Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Crescent Energy Co (CRGY)
A forensic read on Crescent Energy Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-6.1%
ROE
$3.3B
Market cap
4.56%
Dividend yield
Crescent Energy Co earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 1.2, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+37.8%Accruals ratio.Net operating assets grew +37.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -17% of net operating assets.
2%Return on invested capital.Return on invested capital is 2% and slipping from 23% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
$78MGoodwill impairments.Took $78M of goodwill writedowns across 1 year(s) (FY2022 ($78M)) — about 43% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
Key fundamentals
Net Margin3.7%
Debt / Equity1.07x
Latest Revenue$3.58B
Return on Equity2.6%
Revenue Growth YoY+22.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Crescent Energy Co:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CRGY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown