Mach Natural Resources LP

MNR

Oil & Gas Exploration & Production · Energy

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Mach Natural Resources LP is an oil and gas company that drills for and produces crude oil, natural gas, and natural gas liquids in the Anadarko Basin, which sits mostly in Oklahoma and parts of Kansas and Texas. The company sells these raw energy products to refiners, utilities, and other energy buyers. It is structured as a master limited partnership (MLP), which is a common setup for energy companies that want to return cash to investors regularly.

Mach makes money by selling the oil and gas it pulls out of the ground, so its revenue rises and falls with commodity prices. The company operates entirely in the United States and focuses on acquiring and developing existing producing assets rather than exploring for brand-new discoveries. Its main competitive edge comes from low-cost operations in a mature basin with well-understood geology. The biggest risk the company faces is that a sustained drop in oil or natural gas prices would directly shrink its cash flow and could pressure the distributions it pays to unitholders.

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

+40.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-22.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

76.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$41M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Mach Natural Resources LP grew revenue 41% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Profit per sale

Gross Margin

98.7%

Premium pricing power — 98.7% gross margin

Profit after running costs

Operating Margin

30.2%

Excellent — 30.2% operating margin

Return on the money invested

ROCE

8.6%

Below par — 8.6% 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

+44.1%

Fast-growing sales (+44.1% YoY)

Profit growth

EPS YoY

-70.6%

Earnings shrinking (-70.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

299%

Turns 299% of profit into real cash

Spare cash per sale

FCF Margin

18.6%

Converts sales into free cash efficiently (18.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.53

Conservative — low debt load (0.53)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

22.3x

no trend

Growth-priced — P/E 22.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+12.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.3 → 9.7)

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Dividends

Dividend

Dividend Yield

13.41%

no trend

Healthy income — 13.41% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-34.8%

no trend

Dividend cut (-34.8% YoY) — warning sign

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