, primarily in the Permian Basin.
During the third quarter of 2025, the company invested $16.5 million in property acquisition costs, resulting in the addition of 13.6 net undeveloped locations.
Year-to-date through the third quarter of 2025, Granite Ridge made $57.0 million in acquisitions, largely focused on expanding its inventory in the Permian and Appalachian basins.

Capital Expenditures

Granite Ridge Resources maintains a full-year 2025 capital expenditure guidance of $400 million to $420 million.
For the third quarter of 2025, total capital spending amounted to $80.5 million, which included $64 million for drilling and completion activities and $16.5 million for acquisitions.
Looking ahead to 2026, the company's capital expenditure strategy is flexible; it plans to target approximately $225 million in CapEx for a maintenance mode if oil prices are sustained below $55 per barrel, while allowing for opportunistic acquisitions.

Better Bets than Granite Ridge Resources (GRNT)

INDUSTRY: Oil & Gas Exploration & Production

Higher Rev Chg 3Y Avg | Lower P/S (Values for GRNT: 6.0% | 1.3x)

CHRD (18.1% | 1.0x)

Chord Energy

BTE (13.2% | 0.6x)

Baytex Energy

CIVI (14.4% | 0.5x)

Civitas Resources

CRGY (10.0% | 0.6x)

Crescent Energy

HPK (21.0% | 0.6x)

HighPeak Energy

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GRNT: 6.0% | 5.4x)

PR (48.7% | 4.8x)

Permian Resources

MTDR (8.9% | 3.8x)

Matador Resources

BTE (13.2% | 3.9x)

Baytex Energy

CIVI (14.4% | 2.3x)

Civitas Resources

CRGY (10.0% | 3.8x)

Crescent Energy

Higher Rev Chg LTM (Value for GRNT: 18.6%)

EXE (169.1%)

Expand Energy

EQT (64.8%)

EQT

FANG (60.1%)

Diamondback Energy

CTRA (25.1%)

Coterra Energy

AR (19.7%)

Antero Resources

Higher Rev Chg 3Y Avg (Value for GRNT: 6.0%)

PR (48.7%)

Permian Resources

FANG (20.8%)

Diamondback Energy

CHRD (18.1%)

Chord Energy

BTE (13.2%)

Baytex Energy

MTDR (8.9%)

Matador Resources

Higher Op Mgn LTM (Value for GRNT: 24.7%)

TPL (75.8%)

Texas Pacific Land

EQT (37.0%)

EQT

FANG (36.5%)

Diamondback Energy

EOG (33.4%)

EOG Resources

CTRA (31.1%)

Coterra Energy

Higher CFO/Rev LTM (Value for GRNT: 66.5%)

TPL (72.3%)

Texas Pacific Land

INR (70.3%)

Infinity Natural Resources

PR (68.9%)

Permian Resources

NOG (67.6%)

Northern Oil & Gas

MGY (67.6%)

Magnolia Oil & Gas

Higher FCF/Rev LTM (Value for GRNT: -20.3%)

CNQ (18.2%)

Canadian Natural Resources

EOG (17.2%)

EOG Resources

OXY (14.3%)

Occidental Petroleum

COP (11.9%)

ConocoPhillips

FANG (-7.2%)

Diamondback Energy

Higher Total Yield (Value for GRNT: 15.7%)

SM (36.4%)

SM Energy

CIVI (30.7%)

Civitas Resources

APA (21.7%)

APA

MTDR (17.4%)

Matador Resources

CNQ (16.7%)

Canadian Natural Resources

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for GRNT: 6.0% | 1.3x)

NOV (10.0% | 0.7x)

NOV

WFRD (7.6% | 1.1x)

Weatherford International

CHRD (18.1% | 1.0x)

Chord Energy

CNR (26.2% | 1.2x)

Core Natural Resources

NE (59.6% | 1.3x)

Noble

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GRNT: 6.0% | 5.4x)

PR (48.7% | 4.8x)

Permian Resources

MTDR (8.9% | 3.8x)

Matador Resources

HESM (8.1% | 4.5x)

Hess Midstream

BTE (13.2% | 3.9x)

Baytex Energy

CIVI (14.4% | 2.3x)

Civitas Resources

Higher Rev Chg LTM (Value for GRNT: 18.6%)

