Infinity Natural Resources
INR on NYSE. Crude petroleum & natural gas. Market value $277m.
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?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-14.08 of spare cash in the past 12 months. A savings account pays about $4.
You pay 3.8 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$13.50 a share, 21% above its 1-year low
Over the past year the price has ranged from $11.13 to $19.58.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | $356m |
| Operating margin | |
| Operating margin | 3.3% |
| Debt to equity | |
| Debt to equity | 0.00 |
| Shares outstanding | |
| Shares outstanding | 0.06bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $171 million last quarter, up 130% on a year ago.
- Profit: $32 million, up 77% on a year ago.
- 138% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| March 2025 | $85m |
| June 2025 | $74m |
| September 2025 | $80m |
| December 2025 | $117m |
| March 2026 | $155m |
| June 2026 | $171m |
| Quarter to | Amount |
|---|---|
| March 2025 | -$35m |
| June 2025 | $18m |
| September 2025 | $10m |
| December 2025 | $21m |
| March 2026 | -$2m |
| June 2026 | $32m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 127 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $1m | <0.1% | Added |
Largest holders overall
- Franklin Resources$30mAdded
- Westwood Holdings Group$27m
- American Century Companies$27mAdded
- BlackRock$17mAdded
- Hancock Prospecting Pty$13mNew
- Silvercrest Asset Management Group$13mAdded
- Vanguard Capital Management$10mAdded
- Ameriprise Financial$10mAdded
- Yaupon Capital Management LP$8mAdded
- CIBC Bancorp USA$8mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
13 investors own more than 5%.
- PEI INR Holdings, L.P.Passive investorat least 65.5%(filed with 7 related holders)Since 30 January 2025
- INR (II) Investments, LLCat least 41.4%(filed with 2 related holders)Since 23 February 2026
What they said
The information in Item 6 of this Schedule 13D is incorporated herein by reference. The Reporting Persons intend to review their investment in the Issuer on an ongoing basis and, in the course of their review, may take actions (including through their affiliates) with respect to…
Read the filing - NGP XI US Holdings, L.P.Passive investorat least 38.7%(filed with 2 related holders)Since 30 January 2025
- Etineles Holdings V, LLCPassive investorat least 16.2%(filed with 6 related holders)Since 23 February 2026
What they said
The information in Item 6 of this Schedule 13D is incorporated herein by reference. The Reporting Persons intend to review their investment in the Issuer on an ongoing basis and, in the course of their review, may take actions (including through their affiliates) with respect to…
Read the filing - WESTWOOD MANAGEMENT CORP /TXPassive investor13.5%+2.5 ptsSince 31 March 2025
- Franklin Resources, Inc.Passive investorat least 12.5%+2.5 pts(filed with 3 related holders)Since 30 June 2026
- American Century Investment Management, Inc.Passive investorat least 11.4%+1.1 pts(filed with 3 related holders)Since 30 June 2026
- Chase Oil CorporationPassive investor11.3%Since 20 January 2026
- BlackRock, Inc.Passive investor7.4%+1.0 ptsSince 30 June 2025
- Silvercrest L.P.Passive investorat least 5.5%(filed with 1 related holder)Since 30 June 2026
- Jain Global LLCPassive investorat least 3.0%−2.6 pts(filed with 2 related holders)Since 30 June 2025
- Webs Creek Capital Management LPPassive investorat least 2.0%−5.4 pts(filed with 2 related holders)Since 31 December 2025
- CIBC Private Wealth Group LLCPassive investorn/aSince 5 November 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Encompass Capital Advisors LLCPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
PEI INR Holdings, L.P. Passive investor | at least 65.5% (filed with 7 related holders) | 30 January 2025 | |
INR (II) Investments, LLC | at least 41.4% (filed with 2 related holders) | 23 February 2026 | What they saidThe information in Item 6 of this Schedule 13D is incorporated herein by reference. The Reporting Persons intend to review their investment in the Issuer on an ongoing basis and, in the course of their review, may take actions (including through their affiliates) with respect to… Read the filing |
NGP XI US Holdings, L.P. Passive investor | at least 38.7% (filed with 2 related holders) | 30 January 2025 | |
Etineles Holdings V, LLC Passive investor | at least 16.2% (filed with 6 related holders) | 23 February 2026 | What they saidThe information in Item 6 of this Schedule 13D is incorporated herein by reference. The Reporting Persons intend to review their investment in the Issuer on an ongoing basis and, in the course of their review, may take actions (including through their affiliates) with respect to… Read the filing |
WESTWOOD MANAGEMENT CORP /TX Passive investor | 13.5%+2.5 pts | 31 March 2025 | |
Franklin Resources, Inc. Passive investor | at least 12.5%+2.5 pts (filed with 3 related holders) | 30 June 2026 | |
American Century Investment Management, Inc. Passive investor | at least 11.4%+1.1 pts (filed with 3 related holders) | 30 June 2026 | |
Chase Oil Corporation Passive investor | 11.3% | 20 January 2026 | |
BlackRock, Inc. Passive investor | 7.4%+1.0 pts | 30 June 2025 | |
Silvercrest L.P. Passive investor | at least 5.5% (filed with 1 related holder) | 30 June 2026 | |
Jain Global LLC Passive investor | at least 3.0%−2.6 pts (filed with 2 related holders) | 30 June 2025 | |
Webs Creek Capital Management LP Passive investor | at least 2.0%−5.4 pts (filed with 2 related holders) | 31 December 2025 | |
CIBC Private Wealth Group LLC Passive investor | n/a | 5 November 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Encompass Capital Advisors LLC Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $3m of shares on the open market. 1 sold $5m.
