EOG
EOG RESOURCES INC
Energy • CIK: 0000821189
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Market Cap
$56.99B
P/E (TTM)
11.4x
Rev Growth (TTM)
-4.5%
Net Margin (TTM)
22.0%
FCF Yield (TTM)
17.6%
FCF Margin (TTM)
44.4%
Filing Intelligence
6.0/10
10-K filed Feb 24, 2026 • FY 2025
Executive Summary
Significant future commitments exist for purchase and service obligations, transportation and storage services, and delivery obligations for crude oil, natural gas, and purity products, totaling over...
Key Concerns
- ●Total operating revenues declined by 4% in 2025, primarily driven by a significant decrease in gathering, processing, and marketing...
- ●Operating expenses increased across several categories, including lease and well, GP&T, DD&A, G&A (due to acquisition costs), and interest...
- ●Significant future commitments exist for purchase and service obligations, transportation and storage services, and delivery obligations...
Key Strengths
- ●Lower commodity prices, particularly for crude oil and condensate, negatively impacted revenue and margins, although higher natural gas...
- ●Net cash provided by operating activities decreased substantially due to higher tax payments, increased operating expenses, less favorable...
- ●The company made significant property acquisitions, notably Encino, which drove a large increase in exploration and development...
Cash Flow Health
Free Cash Flow8/8 positive
TTM$10.0B
Q4 '25
$2.6B-16%
Q3 '25
$3.1B+53%
FCF Margin
TTM44.4%
Q4 '2546.3%-13%
Sector: 8.8%Top 25%
OCF Margin44.4%
OCF/NI2.02x
CapEx Coverage–
FCF Yield17.6%
FCF Growth (2Y)-3%
Cash Conversion Cycle
42 days
DSO: 42+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM8.3%
Div Yield3.8%
+Buyback (TTM)4.5%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)3.8%
FCF Payout Ratio21.8%
Free Cash Flow (TTM)$10.0B
Stock Repurchases (TTM)$2.6B
Capital Return / FCF47.0%
Est. Dividends Paid (TTM)$2.2B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
11.9%
Stable
-0.0% YoY-8.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
22.1%
8Q: 25.4%
Asset Turnover
0.46x
8Q: 0.48x
Leverage (1+D/E)
1.27x
D/E: 0.27x
DuPont: 13.0% ≈ 11.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.60x
8Q:0.66x
-19.7%
Invested Cap Turn
0.54x
8Q:0.56x
-12.3%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $22.6B | $5.6B↓3.6% | $5.8B↑6.7% | $5.5B↓3.4% | $5.7B↑1.5% | $5.6B↓6.4% | $6.0B↓1.0% | $6.0B↓1.6% | $6.1B |
Operating Income | $6.4B | $943.0M↓48.6% | $1.8B↑5.1% | $1.7B↓6.0% | $1.9B↑16.8% | $1.6B↓23.8% | $2.1B↓1.9% | $2.1B↓6.2% | $2.3B |
Net Income | $5.0B | $701.0M↓52.3% | $1.5B↑9.4% | $1.3B↓8.1% | $1.5B↑16.9% | $1.3B↓25.2% | $1.7B↓1.0% | $1.7B↓5.5% | $1.8B |
Operating Cash Flow | $10.0B | $2.6B↓16.0% | $3.1B↑53.1% | $2.0B↓11.2% | $2.3B↓17.2% | $2.8B↓23.0% | $3.6B↑24.2% | $2.9B↓0.5% | $2.9B |
Free Cash Flow | $10.0B | $2.6B↓16.0% | $3.1B↑53.1% | $2.0B↓11.2% | $2.3B↓17.2% | $2.8B↓23.0% | $3.6B↑24.2% | $2.9B↓0.5% | $2.9B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
11.4x
Volatile
8Q: 45.3x+2315%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
11.4x
vs – sector
Cash Flow
5.7x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
1.0P/E per %ROIC
ROIC: 11.9%
Shareholder Returns
Dividend
3.8%
Buyback
4.5%
Total Yield
8.3%
Market Cap$56.99B
EV$57.60B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
83/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
16.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
11.9%
8Q:–
-8.8%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 22.1%
Asset Turnover: 0.46x
Earnings Quality
Cash Conversion
2.02x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover0.54x
Working Capital
Cash Conversion Cycle42 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
44/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-4.5%
OpInc Growth YoY
-40.8%
EPS Growth YoY
-19.0%
FCF 3Y CAGR
-3.3%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
28.2%
Top 25% in sector
Net
22.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+22.4 pts
FCF: 44.4% | Net: 22.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $4.54B
Interest Coverage
–
Balance sheet risk & solvency analysis