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Held by 1,561 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 37 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EOG | $74.2B | 15.5× | 7.3× | 3.3× | -4.5% | — | 22.0% | 16.7% | 13.2% | 0.4× | 1,561 |
| OXY | $58.1B | 36.1× | — | 2.7× | -1.9% | — | 11.0% | 6.6% | 4.2% | — | 1,206 |
| DVN | $52.4B | 11.4× | — | 3.0× | 7.8% | — | 15.4% | 17.0% | 11.0% | — | 1,410 |
| FANG | $51.7B | 32.2× | 10.5× | 3.4× | 35.8% | — | 11.1% | 4.5% | 3.2% | 2.3× | 1,145 |
| EQT | $31.4B | 15.2× | 6.7× | 3.6× | 63.9% | 82.3% | 23.6% | 8.6% | 6.5% | 1.3× | 1,062 |
| EXE | $19.8B | 11.3× | 4.4× | 1.6× | 186% | — | 15.0% | 9.8% | 7.7% | 0.8× | 820 |
| PR | $18.5B | 17.3× | — | 3.7× | 1.3% | — | 18.5% | 9.1% | 6.8% | — | 583 |
| OVV | $16.7B | 12.6× | 6.6× | 1.9× | -2.7% | — | 13.9% | 11.1% | 7.6% | 1.6× | 576 |
| AR | $10.5B | 16.8× | 7.3× | 2.0× | 22.0% | — | 12.8% | 8.9% | 7.5% | 0.9× | 609 |
| RRC | $8.9B | 13.9× | — | 2.9× | 28.9% | 94.0% | 21.1% | 15.2% | 11.9% | — | 525 |
| SM | $8.4B | 6.3× | — | 2.7× | 17.2% | — | 20.5% | 13.5% | 13.5% | — | 481 |
| CHRD | $7.5B | 185.2× | 5.3× | 1.5× | -7.1% | 80.0% | 0.9% | 0.6% | 0.5% | 0.8× | 498 |
| MTDR | $6.6B | 8.8× | 4.1× | 1.8× | 5.5% | 94.4% | 20.5% | 13.4% | 8.4% | 1.4× | 472 |
| MGY | $6.5B | — | 7.5× | 4.9× | -0.3% | — | 24.8% | 16.3% | 13.6% | 0.1× | 394 |
| MUR | $5.4B | 52.3× | 4.9× | 2.0× | -10.2% | 100% | 3.8% | 2.0% | 1.6% | 0.7× | 419 |
| CNX | $4.7B | 7.9× | 4.8× | 2.1× | 76.8% | — | 28.3% | 14.6% | 9.4% | 1.6× | 374 |
| CRC | $4.7B | 12.6× | 5.2× | 1.3× | 14.7% | — | 9.9% | 9.9% | 7.3% | 1.0× | 352 |
| PARR | $4.2B | 11.7× | 7.1× | 0.6× | -6.4% | — | 4.9% | 24.4% | 16.0% | 0.9× | 360 |
| CRK | $3.8B | 8.9× | 5.1× | 1.7× | 77.0% | — | 17.8% | 14.9% | 7.3% | 2.2× | 313 |
| TALO | $2.8B | — | 7.4× | 1.6× | -9.8% | — | -27.8% | -22.8% | -14.6% | 1.7× | 285 |
| GPOR | $2.7B | 7.2× | 3.9× | 1.9× | 48.5% | 74.8% | 30.1% | 23.3% | 16.3% | 0.9× | 279 |
| NOG | $2.5B | 61.1× | — | 1.0× | 11.2% | 80.9% | 1.6% | 1.8% | 0.9% | — | 333 |
| BKV | $2.4B | 10.5× | 6.5× | 2.1× | 9.9% | — | 15.7% | 9.0% | 5.7% | 1.8× | 160 |
| AESI | $1.5B | — | 14.0× | 1.4× | 3.7% | 13.8% | -4.6% | -4.2% | -2.8% | 3.9× | 278 |
| DEC | $926M | 2.9× | 4.1× | 0.5× | 142% | — | 18.6% | 34.7% | 8.7% | 3.1× | 184 |
Peers = companies sharing EOG's sector (Crude Petroleum & Natural Gas) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $3.40B covers all $640.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.0% on $7.94B of debt.
