NYSE · Energy

EOG Resources, Inc.

EOG · Oil & Gas E&P

$141.58

▲ 2.63 (1.89%)

Data cached · refreshes every 10 min

Mr. Market is currently offering EOG Resources, Inc. at $141.58.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 63.4%

Operating Margin 32.1%

Net Income Margin 22.1%

Fin. Health C

Years to Pay Off Debt 1.7 yrs

Working Capital vs Long-Term Debt -$4.9B

Working Capital $3.0B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.54x

Cash Flow C

Free Cash Flow $3.5B

CapEx % of Net Income 132.4%

Owner Earnings $16.0B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $75.8B

Enterprise Value $80.3B

P/E (TTM) 15.52

Dividend Yield 2.87%

Exchange NYSE

Key Margins

Gross Profit 63.4%

Operating Margin 32.1%

Net Margin 22.1%

Company Info

Sector Energy

Industry Oil & Gas E&P

Employees 3400

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering EOG Resources, Inc. at $141.58.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $141.58, the stock trades at a 32% premium to its Graham Number of $106.90. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About EOG Resources, Inc.

EOG Resources, Inc., together with its subsidiaries, explores for, develops, produces, and markets crude oil, natural gas liquids, and natural gas in producing basins in the United States, the Republic of Trinidad and Tobago, and internationally. The company also offers crude oil and condensate, and gathering, processing and marketing. The company was formerly known as Enron Oil & Gas Company. EOG Resources, Inc. was incorporated in 1985 and is headquartered in Houston, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	63.4% ▼	68.3%	71.7%	78.1%	N/A
Operating Margin %	32.1% ▼	35.3%	38.4%	48.3%	N/A
Net Income %	22.1% ▼	27.4%	32.8%	26.3%	N/A
Diluted EPS	9.12 ▼	11.25	13.00	13.22	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$51.8B	$47.2B	$43.9B	$41.4B	N/A
Total Debt	$8.4B ↑	$5.1B	$4.1B	$5.4B	N/A
Working Capital	$3.0B ▼	$5.9B	$5.9B	$5.0B	N/A
Years to Pay Debt	1.69	0.79	0.54	0.69	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$3.5B ▼	$5.8B	$5.2B	$6.1B
Owner Earnings	$16.0B	$16.9B	$17.3B	$16.3B
CapEx % of Net Income	132.4%	99.5%	81.4%	64.4%

