California Resources Corp (CRC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+146.0%

$131.15

vs $53.31 price

Levered DCF

$94.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.58

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.72×	10.95×	6.75×	6.27×	5.73×	1.04×	-15.84×	2.52×
P/B	1.06×	1.16×	1.72×	1.76×	2.07×	1.73×	-1.14×	-2.24×
P/S	1.08×	1.39×	1.35×	1.01×	1.37×	1.22×	0.16×	0.26×
EV / EBITDA	4.12×	4.61×	3.65×	3.45×	7.02×	1.05×	5.48×	4.47×
Gross margin	39.6%	40.6%	47.1%	53.3%	48.6%	25.0%	46.9%	51.8%
Operating margin	23.6%	22.0%	31.8%	41.6%	35.2%	0.4%	31.6%	37.2%
Net margin	10.1%	12.7%	20.0%	16.1%	23.9%	117.0%	-1.0%	10.7%
Current ratio	0.89×	1.04×	1.51×	0.97×	0.88×	0.7×	0.69×	1.05×
Debt / equity	0.37×	0.35×	0.27×	0.36×	0.38×	0.56×	-12.96×	-14.55×
Interest coverage	8.04×	7.48×	15.96×	25.55×	16.7×	0.03×	2.22×	3.01×
Dividend yield	3.5%	2.7%	2.1%	1.8%	0.4%	0.0%	0.0%	0.0%
Payout ratio	37.5%	30.1%	14.4%	11.3%	2.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	10.6%	25.4%	28.1%	36.3%	165.4%	7.2%	-90.9%
Return on invested capital	9.7%	7.7%	19.8%	30.2%	30.0%	0.3%	13.2%	13.3%
Return on assets	4.9%	5.3%	14.1%	13.2%	15.9%	61.2%	-0.4%	4.6%
Free cash flow yield	14.0%	8.5%	12.1%	9.5%	13.3%	3.0%	49.9%	-28.4%
Earnings yield	9.3%	9.1%	14.8%	16.0%	17.5%	95.8%	-6.3%	40.6%
Enterprise value	$5.1B	$5B	$3.9B	$3.6B	$3.8B	$2.6B	$5.5B	$6B
Net debt / EBITDA	0.99×	0.79×	0.11×	0.34×	0.61×	0.25×	5.04×	3.87×
Cash conversion cycle (days)	-12	-0	-6	-23	-15	4	-11	-36