Forensic Analysis · Energy / Oil & Gas · as of Sep 26, 2026
Granite Ridge Resources, Inc. (GRNT)
A forensic read on Granite Ridge Resources, Inc. 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
1.5
Distress distance
Clean
Earnings quality
2
Forensic signals
-23.3
P / E (ttm)
4.0%
ROE
$595M
Market cap
7.21%
Dividend yield
18.5%
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.
Granite Ridge Resources, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.5, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.2%
FY2025
Return on invested capital.Return on invested capital is 3.2% in the latest fiscal year and slipping across FY2023–FY2025 from 8.0%. After-tax operating profit was $70M in FY2023 and $35M in FY2025, with operating income at 23.0% of revenue in FY2023, 15.6% in FY2024 and 10.3% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+17.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +17.9% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 19% against +18% in revenue. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 29% of net operating assets, against an accruals ratio of 17.9%. 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.
Key fundamentals
Latest Revenue$450.3M
Revenue Growth YoY+18.5%
Revenue CAGR (2yr)+6.9%
Net Margin5.4%
Return on Equity4.0%
Debt / Equity0.66x
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 Granite Ridge Resources, Inc.'s actual 10-K/10-Q/8-K filings?