회사 개요
Crescent Energy Company (CRGY) is primarily engaged in the exploration and production of crude oil, natural gas, and natural gas liquids within the United States, with specific operational focus in the Eagle Ford, Permian, and Uinta Basins. The company owns mineral rights and royalty interests across various U.S. oil and natural gas basins, positioning it firmly within the Energy sector as a dedicated Oil & Gas E&P entity. This operational scope defines the company's core business model, which revolves around extracting hydrocarbons from the ground to generate revenue through sales to downstream buyers or pipeline networks. In terms of scale, Crescent Energy Company holds a market capitalization of $4.15 billion and reported annual revenue of $3.58 billion while employing 1,066 individuals. These figures indicate that the company operates at a substantial mid-cap level within the industry, suggesting a significant asset base and operational footprint that allows for diversified production activities across multiple basins, although the specific revenue magnitude relative to peers is reflected in its valuation metrics.
재무 건전성
The company reported a revenue of $3.58 billion for the trailing twelve months, with a net income of $132.91 million and an EBITDA of $1.91 billion, highlighting a distinct gap between top-line revenue and bottom-line earnings. This disparity reveals a cost structure where operating expenses, including depletion, depletion of oil and gas properties, and general administrative costs, consume a significant portion of gross revenue before reaching net income. The free cash flow stands at -$740,884,992, indicating a current cash burn situation that implies limited financial flexibility for capital returns or aggressive debt reduction without external financing. Despite the negative free cash flow, the balance sheet shows a debt level of $5.53 billion against cash holdings of $10.16 million, resulting in a debt-to-equity ratio of 107.10. This high leverage suggests a leveraged balance sheet rather than a conservative one, where the company relies heavily on borrowed capital to fund its exploration and production activities. The current ratio of 1.48 indicates that the company possesses sufficient current assets to cover its short-term liabilities, maintaining a standard liquidity buffer for operational needs. Furthermore, the return on equity is 3.5% and the return on assets is 2.9%, metrics that reveal management's effectiveness in generating profit from shareholder equity and total assets respectively, though these returns are currently modest relative to the high leverage employed.
밸류에이션 평가
Crescent Energy Company trades with a P/E ratio (TTM) of 23.43 and a forward P/E of 6.47, implying that the market expects a dramatic improvement in earnings trajectory as the forward multiple is significantly lower than the trailing one. The price-to-book ratio is 0.80, which indicates that the stock is trading at a discount to its book value, suggesting the market values the company's tangible assets below their accounting replacement cost. Alternative valuation metrics include a price-to-sales ratio of 1.16 and an EV/EBITDA of 5.08, which suggest the company is valued based on revenue and earnings power at levels that may reflect cyclical commodity pricing or specific asset quality concerns. The stock's 52-week range spans from a low of $6.83 to a high of $14.02, providing a context for where the current trading price sits relative to its recent volatility. The beta of 1.05 indicates that the stock's price volatility is slightly higher than the broader market, meaning it tends to move in tandem with the overall market but with a marginally amplified swing. These valuation metrics collectively present a picture of a company with low multiple compression relative to earnings expectations but high sensitivity to market and commodity price fluctuations.
Growth & Income
The company experienced a revenue growth of -1.2% year over year, while earnings growth is not applicable, indicating that earnings are currently static or declining in proportion to the slight revenue contraction. The dividend yield stands at 3.8%, supported by a payout ratio of 88.9%, which suggests the dividend payments are a substantial portion of earnings and may face sustainability challenges given the negative free cash flow and negative earnings growth. The high payout ratio implies that the company is distributing a large fraction of its profits to shareholders, potentially limiting the capacity for internal reinvestment into growth initiatives or debt reduction. Overall, the growth and income profile is characterized by a lack of positive earnings growth and a high reliance on distributed income, which contrasts with the typical growth-oriented profile of energy exploration companies in a low-growth environment.