Cash of $3.40B fully covers short-term debt of $27.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $2.56B buybacks = $2.56B returned on $9.56B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.63B 100.0% | $23.70B 100.0% | $24.19B 100.0% | $25.70B 100.0% | $18.64B 100.0% | $11.03B 100.0% | $17.38B 100.0% | $17.28B 100.0% | $11.21B 100.0% | $7.65B 100.0% |
| Selling, General & Admin | $820.0M 3.6% | $669.0M 2.8% | $640.0M 2.6% | $570.0M 2.2% | $511.0M 2.7% | $484.0M 4.4% | $489.0M 2.8% | $427.0M 2.5% | $434.5M 3.9% | $394.8M 5.2% |
| Total Operating Expenses | $16.25B 71.8% | $15.62B 65.9% | $14.58B 60.3% | $15.74B 61.2% | $12.54B 67.3% | $11.58B 104.9% | $13.68B 78.7% | $12.81B 74.1% | $10.28B 91.7% | $8.88B 116.0% |
| Operating Income | $6.38B 28.2% | $8.08B 34.1% | $9.60B 39.7% | $9.97B 38.8% | $6.10B 32.7% | -$544.0M -4.9% | $3.70B 21.3% | $4.47B 25.9% | $926.4M 8.3% | -$1.23B -16.0% |
| Interest Expense | $235.0M 1.0% | $138.0M 0.6% | $148.0M 0.6% | $179.0M 0.7% | $178.0M 1.0% | $205.0M 1.9% | $185.0M 1.1% | $245.1M 1.4% | $274.4M 2.4% | $281.7M 3.7% |
| Interest & Investment Income | $210.0M 0.9% | $277.0M 1.2% | $240.0M 1.0% | $85.0M 0.3% | $3.0M 0.0% | $12.0M 0.1% | $26.0M 0.1% | $12.0M 0.1% | $8.0M 0.1% | — |
| Other Income (Expense), net | $212.0M 0.9% | $274.0M 1.2% | $234.0M 1.0% | $114.0M 0.4% | $9.0M 0.0% | $10.0M 0.1% | $31.0M 0.2% | $16.7M 0.1% | $9.2M 0.1% | -$50.5M -0.7% |
| Pretax Income | $6.36B 28.1% | $8.22B 34.7% | $9.69B 40.1% | $9.90B 38.5% | $5.93B 31.8% | -$739.0M -6.7% | $3.54B 20.4% | $4.24B 24.5% | $661.2M 5.9% | -$1.56B -20.4% |
| Income Tax Expense | $1.38B 6.1% | $1.81B 7.7% | $2.10B 8.7% | $2.14B 8.3% | $1.27B 6.8% | -$134.0M -1.2% | $810.0M 4.7% | $822.0M 4.8% | -$1.92B -17.1% | -$460.8M -6.0% |
| Net Income | $4.98B 22.0% | $6.40B 27.0% | $7.59B 31.4% | $7.76B 30.2% | $4.66B 25.0% | -$605.0M -5.5% | $2.73B 15.7% | $3.42B 19.8% | $2.58B 23.0% | -$1.10B -14.3% |
| Per Share | ||||||||||
| EPS (Basic) | $9.17 | $11.31 | $13.07 | $13.31 | $8.03 | -$1.04 | $4.73 | $5.93 | $4.49 | -$1.98 |
| EPS (Diluted) | $9.12 | $11.25 | $13.00 | $13.22 | $7.99 | -$1.04 | $4.71 | $5.89 | $4.46 | -$1.98 |
| Weighted Avg Shares (Basic) | 543.0M | 566.0M | 581.0M | 583.0M | 581.0M | 579.0M | 578.0M | 576.6M | 574.6M | 553.4M |
| Weighted Avg Shares (Diluted) | 546.0M | 569.0M | 584.0M | 587.0M | 584.0M | 579.0M | 581.0M | 580.4M | 578.7M | 553.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $144.08 today, the market must believe free cash flow compounds -10.4%/yr for a decade (off $10.41B on the 3-yr avg basis).
On the basis ($10.21B) the requirement is -10.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -10.4% is more conservative than its 9-yr track record.
