A Business at a Glance
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Coterra Energy Inc.
CTRA
$19.6B
Mkt Cap
Coterra Energy Inc. (CTRA) has a current P/E ratio of 15.1, compared to its historical median P/E of 11.4. The stock is currently considered Fair based on its historical valuation range.
Coterra Energy Inc. (CTRA) has a 5-year average return on invested capital (ROIC) of 14.7%. This indicates solid capital allocation.
Coterra Energy Inc. (CTRA) has a market capitalization of $25.7B. It is classified as a large-cap stock.
Yes, Coterra Energy Inc. (CTRA) pays a dividend with a trailing twelve-month yield of 2.62%. The company also returns capital through share buybacks, with a buyback yield of 0.59%.
Based on historical P/E analysis, Coterra Energy Inc. (CTRA) appears fair. The current P/E of 15.1 is 32% above its historical median of 11.4. The estimated fair value CAGR (P/E method) is 15.1%.
Coterra Energy Inc. (CTRA) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
Coterra Energy Inc. (CTRA) reported annual revenue of $7.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Coterra Energy is an independent oil and gas exploration and production company focused on the continental United States, operating in a single segment across three core basins: the Permian Basin in west Texas and southeast New Mexico, the Marcellus Shale in northeast Pennsylvania, and the Anadarko Basin in Oklahoma. The company generates revenue through the sale of crude oil, natural gas, and natural gas liquids (NGLs) under both long-term and short-term market-sensitive contracts to a diverse customer base including industrial companies, local distribution companies, marketers, major energy companies, pipeline operators, and power generation facilities. Coterra's business model emphasizes disciplined capital allocation with a low reinvestment rate, targeting approximately 50% of operating cash flow for capital programs, and maintains a geographically and commodity-diversified asset portfolio that provides resilience across commodity price cycles. The company operates approximately 3,265 producing net wells across its three regions, with the Permian Basin representing the largest contributor at 46% of 2025 production, supported by repeatable multi-well development programs in the Wolfcamp Shale and Bone Spring formations. Coterra's competitive positioning is underpinned by low-cost operations, significant proved reserves, deep project inventory, and operational flexibility with no long-term rig or completion crew contracts, enabling rapid capital reallocation in response to market conditions. The company returned over $2.2 billion to shareholders through dividends over the past three years and repurchased 6 million shares in 2025, while maintaining a fortress balance sheet with $114 million in cash and $2.0 billion in unused credit commitments as of year-end 2025.
【Disciplined capital moderation ahead】 Management expects 2026 capital expenditures to decline modestly year-over-year to approximately $2.175–$2.325 billion, reflecting a return to normalized Permian investment levels following elevated first-half 2025 acquisition-related spending. The company plans to turn in-line 174–208 total net wells in 2026 across its three operating regions, with approximately 68% of capital directed to the Permian Basin, 16% to Marcellus Shale, and 8% to the Anadarko Basin. Management remains committed to funding capital expenditures from operating cash flow and maintaining financial flexibility to adjust capital allocation in response to commodity price macroeconomic environments. The company expects to generate substantial free cash flow of approximately $2 billion in 2025, benefiting from higher natural gas realizations and increased oil volumes from acquired assets, and anticipates continued capital efficiency improvements and operational flexibility to navigate commodity cycles. In February 2026, Coterra repaid the remaining $300 million of its term loan, strengthening its balance sheet position and supporting the company's strategic priorities of sustainable shareholder returns and disciplined capital investment.
| Metric | Target | Period |
|---|---|---|
| Capital expenditures | $2.175–$2.325 billion | FY2026 |
| Net wells turned in-line | 174–208 total net wells | FY2026 |
| Free cash flow | approximately $2 billion | FY2025 |
Capital expenditures (FY2026): “Our 2026 full year capital program is expected to be in the range of approximately $2.175 billion to $2.325 billion, a decrease of 3 percent (at the mid-point) from $2.318 billion in 2025.”
Net wells turned in-line (FY2026): “We turned in line 199.7 net wells in 2025 and expect to turn-in-line 174 to 208 total net wells in 2026 across our three operating regions.”
