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CTRA, Coterra Energy Inc.

Oil & Gas Producers capital-intensive Cyclical

Revenue is led by Oil (51%) and Natural gas (36%), with 2 more lines behind.

Latest annual: FY2025 10-K

CTRA · Coterra Energy Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$7.3B

+33.6% YoY · 38% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $7.7B 5-yr avg $6.3B

Operating margin 31.3% 5-yr avg 38.9%

ROIC 10% 5-yr avg 13%

Owner-earnings margin 27% 5-yr avg 29%

Free cash flow margin 27% 5-yr avg 27%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: An oil and gas business, whose fortunes rise and fall with a price it does not set.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 35% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. The margin is cyclical, swinging between −47% and 55% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 31% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). By owner earnings: roughly 33% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 4 lines, the largest Oil at 51%.

Revenue by product line, FY2025

Oil51%$3.7B
Natural gas36%$2.6B
NGL12%$844M
Other2%$118M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.2B	$1.7B	$2.1B	$2.0B	$1.5B	$3.7B	$9.5B	$5.7B	$5.5B	$7.3B	$7.7B	RevenueRevenue
7%	6%	5%	5%	7%	7%	4%	5%	6%	4%	4%	SG&A / revenueSG&A/rev
($565M)	($151M)	$772M	$956M	$296M	$1.6B	$5.2B	$2.2B	$1.4B	$2.5B	$2.4B	Operating incomeOp. inc.
−47.3%	−8.7%	36.0%	48.2%	20.2%	42.6%	54.8%	37.9%	25.4%	33.6%	31.3%	Operating marginOp. mgn
($660M)	($228M)	$698M	$900M	$242M	$1.5B	$5.2B	$2.1B	$1.3B	$2.3B	—	Pretax incomePretax
($417M)	$100M	$557M	$681M	$201M	$1.2B	$4.1B	$1.6B	$1.1B	$1.7B	$1.7B	Net incomeNet inc.
—	—	20%	24%	17%	23%	21%	24%	17%	24%	25%	Effective tax rateTax rate
											Cash flow & returns
$397M	$898M	$1.1B	$1.4B	$778M	$1.7B	$5.5B	$3.7B	$2.8B	$4.0B	$4.5B	Operating cash flowOp. cash
$590M	$569M	$417M	$406M	$391M	$693M	$1.6B	$1.6B	$1.8B	$2.4B	$2.4B	Depreciation & amortizationD&A
$224M	$229M	$130M	$358M	$186M	($184M)	($244M)	$392M	($166M)	($66M)	$408M	Working capital & otherWC & other
$0	$0	$894M	$788M	$570M	$723M	$1.7B	$2.1B	$1.8B	$2.3B	$2.5B	CapexCapex
0.0%	0.0%	41.7%	39.7%	38.9%	19.7%	17.9%	36.8%	32.1%	31.4%	32.3%	Capex / revenueCapex/rev
$397M	$898M	$687M	$1.0B	$387M	$944M	$3.8B	$2.0B	$1.0B	$1.7B	$2.1B	Owner earningsOwner earn.
33.3%	51.4%	32.1%	52.3%	26.4%	25.7%	39.5%	35.5%	19.1%	23.8%	26.8%	Owner earnings marginOE mgn
$397M	$898M	$210M	$657M	$208M	$944M	$3.8B	$1.6B	$1.0B	$1.7B	$2.1B	Free cash flowFCF
33.3%	51.4%	9.8%	33.1%	14.2%	25.7%	39.5%	27.6%	19.1%	23.8%	26.8%	Free cash flow marginFCF mgn
—	—	—	—	—	—	—	$0	$0	$3.2B	$19M	AcquisitionsAcquis.
$36M	$79M	$111M	$146M	$159M	$780M	$2.0B	$890M	$625M	$682M	$673M	Dividends paidDiv. paid