- Baetz Cary DEVP and CFOBought
- Date
- 25 September 2026
- Shares
- 316
- Price
- $13.58
- Value
- $4,291
- Baetz Cary DEVP and CFOBought
- Date
- 24 September 2026
- Shares
- 22,000
- Price
- $13.44
- Value
- $295,702
- Gieselman ScottDirectorBought
- Date
- 22 September 2026
- Shares
- 10,000
- Price
- $13.06
- Value
- $130,650
- Gieselman ScottDirectorBought
- Date
- 21 September 2026
- Shares
- 18,467
- Price
- $12.62
- Value
- $233,127
- Gieselman ScottDirectorBought
- Date
- 17 June 2026
- Shares
- 10,000
- Price
- $12.94
- Value
- $129,400
- GRAY STEVEN DDirectorBought
- Date
- 12 June 2026
- Shares
- 25,000
- Price
- $12.81
- Value
- $320,250
- Quinn William JDirectorBought
- Date
- 11 June 2026
- Shares
- 11,497
- Price
- $13.20
- Value
- $151,760
- Poole David PDirectorBought
- Date
- 11 June 2026
- Shares
- 4,000
- Price
- $13.50
- Value
- $54,000
- Poole David PDirectorBought
- Date
- 10 June 2026
- Shares
- 7,500
- Price
- $14.00
- Value
- $105,000
- Quinn William JDirectorBought
- Date
- 5 June 2026
- Shares
- 44,000
- Price
- $13.19
- Value
- $580,360
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | Baetz Cary D EVP and CFO | Bought | 316 | $13.58 | $4,291 |
| 24 September 2026 | Baetz Cary D EVP and CFO | Bought | 22,000 | $13.44 | $295,702 |
| 22 September 2026 | Gieselman Scott Director | Bought | 10,000 | $13.06 | $130,650 |
| 21 September 2026 | Gieselman Scott Director | Bought | 18,467 | $12.62 | $233,127 |
| 17 June 2026 | Gieselman Scott Director | Bought | 10,000 | $12.94 | $129,400 |
| 12 June 2026 | GRAY STEVEN D Director | Bought | 25,000 | $12.81 | $320,250 |
| 11 June 2026 | Quinn William J Director | Bought | 11,497 | $13.20 | $151,760 |
| 11 June 2026 | Poole David P Director | Bought | 4,000 | $13.50 | $54,000 |
| 10 June 2026 | Poole David P Director | Bought | 7,500 | $14.00 | $105,000 |
| 5 June 2026 | Quinn William J Director | Bought | 44,000 | $13.19 | $580,360 |
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.
1 serious warning sign in Infinity Natural Resources’ filings.
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 10 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 11 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on that evaluation, our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were not effective because of certain material weaknesses in our internal control over financial reporting, as described in “Item 9A. Controls and Procedures” in the 2025 Form 10-K.”
Show the full paragraph
Our management, with the participation of our principal executive officer and principal financial officer, evaluated, as of the end of the period covered by this Quarterly Report, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were not effective because of certain material weaknesses in our internal control over financial reporting, as described in “Item 9A. Controls and Procedures” in the 2025 Form 10-K.
From the 10-Q filed 10 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
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
Cheap for a reason is the question the numbers cannot answer.
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.