FANG (60.1%)

Diamondback Energy

OKE (58.4%)

ONEOK

ENB (32.3%)

Enbridge

TRP (24.5%)

TC Energy

CCJ (23.9%)

Cameco

Higher Rev Chg 3Y Avg (Value for GRNT: 6.0%)

CCJ (24.2%)

Cameco

FANG (20.8%)

Diamondback Energy

OKE (16.4%)

ONEOK

BKR (10.4%)

Baker Hughes

ENB (8.6%)

Enbridge

Higher Op Mgn LTM (Value for GRNT: 24.7%)

TRP (43.1%)

TC Energy

FANG (36.5%)

Diamondback Energy

WMB (34.3%)

Williams Companies

EOG (33.4%)

EOG Resources

KMI (27.2%)

Kinder Morgan

Higher CFO/Rev LTM (Value for GRNT: 66.5%)

DTM (73.0%)

DT Midstream

AM (72.8%)

Antero Midstream

TPL (72.3%)

Texas Pacific Land

PR (68.9%)

Permian Resources

VNOM (68.3%)

Viper Energy

Higher FCF/Rev LTM (Value for GRNT: -20.3%)

WMB (15.0%)

Williams Companies

COP (11.9%)

ConocoPhillips

CVX (8.2%)

Chevron

XOM (7.3%)

Exxon Mobil

ENB (6.3%)

Enbridge

Higher Total Yield (Value for GRNT: 15.7%)

APA (21.7%)

APA

MTDR (17.4%)

Matador Resources

CNQ (16.7%)

Canadian Natural Resources

VG (16.6%)

Venture Global

INSW (15.8%)

International Seaways

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for GRNT: 6.0% | 1.3x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GRNT: 6.0% | 5.4x)

IBKR (48.1% | 3.5x)

Interactive Brokers

RCI (11.8% | 4.1x)

Rogers Communications

JEF (14.6% | 2.9x)

Jefferies Financial

AAL (6.5% | 4.5x)

American Airlines

OC (7.1% | 5.2x)

Owens-Corning

Higher Rev Chg LTM (Value for GRNT: 18.6%)

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

LLY (36.8%)

Eli Lilly

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

Higher Rev Chg 3Y Avg (Value for GRNT: 6.0%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for GRNT: 24.7%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for GRNT: 66.5%)

FNV (84.7%)

Franco-Nevada

RY (83.0%)

Royal Bank of Canada

BAM (75.6%)

Brookfield Asset Management

PSA (67.3%)

Public Storage

O (67.1%)

Realty Income

Higher FCF/Rev LTM (Value for GRNT: -20.3%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for GRNT: 15.7%)

CMCSA (25.2%)

Comcast

FNMA (23.7%)

Federal National Mortgage Association Fannie Mae

VZ (18.3%)

Verizon Communications

ALL (17.2%)

Allstate

MO (16.2%)

Altria

		Best Bets In Energy Sector
	GRNT	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	16.1	41.6	17.9	11.7	11.0	30.4	12.0	18.3	18.9	30.7	10.1
P/EBIT	8.6	33.9	10.1	8.7	9.4	17.0	8.8	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	19.8%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	18.6%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	6.0%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	-11.6%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Granite Ridge Resources Earnings Notes
2	How Low Can Granite Ridge Resources Stock Really Go?	Return
3	Granite Ridge Resources (GRNT) Revenue Comparison	Financials
4	Granite Ridge Resources (GRNT) Operating Income Comparison	Financials
5	Granite Ridge Resources (GRNT) Tax Expense Comparison	Financials
6	Granite Ridge Resources (GRNT) Debt Comparison	Financials
7	Granite Ridge Resources (GRNT) Operating Cash Flow Comparison	Financials
8	Granite Ridge Resources (GRNT) Net Income Comparison	Financials
9	Granite Ridge Resources (GRNT) EBITDA Comparison	Financials
10	Why Granite Ridge Resources Stock Moved: GRNT Stock Has Lost 35% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to GRNT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.1%	12.1%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.4%	6.4%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.1%	28.1%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.9%	-4.9%	-7.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Granite Ridge Resources

Peers to compare with:

