A company still losing money with growing sales. Institutions are adding.
Going well
Sales up 128% in the latest quarter vs a year ago
Sales up 62% last year
Watch out for
Losing money
Money moves
No insider buying or selling in the last 30 days
Institutions added 5.6% to their holdings in the quarter ending June 2026 (255 bought, 199 sold)
Held by Ray Dalio (Bridgewater)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$47.18+0.5% that day
Company value
$9.1B
Share price times all shares
Price vs sales
4.5x
No profit over the last year, so this compares value with sales instead
Cash vs value
1%
Cash as a share of company value
Debt vs value
24%
Debt as a share of company value
From VNOM's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 10 quarters, from SEC filings
Sales, Jun '26
$677.0M+128% vs a year earlier
Mar '24Tap a barJun '26
Last 12 months: $2.0B, up 108% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of VNOM. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$2.6B
Profit in 5 years$260M
Price these guesses point to$20.17-57% vs $47.18 todayAbout -16% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 24% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
2/5Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-6.7%
PassDebt under half of equityNot relying on borrowed money.0.49x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-14.8%
MissProfitable every yearSteady profits, not one good year.4 of 5 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$1.1B
Revenue
$1.4B
+62.0% vs prior year
Total debt
$2.2B
0.49x equity
Current ratio
3.72x
short-term assets / bills due
Free cash flow
$1.1B
75.5% of revenue
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: share count not growing, gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 3
Revenue
$677.0M
+127.9% YoY
EPS
$0.73
vs $0.28
Op. margin
63.2%
+17.7 pts
Free cash flow
$487.0M
Share count
+47.7%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
0
Normal week
0.9
vs normal
0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+5.6%
Institutions added 5.6% to their holdings. 255 bought, 199 sold. 6 quarters of net buying in a row.
Shares held by institutions198.3M
Sep '24Jun '26
Safety check
From SEC filings
Cash runwayAt last year's cash burn
Cash flow positive
Debt to equityLatest balance sheet: debt compared with what owners have
0.3x · $1.7B debt
Shares outstandingLatest reported
194M
Why moderate risk
Losing money
1 offering filing in 6 months (may sell new shares)
Earnings reports
Last 4
Next reportIn 5 days (est.)Estimated from the same quarter last year
Results filedAug 3
Results filedMay 4
Results filedFeb 23
Results filedNov 3, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days