Start here if you're new
what it is
It buys pieces of oil and gas wells across five U.S. basins instead of drilling them itself.
how it gets paid
Last year Granite Ridge Res made $450M in revenue.
why it's growing
Revenue grew 18.5% last year. Revenue rose 206% vs. prior year. The market data page shows gross margin at 78.95%.
what just happened
The quarter printed $345M of revenue and $0.38 EPS.
At a glance
B balance sheet — gets the job done, barely
17.6x trailing p/e — the market's not buying it — or you found a deal
8.5% dividend yield — cash in your pocket every quarter
4.5% return on capital — nothing to write home about
$0.22 fy2024 eps est
xvary composite: 53/100 — below average
What they do
It buys pieces of oil and gas wells across five U.S. basins instead of drilling them itself.
You get exposure to five basins without paying for a full drilling crew. Non-operated working interests (owning part of wells run by others) mean the company owns slices of wells, not the rigs. With 3 employees and a B balance sheet, your cash is not funding a giant payroll.
How they make money
$450M
annual revenue · their business grew +18.5% last year
total revenue
$450M
+18.5%
The products that matter
minority stakes in producing wells
Non-operated working interests
6,234.7 mboe proved reserves
this is the core business. you are buying exposure to 6,234.7 thousand barrels of oil equivalent in proved reserves without operating the wells yourself.
asset exposure
permian capital allocation shift
Admiral Permian partnership
28% of 2025 production growth
28% of 2025 production growth came from the Permian. this partnership matters because it is management's clearest attempt to improve returns, not just volumes.
execution test
Key numbers
8.5%
dividend yield
Dividend yield (cash paid each year divided by price) is 8.5%. So what: you get paid to wait, but the payout is tied to oil.
17.6x
trailing p/e
Price-to-earnings ratio (price divided by profit) is 17.6x. So what: you are paying $17.60 for each $1 of trailing profit.
$300M
long-term debt
Long-term debt (money owed for more than a year) is $300M, or 31% of capital. So what: the balance sheet is okay, but it is not a fortress.
4.5%
return on capital
Return on capital (profit per dollar invested) is 4.5%. So what: the company is not squeezing much out of each dollar it puts to work.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $300M (31% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for GRNT right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter printed $345M of revenue and $0.38 EPS.
Revenue rose 206% vs. prior year. The market data page shows gross margin at 78.95%, which is a wide spread for a commodity name.
$345M
revenue
$0.38
eps
78.95%
gross margin
the number that mattered
Revenue was the tell. $345M is 206% above last year, which says the asset base is doing the lifting.
source: company earnings report, 2026
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What could go wrong
your biggest risk is the Permian return story failing to lift economics. Granite Ridge can show more wells and more volume. If those assets still earn around 4.5% on capital, you are left owning a yield story with weak underlying returns.
high
Permian shift does not improve returns
Management is asking the market to believe the Admiral Permian partnership will do more than add production. The problem is simple: the starting point is a 4.5% return on capital. If that number does not move, the strategic shift was activity, not value creation.
If return on capital stays below 5%, the rerating case gets a lot harder to make.
med
oil price weakness hits most of the revenue base
Oil sales are listed at $410M versus $18M for natural gas. That concentration is the business model. It also means your downside is tied to crude far more than the word "energy" makes it sound.
This risk touches most of the $427.9M revenue base because the mix is overwhelmingly oil.
med
the dividend carries the story
An 8.5% yield is a powerful reason to look at the stock. It is also a warning sign when the business only earns 5.69% net margin and 4.5% on capital. If the payout ever needs help from hope, the stock will lose one of its main supports.
The quarterly dividend is $0.11. If that gets cut, the income thesis changes fast.
you own a business with $300M of debt, a 4.5% return on capital, and an 8.5% yield. that combination works only if execution starts catching up to the payout.
source: institutional data · regulatory filings · risk analysis
Pay attention to
returns
does 4.5% return on capital start moving
This is the number that matters. More production without better returns is just a busier version of the same thesis.
calendar
march 13 dividend payment
The company is set to pay $0.11 per share on march 13, 2026. If you own GRNT for income, this payout is the stock's credibility check every quarter.
production mix
how much more growth comes from the Permian
28% of 2025 production growth came from the Permian. If that share rises while returns stay flat, the market will not give extra credit for volume alone.
management
what the new CFO does with capital
Kyle Kettler took the CFO seat on february 5, 2026. Watch debt discipline, payout language, and deal pacing. In a small cap, those choices show up fast.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for GRNT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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