—	—	—	—	$0	$0	$1.3B	$405M	$455M	$141M	—	BuybacksBuybacks
($353M)	($706M)	($293M)	($543M)	($584M)	$313M	($1.7B)	($2.1B)	($1.8B)	($5.6B)	—	Investing cash flowInv. cash
$454M	($211M)	($1.3B)	($690M)	($256M)	($1.1B)	($4.1B)	($1.3B)	$279M	($551M)	—	Financing cash flowFin. cash
$498M	($18M)	($478M)	$212M	($62M)	$894M	($363M)	$282M	$1.3B	($2.2B)	—	Change in cashΔ cash
-12%	-3%	19%	23%	8%	9%	29%	12%	8%	10%	10%	ROICROIC
-16%	4%	27%	32%	9%	10%	32%	12%	9%	12%	11%	Return on equityROE
−18%	1%	21%	25%	2%	3%	16%	6%	4%	7%	7%	Retained to equityRetained/eq
											Balance sheet
$499M	$480M	$2M	$200M	$140M	$1.0B	$673M	$956M	$2.0B	$114M	$485M	Cash & investmentsCash+inv
$191M	$216M	$362M	$209M	$215M	$1.0B	$1.2B	$843M	$951M	$1.2B	$1.3B	ReceivablesReceiv.
$13M	$8M	$11M	$14M	$15M	$39M	$63M	$59M	$46M	$48M	$38M	InventoryInvent.
$168M	$238M	$242M	$190M	$162M	$747M	$844M	$803M	$833M	$1.1B	$1.3B	Accounts payablePayables
$36M	($14M)	$132M	$33M	$68M	$329M	$440M	$99M	$164M	$200M	($19M)	Operating working capitalOper. WC
$716M	$765M	$545M	$568M	$416M	$2.1B	$2.2B	$2.0B	$3.3B	$1.8B	$2.0B	Current assetsCur. assets
$258M	$630M	$287M	$328M	$390M	$1.2B	$1.2B	$1.7B	$1.1B	$1.6B	$2.0B	Current liabilitiesCur. liab.
2.8×	1.2×	1.9×	1.7×	1.1×	1.8×	1.9×	1.2×	2.9×	1.2×	1.0×	Current ratioCurr. ratio
$4.3B	$3.1B	$3.5B	$3.9B	$4.0B	$17.4B	$17.5B	$17.9B	$17.9B	$22.1B	—	Net PP&ENet PP&E
$5.1B	$4.7B	$4.2B	$4.5B	$4.5B	$19.9B	$20.2B	$20.4B	$21.6B	$24.2B	$24.6B	Total assetsAssets
$1.5B	$1.5B	$1.2B	$1.2B	$1.1B	$3.1B	$2.2B	$2.2B	$3.5B	$3.8B	$3.5B	Total debtDebt
$1.0B	$1.0B	$1.2B	$1.0B	$994M	$2.1B	$1.5B	$1.2B	$1.5B	$3.7B	$3.0B	Net debt / (cash)Net debt
—	—	—	—	6.0×	25.2×	65.1×	29.5×	13.1×	12.0×	12.1×	Interest coverageInt. cov.
$2.6B	$2.2B	$2.1B	$2.3B	$2.3B	$8.1B	$7.5B	$7.4B	$8.5B	$9.4B	—	Total liabilitiesTotal liab.
—	—	—	—	$0	$50M	$11M	$8M	$8M	$8M	—	Redeemable interestsRedeemable
$2.6B	$2.5B	$2.1B	$2.2B	$2.2B	$11.7B	$12.7B	$13.0B	$13.1B	$14.8B	$15.1B	Shareholders’ equityEquity
											Per share
457M	466M	448M	418M	401M	504M	799M	760M	745M	764M	763M	Shares out (diluted)Shares
$2.61	$3.75	$4.79	$4.75	$3.66	$7.28	$11.91	$7.48	$7.33	$9.55	$10.04	Revenue / shareRev/sh
$-0.91	$0.22	$1.24	$1.63	$0.50	$2.30	$5.09	$2.14	$1.50	$2.25	$2.18	EPS (diluted)EPS
$0.87	$1.93	$1.54	$2.49	$0.97	$1.87	$4.70	$2.65	$1.40	$2.27	$2.69	Owner earnings / shareOE/sh
$0.87	$1.93	$0.47	$1.57	$0.52	$1.87	$4.70	$2.06	$1.40	$2.27	$2.69	Free cash flow / shareFCF/sh
$0.08	$0.17	$0.25	$0.35	$0.40	$1.55	$2.49	$1.17	$0.84	$0.89	$0.88	Dividends / shareDiv/sh
$0.00	$0.00	$2.00	$1.89	$1.42	$1.43	$2.13	$2.75	$2.35	$2.99	$3.24	Cap. spending / shareCapex/sh
$5.62	$5.42	$4.67	$5.15	$5.53	$23.29	$15.84	$17.16	$17.61	$19.42	$19.80	Book value / shareBVPS