Free cash flow (FY2025): “In 2025, we expect to generate substantial free cash flow of around $2 billion, an approximately 60% increase over 2024.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call, Q3 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.7B | 7.6B | 5.5B | 5.9B | 9.5B | 3.4B |
| Net Income | 1.7B | 1.7B | 1.1B | 1.6B | 4.1B | 1.2B |
| EPS | $2.19 | $2.24 | $1.50 | $2.13 | $5.08 | $2.29 |
| Free Cash Flow | 0 | 4.0B | 2.8B | 3.6B | 5.4B | 1.7B |
| ROIC | 10.0% | 11.2% | 8.0% | 11.4% | 28.9% | 13.9% |
| Gross Margin | - | 36.3% | 31.0% | 41.3% | 58.9% | 53.2% |
| Debt/Equity | 0.23 | 0.27 | 0.29 | 0.19 | 0.20 | 0.29 |
| Dividends/Share | $0.89 | $0.88 | $0.84 | $1.17 | $2.49 | $1.12 |
| Operating Income | 2.4B | 2.5B | 1.4B | 2.2B | 5.2B | 1.6B |
| Operating Margin | 31.2% | 32.1% | 25.4% | 36.4% | 54.8% | 45.3% |
| ROE | 11.0% | 12.3% | 8.6% | 12.6% | 33.3% | 16.6% |
| Shares Outstanding | 759M | 766M | 747M | 761M | 799M | 504M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.2B | 1.4B | 1.2B | 1.8B | 2.2B | 2.1B | 1.5B | 3.4B | 9.5B | 5.9B | 5.5B | 7.6B | 7.7B |
| Gross Margin | 8.7% | -1.5% | -40.1% | -3.0% | 39.7% | 50.9% | 27.4% | 53.2% | 58.9% | 41.3% | 31.0% | 36.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 83M | 68M | 86M | 98M | 97M | 95M | 106M | 270M | 396M | 291M | 302M | 323M | 310M |
| EBIT | 106M | -89M | -565M | -151M | 772M | 956M | 296M | 1.6B | 5.2B | 2.2B | 1.4B | 2.5B | 2.4B |
| Op. Margin | 4.9% | -6.6% | -47.3% | -8.6% | 35.3% | 46.3% | 20.2% | 45.3% | 54.8% | 36.4% | 25.4% | 32.1% | 31.2% |
| Net Income | 104M | -114M | -417M | 100M | 557M | 681M | 201M | 1.2B | 4.1B | 1.6B | 1.1B | 1.7B | 1.7B |
| Net Margin | 4.8% | -8.4% | -34.9% | 5.7% | 25.5% | 33.0% | 13.7% | 33.5% | 42.6% | 27.4% | 20.5% | 22.4% | 21.7% |
| Non-Recurring | 17M | 3.9M | -1.9M | -12M | -16M | -1.0M | 0 | 42M | 51M | 24M | 3.0M | 5.0M | 5.0M |
| Returns on Capital | |||||||||||||
| ROIC | 2.9% | -2.9% | -10.3% | 2.6% | 17.9% | 22.2% | 7.7% | 13.9% | 28.9% | 11.4% | 8.0% | 11.2% | 10.0% |
| ROE | 4.8% | -5.5% | -18.2% | 3.9% | 24.2% | 32.1% | 9.2% | 16.6% | 33.3% | 12.6% | 8.6% | 12.3% | 11.0% |
| ROA | 2.0% | -2.1% | -8.0% | 2.0% | 12.5% | 15.7% | 4.5% | 9.5% | 20.3% | 8.0% | 5.3% | 7.5% | 6.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.2B | 750M | 397M | 898M | 1.1B | 1.4B | 778M | 1.7B | 5.5B | 3.7B | 2.8B | 4.0B | 4.5B |
| Free Cash Flow | 1.2B | 750M | 397M | 898M | 1.1B | 1.4B | 772M | 1.7B | 5.4B | 3.6B | 2.8B | 4.0B | 0 |
| Owner Earnings | 582M | 119M | -219M | 295M | 654M | 1.0B | 344M | 860M | 3.7B | 2.0B | 893M | 1.6B | 2.0B |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 6.0M | 5.0M | 10M | 10M | 17M | 0 | 0 |
| Maint. CapEx | 633M | 622M | 590M | 569M | 417M | 406M | 391M | 693M | 1.6B | 1.6B | 1.8B | 2.4B | 2.4B |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | N/A | 0 |
| D&A | 633M | 622M | 590M | 569M | 417M | 406M | 391M | 693M | 1.6B | 1.6B | 1.8B | 2.4B | 2.4B |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | 0.2% | 0.3% | 0.6% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 33M | 33M | 36M | 79M | 111M | 146M | 159M | 780M | 2.0B | 890M | 625M | 682M | 673M |
