CHRD · Energy(crude petroleum & natural gas) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Chord Energy Corp reported revenue of $4.9 billion in fiscal 2025, after growing 10.8% a year over the previous 9 years. Its operating margin widened from -4.7% in 2019 to 4.0%, and it earned 0.4% on its invested capital in the latest year. Of the $9.7 billion its operations generated over 10 years, 21.8% went to dividends and 18.3% to acquisitions; the share count rose 175.5%. On the accounting screens, it passes 5 of 9 Piotroski tests, its Altman Z'' of 2.35 is in the grey zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20254.9B+10.8% a year over 9 years
Operating margin4.0%gross margin 80.0%
Return on invested capital0.4%28.4% on average over 2 years
Free cash flow—
Net debt ÷ EBITDA0.8×net debt 1.3B
Piotroski F-score5/9tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
1-for-15 before fiscal 2020.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-2B02B4B6B
2019Revenue 1.9BOperating income -90.2M
2020
2020
2020
2020
2021Revenue 1.6BOperating income 809.4M
2022Revenue 3.6BOperating income 1.6B
2023Revenue 3.9BOperating income 1.3B
2024Revenue 5.3BOperating income 1.1B
2025Revenue 4.9BOperating income 197.4M
2019202020202020202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+10.2%
—
+10.8%
Operating income
-50.0%
—
—
Net income
-71.2%
—
—
Earnings per share
-76.3%
—
—
Dividend per share
-35.3%
—
—
Shares
+21.5%
+7.6%
+11.9%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
-25%0%25%50%75%100%
2019Operating -4.7%Net -6.6%
2020
2020
2020
2020
2021Operating 51.2%Net 20.2%
2022Operating 43.4%Net 50.9%
2023Gross 80.5%Operating 32.7%Net 26.3%
2024Gross 73.1%Operating 20.9%Net 16.2%
2025Gross 80.0%Operating 4.0%Net 0.9%
2019202020202020202020212022202320242025
Return on invested capital
Return on invested capital
-20%0%20%40%60%
2019Return on invested capital -1.6%
2020
2020
2020
2020
2021Return on invested capital 56.5%
2022
2023
2024
2025Return on invested capital 0.4%
2019202020202020202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
0.6%
Return on assets
0.3%
Asset turnover
0.37×
Overheads (SG&A)
2.6% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-0.5B00.5B1.0B1.5B2.0B
2019Net income -128.2M
2020
2020
2020
2020
2021Net income 319.6M
2022Net income 1.9B
2023Net income 1.0B
2024Net income 848.6M
2025Net income 44.5M
2019202020202020202020212022202320242025
Where 10 years of operating cash went, 2019–2025
9.7B generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 18%1.8B
Dividends 22%2.1B
Share buybacks 13%1.3B
Kept, or used to pay down debt 46%4.5B
Over the same years it paid 205.2M in stock. The share count rose 175.5%. 1.1B of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$20$0$20$40$60
2019Earnings per share $-6.11Dividend per share $0.00
2020
2020
2020
2020
2021Earnings per share $15.48Dividend per share $5.42
2022Earnings per share $57.55Dividend per share $20.30
2023Earnings per share $23.59Dividend per share $11.53
2024Earnings per share $16.09Dividend per share $10.05
2025Earnings per share $0.77Dividend per share $5.49
2019202020202020202020212022202320242025
Shares outstanding
Diluted shares
20M30M40M50M60M
2019Diluted shares 21.0M
2020
2020
2020
2020Diluted shares 40.2M
2021Diluted shares 20.6M
2022Diluted shares 32.3M
2023Diluted shares 43.4M
2024Diluted shares 52.7M
2025Diluted shares 57.9M
2019202020202020202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-1B01B2B3B
2019Net debt 2.7B
2020Net debt 742.1M
2020Net debt 335.8M
2020
2020Net debt 249.3M
2021Net debt 220.4M
2022Net debt -198.9M
2023Net debt 77.9M
2024Net debt 805.6M
2025Net debt 1.3B
2019202020202020202020212022202320242025
Net debt ÷ EBITDA
0.8×
Interest coverage
2× operating income ÷ interest
Current ratio
1.06 current assets ÷ current liabilities
Cash conversion cycle
111 days collects in 84d, stock 43d, pays in 16d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
5of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✓Better gross marginGross margin higher than a year beforepassed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
2.35grey zone
1.12.6
Working capital ÷ assets 0.01 × 6.56+0.04
Retained earnings ÷ assets 0.16 × 3.26+0.51
Operating income ÷ assets 0.02 × 6.72+0.10
Equity ÷ liabilities 1.62 × 1.05+1.70
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-3.68below the -1.78 line
-1.78
Receivables vs sales 0.93+0.85
Gross margin slipping 0.91+0.48
Soft assets 0.26+0.10
Sales growth 0.93+0.83
Slower depreciation 0.82+0.09
Overheads vs sales 0.66-0.11
Profit not in cash -0.15-0.71
Leverage rising 1.16-0.38
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Inventory is growing 23% against revenue growing -7%.
Benign
Stocking up for a launch, or securing supply.
Worrying
Demand is softening; discounts or write-downs tend to follow.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$5.5M10 sale(s) by 4 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
