At a glance
Magnolia Oil & Gas Corp is worth $6.30B. Revenue fell 0.3% to $1.31B in fiscal 2025, with 24.8% kept as profit; over 5 years it has grown 19.4% a year. It pays a 2.52% dividend yield, raised every year for at least 4 years, and returned $388.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +19.9% over the past year with dividends reinvested and +6.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.5% in the 2020 crash (S&P 500: 33.7%) and 38.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 26 months after the lows.
The business in plain English
Magnolia Oil & Gas is a Houston-based company that produces and markets crude oil, natural gas and natural gas liquids (NGLs). NGLs are heavier gases such as propane that are stripped out and sold on their own. Its wells lie mainly in two South Texas areas, Karnes and the much larger Giddings area. There it targets two rock layers, the Eagle Ford Shale and the Austin Chalk. As of December 31, 2025, it held 613,360 net acres (its ownership share) and interests in 1,948 net wells.
Magnolia reports a single business segment, so the most useful split is by product. Of $1.31 billion in revenue for 2025, oil brought in 70%, NGLs 15.5% and natural gas 14.5%. Oil was about 40% of the volume it produced, yet it supplied most of the revenue because it fetches a higher price per unit of energy. Most of its output goes to a small number of large purchasers, which the company lists as a risk.
The plan is to spend well within cash flow on new wells, keep debt low, grow output moderately and return spare cash through dividends and share repurchases. Magnolia has no long-term service contracts, so it can speed up or slow down drilling. It ran two rigs in 2025. Its profits still swing with oil and gas prices it cannot control.
Price history
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MGY +19.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Oil revenues | $918.0M | 70% |
| Natural gas liquids revenues | $203.6M | 15.5% |
| Natural gas revenues | $190.3M | 14.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $478.8M, up 50.1% from a year earlier, and net income was $181.8M (+132.7%).
- For fiscal 2025, revenue was $1.31B (-0.3% year over year; +19.4% a year from FY2020 to FY2025) with a 24.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +19.4% good |
|---|---|
| Operating margin | 33.5% good |
| Return on equity (FY2025) | 16.3% good |
| Return on assets (FY2025) | 11.2% good |
| Net cash (cash minus debt) | $-97.7M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $541.3M | $-1.21B | — |
| FY2021 | $1.08B | $417.3M | — |
| FY2022 | $1.69B | $893.8M | — |
| FY2023 | $1.23B | $388.3M | — |
| FY2024 | $1.32B | $366.0M | — |
| FY2025 | $1.31B | $325.3M | — |
Valuation snapshot
| Market value | $6.30B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.52% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MGY price data to Oct 28, 2026 | +23.8% | +19.9% | +9.2% | +6.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.8% |
| 2025 | -3.9% |
| 2024 | +12.2% |
| 2023 | -7.2% |
| 2022 | +26.4% |
| 2021 | +168.7% |
| 2020 | -43.9% |
| 2019 | +12.2% |
| 2018 | +15.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.5% over that stretch · deepest drop along the way 63.5%, back to its old high 10.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 16% over that stretch · deepest drop along the way 38.1%, back to its old high 25.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($327K) and 7 sales ($10.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 9, 2026 | Timothy D. Yang EVP, CHIEF LEGAL & COMM & SEC | sell | $4.4M |
| Mar 9, 2026 | Christopher G Stavros CEO & CHAIRMAN, Director | sell | $3.5M |
| Mar 9, 2026 | Brian Corales SVP & CHIEF FINANCIAL OFFICER | sell | $961K |
| Mar 9, 2026 | Arcilia Acosta Director | sell | $560K |
| Mar 9, 2026 | Dan F Smith Director | sell | $522K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Mar 31, 2025 |
| WildFire Energy I LLC | 11.96% | Sep 10, 2026 |
| Vanguard Portfolio Management | 8.39% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.1% | Mar 31, 2026 |
| First Trust Portfolios L.P. | 1.81% | Mar 31, 2025 |
ETFs with the most weight in MGY
| PSCE Invesco S&P SmallCap Energy ETF | 8.67% |
| PXE Invesco Energy Exploration & Production ETF | 2.96% |
| BOUT Innovator IBD Breakout Opportunities ETF | 2.38% |
| OILT Texas Capital Texas Oil Index ETF | 2.33% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 2.07% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.16% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.97% |
| FSCS First Trust SMID Capital Strength ETF | 0.91% |
What could go wrong
- Wells concentrated in one part of Texas. Production comes mainly from the Karnes and Giddings areas. Local problems, such as pipeline bottlenecks, severe weather or state rule changes, could hit Magnolia harder than producers spread across several regions.
