Mach Natural Resources LP

MNR

Oil & Gas Exploration & Production · Energy

Price

$13.15

+0.22 (+1.70%)

Market Cap

$2.19B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+38.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 95.0M (2021) → 131.5M (2025)

Mach Natural Resources LP is an oil and gas company that drills for and produces crude oil, natural gas, and natural gas liquids in the Anadarko Basin, which sits mostly in Oklahoma and parts of Kansas and Texas. The company sells these raw energy products to refiners, utilities, and other energy buyers. It is structured as a master limited partnership (MLP), which is a common setup for energy companies that want to return cash to investors regularly.

Mach makes money by selling the oil and gas it pulls out of the ground, so its revenue rises and falls with commodity prices. The company operates entirely in the United States and focuses on acquiring and developing existing producing assets rather than exploring for brand-new discoveries. Its main competitive edge comes from low-cost operations in a mature basin with well-understood geology. The biggest risk the company faces is that a sustained drop in oil or natural gas prices would directly shrink its cash flow and could pressure the distributions it pays to unitholders.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+68.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-250.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

76.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$53M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Mach Natural Resources LP grew revenue 69% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

25.1%

Modest — 25.1% gross margin

Operating Margin

22.8%

Excellent — 22.8% operating margin

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+39.1%

Fast-growing sales (39.1% YoY)

EPS YoY

-53.8%

Earnings shrinking (-53.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

228%

Turns 228% of profit into real cash

FCF Margin

7.3%

Modest free cash flow (7.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.62

Moderate — manageable debt (0.62)

Interest Cover

11.16x

Comfortably covers interest (11.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

17.8x

Fair value — P/E 17.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+8.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.8 → 9.0)

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Dividends

Dividend Yield

14.40%

Healthy income — 14.40% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-34.8%

Dividend cut (-34.8% YoY) — warning sign

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