Financials

	GRNT	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Granite .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	4.65	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	0.6	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	451	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	112	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-92	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-50	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	300	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	302	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	GRNT	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Granite .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	18.6%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	6.0%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	19.8%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	4.3%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	24.7%	6.6%	4.8%	17.7%	22.5%	31.9%	20.1%
Op Mgn 3Y Avg	29.2%	7.4%	7.2%	16.4%	24.2%	30.8%	20.3%
QoQ Delta Op Mgn LTM	-2.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	66.5%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	73.7%	6.8%	12.7%	21.4%	26.1%	28.4%	23.8%
FCF/Rev LTM	-20.3%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-11.6%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	GRNT	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Granite .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.6	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	1.3	0.4	1.0	4.4	5.4	10.0	2.9
P/EBIT	8.6	6.8	19.9	25.1	22.5	31.3	21.2
P/E	16.1	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	2.0	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	15.7%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	9.5%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-6.7%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.5	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	0.5	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	GRNT	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Granite .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-8.8%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-17.7%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-25.7%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-15.9%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	-31.2%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-9.3%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-22.0%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-38.0%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-30.7%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-114.6%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	3/6/2025	3/8/2024	3/27/2023	5/16/2022	3/27/2023	5/16/2022
Key Financials
Total Revenue	451	380	394	497	290	87	13
EBITDA	278	220	272	383	206	58	12
Operating Income	112	96	117	302	141	-30	1
Net Income	38	19	81	262	108	-24	4
EPS	0.28	0.14	0.61	1.97	0.82	-0.18	0.03
Growth Rates
Total Revenue Growth	18.6%	-3.6%	-20.8%	71.4%	233.2%	548.0%	-
EBITDA Growth	9.6%	-19.0%	-29.1%	86.3%	255.2%	400.2%	-
Operating Income Growth	13.7%	-18.3%	-61.2%	114.4%	569.6%	-4015.6%	-
Net Income Growth	-21.1%	-76.9%	-69.1%	141.9%	553.2%	-757.5%	-
Margins
EBITDA Margin	61.6%	57.9%	68.9%	77.0%	70.8%	66.4%	86.1%
Operating Income Margin	24.7%	25.2%	29.7%	60.7%	48.6%	-34.5%	5.7%
Net Income Margin	8.4%	4.9%	20.6%	52.7%	37.4%	-27.5%	27.1%
Cash & Debt
Total Cash	23	41	61	51	12	1	�
Total Debt	300	205	110	0	51	6	0
Net Debt / (Cash)	277	164	49	-51	39	5	�
Cash Flows
Net Cash from Operations	300	276	303	346	181	67	6
Free Cash from Operations	-92	-71	-56	112	-38	-51	2
Returns to Shareholders
Dividends	58	57	59	11	-0	-0	7
Share Repurchases	0	0	35	0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	8/7/2025	5/8/2025	3/6/2025	11/7/2024	8/8/2024	5/9/2024	3/8/2024	11/9/2023	8/10/2023	5/11/2023	3/27/2023
Key Financials Quarterly
Total Revenue	113	109	123	106	94	91	89	107	108	88	91	116
Ebitda	81	92	66	38	62	54	65	72	69	49	82	91
Operating Income	20	21	43	29	25	22	20	31	33	24	29	64
Net Income	15	25	10	-12	9	5	16	18	18	9	37	57
EPS	0.11	0.19	0.07	-0.09	0.07	0.04	0.12	0.13	0.13	0.07	0.28	0.43
Key Financials TTM
Total Revenue TTM	451	433	414	380	381	395	392	394	404	432	495	497
Ebitda TTM	278	259	221	220	254	260	255	272	291	339	416	383
Operating Income TTM	112	117	118	96	98	106	108	117	150	195	270	302
Net Income TTM	38	32	12	19	48	57	60	81	120	182	267	262
Growth Rates Quarterly
Total Revenue Growth	19.8%	20.5%	38.1%	-0.5%	-13.2%	3.5%	-2.5%	-8.2%	-20.9%	-41.7%	-2.7%	3890.2%
EBITDA Growth	30.4%	70.1%	1.5%	-46.8%	-9.3%	10.5%	-20.4%	-21.3%	-41.3%	-60.9%	66.7%	3805.7%
Operating Income Growth	-20.6%	-5.3%	109.2%	-8.0%	-24.3%	-8.3%	-30.8%	-51.2%	-57.9%	-76.0%	-52.1%	4184.2%
Net Income Growth	60.4%	391.7%	-39.5%	-166.3%	-49.6%	-41.6%	-56.0%	-69.0%	-77.6%	-90.6%	13.6%	3414.0%
Margins Quarterly
EBITDA Margin	72.2%	84.4%	53.8%	36.0%	66.3%	59.8%	73.2%	67.4%	63.4%	56.0%	89.6%	78.6%
Operating Income Margin	17.4%	19.0%	34.6%	27.0%	26.2%	24.1%	22.8%	29.2%	30.1%	27.3%	32.2%	55.0%
Net Income Margin	12.9%	23.0%	8.0%	-10.9%	9.6%	5.6%	18.2%	16.4%	16.6%	10.0%	40.4%	48.7%
Cash & Debt
Total Cash	23	15	38	41	51	63	79	61	6	14	11	51
Total Debt	300	275	250	205	195	165	138	110	85	55	25	0
Net Debt / (Cash)	277	260	212	164	144	102	59	49	79	41	14	-51
Cash Flows Quarterly
FCF from Operations	78	78	76	68	75	64	69	90	57	74	81	95
Cash Flows TTM
FCF from Operations TTM	300	297	283	276	298	280	290	303	308	365	372	346
Returns to Shareholders Quarterly
Dividends	14	14	14	14	14	14	14	15	15	15	15	11
Share Repurchases	-0	-0	0	0	-0	-0	0	24	6	4	2	0
Return on Invested Capital (ROIC) Quarterly
ROIC	6.8%	7.5%	16.5%	11.0%	9.2%	9.6%	9.8%	15.8%	15.2%	10.2%	15.1%	35.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.1%	10.5%	11.0%	9.6%	10.2%	12.1%	12.9%	14.3%	17.7%	26.5%	41.2%	49.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022
Oil and natural gas development, exploration and production	394
Natural gas		159	75
Oil		338	215
Total	394	497	290

Price Behavior

Price Behavior

Market Price	$4.65
Market Cap ($ Bil)	0.6
First Trading Date	11/06/2020
Distance from 52W High	-27.3%
	50 Days	200 Days
DMA Price	$5.06	$5.23
DMA Trend	down	down
Distance from DMA	-8.1%	-11.1%
	3M	1YR
Volatility	36.1%	40.9%
Downside Capture	92.33	74.83
Upside Capture	-19.85	45.94
Correlation (SPY)	20.1%	51.0%

GRNT Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.31	0.61	0.41	0.69	1.12	0.93
Up Beta	0.55	0.90	1.37	1.81	1.17	0.97
Down Beta	-0.86	0.89	1.01	1.39	1.72	1.41
Up Capture	-60%	13%	-31%	-7%	37%	23%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	18	29	59	123	374
Down Capture	-38%	63%	7%	17%	84%	94%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	21	31	63	116	348

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of GRNT With Other Asset Classes (Last 1Y)
	GRNT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-18.7%	8.6%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	40.9%	24.4%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-0.40	0.29	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		75.0%	50.5%	3.5%	55.8%	36.2%	19.2%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of GRNT With Other Asset Classes (Last 5Y)
	GRNT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-10.0%	21.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	37.7%	26.7%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	-0.18	0.75	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		30.1%	23.8%	5.1%	19.3%	14.9%	7.7%

Based On 10-Year Data

		Comparison of GRNT With Other Asset Classes (Last 10Y)
	GRNT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.9%	8.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	37.4%	29.8%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	-0.18	0.33	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		27.9%	23.6%	5.2%	19.0%	14.3%	7.5%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	3,206,302
Short Interest: % Change Since 11302025	-2.8%
Average Daily Volume	606,596
Days-to-Cover Short Interest	5.29
Basic Shares Quantity	130,472,000
Short % of Basic Shares	2.5%