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-190,300	-37,620	153,736	-943,800
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	11,923,000	12,635,000	12,618,000	17,912,000
Total Unusual Items	-865,000	-171,000	711,000	-4,290,000
Total Unusual Items Excluding Goodwill	-865,000	-171,000	711,000	-4,290,000
Net Income From Continuing Operation Net Minority Interest	4,980,000	6,403,000	7,594,000	7,759,000
Reconciled Depreciation	4,461,000	4,108,000	3,492,000	3,542,000
Reconciled Cost Of Revenue	8,270,000	7,402,000	6,566,000	6,460,000
EBITDA	11,058,000	12,464,000	13,329,000	13,622,000
EBIT	6,597,000	8,356,000	9,837,000	10,080,000
Net Interest Income	-25,000	139,000	92,000	-179,000
Interest Expense	235,000	138,000	148,000	179,000
Interest Income	210,000	277,000	240,000	85,000
Normalized Income	5,654,700	6,536,380	7,036,736	11,105,200
Net Income From Continuing And Discontinued Operation	4,980,000	6,403,000	7,594,000	7,759,000
Total Expenses	15,332,000	15,125,000	14,290,000	15,236,000
Total Operating Income As Reported	6,385,000	8,082,000	9,603,000	9,966,000
Diluted Average Shares	546,000	569,000	584,000	587,000
Basic Average Shares	543,000	566,000	581,000	583,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,980,000	6,403,000	7,594,000	7,759,000
Net Income Common Stockholders	4,980,000	6,403,000	7,594,000	7,759,000
Net Income	4,980,000	6,403,000	7,594,000	7,759,000
Net Income Including Noncontrolling Interests	4,980,000	6,403,000	7,594,000	7,759,000
Net Income Continuous Operations	4,980,000	6,403,000	7,594,000	7,759,000
Tax Provision	1,382,000	1,815,000	2,095,000	2,142,000
Pretax Income	6,362,000	8,218,000	9,689,000	9,901,000
Other Income Expense	-863,000	-174,000	705,000	-4,176,000
Other Non Operating Income Expenses	2,000	-3,000	-6,000	114,000
Special Income Charges	-878,000	-375,000	-107,000	-308,000
Gain On Sale Of Ppe	-35,000	16,000	95,000	74,000
Write Off	73,000	33,000	33,000	56,000
Impairment Of Capital Assets	770,000	358,000	169,000	326,000
Earnings From Equity Interest				46,000	18,000
Gain On Sale Of Security	13,000	204,000	818,000	-3,982,000
Net Non Operating Interest Income Expense	-25,000	139,000	92,000	-179,000
Interest Expense Non Operating	235,000	138,000	148,000	179,000
Interest Income Non Operating	210,000	277,000	240,000	85,000
Operating Income	7,250,000	8,253,000	8,892,000	14,256,000
Operating Expense	7,062,000	7,723,000	7,724,000	8,776,000
Other Operating Expenses	213,000	88,000	91,000	86,000
Other Taxes	1,234,000	1,249,000	1,284,000	1,585,000
Selling General And Administration	5,615,000	6,386,000	6,349,000	7,105,000
Selling And Marketing Expense	4,795,000	5,717,000	5,709,000	6,535,000
General And Administrative Expense	820,000	669,000	640,000	570,000
Other Gand A	820,000	669,000	640,000	570,000
Gross Profit	14,312,000	15,976,000	16,616,000	23,032,000
Cost Of Revenue	8,270,000	7,402,000	6,566,000	6,460,000
Total Revenue	22,582,000	23,378,000	23,182,000	29,492,000
Operating Revenue	22,582,000	23,378,000	23,182,000	29,492,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	51,374	31,731	7,888	700
Ordinary Shares Number	537,670	557,208	580,860	587,696
Share Issued	589,044	588,940	588,748	588,397
Net Debt	4,423,000
Total Debt	8,408,000	5,067,000	4,124,000	5,374,000
Tangible Book Value	29,833,000	29,351,000	28,090,000	24,779,000
Invested Capital	37,652,000	33,953,000	31,706,000	29,642,000
Working Capital	2,965,000	5,876,000	5,861,000	4,962,000
Net Tangible Assets	29,833,000	29,351,000	28,090,000	24,779,000
Capital Lease Obligations	589,000	465,000	508,000	511,000
Common Stock Equity	29,833,000	29,351,000	28,090,000	24,779,000
Total Capitalization	37,652,000	33,453,000	31,706,000	28,392,000
Total Equity Gross Minority Interest	29,833,000	29,351,000	28,090,000	24,779,000
Stockholders Equity	29,833,000	29,351,000	28,090,000	24,779,000
Gains Losses Not Affecting Retained Earnings	-7,000	-4,000	-9,000	-8,000
Other Equity Adjustments	-7,000	-4,000	-9,000	-8,000
Treasury Stock	6,158,000	3,882,000	907,000	78,000
Retained Earnings	29,765,000	26,941,000	22,634,000	18,472,000
Additional Paid In Capital	6,027,000	6,090,000	6,166,000	6,187,000
Capital Stock	206,000	206,000	206,000	206,000
Common Stock	206,000	206,000	206,000	206,000
Total Liabilities Net Minority Interest	21,966,000	17,835,000	15,767,000	16,592,000
Total Non Current Liabilities Net Minority Interest	17,275,000	12,481,000	11,693,000	11,079,000
Other Non Current Liabilities	2,512,000	2,395,000	2,526,000	2,574,000
Non Current Deferred Liabilities	6,854,000	5,866,000	5,402,000	4,710,000
Non Current Deferred Taxes Liabilities	6,854,000	5,866,000	5,402,000	4,710,000
Long Term Debt And Capital Lease Obligation	7,909,000	4,220,000	3,765,000	3,795,000
Long Term Capital Lease Obligation	90,000	118,000	149,000	182,000
Long Term Debt	7,819,000	4,102,000	3,616,000	3,613,000
Current Liabilities	4,691,000	5,354,000	4,074,000	5,513,000
Other Current Liabilities	445,000	497,000	286,000	515,000
