# Coterra Energy Inc. (CTRA) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CTRA/thesis · /stocks/CTRA/memo

## Financial Snapshot

---
ticker: CTRA
step: 04
generated: 2026-05-13
source: quick-research
---

### Coterra Energy Inc. (CTRA) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$9.0B | $5.91B | $5.46B | -7.7% |
| Gross Margin | N/A (E&P) | N/A | N/A | |
| Operating Margin | ~30%+ | ~20% | ~22% | |
| Net Income | ~$3.5B | ~$1.6B | ~$1.1B | -31% |
| EPS (diluted) | $5.08 | $2.13 | $1.50 | -29.6% |

*Revenue declines driven by commodity price normalization: natural gas prices fell sharply from 2022 highs (Henry Hub from $6.50/MMBtu peak to $2-3/MMBtu range in 2023-2024). GAAP EPS is depressed by mark-to-market derivative losses; adjusted EPS is meaningfully higher. TTM revenue (including January 2025 Delaware acquisitions) approaches $7.6B.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$2.5B |
| Free Cash Flow (non-GAAP) | ~$1.0B |
| Capital Expenditures | ~$1.5B |
| Cash & Equivalents | ~$500M |
| Total Debt | ~$4.5B (elevated post-January 2025 $3.95B acquisition) |

#### Key Ratios (approximate)
- P/E: ~20x (GAAP) | EV/EBITDA: ~6x | FCF Yield: ~5%
- Revenue Growth (FY2024): -7.7% | FCF Margin: ~18% of revenue
- Dividend Yield: ~3.2% (base $0.88/year + variable distributions)

#### Growth Profile
FY2022 was a peak commodity price year; FY2023-2024 reflect normalization of natural gas prices. The January 2025 Delaware Basin acquisitions ($3.95B) add meaningful oil production scale — management guided 2025 oil volumes up ~47% YoY and total BOE production +9% at the midpoint. This shifts Coterra's mix toward oil, partially reducing sensitivity to weak natural gas pricing. FCF is expected to rebound significantly in 2026 with higher volumes and potentially recovering gas prices.

#### Forward Estimates
- FY2025: Production guidance of 720,000-760,000 BOE/day; oil +47% YoY; capex ~$2.3B
- FY2026: Analysts project $2B+ in free cash flow if commodity prices cooperate; capex guidance "modestly down" from 2025; consensus price target ~$34
- Total shareholder returns: 50%+ of annual FCF ($635M dividends + $451M buybacks = 89% of 2024 FCF)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CTRA/fundamental

## Navigation

- Overview: /stocks/CTRA
- Financials (this page): /stocks/CTRA/financials
- Thesis: /stocks/CTRA/thesis
- Investment Memo: /stocks/CTRA/memo
- Coverage universe: /stocks