At a glance
Matador Resources Company is worth $7.41B, about 10 times its fiscal 2025 earnings. Revenue grew 5.5% to $3.70B in fiscal 2025, with 20.5% kept as profit; over 5 years it has grown 33.8% a year. It pays a 2.54% dividend yield, raised every year for at least 4 years, and returned $450.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +57.5% over the past year with dividends reinvested and +9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 90.8% in the 2020 crash (S&P 500: 33.7%) and 34.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 3 months after the lows.
The business in plain English
Matador Resources is a Texas oil and natural gas producer founded in 2003 by Joseph Wm. Foran, its Chairman and CEO. It drills horizontal wells into shale, a dense rock that holds oil and gas, and sells what comes out. Its main area is the Delaware Basin of Southeast New Mexico and West Texas, where it targets the oil-rich Wolfcamp and Bone Spring layers. It also has operations in the Haynesville and Cotton Valley areas of Northwest Louisiana.
Oil sales provide most of the money. In the year ended December 31, 2025, crude oil, condensate (a very light oil) and natural gas liquids (NGLs, such as propane, separated from gas) brought in $2.84 billion. That was about 77% of $3.70 billion in revenue. Natural gas sales added about 11%, and reselling gas bought from others added about 7%. Oil made up 58% of production.
Matador also runs midstream assets: the pipelines and plants that gather, process and move oil, gas and the salty water that comes up with them. Most of this sits in San Mateo, a joint venture owned 51% by Matador and 49% by partner Five Point. San Mateo serves Matador's own wells and also sells services to other producers, which made up about 4.5% of revenue. It paid Matador $136.7 million in cash distributions in 2025.
Price history
The interactive chart needs JavaScript.
MTDR +57.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Crude Oil, Condensate, and Natural Gas Liquids (NGL) | $2.84B | 76.8% |
| Natural gas revenues | $398.6M | 10.8% |
| Sales of purchased natural gas | $253.0M | 6.8% |
| Third-party midstream services revenues | $164.7M | 4.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.19B, up 28.2% from a year earlier, and net income was $390.7M (+160.0%).
- For fiscal 2025, revenue was $3.70B (+5.5% year over year; +33.8% a year from FY2020 to FY2025) with a 20.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +33.8% good |
|---|---|
| Operating margin | 33.2% good |
| Free cash flow margin | 7.3% watch |
| Return on equity (FY2025) | 13.4% watch |
| Return on assets (FY2025) | 6.5% watch |
| Net cash (cash minus debt) | $-4.19B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $862.1M | $-593.2M | $-244.3M |
| FY2021 | $1.66B | $585.0M | $215.4M |
| FY2022 | $3.06B | $1.21B | $915.5M |
| FY2023 | $2.81B | $846.1M | $-1.36B |
| FY2024 | $3.50B | $885.3M | $-1.66B |
| FY2025 | $3.70B | $759.2M | $269.6M |
Valuation snapshot
| Market value | $7.41B |
|---|---|
| P/E ratio | 9.8 |
| Dividend yield | 2.54% |
Rank among 1514 US companies
Market value at each year end
Matador Resources’s market value went from $2.41B at the end of 2016 to $7.41B on Oct 28, 2026, about 3.1 times as much; since the end of 2025 it is up 40%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.41B | +40.4% |
| 2025 | $5.27B | -24.9% |
| 2024 | $7.02B | +3.6% |
| 2023 | $6.77B | +0.2% |
| 2022 | $6.76B | +56.1% |
| 2021 | $4.33B | +207.4% |
| 2020 | $1.41B | -32.8% |
| 2019 | $2.10B | +16.0% |
| 2018 | $1.81B | -46.5% |
| 2017 | $3.38B | +40.2% |
| 2016 | $2.41B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MTDR price data to Oct 28, 2026 | +44.1% | +57.5% | +2.0% | +9.0% | +11.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +44.1% |
| 2025 | -22.3% |
| 2024 | +0.4% |
| 2023 | +0.6% |
| 2022 | +55.9% |
| 2021 | +207.5% |
| 2020 | -32.9% |
| 2019 | +15.7% |
| 2018 | -50.1% |
| 2017 | +20.9% |
| 2016 | +30.3% |
| 2015 | -2.3% |
| 2014 | +8.5% |
| 2013 | +127.3% |
| 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 84.9% over that stretch · deepest drop along the way 90.8%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 58.7% over that stretch · deepest drop along the way 34.6%, back to its old high 3.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 17 open-market purchases ($1.6M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Joseph Wm Foran Chairman and CEO, Director | buy | $522K |
| Aug 13, 2026 | Joseph Wm Foran Chairman and CEO, Director | buy | $257K |
| Aug 10, 2026 | Joseph Wm Foran Chairman and CEO, Director | buy | $160K |
| Aug 27, 2026 | Christopher P Calvert EVP and CFO | buy | $142K |
| Jun 4, 2026 | Joseph Wm Foran Chairman and CEO, Director | buy | $113K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.86% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.2% | Sep 30, 2025 |
ETFs with the most weight in MTDR
| FXN First Trust Energy AlphaDEX Fund | 3.99% |
| FCG First Trust Natural Gas ETF | 2.78% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 2.03% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 1.61% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.98% |
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 0.93% |
| FDIV MarketDesk Focused U.S. Dividend ETF | 0.81% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.75% |
What could go wrong
- Most of the business sits in one basin. Matador's reserves and production are concentrated in a few core areas, chiefly the Delaware Basin. A pipeline outage, local price slump or new rule there could hurt results, with little elsewhere to offset it.
