Forensic Analysis · Energy / Oil & Gas · as of Sep 17, 2026
Eog Resources Inc (EOG)
A forensic read on Eog Resources Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.7
Distress distance
Clean
Earnings quality
2
Forensic signals
11.0
P / E (ttm)
16.7%
ROE
$74.4B
Market cap
2.95%
Dividend yield
-4.5%
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.
Eog Resources Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+24.0%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +24.0% 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 16% of net operating assets, against an accruals ratio of 24.0%. 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.
11.4%
FY2025
Return on invested capital.Return on invested capital is 11.4% in the latest fiscal year, against 17% in FY2021, having run between 11.4% and 25.1% across FY2021–FY2025 with no direction held — a modest positive spread over the ~8% cost of capital we hold this sector to — the capital already deployed adds value, though not dramatically. The capital base behind it grew +51% across FY2021–FY2025, from $29.0B to $43.7B, while the return fell 5.1 points, so the dollars added over that window earned less than the 17% the older base was already earning.
Key fundamentals
Latest Revenue$22.63B
Revenue Growth YoY-4.5%
Revenue CAGR (3yr)-4.2%
Net Margin22.0%
Free Cash Flow$9.56B
Return on Equity16.7%
Debt / Equity0.27x
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 Eog Resources Inc's actual 10-K/10-Q/8-K filings?