Detailed financial statements for Magnolia Oil & Gas Corporation (MGY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Magnolia Oil & Gas Corporation is an energy company engaged in the full lifecycle of hydrocarbon resource management: acquisition, development, exploration, and production of crude oil, natural gas, and natural gas liquids (NGLs) within the United States. Its operational focus is primarily situated in South Texas, specifically within Karnes County and the Giddings Field, where its assets primarily tap into the rich Eagle Ford Shale and Austin Chalk geological formations.
Analysis Summary
Magnolia Oil & Gas Corporation reported revenue of $1.31B in the most recent fiscal year, growing at a 5-year CAGR of 19.4%.
Trailing-twelve-month margins: gross margin 57.6%, operating margin 38.0%, net margin 28.8%. Free cash flow grew at 36.0% CAGR over 5 years.
At the current price of $24.00, MGY trades at a P/E of 10.43 and an ROE of 21.10%. Market capitalisation stands at $5.7B.
Balance sheet quality for MGY: current ratio of 1.5, net debt of $152.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $409.2M represents 126% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $110.9M | $403.2M | $1.04B | $942.2M | $541.3M | $1.08B | $1.69B | $1.23B | $1.32B | $1.31B |
| Cost of Revenue | $44.8M | $157.2M | $108.5M | $631.9M | $412.5M | $335.6M | $439.4M | $524.6M | $635.2M | $699.2M |
| Gross Profit | $66.2M | $246.0M | $931.2M | $310.3M | $128.8M | $742.8M | $1.26B | $702.4M | $680.7M | $612.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $12.2M | $980,828 | $97.6M | $69.4M | $68.9M | $75.3M | $72.4M | $77.1M | $88.7M | $97.0M |
| Operating Expenses | $37.3M | $1.1M | $657.7M | $182.4M | $2.05B | $140.2M | $181.3M | $167.9M | $168.7M | $173.5M |
| Operating Income | $28.9M | -$1.1M | $273.5M | $127.5M | -$1.93B | $602.6M | $1.07B | $534.5M | $512.0M | $439.2M |
| EBITDA | $55.3M | 0 | $778.0M | $666.2M | -$1.62B | $796.6M | $1.32B | $874.6M | $922.0M | $883.6M |
| Interest Expense | 0 | 0 | $29.9M | $28.4M | $28.7M | $31.0M | $23.4M | $33,000 | $14.4M | $21.6M |
| Pre-tax Income | $22.1M | $2.8M | $225.4M | $99.8M | -$1.95B | $568.6M | $1.06B | $549.8M | $493.1M | $417.4M |
| Income Tax | $673,000 | $1.2M | $27.5M | $14.8M | -$79.3M | $8.9M | $6.6M | $107.2M | $95.8M | $80.1M |
| Net Income | $21.5M | $1.7M | $93.8M | $50.2M | -$1.21B | $417.3M | $893.8M | $388.3M | $366.0M | $325.3M |
| EPS | $0.29 | $2.20 | $1.65 | $0.29 | $-7.27 | $2.38 | $4.73 | $2.04 | $1.94 | $1.75 |
| EPS (Diluted) | $0.29 | $2.20 | $0.60 | $0.28 | $-7.27 | $2.36 | $4.71 | $2.04 | $1.94 | $1.75 |
| Shares Outstanding (Diluted) | $75.0M | $81.2M | $158.6M | $167.0M | $166.3M | $175.4M | $187.9M | $188.4M | $186.5M | $185.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $324.9M | $317.6M | $358.5M | $478.8M |
| Gross Profit | $150.0M | $136.2M | $175.6M | $390.4M |
| Operating Income | $101.5M | $94.1M | $127.8M | $239.5M |
| EBITDA | $211.4M | $209.7M | $242.9M | $356.4M |
| Net Income | $75.5M | $68.8M | $99.8M | $181.8M |
| EPS | $0.41 | $0.38 | $0.54 | $0.97 |
| EPS (Diluted) | $0.41 | $0.38 | $0.54 | $0.97 |
Balance Sheet (10y)
| Year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.8M | 0 | $135.8M | $182.6M | $192.6M | $367.0M | $675.4M | $401.1M | $260.0M | $266.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $114.2M | $140.3M | $105.8M | $81.6M | $149.8M | $170.8M | $189.7M | $147.9M | $174.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.9M | $114.5M | $292.4M | $293.2M | $281.5M | $518.8M | $850.7M | $591.3M | $410.8M | $442.4M |
| Property, Plant & Equipment | 0 | $1.57B | $3.07B | $3.12B | $1.16B | $1.22B | $1.54B | $2.07B | $2.32B | $2.45B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $38.4M | $23.9M | $9.3M | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $651.9M | $1.69B | $3.43B | $3.47B | $1.45B | $1.75B | $2.57B | $2.76B | $2.82B | $2.90B |
| Accounts Payable | 0 | $74.5M | $196.4M | $79.4M | $62.6M | $127.9M | $202.8M | $193.2M | $181.1M | $177.6M |
| Short-term Debt | 0 | 0 | 0 | $2.5M | $1.8M | $4.0M | $4.0M | $9.6M | $12.2M | $18.2M |
| Total Current Liabilities | $1.4M | $81.3M | $197.4M | $175.2M | $128.9M | $218.5M | $340.3M | $314.9M | $290.3M | $288.0M |
| Long-term Debt | 0 | 0 | $388.6M | $389.8M | $391.1M | $388.1M | $390.4M | $392.8M | $392.5M | $393.3M |
| Total Liabilities | $24.1M | $91.1M | $725.6M | $737.9M | $614.0M | $701.5M | $832.4M | $873.5M | $853.5M | $903.9M |
| Retained Earnings | -$64,915 | 0 | $35.5M | $82.9M | -$1.13B | -$708.2M | $185.7M | $486.2M | $754.6M | $966.7M |
| Total Equity | $627.8M | $1.60B | $1.68B | $1.78B | $548.2M | $816.8M | $1.58B | $1.69B | $1.91B | $1.94B |
| Total Debt | 0 | 0 | $388.6M | $393.9M | $398.6M | $397.3M | $399.2M | $409.5M | $410.3M | $419.6M |
| Net Debt | -$1.8M | 0 | $252.9M | $211.2M | $206.1M | $30.3M | -$276.2M | $8.4M | $150.3M | $152.8M |
| Working Capital | $535,524 | $33.2M | $95.0M | $118.0M | $152.6M | $300.2M | $510.5M | $276.4M | $120.6M | $154.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $280.5M | $266.8M | $124.4M | $295.9M |
| Total Assets | $2.92B | $2.90B | $2.94B | $3.14B |
| Total Liabilities | $917.2M | $903.9M | $908.6M | $993.7M |
| Total Equity | $1.95B | $1.94B | $2.04B | $2.15B |
| Total Debt | $411.5M | $419.6M | $412.9M | $393.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $21.5M | $178.9M | $257.6M | $85.0M | -$1.87B | $559.7M | $1.05B | $384.0M | $397.3M | $337.3M |
| Depreciation & Amortization | $33.1M | $129.7M | $323.6M | $538.1M | $297.9M | $197.0M | $243.2M | $324.8M | $414.5M | $437.8M |
| Stock-based Compensation | 0 | 0 | $4.4M | $11.1M | $10.0M | $11.7M | $13.3M | $16.2M | $18.7M | $27.3M |
| Change in Working Capital | -$28.4M | -$60.5M | -$56.4M | -$10.3M | $524,000 | $9.7M | $46.0M | -$15.8M | $1.5M | -$27.8M |
| Operating Cash Flow | $30.5M | $257.4M | $590.3M | $647.6M | $310.1M | $788.5M | $1.30B | $855.8M | $920.9M | $878.6M |
| Capital Expenditure | -$26.0M | -$247.4M | -$338.9M | -$435.0M | -$222.2M | -$236.4M | -$465.1M | -$424.9M | -$486.7M | -$469.5M |
| Acquisitions | -$1.22B | -$67.0M | -$1.52B | -$89.0M | -$46.6M | -$18.3M | -$90.1M | -$355.5M | -$165.4M | -$66.6M |