- A third of key acreage is federal. About 33% of its Delaware Basin leased and mineral acres are on federal lands. Drilling there needs federal permits, and new federal laws, rules or orders could limit or delay work.
- Weak local gas prices and pipeline limits. Matador can get less than benchmark prices; Permian gas at the Waha Hub has historically sold below Gulf Coast gas. Space on the Hugh Brinson Pipeline, expected in late 2026, is meant to ease this.
- Reserves must be drilled and replaced. Unless Matador keeps replacing what it pumps, production will fall. About 39% of its proved reserves at December 31, 2025 were undeveloped or not yet producing, and may never be produced.
- Billions in debt and little cash. As of June 30, 2026, Matador had about $4.22 billion of debt and $26 million of cash. If prices fall, paying for drilling, interest and dividends at once could get harder.
- Profits swing with oil and gas prices. Results depend on oil, natural gas and NGL prices. Lower prices shrank the estimated value of its proved reserves at year-end 2025, and a deep slump could force write-downs and squeeze cash.
Recent events
- Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Matador pays a growing dividend, but the record is short. It paid none in 2020, then $0.125 a share in 2021, rising every year to about $1.31 in 2025. During 2025 the quarterly payment rose from $0.25 to $0.375. Dividends took about 22% of 2025 earnings and 61% of free cash flow (cash left after capital spending). Free cash flow was negative in 2023 and 2024, when Matador completed two acquisitions. The yield was 2.54% as of October 28, 2026. Buybacks are modest: $55.8 million in 2025, while the share count rose 5.5% from October 2021 to August 2026.
The shares swing sharply. In the 2020 COVID crash they fell about 91% from February 19 to March 18, 2020, recovering by December 2020. In the 2022 bear market, when most stocks fell, they rose about 59%, despite a 35% drop that summer. Their deepest fall since listing was about 97%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Matador Resources make money?
Mostly by selling oil. In the year ended December 31, 2025, crude oil, condensate and natural gas liquids brought in $2.84 billion, about 77% of Matador's $3.70 billion revenue. Natural gas sales added about 11%, and reselling gas bought from others about 7%. Another 4.5% came from midstream services, such as gas processing and water disposal, that its San Mateo joint venture sells to other producers. Its main operating area is the Delaware Basin of New Mexico and West Texas.
Does Matador Resources raise its dividend every year?
Yes, every year from 2021 through 2025, though the record is short. Matador paid no dividend in 2020, then $0.125 a share in 2021, rising to about $1.31 in 2025. It lifted the quarterly payment twice during 2025, from $0.25 to $0.375. The yield was 2.54% as of October 28, 2026. The board sets dividends, and they depend on cash flow that rises and falls with oil and gas prices, so future increases are not guaranteed.
How has Matador Resources stock performed?
It has risen over long periods, with big swings. As of October 28, 2026, the share price had gained about 11.3% a year over 10 years, about 9% a year over five years and about 2% a year over three years. Single years vary widely: up 207.5% in 2021, down 50.1% in 2018 and down 22.3% in 2025. For 2026 through October 28, the stock was up 44.1%. These figures track share price only.
How much debt does Matador Resources have?
About $4.22 billion as of June 30, 2026, against $26 million of cash and $5.93 billion of shareholder equity. Matador borrowed to fund the Ameredev Acquisition, completed in September 2024, and repaid part of those borrowings during 2025. Fitch upgraded its credit rating from BB- to BB in 2025, a level still below investment grade. Debt adds risk because interest must be paid even when oil and gas prices fall.
Are Matador Resources insiders buying the stock?
Yes. Insider filings reviewed for October 29, 2025 to October 29, 2026 show 17 purchases worth about $1.65 million and no sales. Chairman and CEO Joseph Wm. Foran made the largest buys, including $521,600 on August 12, 2026. Chief Financial Officer Christopher P. Calvert bought $141,600 on August 27, 2026. Insider buying does not guarantee returns, and the annual report warns that directors and executive officers own a significant stake and their interests could differ from other shareholders'.