Mach Natural Resources LP (MNR) 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

+1871.5%

$205.52

vs $10.43 price

Levered DCF

$226.45

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.08

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	10.13×	9.04×	22.9×	3.37×	12.56×
P/B	0.73×	1.4×	1.31×	2.94×	6.25×
P/S	1.23×	1.73×	2.05×	1.86×	4.44×
EV / EBITDA	5.06×	4.17×	4.52×	2.97×	9.79×
Gross margin	33.4%	34.2%	50.7%	58.4%	55.1%
Operating margin	28.5%	30.0%	47.1%	55.7%	39.6%
Net margin	24.3%	19.1%	45.5%	55.1%	35.3%
Current ratio	1.05×	0.91×	1.25×	1.22×	1.38×
Debt / equity	0.58×	0.64×	0.69×	0.17×	0.31×
Interest coverage	4.64×	2.78×	32.06×	107.66×	93.84×
Dividend yield	16.8%	18.5%	6.5%	15.8%	8.4%
Payout ratio	85.5%	167.3%	29.2%	53.2%	105.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	14.4%	15.4%	29.1%	87.1%	49.6%
Return on invested capital	9.8%	14.0%	17.1%	70.1%	39.3%
Return on assets	7.6%	7.9%	15.0%	58.2%	26.3%
Free cash flow yield	16.3%	17.0%	11.3%	17.8%	9.0%
Earnings yield	19.7%	11.0%	22.1%	29.7%	7.9%
Enterprise value	$2.6B	$2.3B	$2.2B	$1.8B	$1.8B
Net debt / EBITDA	2.21×	1.18×	1.36×	0.12×	0.15×
Cash conversion cycle (days)	59	48	48	55	82