| Stock Repurchased | 0 | 0 | $355.0M | -$79.4M | -$28.7M | -$297.3M | -$352.2M | -$205.3M | -$273.0M | -$205.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -$14.1M | -$75.2M | -$88.1M | -$97.6M | -$113.1M |
| Free Cash Flow | $4.5M | $9.9M | $251.3M | $212.6M | $87.9M | $552.1M | $831.5M | $430.9M | $434.1M | $409.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $247.1M | $208.4M | $196.6M | $384.0M |
| Capital Expenditure | -$119.0M | -$137.8M | -$128.4M | -$125.1M |
| Free Cash Flow | $128.0M | $70.6M | $68.2M | $258.9M |
| Dividends Paid | -$28.1M | -$27.8M | -$30.5M | -$30.8M |
| Stock-based Compensation | $7.3M | $6.1M | 0 | $9.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +263.5% | +157.9% | -9.4% | -42.5% | +99.2% | +57.1% | -27.6% | +7.2% | -0.3% | |
| Net Income Growth (YoY) | -92.2% | +5,513.5% | -46.5% | -2,507.3% | +134.5% | +114.2% | -56.6% | -5.7% | -11.1% | |
| EPS Growth (YoY) | +658.6% | -25.0% | -82.4% | -2,606.9% | +132.7% | +98.7% | -56.9% | -4.9% | -9.8% | |
| Shares Change (YoY) | +8.3% | +95.2% | +5.3% | -0.5% | +5.5% | +7.2% | +0.2% | -1.0% | -0.5% | |
| FCF Growth (YoY) | +121.2% | +2,427.4% | -15.4% | -58.6% | +528.0% | +50.6% | -48.2% | +0.7% | -5.7% | |
| Gross Margin | 59.6% | 61.0% | 89.6% | 32.9% | 23.8% | 68.9% | 74.1% | 57.2% | 51.7% | 46.7% |
| Operating Margin | 26.0% | -0.3% | 26.3% | 13.5% | -355.7% | 55.9% | 63.4% | 43.6% | 38.9% | 33.5% |
| EBITDA Margin | 49.8% | 0.0% | 74.8% | 70.7% | -299.6% | 73.9% | 78.1% | 71.3% | 70.1% | 67.4% |
| Net Margin | 19.4% | 0.4% | 9.0% | 5.3% | -223.2% | 38.7% | 52.7% | 31.6% | 27.8% | 24.8% |
| FCF Margin | 4.1% | 2.5% | 24.2% | 22.6% | 16.2% | 51.2% | 49.1% | 35.1% | 33.0% | 31.2% |
| Effective Tax Rate | 3.0% | 40.9% | 12.2% | 14.8% | 4.1% | 1.6% | 0.6% | 19.5% | 19.4% | 19.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.06 | $0.12 | $1.59 | $1.27 | $0.53 | $3.15 | $4.43 | $2.29 | $2.33 | $2.20 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.08 | $0.40 | $0.47 | $0.52 | $0.61 |
| Shares Outstanding (Basic) | $75.0M | $81.2M | $156.3M | $161.9M | $166.3M | $174.4M | $187.4M | $188.2M | $186.5M | $185.6M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 21.10% |
| Return on Invested Capital | 17.49% |
| Return on Assets | 13.56% |
| Gross Margin | 57.59% |
| Operating Margin | 38.03% |
| Net Margin | 28.77% |
Financial Health
| Debt / Equity | 0.18 |
| Current Ratio | 0.96 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 4.18 |
Key Ratios (10y)
| Year | 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 34.48 | 4.43 | 6.79 | 43.38 | -0.97 | 7.93 | 4.96 | 10.44 | 12.05 | 12.51 |
| P/B | 1.19 | 0.50 | 1.04 | 1.15 | 2.14 | 4.03 | 2.79 | 2.37 | 2.28 | 2.09 |
| P/S | 6.76 | 1.96 | 1.69 | 2.16 | 2.17 | 3.05 | 2.59 | 3.27 | 3.31 | 3.10 |
| Gross Margin | 59.6% | 61.0% | 89.6% | 32.9% | 23.8% | 68.9% | 74.1% | 57.2% | 51.7% | 46.7% |
| Operating Margin | 26.0% | -0.3% | 26.3% | 13.5% | -355.7% | 55.9% | 63.4% | 43.6% | 38.9% | 33.5% |
| Net Margin | 19.4% | 0.4% | 9.0% | 5.3% | -223.2% | 38.7% | 52.7% | 31.6% | 27.8% | 24.8% |
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Explore sector: Energy · Oil & Gas Exploration & Production
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