Default is 7.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.52B shares (market data) · net debt $4.54B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 24.9% · volatility σ 46% · implied rate exceeded in 7/9 yrs
Central path = implied -10.4%/yr growth; shaded band = ±1σ (46%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-05
Where each multiple sits in its own 14-yr range · 81th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 17% against ROIC 13% — 4% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 4.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 2.5 | 2.8 | 4.4 | 2.7 | 2.2 | 2.6 | 2.8 | 3.6 |
| Operating Income | 25.9 | 21.3 | -4.9 | 32.7 | 38.8 | 39.7 | 34.1 | 28.2 |
| Income Tax | 4.8 | 4.7 | -1.2 | 6.8 | 8.3 | 8.7 | 7.7 | 6.1 |
| Net Income | 19.8 | 15.7 | -5.5 | 25.0 | 30.2 | 31.4 | 27.0 | 22.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EOG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 3 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 11.3% | 7.3% (today's — no rate published for this year) | 4.0pts |
| FY2020 | -1.8% | 7.3% (today's — no rate published for this year) | -9.2pts |
| FY2021 | 20.3% | 6.6% | 13.7pts |
| FY2022 | 30.6% | 8.2% | 22.4pts |
| FY2023 | 26.6% | 7.9% | 18.6pts |
| FY2024 | 22.0% | 8.4% | 13.6pts |
| FY2025 | 13.8% | 7.3% | 6.5pts |
| Now | 13.2% | 7.3% | 5.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | -16.0% | -14.3% |
| FY2017 | not reported | 8.3% | 23.0% |
| FY2018 | not reported | 25.9% | 19.8% |
| FY2019 | not reported | 21.3% | 15.7% |
| FY2020 | not reported | -4.9% | -5.5% |
| FY2021 | not reported | 32.7% | 25.0% |
| FY2022 | not reported | 38.8% | 30.2% |
| FY2023 | not reported | 39.7% | 31.4% |
| FY2024 | not reported | 34.1% | 27.0% |
| FY2025 | not reported | 28.2% | 22.0% |
Leverage and buybacks account for 4 points of the 17% return on equity in FY2025. The business earns 13% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 1.65x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Covers interest 19.0x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 27.17x |
| 5% | 25.81x |
| 10% | 24.45x |
| 15% | 23.09x |
| 20% | 21.74x |
| 25% | 20.38x |
| 30% | 19.02x |
| 35% | 17.66x |
| 40% | 16.30x |
| 45% | 14.94x |
| 50% | 13.59x |
| 55% | 12.23x |
| 60% | 10.87x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $141.38, free cash flow must compound -10.42%/yr for 10 years. It has done 3.25%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −39.4% | −10.4% |
| FY2021 | 79.2% | −10.4% |
| FY2022 | 24.9% | −10.4% |
| FY2023 | −1.6% | −10.4% |
| FY2024 | 5.5% | −10.4% |
| FY2025 | −14.0% | −10.4% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.98B | $4.98B |
| Share-based comp | $216M | $5.20B |
| Other non-cash & working capital | $4.85B | $10.04B |
| Operating cash flow | $10.04B | $10.04B |
| Capex | −$479M | $9.56B |
| Free cash flow | $9.56B | $9.56B |
| FCF after SBC | $9.35B | $9.35B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -36.5% | -6.0% | 30.5 points |
| FY2021 | 69.0% | 53.4% | -15.6 points |
| FY2022 | 37.9% | 18.8% | -19.1 points |
| FY2023 | -5.9% | -2.1% | 3.8 points |
| FY2024 | -2.0% | -2.4% | -0.4 points |
| FY2025 | -4.5% | 1.2% | 5.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 34 days | not reported | not reported | not reported |
| FY2020 | 50.4 days | not reported | not reported | not reported |
| FY2021 | 45.7 days | not reported | not reported | not reported |
| FY2022 | 39.4 days | not reported | not reported | not reported |
| FY2023 | 41 days | not reported | not reported | not reported |
| FY2024 | 40.8 days | not reported | not reported | not reported |
| FY2025 | 43.2 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -14.6 percent |
| FY2020 | -15.7 percent |
| FY2021 | -10.8 percent |
| FY2022 | -8.1 percent |
| FY2023 | -8.5 percent |
| FY2024 | -12.2 percent |
| FY2025 | -9.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.