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Independent oil and gas producer operating mature basins such as the Eagle Ford and Uinta, growing through acquisitions.
Independent oil and gas producer operating mature basins such as the Eagle Ford and Uinta, growing through acquisitions.
Buys producing oil and gas assets and runs them for steady cash flow, selling output at market prices and using hedges to lock in part of the price. Growth comes from acquisitions more than drilling, so deal pricing matters as much as the commodity cycle. It was created in 2021 by merging KKR-backed Independence Energy with Contango Oil and Gas.
Moat: none (scale). Commodity oil and gas production; strategy relies on disciplined acquisitions rather than a structural moat.
Headquarters: Houston, Texas, United States · Founded: 2021 · Employees: 1,066
Size Crescent Energy (CRGY) is a United States Energy company (Integrated Oil) with a market value of $4.74B, the 1219th largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.22 on 6 Nov 2026.
Performance Over six months the shares fell 9.5%, against -7.6% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 33.5% over the last twelve months (peer median +11.3%); the operating margin is 29.9% (peer median 29.9%).
Valuation It trades at 4.1× forward earnings against a peer median of 9.9× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +37%, so the hurdle is -46 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (7.4% WACC).
Credit Crescent Energy has 1 bond outstanding ($1.10B), rated BB- by the agencies and trading like BB- at a weighted spread of 235 bp.
Short interest Short interest is 8.8% of the free float (15 Oct 2026).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.79B | $3.58B | $2.93B | $2.38B | $3.06B |
| Revenue growth | — | +22% | +23% | -22% | — |
| Gross profit | $1.72B | $808M | $687M | $619M | $1.51B |
| EBITDA | $2.81B | $1.64B | $1.30B | $1.15B | $1.96B |
| Net income | $62.1M | $133M | -$115M | $67.6M | $96.7M |
| Free cash flow | $816M | $729M | $537M | $354M | $420M |
| Capital expenditure | $1.28B | $951M | $686M | $581M | $593M |
| Total debt | $4.72B | $5.53B | $3.06B | $1.71B | $1.26B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Crescent Energy CRGY | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% |
| Permian Resources PR | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% |
| Magnolia Oil & Gas MGY | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% |
| Ovintiv OVV | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% |
| Murphy Oil MUR | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% |
| EOG Resources EOG | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CRGY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.8% | -7.1% | 5th lowest of 21 |
| 6-month return | -9.5% | -7.6% | 8th lowest of 21 |
| Distance from 52-week high | -27.5% | -24.7% | 8th lowest of 21 |
| Revenue growth (TTM) | +33.5% | +11.3% | 3rd highest of 21 |
| Operating margin | 29.9% | 29.9% | 11th highest of 21 |
| Forward P/E | 4.1× | 9.9× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -9.4% | -6.2% | 7th least demanding of 18 |
| Growth delivered (Del g) | +36.5% | +14.9% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | -46.0 pp | -24.5 pp | 5th least demanding of 18 |
| ROIC minus cost of capital | +4.1 pp | +6.8 pp | 8th lowest of 21 |
| EV / EBITDA | 3.4× | 5.0× | 5th cheapest of 18 |
| Net debt / EBITDA | 1.7× | 0.5× | 4th most indebted of 18 |
| Bond spread | 235 bp | 224 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Ithaca Energy ITH.L | United Kingdom | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% | +1.4% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
Crescent Energy has 1 bond outstanding with $1.10B face value. The agencies rate it BB-; its bonds trade like BB-. Weighted yield 7.02%, a spread of 235 bp over government bonds.