Current Debt And Capital Lease Obligation	499,000	847,000	359,000	1,579,000
Current Capital Lease Obligation	499,000	347,000	359,000	329,000
Current Debt		500,000	34,000	1,250,000
Other Current Borrowings		500,000	34,000	1,250,000
Payables And Accrued Expenses	3,747,000	4,010,000	3,429,000	3,419,000
Payables	3,747,000	4,010,000	3,429,000	3,419,000
Dividends Payable	544,000	539,000	526,000	482,000
Total Tax Payable	299,000	1,007,000	466,000	405,000
Accounts Payable	2,904,000	2,464,000	2,437,000	2,532,000
Total Assets	51,799,000	47,186,000	43,857,000	41,371,000
Total Non Current Assets	44,143,000	35,956,000	33,922,000	30,896,000
Other Non Current Assets	1,763,000	1,705,000	1,583,000	1,434,000
Non Current Deferred Assets	39,000	39,000	42,000	33,000
Non Current Deferred Taxes Assets	39,000	39,000	42,000	33,000
Net PPE	42,341,000	34,212,000	32,297,000	29,429,000
Accumulated Depreciation	-54,348,000	-49,297,000	-45,290,000	-42,679,000
Gross PPE	96,689,000	83,509,000	77,587,000	72,108,000
Other Properties	6,832,000	6,418,000	5,497,000	4,786,000
Current Assets	7,656,000	11,230,000	9,935,000	10,475,000
Other Current Assets	547,000	503,000	560,000	574,000
Hedging Assets Current	18,000	0	106,000	0
Inventory	1,014,000	985,000	1,275,000	1,058,000
Receivables	2,681,000	2,650,000	2,716,000	2,871,000
Taxes Receivable			0	97,000	0
Accounts Receivable	2,681,000	2,650,000	2,716,000	2,774,000
Cash Cash Equivalents And Short Term Investments	3,396,000	7,092,000	5,278,000	5,972,000
Cash And Cash Equivalents	3,396,000	7,092,000	5,278,000	5,972,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	3,450,000	5,771,000	5,155,000	6,093,000
Repurchase Of Capital Stock	-2,564,000	-3,246,000	-1,038,000	-118,000
Repayment Of Debt	-2,548,000	-33,000	-1,282,000	-35,000
Issuance Of Debt	4,471,000	985,000	0	0
Capital Expenditure	-6,594,000	-6,372,000	-6,185,000	-5,000,000
Interest Paid Supplemental Data	185,000	140,000	161,000	173,000
Income Tax Paid Supplemental Data	1,869,000	779,000	1,229,000	2,475,000
End Cash Position	3,396,000	7,092,000	5,278,000	5,972,000
Beginning Cash Position	7,092,000	5,278,000	5,972,000	5,209,000
Effect Of Exchange Rate Changes	0	-1,000	0	-1,000
Changes In Cash	-3,696,000	1,815,000	-694,000	764,000
Financing Cash Flow	-2,804,000	-4,361,000	-5,694,000	-5,273,000
Cash Flow From Continuing Financing Activities	-2,804,000	-4,361,000	-5,694,000	-5,273,000
Net Other Financing Charges	-25,000	-2,000	-8,000
Proceeds From Stock Option Exercised	23,000	22,000	20,000	28,000
Cash Dividends Paid	-2,161,000	-2,087,000	-3,386,000	-5,148,000
Common Stock Dividend Paid	-2,161,000	-2,087,000	-3,386,000	-5,148,000
Net Common Stock Issuance	-2,564,000	-3,246,000	-1,038,000	-118,000
Common Stock Payments	-2,564,000	-3,246,000	-1,038,000	-118,000
Net Issuance Payments Of Debt	1,923,000	952,000	-1,282,000	-35,000
Net Long Term Debt Issuance	1,923,000	952,000	-1,282,000	-35,000
Long Term Debt Payments	-2,548,000	-33,000	-1,282,000	-35,000
Long Term Debt Issuance	4,471,000	985,000	0	0
Investing Cash Flow	-10,936,000	-5,967,000	-6,340,000	-5,056,000
Cash Flow From Continuing Investing Activities	-10,936,000	-5,967,000	-6,340,000	-5,056,000
Net Other Investing Changes	109,000	405,000	-155,000	-56,000
Net Business Purchase And Sale	-4,451,000	0	0
Purchase Of Business	-4,451,000	0	0
Net PPE Purchase And Sale	-6,594,000	-6,372,000	-6,185,000	-5,000,000
Purchase Of PPE	-6,594,000	-6,372,000	-6,185,000	-5,000,000
Operating Cash Flow	10,044,000	12,143,000	11,340,000	11,093,000
Cash Flow From Continuing Operating Activities	10,044,000	12,143,000	11,340,000	11,093,000
Change In Working Capital	-840,000	550,000	191,000	-1,159,000
Change In Other Working Capital	-85,000	-382,000	295,000	375,000
Change In Other Current Liabilities	17,000	23,000	184,000	-266,000
Change In Other Current Assets	-17,000	44,000	39,000	-364,000
Change In Payables And Accrued Expense	-1,006,000	505,000	-58,000	-23,000
Change In Payable	-1,006,000	505,000	-58,000	-23,000
Change In Account Payable	-271,000	-36,000	-119,000	90,000
Change In Tax Payable	-735,000	541,000	61,000	-113,000
Change In Income Tax Payable	-735,000	541,000	61,000	-113,000
Change In Inventory	-49,000	259,000	-231,000	-534,000
Change In Receivables	300,000	101,000	-38,000	-347,000
Changes In Account Receivables	300,000	101,000	-38,000	-347,000
Other Non Cash Items	19,000	245,000	-86,000	-3,411,000
Stock Based Compensation	216,000	199,000	177,000	133,000
Asset Impairment Charge	843,000	391,000	202,000	382,000
Deferred Tax	343,000	467,000	683,000	-61,000
Deferred Income Tax	343,000	467,000	683,000	-61,000
Depreciation Amortization Depletion	4,461,000	4,108,000	3,492,000	3,542,000
Operating Gains Losses	22,000	-220,000	-913,000	3,908,000
Gain Loss On Investment Securities	-13,000	-204,000	-818,000	3,982,000
Gain Loss On Sale Of PPE	35,000	-16,000	-95,000	-74,000
Net Income From Continuing Operations	4,980,000	6,403,000	7,594,000	7,759,000