The diluted share count moved ×1.59 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+15.5%/yr	+21.2%/yr
Owner earnings / share	+11.2%/yr	+18.6%/yr
EPS	—	+35.0%/yr
Dividends / share	+30.9%/yr	+17.6%/yr
Capital spending / share	—	+16.1%/yr
Book value / share	+14.8%/yr	+28.6%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Oil+25.3%
“Oil Revenues Year Ended December 31, Variance Increase (Decrease) (In millions) 2025 2024 Amount Percent Volume (MMBbl) 58.4 39.8 18.6 47% $ 1,377 Price ($/Bbl) $ 63.36 $ 74.18 $ (10.82) (15)% (631) Total $ 746 Oil revenues increased $746 million primarily due to increased production in the Permian Basin, partially offset by lower oil prices.”
✓ figure matches the filed record
Natural gas+55.5%
“Natural Gas Revenues Year Ended December 31, Variance Increase (Decrease) (In millions) 2025 2024 Amount Percent Volume (Bcf) 1,085.8 1,024.7 61.1 6 % $ 101 Price ($/Mcf) $ 2.43 $ 1.65 $ 0.78 47 % 839 Total $ 940 Natural gas revenues increased $940 million primarily due to significantly higher natural gas prices and higher production.”
✓ figure matches the filed record
NGL+14.4%
“NGL Revenues Year Ended December 31, Variance Increase (Decrease) (In millions) 2025 2024 Amount Percent Volume (MMBbl) 46.2 37.0 9.2 25 % $ 185 Price ($/Bbl) $ 18.24 $ 19.95 $ (1.71) (9) % (79) Total $ 106 NGL revenues increased $106 million primarily due to higher NGL volumes in the Permian Basin and Anadarko Basin, partially offset by lower NGL prices.”
✓ figure matches the filed record

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $1.7B of profit into $1.7B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$1.7B

Owner earnings$1.7B · 24% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$1.7B	$1.1B	$1.6B	$4.1B	$1.2B
Depreciation & amortizationnon-cash charge added back	+$2.4B	+$1.8B	+$1.6B	+$1.6B	+$693M
Working capital & othertiming of cash in and out, other non-cash items	−$66M	−$166M	+$392M	−$244M	−$184M
Cash from operations	$4.0B	$2.8B	$3.7B	$5.5B	$1.7B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$2.3B	−$1.8B	−$1.6B	−$1.7B	−$723M
Owner earnings	$1.7B	$1.0B	$2.0B	$3.8B	$944M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$448M	—	—
Free cash flow	$1.7B	$1.0B	$1.6B	$3.8B	$944M
Owner-earnings marginowner earnings ÷ revenue	24%	19%	35%	39%	26%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 12.0×

Comfortable

Operating income $2.5B ÷ interest expense $205M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $3.7B · 1.5× operating profit

Modest net debt

Cash $114M − debt $3.8B

What this means
Netting $114M of cash and short-term investments against $3.8B of debt leaves $3.7B owed, about 1.5× a year's operating profit (1.6× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

10-yr median, range -12%–29%; 10% latest = NOPAT $1.9B ÷ invested capital $18.5B

Industry peers: median 1%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 33%

High through the cycle

10-yr median margin, range 19%–52%; latest $1.7B = operating cash $4.0B − maintenance capex $2.3B

Industry peers: median 23%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 24% of revenue this year, a 33% median across 10 years.
Are earnings backed by cash? 2.34×

Cash-backed

Cash from ops $4.0B ÷ net income $1.7B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 47%

Returns about half

Dividends + buybacks $823M ÷ Owner Earnings $1.7B — this fiscal year

What this means
Of $1.7B Owner Earnings, $823M (47%) went back to shareholders, $682M dividends, $141M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does. This year's proportion is 47%; across the record (2016–2025) it is 60%, the capital-allocation section below.
Investing or harvesting? 0.97×

Maintaining

Capex $2.3B ÷ depreciation & amortization as filed $2.4B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $7.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.19×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $3.8B vs $292M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +1757%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.96/share (latest year $2.26), the averaged base the calculator's gate runs on, and book value is $19.54/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −7% → 32% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −7% early to 32% lately, median 34% — pricing power intact or improving.
Reinvestment, incremental ROIC 12%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +9%/yr

What this means
Owner earnings grew about 9% a year over the record.
Worst year 2016 · −47.3% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.
Share count +5.9%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.0B

Cash & short-term investments$485M
Receivables$1.3B
Inventory$38M
Other current assets$186M

Current liabilities$2.0B

Debt due within a year$250M
Accounts payable$1.3B
Other current liabilities$392M

Current ratio1.01×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.99×stricter: inventory excluded

