MeritValue

Crescent Energy Co

CRGYdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'epsDiluted'

The thesis, from the filings

Crescent Energy Co earns about 3% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.48B1$3.06B2$2.38B3$2.93B3$3.58B3
Net income−$19.4M4$96.7M5$67.6M6−$114.6M6$132.9M6
Operating cash flow$233.1M7$1.01B8$935.8M9$1.22B9$1.68B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$2.06B10$2.5B11$3.39B12$6.1B13$11B13
Cash & equivalents$128.6M14$015$2.97M16$132.8M16$10.2M16
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 -11%FY22 17%FY23 9%FY24 -1%FY25 1%

It earned an average 3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 436% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001866175-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001866175-25-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001866175-26-000026 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001866175-24-000015 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001866175-25-000024 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001866175-26-000026 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001866175-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001866175-25-000024 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001866175-26-000026 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001866175-23-000010 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001866175-24-000015 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001866175-25-000024 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001866175-26-000026 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001866175-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001866175-25-000024 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001866175-26-000026 (CashAndCashEquivalentsAtCarryingValue)