- Share count rose sharply in 2026. Shares outstanding rose 28.1% between May 4 and August 3, 2026. Filings in July and September 2026 reported share issuance, new debt and an acquisition. More shares split profits more ways.
- A few purchasers take most production. Magnolia relies on a small number of large purchasers for most of its oil, gas and NGL sales. Losing one or more could limit its access to suitable markets for what it produces.
- Oil prices drive most of revenue. Oil brought in 70% of 2025 revenue. Prices swing with OPEC decisions, global demand and inventories. A long slump could cut cash flow and borrowing power, shrink reserves and force Magnolia to drill less.
- Reserves must be constantly replaced. Without new drilling, production and reserves decline. Proved reserves are the oil and gas it expects with reasonable certainty to recover. They were 210.2 million barrels of oil equivalent at December 31, 2025, but are estimates.
- Fracking and emissions rules could raise costs. Fracking (hydraulic fracturing) pumps water, sand and chemicals underground at high pressure to crack rock. New federal, state or local limits on it, or on greenhouse-gas emissions, could add costs or delay new wells.
Recent events
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Unregistered sale of shares; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Magnolia pays a modest but growing dividend. It paid nothing in 2020. It paid $0.08 a share in 2021, then raised the dividend each year to $0.60 in 2025, at least four straight annual increases. The 2025 dividend used 34.8% of net income (the payout ratio). That leaves a cushion, though oil-driven profits can fall fast. The yield was 2.52% as of October 28, 2026. Management lists share repurchases alongside dividends, but shares outstanding rose 28.1% between May 4 and August 3, 2026.
The share price has swung hard. In the 2020 COVID crash it fell 63.5% in about a month and took roughly 10 months to recover. During the 2022 bear market, when stocks broadly fell, it gained 16% overall. Within that stretch, though, it dropped 38.1% from June to September 2022 and took about 26 months to regain its peak. A single stock tied to oil prices carries more risk than a diversified fund.
Questions investors ask
How does Magnolia Oil & Gas make money?
By producing and marketing oil, natural gas and natural gas liquids (NGLs) from its South Texas wells. Revenue was $1.31 billion in 2025: 70% from oil, 15.5% from NGLs and 14.5% from natural gas. Magnolia does not set the prices it receives, so its results swing with commodity markets. Net income fell 11.1% in 2025 to $325.3 million. In the quarter ended June 30, 2026, revenue was up 50.1% from a year earlier.
Does Magnolia Oil & Gas raise its dividend every year?
Yes, so far. The regular dividend per share has gone up every year on record: $0.08 in 2021, then $0.40, $0.46, $0.52 and $0.60 in 2022 through 2025. That is at least four increases in a row, with no special dividends. The yield was 2.52% as of October 28, 2026, and 2025 dividends equaled about 34.8% of earnings. Increases are not guaranteed, because an oil producer's cash flow depends on oil and gas prices.
Is Magnolia Oil & Gas stock volatile?
It can be. As of October 28, 2026, the stock's one-year volatility was 33.5%. Volatility measures how widely a price swings. The stock's deepest fall from a peak on record was 77.8%. It dropped 63.5% in the 2020 COVID crash and took about 10 months to recover. The share price fell 43.9% in 2020, then rose 168.7% in 2021. The main risks are oil and gas prices and having most of its wells in one part of South Texas.
How much debt does Magnolia Oil & Gas have?
Relatively little for its size. As of June 30, 2026, Magnolia reported total debt of $393.6 million and $295.9 million of cash and investments. That left net debt (debt minus cash) of about $97.7 million. Shareholders' equity was $2.15 billion. Keeping borrowing low is a stated part of its strategy. Filings dated July 20, August 5 and September 14, 2026, each reported a new debt or financial obligation, so the June figures may be out of date.
Did Magnolia Oil & Gas issue new shares?
Yes. Shares outstanding rose 28.1%, from about 185 million on May 4, 2026, to about 237 million on August 3, 2026. On July 20, Magnolia reported a major agreement, new debt and shares issued privately. On September 14, it reported a completed acquisition or sale of assets. WildFire Energy I LLC reported an 11.96% stake as of September 10, 2026. New shares shrink each existing holder's slice of the company, which is called dilution, unless what Magnolia gets in return adds matching value.