Forensic Analysis · Energy / Oil & Gas · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
1.1
Distress distance
Clean
Earnings quality
2
Forensic signals
83.9
P / E (ttm)
2.6%
ROE
$4.4B
Market cap
4.13%
Dividend yield
22.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Crescent Energy Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+37.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +37.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 17% of net operating assets, against an accruals ratio of 37.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
1.7%
FY2025
Return on invested capital.Return on invested capital is 1.7% in the latest fiscal year and slipping across FY2023–FY2025 from 4.8%. After-tax operating profit was $292M in FY2023 and $190M in FY2025, with operating income at 13.6% of revenue in FY2023, 7.5% in FY2024 and 6.4% in FY2025. The capital base behind it grew +85% across FY2023–FY2025, from $6.1B to $11.2B, while the return fell 3.1 points, so the dollars added over that window earned less than the 4.8% the older base was already earning. FY2023's operating profit carried a $153M asset write-down that took about 2.3 points off that year's return, and FY2025's carried a $255M asset write-down and a $62M restructuring charge that took about 2.3 points off the latest; so the two charges roughly offset each other across FY2023–FY2025. FY2024's operating profit carried a $162M asset write-down and a $17M restructuring charge that alone took about 1.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
Key fundamentals
Latest Revenue$3.58B
Revenue Growth YoY+22.1%
Revenue CAGR (2yr)+22.6%
Net Margin3.7%
Return on Equity2.6%
Debt / Equity1.07x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Crescent Energy Co's actual 10-K/10-Q/8-K filings?