| Dividend Yield | 0.2% | 0.2% | 0.2% | 0.5% | 0.7% | 1.1% | 1.5% | 10.8% | 10.7% | 5.0% | 3.5% | 3.6% | 2.6% |
| Share Buybacks | 139M | 0 | 0 | 124M | 873M | 520M | 0 | 0 | 1.3B | 405M | 455M | 141M | 152M |
| Buyback Yield | 1.5% | N/A | N/A | 1.3% | 11.5% | 9.6% | N/A | N/A | 7.2% | 2.2% | 2.6% | 0.7% | 0.6% |
| Stock-Based Comp | 22M | 8.9M | 26M | 34M | 33M | 11M | 43M | 114M | 86M | 59M | 62M | 63M | 58M |
| Debt Repayment | 1.4B | 604M | 587M | 0 | 455M | 102M | 283M | 288M | 874M | 0 | 575M | 1.4B | 1.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.7B | 2.0B | 1.0B | 1.0B | 1.2B | 1.1B | 1.0B | 2.4B | 1.9B | 1.6B | 1.5B | 3.9B | 3.0B |
| Cash & Equiv. | 21M | 514K | 499M | 480M | 2.3M | 200M | 140M | 1.0B | 673M | 956M | 2.0B | 114M | 485M |
| Long-Term Debt | 1.8B | 2.0B | 1.5B | 1.2B | 1.2B | 1.1B | 946M | 3.1B | 2.2B | 1.6B | 3.5B | 3.6B | 3.3B |
| Debt/Equity | 0.82 | 1.00 | 0.59 | 0.60 | 0.59 | 0.58 | 0.53 | 0.29 | 0.20 | 0.19 | 0.29 | 0.27 | 0.23 |
| Interest Coverage | 1.4 | -0.9 | -6.4 | -1.8 | 10.5 | 17.4 | 6.0 | 25.2 | 65.1 | 29.5 | 13.8 | 11.6 | 11.9 |
| Equity | 2.1B | 2.0B | 2.6B | 2.5B | 2.1B | 2.2B | 2.2B | 11.7B | 12.7B | 13.0B | 13.1B | 14.8B | 15.1B |
| Total Assets | 5.4B | 5.3B | 5.1B | 4.7B | 4.2B | 4.5B | 4.5B | 19.9B | 20.2B | 20.4B | 21.6B | 24.2B | 24.6B |
| Total Liabilities | 3.3B | 3.2B | 2.6B | 2.2B | 2.1B | 2.3B | 2.3B | 8.1B | 7.5B | 7.4B | 8.5B | 9.4B | 9.5B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.7B | 1.6B | 1.1B | 1.2B | 1.6B | 2.1B | 2.2B | 2.6B | 4.6B | 5.4B | 5.9B | 6.9B | 7.2B |
| Working Capital | -86M | -91M | 458M | 135M | 257M | 240M | 26M | 916M | 1.0B | 355M | 2.2B | 292M | 10M |
| Current Assets | 413M | 145M | 716M | 765M | 545M | 568M | 416M | 2.1B | 2.2B | 2.0B | 3.3B | 1.8B | 2.0B |
| Current Liabilities | 499M | 236M | 258M | 630M | 287M | 328M | 390M | 1.2B | 1.2B | 1.7B | 1.1B | 1.6B | 2.0B |
| Per Share Data | |||||||||||||
| EPS | 0.13 | -0.14 | -0.46 | 0.11 | 0.62 | 0.82 | 0.25 | 2.29 | 5.08 | 2.13 | 1.50 | 2.24 | 2.19 |
| Owner EPS | 0.70 | 0.15 | -0.24 | 0.32 | 0.73 | 1.23 | 0.43 | 1.71 | 4.68 | 2.57 | 1.20 | 2.07 | 2.70 |
| Book Value | 2.56 | 2.47 | 2.80 | 2.77 | 2.32 | 2.57 | 2.76 | 23.27 | 15.85 | 17.14 | 17.57 | 19.37 | 19.90 |
| Cash Flow/Share | 1.48 | 0.92 | 0.43 | 0.98 | 1.23 | 1.73 | 0.97 | 3.31 | 6.83 | 4.81 | 3.74 | 5.25 | 5.38 |
| Dividends/Share | 0.04 | 0.04 | 0.04 | 0.09 | 0.13 | 0.18 | 0.20 | 1.12 | 2.49 | 1.17 | 0.84 | 0.88 | 0.89 |
| Shares Out. | 835.7M | 813.5M | 916.8M | 912.7M | 898.5M | 835.6M | 804.0M | 504.4M | 798.6M | 760.6M | 746.7M | 766.1M | 759.0M |
| Valuation | |||||||||||||
| P/E Ratio | 86.0 | N/A | N/A | 94.6 | 13.6 | 7.9 | 25.3 | 7.1 | 4.3 | 11.2 | 15.8 | 11.4 | 15.5 |
| P/FCF | 14.5 | 13.5 | 38.3 | 21.1 | 13.7 | 7.5 | 13.2 | 4.9 | 3.2 | 5.0 | 6.4 | 4.9 | N/A |
| EV/EBIT | 100.7 | N/A | N/A | N/A | 11.4 | 6.6 | 20.7 | 5.9 | 3.5 | 8.8 | 12.3 | 9.6 | 12.0 |
| Price/Book | 4.2 | 2.5 | 3.0 | 3.8 | 3.6 | 2.5 | 2.3 | 0.7 | 1.4 | 1.4 | 1.3 | 1.3 | 1.7 |
| Price/Sales | 4.8 | 5.8 | 6.6 | 4.7 | 3.6 | 3.3 | 3.7 | 2.1 | 2.0 | 3.0 | 3.3 | 2.5 | 3.3 |
| FCF Yield | 13.8% | 14.8% | 5.2% | 9.5% | 14.6% | 26.8% | 15.2% | 20.3% | 31.5% | 20.1% | 15.7% | 20.5% | N/A |
