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Coterra Energy

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Analysis

CTRA 10-K Analysis: Devon Inherits 63% Margins and $3.5B in Hidden Exposures

Coterra Energy reported 40% revenue growth, 63% EBITDA margins, and a 20% free cash flow yield in FY2025 — numbers that suggest a company firing on all cylinders. But the 10-K reveals $354 million in derivative timing gains inflating the top line, per-BOE operating costs surging 35%, and $3.5 billion in hidden obligations that Devon Energy inherits in a merger neither party can exit. A 4-factor revenue decomposition shows three different growth stories with radically different durability, and the cheapest upstream FCF yield in the peer set may be the market's way of pricing in what the headlines don't show.

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15 min

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