Cash ratio0.25×strictest: cash alone against what's due

Working capital$10Mthe cushion left after near-term bills

Debt due this year vs. cash$250M due · $485M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+18.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.4× → 1.0×

Deeper floors

Tangible book value$15.1Bequity stripped of goodwill & intangibles

Net current asset value($7.5B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$3.7B$172M of it operating leases

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$250M

'27$750M

'28$300M

'29$500M

'30$0

later$2.0B

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$250Mthe first rung: what must be repaid or rolled over within the year

Within two years$1.0Bthe near wall, the part most exposed to today’s credit conditions

Biggest single year$750Min 2027the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$3.8Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$485M

One year of owner earnings (FY2025)$1.7B

Together, against $250M due next year8.9×

Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $2.2B against the $250M due in the twelve months after the Dec 31, 2025 schedule: 8.9 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2016–2025

Over the record, the business generated $22.2B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$10.8B · 49%
Dividends$5.5B · 25%
Buybacks$2.3B · 10%
Retained (debt / cash)$3.7B · 16%

Returned to owners$7.8B
60% of the owner earnings the business produced over the span, $5.5B as dividends and $2.3B as buybacks.
Average price paid for buybacks$25.58
Across the years where the filing reports a share count, 88M shares were bought for $2.3B, about $25.58 each.
Net change in share count67.0%
The diluted count rose from 457M to 763M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.89/sh
Paid in 10 of the years on record, the per-share dividend growing about 31% a year. It was cut at least once along the way.
Return on what it retained31%
Of the earnings it kept rather than paid out ($3.1B over the span), annual owner earnings (first three years vs last three) grew $936M, so each retained $1 added about 0.31 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2020	Thomas E. Jorden,	$14.2M	$17.8M	$387M
2021	Thomas E. Jorden,	$11.1M	$6.1M	$944M
2021	Thomas E. Jorden,	$14.6M	$14.2M	$944M
2022	Thomas E. Jorden,	$15.3M	$32.1M	$3.8B
2023	Thomas E. Jorden,	$14.5M	$20.4M	$2.0B
2024	Thomas E. Jorden,	$14.7M	$11.7M	$1.0B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.5%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.

What an owner would ask, FY2025

read the 10-K →

Who stands behind the reserve estimates?
DeGolyer and MacNaughton — the filing’s word: “evaluation”
“During 2025, 2024 and 2023, estimates of net proved reserves representing greater than 90 percent of the total future net revenue discounted at 10 percent attributable to the Company's proved reserves were subject to an independent evaluation performed by DeGolyer and MacNaughton.”verify →
How much of the revenue rides on one buyer?
≈$1.1B · 14% of revenue on the largest customers (TTM)
“During the year ended December 31, 2025, two customers accounted for approximately 22 percent and 14 percent of our total sales.”verify →
Which reported numbers are a judgment call?
Management names Oil & gas reserve estimates, Depletion & DD&A, Ceiling test / impairment of properties, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Oil & Gas Producers

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
EXEExpand Energy Corporation	$12.1B	—	-0.9%	-0%	5%
OVVOvintiv	$8.9B	—	17.5%	12%	17%
EQTEQT Corporation	$8.6B	63%	-6.9%	-1%	18%
CTRACoterra Energy Inc.	$7.3B	—	34.8%	9%	33%
ARAntero Resources	$5.3B	—	1.1%	0%	23%
CIVICivitas Resources	$5.2B	—	29.6%	9%	60%
PRPermian Resources	$5.1B	—	31.8%	7%	50%
CHRDChord Energy	$4.9B	80%3y	8.1%	1%	24%
Group median	—	—	12.8%	4%	24%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Coterra Energy Inc. has delivered.

Today’s price $

Through the cycle, Coterra Energy Inc. earns about $2.4B on its 32.7% median owner-earnings margin. This year’s 23.8% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($2.4B) Net of stock comp (−$29M TTM)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.65% 10-year Treasury (Aug 19, 2026) + 4.35 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−12%/yr

Owner-earnings growth · ’16→’25+9%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.65%, as of Aug 19, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $2.1B on 759M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $3.0B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CTRA against another business →

Cite: Owner Scorecard, "Coterra Energy Inc. (CTRA), the owner's record," https://ownerscorecard.com/c/CTRA, data as of 2026-08-17.

Manual order: ← CTOS its page in the Manual CTRE →

Industry order: ← CRK the Oil & Gas Producers chapter DEC →