Granite Ridge Resources
GRNT on NYSE. Granite Ridge sells oil and gas produced from wells to energy buyers. Market value $595m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.43 of spare cash in the past 12 months. A savings account pays about $4.
You pay 27.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 59 of 100. Price score: 4 of 100. Our list needs 70 on quality and 60 on price.
$4.61 a share, 10% above its 1-year low
Over the past year the price has ranged from $4.18 to $6.14.
Dividend: 9.5% a year
Paid every year for 4 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $3 million in the past 12 months, a shortfall of $4 million in the year to December 2025.
| Revenue | ||||
| Revenue | $497m | $394m | $380m | $450m |
| Operating margin | ||||
| Operating margin | 60.7% | 23.0% | 15.6% | 10.3% |
| Debt to equity | ||||
| Debt to equity | 0.00 | 0.16 | 0.32 | 0.66 |
| Shares outstanding | ||||
| Shares outstanding | 0.13bn | 0.13bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positive2 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)No
- Debt0.66× equity
- Revenue growth, five yearsShrinking, 3.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $149 million last quarter, up 37% on a year ago.
- Profit: $30 million, up 20% on a year ago.
- It keeps 7 cents of each $1 of sales as operating profit, down from 19 cents a year earlier.
- Over the past 12 months it spent $3 million more cash than it brought in, compared with $17 million a year earlier.
- About the same number of shares as a year ago.
- Debt is $418 million more than cash, up from $271 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $94m |
| December 2024 | $106m |
| March 2025 | $123m |
| June 2025 | $109m |
| September 2025 | $113m |
| December 2025 | $105m |
| March 2026 | $128m |
| June 2026 | $149m |
| Quarter to | Amount |
|---|---|
| September 2024 | $9m |
| December 2024 | -$12m |
| March 2025 | $10m |
| June 2025 | $25m |
| September 2025 | $15m |
| December 2025 | -$25m |
| March 2026 | -$47m |
| June 2026 | $30m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 6 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 172 funds in all.
- Oasis ManagementSeth Fischer
- Value
- $110,250
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Oasis ManagementSeth Fischer | $110,250 | <0.1% |
Largest holders overall
- Grey Rock Energy Management$244m
- Hamilton Lane Advisors$30mCut
- Utah Retirement Systems$23m
- BlackRock$22mAdded
- Dimensional Fund Advisors LP$17mAdded
- American Century Companies$14mAdded
- Vanguard Capital Management$14m
- Georgetown University$14mCut
- Vanguard Portfolio Management$7mAdded
- Geode Capital Management$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- GREP GP III, LLCInsider or founderat least 39.2%0.0 pts(filed with 14 related holders)Since 19 August 2026
What they said
Business Combination Agreement Pursuant to that certain Business Combination Agreement, dated May 16, 2022 (the "Business Combination Agreement"), by and among the Company, Executive Network Partnering Corporation, a Delaware corporation ("ENPC"), GREP Holdings, GREP Merger Sub,…
Read the filing - Hamilton Lane Advisors, L.L.C.Passive investorat least 5.1%(filed with 1 related holder)Since 30 June 2026
- Griffin PerrySold down below 5%Since 6 August 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as provided below. Distribution Intent Fund III intends to effect a series of distributions of shares of Common Stock to its limited partners beginning in the third quarter of 2026. Voting Agreement On August 25,…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
GREP GP III, LLC Insider or founder | at least 39.2%0.0 pts (filed with 14 related holders) | 19 August 2026 | What they saidBusiness Combination Agreement Pursuant to that certain Business Combination Agreement, dated May 16, 2022 (the "Business Combination Agreement"), by and among the Company, Executive Network Partnering Corporation, a Delaware corporation ("ENPC"), GREP Holdings, GREP Merger Sub,… Read the filing |
Hamilton Lane Advisors, L.L.C. Passive investor | at least 5.1% (filed with 1 related holder) | 30 June 2026 | |
Griffin Perry | Sold down below 5% | 6 August 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as provided below. Distribution Intent Fund III intends to effect a series of distributions of shares of Common Stock to its limited partners beginning in the third quarter of 2026. Voting Agreement On August 25,… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 7 insiders bought $1m of shares on the open market.
- Miller Matthew ReadeDirectorBought
- Date
- 11 September 2026
- Shares
- 10,000
- Price
- $5.03
- Value
- $50,300
- Kettler Ronald KyleChief Financial OfficerBought
- Date
- 4 September 2026
- Shares
- 6,000
- Price
- $5.05
- Value
- $30,300
- MCCARTNEY JOHNDirectorBought
- Date
- 1 September 2026
- Shares
- 5,000
- Price
- $5.04
- Value
- $25,200
- Everard Michele JDirectorBought
- Date
- 13 August 2026
- Shares
- 1,000
- Price
- $5.00
- Value
- $5,000
- MCCARTNEY JOHNDirectorBought
- Date
- 13 August 2026
- Shares
- 2,000
- Price
- $5.00
- Value
- $10,000
- Miller Matthew ReadeDirectorBought
- Date
- 12 June 2026
- Shares
- 696
- Price
- $4.97
- Value
- $3,459
- MCCARTNEY JOHNDirectorBought
- Date
- 10 June 2026
- Shares
- 4,000
- Price
- $4.96
- Value
- $19,840
- Miller Matthew ReadeDirectorBought
- Date
- 9 June 2026
- Shares
- 10,600
- Price
- $4.75
- Value
- $50,350
- Kettler Ronald KyleChief Financial OfficerBought
- Date
- 27 May 2026
- Shares
- 6,000
- Price
- $5.08
- Value
- $30,480
- MCCARTNEY JOHNDirectorBought
- Date
- 21 May 2026
- Shares
- 4,000
- Price
- $5.54
- Value
- $22,160
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | Miller Matthew Reade Director | Bought | 10,000 | $5.03 | $50,300 |
| 4 September 2026 | Kettler Ronald Kyle Chief Financial Officer | Bought | 6,000 | $5.05 | $30,300 |
| 1 September 2026 | MCCARTNEY JOHN Director | Bought | 5,000 | $5.04 | $25,200 |
| 13 August 2026 | Everard Michele J Director | Bought | 1,000 | $5.00 | $5,000 |
| 13 August 2026 | MCCARTNEY JOHN Director | Bought | 2,000 | $5.00 | $10,000 |
| 12 June 2026 | Miller Matthew Reade Director | Bought | 696 | $4.97 | $3,459 |
| 10 June 2026 | MCCARTNEY JOHN Director | Bought | 4,000 | $4.96 | $19,840 |
| 9 June 2026 | Miller Matthew Reade Director | Bought | 10,600 | $4.75 | $50,350 |
| 27 May 2026 | Kettler Ronald Kyle Chief Financial Officer | Bought | 6,000 | $5.08 | $30,480 |
| 21 May 2026 | MCCARTNEY JOHN Director | Bought | 4,000 | $5.54 | $22,160 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 3.3% a year.
- It isn't cheap on profits: 27.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.