| Market Cap | 9.0B | 5.1B | 7.6B | 9.5B | 7.6B | 5.4B | 5.1B | 8.2B | 17.3B | 18.2B | 17.7B | 19.6B | 25.7B |
| Avg. Price | 24.77 | 19.42 | 16.53 | 18.00 | 17.70 | 16.14 | 13.57 | 14.32 | 23.22 | 23.57 | 24.24 | 24.95 | 33.90 |
| Year-End Price | 21.50 | 12.44 | 16.60 | 20.81 | 16.90 | 12.90 | 12.63 | 16.19 | 21.62 | 23.81 | 23.63 | 25.60 | 33.90 |
Coterra Energy Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Coterra Energy Inc. trades at 15.1x trailing earnings, compared to its 15-year median P/E of 11.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 6.5x vs a median of 6.9x. The company's 5-year average ROIC is 14.7% with a gross margin of 44.1%. Total shareholder yield (dividends + buybacks) is 3.2%. At current prices, the estimated annualized return to fair value is +12.5%.
Coterra Energy Inc. (CTRA) has a net profit margin of 22.4%. This is a strong margin indicating high profitability.
Coterra Energy Inc. (CTRA) generated $4.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Coterra Energy Inc. (CTRA) has a debt-to-equity ratio of 0.27. This indicates a conservatively financed balance sheet.
Coterra Energy Inc. (CTRA) reported earnings per share (EPS) of $2.24 in its most recent fiscal year.
Coterra Energy Inc. (CTRA) has a return on equity (ROE) of 12.3%. This indicates moderate shareholder returns.
Coterra Energy Inc. (CTRA) has a 5-year average gross margin of 44.1%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for Coterra Energy Inc. (CTRA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Coterra Energy Inc. (CTRA) has a book value per share of $19.37, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 capital expenditures to decline modestly year-over-year to approximately $2.175–$2.325 billion, reflecting a return to normalized Permian investment levels following elevated first-half 2025 acquisition-related spending. The company plans to turn in-line 174–208 total net wells in 2026 across its three operating regions, with approximately 68% of capital directed to the Permian Basin, 16% to Marcellus Shale, and 8% to the Anadarko Basin. Management remains committed to funding capital expenditures from operating cash flow and maintaining financial flexibility to adjust capital allocation in response to commodity price macroeconomic environments. The company expects to generate substantial free cash flow of approximately $2 billion in 2025, benefiting from higher natural gas realizations and increased oil volumes from acquired assets, and anticipates continued capital efficiency improvements and operational flexibility to navigate commodity cycles. In February 2026, Coterra repaid the remaining $300 million of its term loan, strengthening its balance sheet position and supporting the company's strategic priorities of sustainable shareholder returns and disciplined capital investment.
Based on recent SEC filings and earnings calls, Coterra Energy Inc. (CTRA) has provided the following forward guidance: Capital expenditures: $2.175–$2.325 billion (FY2026); Net wells turned in-line: 174–208 total net wells (FY2026); Free cash flow: approximately $2 billion (FY2025).