Crescent Energy Co (CRGY)

Price$13.77Cached quoteAs of 2026-09-05 18:50 UTC

AI: Undervalued

Price checkThe shares still look undervalued because recent cash generation remains strong even after the rally.

Using the observed quote and 330.4 million shares outstanding, Crescent’s equity is worth about $4.8 billion. The last four reported quarters produced about $1.96 billion of operating cash flow and $1.13 billion of capital spending, leaving roughly $834 million after running and investing in the business, so equity trades at about 5.7 times that cash surplus. Adding net debt gives about $9.7 billion of enterprise value, roughly 3.1 times management’s $3.14 billion operating-earnings measure before interest, taxes and noncash charges. Those low multiples support an undervalued verdict.

Big pictureCash generation is improving, but recent profits still swing sharply with energy prices and contracts.

Cash results have improved more steadily than reported profit. In 2025, operating cash flow rose to $1.68 billion from $1.22 billion, while capital spending was $951 million, leaving about $729 million after investment. In the first half of 2026, operating cash flow reached $1.12 billion against $651 million of capital spending. Yet net income swung from a $420 million loss in the first quarter to a $493 million profit in the second, showing how commodity prices and derivative accounting can make earnings volatile.

Business strengthScale and operating efficiency improved, while debt remains large but is moving in the right direction.

The Vital combination added scale and the integration is producing measurable savings. Second-quarter production reached 335 thousand barrels of oil equivalent per day, while management raised its Permian cost-saving target to $250 million-$300 million and said about $190 million was already captured. Debt remains substantial, but total debt fell from $5.53 billion at year-end 2025 to $5.17 billion by June. Management reported net leverage of 1.6 times, about $2.2 billion of liquidity, and no near-term maturities after a July debt redemption.

What could change the storyMore cost savings and debt reduction could help, while new shares or weaker oil prices could hurt.

The strongest upside case is continued cost savings plus debt repayment while production holds up. The main counterweight is share growth. Crescent issued 73.3 million shares for Vital, taking basic shares from about 255 million in September 2025 to about 328 million by year-end. It also issued $690 million of 2.75% convertible notes, debt that can become shares, with an initial conversion price of $14.89. A capped-call hedge reduces potential dilution up to $22.48, but weaker oil prices or stalled integration would make today’s low cash-flow multiple less meaningful.

AI: News

Outlook raised after Q2Crescent raised production guidance and cut cost guidance after record quarterly cash generation.

On August 3, 2026, Crescent reported 335 thousand barrels of oil equivalent per day, $707 million of operating cash flow and $418 million of its adjusted cash-flow measure. It raised 2026 production guidance to 327-335 thousand barrels of oil equivalent per day and lowered expected adjusted operating costs. The stock slipped modestly in the next two sessions, then rose strongly over the following month, so the later rally is consistent with improved expectations but cannot be assigned to earnings alone.

Vital acquisition closesThe Vital deal greatly expanded Permian scale, but it also added debt and many new shares.

On December 15, 2025, Crescent completed the all-stock Vital Energy acquisition, adding a major Permian position. Crescent later disclosed that it issued 73.3 million shares in the merger. Basic shares increased from about 255 million at September 2025 quarter-end to about 328 million at year-end, while total debt rose from $3.23 billion to $5.53 billion. The transaction transformed scale, but investors now need the promised operating savings to compensate for the larger debt load and smaller ownership percentage per old share.

Debt refinanced with convertiblesCheaper convertible debt lowered interest costs, while creating a new source of possible future shares.

Crescent closed $690 million of 2.75% convertible notes on March 6, 2026 and used the financing to help redeem 9.25% senior notes. The notes initially convert around $14.89 per share, while a $57 million capped-call transaction is designed to reduce dilution up to a $22.48 cap. The refinancing materially cuts the interest rate on that portion of debt, but the stock is now close to the initial conversion level, making the possible future share count more relevant to valuation.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$3.58B	$2.93B	$2.38B	$3.06B	$1.48B	$754.2M	$1.09B
Operating expenses	$3.35B	$2.71B	$2.06B	$1.77B	$993.2M	$1.13B	$860.1M
Operating income	$229.3M	$218.5M	$324.7M	$1.28B	$483.7M	−$373.6M	$227.1M
Operating margin	6.40%	7.45%	13.63%	42.01%	32.75%	−49.54%	20.89%
EBITDA	$1.40B	$1.17B	$1.00B	$1.82B	$796.5M	−$1.3M	$538.3M
EBITDA margin	39.00%	39.85%	41.99%	59.44%	53.93%	−0.18%	49.51%
Net income	$132.9M	−$114.6M	$67.6M	$96.7M	−$19.4M	$0	$0
Net profit margin	3.71%	−3.91%	2.84%	3.16%	−1.31%	0.00%	0.00%
Basic EPSper basic share	$0.55	-$0.88	$1.02	$2.20	—	—	—
Diluted EPSper diluted share	$0.54	-$0.88	$1.02	$2.20	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

11.72%of listed shares

BlackRock, Inc.38.72M shares · Jun 30, 2026

View holders

Top 20 reported holders of CRGY
Holder	% owned
BlackRock, Inc.	11.72%38.72M shares
Kohlberg Kravis Roberts & Co. L.P.	8.67%28.66M shares
AMERICAN CENTURY COMPANIES INC	5.44%17.96M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.22%17.24M shares
GOLDMAN SACHS GROUP INC	5.12%16.91M shares
STATE STREET CORP	5.01%16.55M shares
DIMENSIONAL FUND ADVISORS LP	4.94%16.31M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.63%12M shares
Invesco Ltd.	2.66%8.78M shares
JENNISON ASSOCIATES LLC	2.30%7.59M shares
GEODE CAPITAL MANAGEMENT, LLC	1.97%6.5M shares
TWO SIGMA INVESTMENTS, LP	1.70%5.62M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.55%5.11M shares
Bank of New York Mellon Corp	1.35%4.46M shares
Liberty Mutual Foundation Inc. / Liberty Energy Holdings, LLC / LIBERTY MUTUAL HOLDING Co INC.	≈1.30%4.29M shares
Liberty Mutual Group Asset Management Inc.	1.29%4.25M shares
Assenagon Asset Management S.A.	1.20%3.95M shares
MORGAN STANLEY	1.04%3.43M shares
PICKERING ENERGY PARTNERS LP	0.97%3.2M shares
CITADEL ADVISORS LLC	0.96%3.19M shares

Percentages use 330.35M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys13$789.1K disclosed value

Sells (SEC code S)4$460.93M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 7, 2026Form 4	Liberty Mutual Foundation Inc. +2TenPercentOwner	SellClass A Common Stock	32.60M	$12.33	$401.96M	4.21M
May 6, 2026Form 4	ROWLAND MARCUS CDirector	SellClass A Common Stock	40.0K	$13.25	$530.0K	57.4K
Mar 17, 2025Form 4	Kendall BrandiSee remarks	BuyClass A common stock, par value $0.0001 per share	932	$11.05	$10.3K	23.3K
Mar 13, 2025Form 4	DUGINSKI MICHAELDirector	BuyClass A Common Stock	20.0K	$10.57	$211.4K	259.6K
Mar 12, 2025Form 4	DUGINSKI MICHAELDirector	BuyClass A Common Stock	6.0K	$10.71	$64.3K	239.6K