Coterra Energy

0HRZ.L

Oil & Gas Exploration & Production · Energy

Price

32.84 GBp

-3.10 (-8.63%)

Market Cap

£24.93B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+51.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 504.0M (2021) → 761.0M (2025)

Winston Score History

The full picture

Coterra Energy is a US oil and natural gas company that drills for and produces fossil fuels from the ground. It operates in three major American regions: the Permian Basin in Texas, the Marcellus Shale in Pennsylvania, and the Anadarko Basin in Oklahoma. The company sells crude oil, natural gas, and natural gas liquids to refiners, utilities, and energy traders.

Coterra makes money by selling the oil and gas it produces, so its revenue rises and falls with commodity prices. It is a mid-to-large independent producer with a market cap near $25 billion, and its diversified mix of oil and gas assets gives it some flexibility when one commodity's price drops. The company's main risk is that it has little control over the prices it receives — a sustained drop in oil or natural gas prices would directly squeeze profits and could force cuts to its drilling budget.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+20.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$122M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Coterra Energy is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

31.1%

Modest — 31.1% gross margin

Profit after running costs

Operating Margin

22.5%

Excellent — 22.5% operating margin

Return on the money invested

ROCE

10.9%

Below par — 10.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+36.2%

Fast-growing sales (+36.2% YoY)

Profit growth

EPS YoY

+50.0%

Earnings growing fast (+50.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

234%

Turns 234% of profit into real cash

Spare cash per sale

FCF Margin

22.5%

Converts sales into free cash efficiently (22.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

9.99x

Comfortably covers interest (10.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.9x

Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.9 → 10.4)

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Dividends

Dividend

Dividend Yield

2.70%

Moderate income — 2.70% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+3.5%

Dividend growing modestly (3.5% YoY)

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