These metrics estimate what EOG Resources, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$106.90

Margin of Safety

Market Cap ÷ Company Value

1.26

P/B Ratio

2.54

Warren's Owner Earnings

$16.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$22.6B

vs > $1.5B revenue

❌ Strong Financial Condition

1.63x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.87%

vs Uninterrupted dividends

❌ Earnings Growth

-31.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.54x P/B (P/E×P/B: 39.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-26.71

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$150.37

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	132.4%	99.5%	81.4%	64.4%
Repurchase of Capital Stock	-$2.6B	-$3.2B	-$1.0B	-$118M
Free Cash Flow	$3.5B ▼	$5.8B ▲	$5.2B ▼	$6.1B •
Warren's Owner Earnings	$16.0B	$16.9B	$17.3B	$16.3B

Peers & Industry

No auto-detected peers for Oil & Gas E&P. You can manually compare EOG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.28%

Low — management has little skin in the game

Return on Equity (ROE)

16.7%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

9.6%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+65.9% YoY

Debt is growing — management is leveraging up

Leadership Team

Ezra Yacob

CEO & Chairman

Age 48

Pay: $4,847,008

0.097% of net income

Ann Janssen

Executive VP & CFO

Age 60

Pay: $1,787,354

0.036% of net income

Jeffrey Leitzell

Executive VP & COO

Age 45

Pay: $1,962,005

0.039% of net income

Pearce Wheless Hammond Jr.,

Vice President of Investor Relations

Lori Geiger

Vice President of Marketing

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.05%	53,815,556
Blackrock Inc.	7.97%	42,684,236
Capital World Investors	7.58%	40,607,574
JPMORGAN CHASE & CO	6.34%	33,947,001
State Street Corporation	5.70%	30,562,470
Capital Research Global Investors	4.56%	24,418,380
Charles Schwab Investment Management, Inc.	3.73%	19,988,840
Geode Capital Management, LLC	2.44%	13,046,709

Risk Analysis

Beta (Market Risk)

0.28

Low volatility — more stable than the market

Short Interest

3.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.31x

Conservative balance sheet — low financial risk

Current Ratio