Returns Analyses

	Title
0	How Low Can Granite Ridge Resources Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/7/2025	-1.4%	0.6%	6.5%
8/7/2025	7.2%	9.2%	9.7%
3/6/2025	1.1%	4.7%	-7.4%
11/7/2024	2.7%	4.6%	-1.7%
8/8/2024	-2.3%	6.0%	-1.6%
5/9/2024	-3.6%	-1.8%	-2.2%
2/2/2024	0.6%	1.9%	13.1%
11/9/2023	1.2%	3.9%	2.2%
...
SUMMARY STATS
# Positive	8	10	5
# Negative	3	1	6
Median Positive	3.3%	4.6%	6.5%
Median Negative	-2.3%	-1.8%	-4.8%
Max Positive	15.6%	12.2%	13.1%
Max Negative	-3.6%	-1.8%	-11.8%

	Forward Returns
11/7/2025	-1.4%	0.6%	6.5%
8/7/2025	7.2%	9.2%	9.7%
3/6/2025	1.1%	4.7%	-7.4%
11/7/2024	2.7%	4.6%	-1.7%
8/8/2024	-2.3%	6.0%	-1.6%
5/9/2024	-3.6%	-1.8%	-2.2%
2/2/2024	0.6%	1.9%	13.1%
11/9/2023	1.2%	3.9%	2.2%
8/10/2023	12.7%	9.8%	-11.8%
3/27/2023	15.6%	12.2%	5.4%
11/14/2022	3.9%	3.8%	-9.7%
SUMMARY STATS
# Positive	8	10	5
# Negative	3	1	6
Median Positive	3.3%	4.6%	6.5%
Median Negative	-2.3%	-1.8%	-4.8%
Max Positive	15.6%	12.2%	13.1%
Max Negative	-3.6%	-1.8%	-11.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	3062025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	3082024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8102023	10-Q 6/30/2023
3312023	5112023	10-Q 3/31/2023
12312022	3272023	10-K 12/31/2022
6302022	9122022	S-4/A 6/30/2022
3312022	7082022	S-4/A 3/31/2022
12312021	5162022	S-4 12/31/2021

Insider Activity

Expand for Morenull

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Granite Ridge Resources (GRNT)

Market Price (12/28/2025): $4.65 | Market Cap: $606.7 MilSector: Energy | Industry: Oil & Gas Exploration & Production

Granite Ridge Resources (GRNT)

Market Price (12/28/2025): $4.65Market Cap: $606.7 MilSector: EnergyIndustry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

GRNT Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Granite Ridge Resources (GRNT)

Major Customers of Granite Ridge Resources (GRNT)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Granite Ridge Resources (GRNT)

INDUSTRY: Oil & Gas Exploration & Production

Higher Rev Chg 3Y Avg | Lower P/S (Values for GRNT: 6.0% | 1.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GRNT: 6.0% | 5.4x)

Higher Rev Chg LTM (Value for GRNT: 18.6%)

Higher Rev Chg 3Y Avg (Value for GRNT: 6.0%)

Higher Op Mgn LTM (Value for GRNT: 24.7%)

Higher CFO/Rev LTM (Value for GRNT: 66.5%)

Higher FCF/Rev LTM (Value for GRNT: -20.3%)

Higher Total Yield (Value for GRNT: 15.7%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for GRNT: 6.0% | 1.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GRNT: 6.0% | 5.4x)

Higher Rev Chg LTM (Value for GRNT: 18.6%)

Higher Rev Chg 3Y Avg (Value for GRNT: 6.0%)

Higher Op Mgn LTM (Value for GRNT: 24.7%)

Higher CFO/Rev LTM (Value for GRNT: 66.5%)

Higher FCF/Rev LTM (Value for GRNT: -20.3%)

Higher Total Yield (Value for GRNT: 15.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for GRNT: 6.0% | 1.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GRNT: 6.0% | 5.4x)

Higher Rev Chg LTM (Value for GRNT: 18.6%)

Higher Rev Chg 3Y Avg (Value for GRNT: 6.0%)

Higher Op Mgn LTM (Value for GRNT: 24.7%)

Higher CFO/Rev LTM (Value for GRNT: 66.5%)

Higher FCF/Rev LTM (Value for GRNT: -20.3%)

Higher Total Yield (Value for GRNT: 15.7%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Granite Ridge Resources

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Market Price (12/28/2025): $4.65 | Market Cap: $606.7 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (12/28/2025): $4.65
Market Cap: $606.7 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production