TBN
Tamboran Resources CorpEnergy·Oil & Gas Exploration & Production
$33.61
$952M market cap
Revenue
$0.0M
Free Cash Flow
$-73.9M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Tamboran Resources Corporation, a natural gas company, focuses on developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin. Tamboran Resources Corporation was founded in 2009 and is headquartered in Sydney, Australia.
2-Year Price History
$35.01+55.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 0.0 | -8.0 | -8.4 | -9.4 | -17.5 | -28.7 | -11.2 | 101.9 | 70.8 | 22.4 | -12.6% | -- | -- |
| Act | 2026-Q2 | 0.0 | -7.5 | -7.8 | -6.6 | -0.7 | 26.8 | -27.5 | 83.4 | 60.1 | 20.0 | -14.1% | -- | -- |
| Act | 2026-Q1 | 0.0 | -8.8 | -8.2 | -8.2 | -13.8 | -41.3 | -27.5 | 39.6 | 25.6 | 17.5 | -26.2% | -28.7x | -- |
| Act | 2025-Q4 | 0.0 | -8.5 | -8.5 | -10.2 | -6.4 | -30.7 | -24.3 | 45.2 | 26.4 | 15.6 | -28.4% | -- | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| TTM | 33.61 | — | — | -33 | 0.0× | 0.0× | 0.0× | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$33.61
Market Cap$952M
Enterprise Value$921M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-7.8%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-34.4M
Free Cash Flow$-73.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-20.3%
WC Change % Rev0.0%
Interest Coverage-107.6x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.9M
Days to Cover5.7
Change (vs Prior)+5.8%
Need at least 2 settlement dates for chart
Employees
Headcount39
Revenue / Employee$0
Gross Profit / Employee$-8,572
Cash Runway
16.5months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
43.5%(+36.6% YoY)
57 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%(+0.0% YoY)
1 filers
Vanguard, iShares, SPDR
Market makers
0.0%(+0.0% YoY)
0 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| HITE Hedge Asset Management LLC | $104M | $24.73 | +$2.0M | +$63.3M | -1.0% | $1.77B |
| Alberta Investment Management Corp | $42.9M | $22.49 | +$0 | +$25.4M | -0.4% | $14.74B |
| GILDER GAGNON HOWE & CO LLC | $42.0M | $28.54 | +$2.3M | +$42.0M | -1.8% | $8.34B |
| Encompass Capital Advisors LLC | $35.7M | $25.92 | +$0 | +$35.7M | +0.6% | $2.45B |
| Yaupon Capital Management LP | $26.8M | $24.78 | +$981K | +$11.0M | +1.6% | $2.03B |
| UBS Group AG | $23.4M | $26.93 | +$1.7M | +$14.4M | -0.3% | $562.11B |
| Ancient Art, L.P. | $21.9M | $20.32 | +$0 | +$0 | -0.2% | $459M |
| INGALLS & SNYDER LLC | $17.0M | $33.80 | +$7.4M | +$12.7M | +0.0% | $2.82B |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $11.9M | $35.07 | +$6.3M | +$7.1M | -0.2% | $113.45B |
| SCS Capital Management LLC | $10.0M | $39.41 | +$5.3M | +$10.0M | +0.4% | $9.44B |
| REAVES W H & CO INC | $8.5M | $36.60 | +$3.5M | +$8.5M | -0.0% | $6.03B |
| TWO SIGMA INVESTMENTS, LP | $7.6M | $41.29 | +$4.8M | +$7.6M | -0.9% | $117.03B |
| Aventail Capital Group, LP | $7.5M | $23.91 | −$34K | +$7.5M | +2.3% | $2.07B |
| CITADEL ADVISORS LLC | $7.3M | $26.89 | −$16.4M | +$7.3M | -0.4% | $138.22B |
| COHEN & STEERS INC | $6.9M | $28.40 | +$344K | +$6.9M | -0.8% | $57.57B |
| MACQUARIE GROUP LTD | $6.8M | $28.51 | +$1.0M | +$6.8M | -0.4% | $16.77B |
| MARSHALL WACE, LLP | $5.7M | $49.99 | +$5.7M | +$5.7M | +0.6% | $92.71B |
| FRANKLIN RESOURCES INC | $5.3M | $34.03 | +$1.6M | +$5.3M | -0.2% | $403.03B |
| Cinctive Capital Management LP | $5.1M | $46.29 | +$4.3M | +$5.1M | +2.0% | $1.51B |
| Zimmer Partners, LP | $4.6M | $27.23 | −$2.6M | +$4.6M | +0.4% | $3.95B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.24%
avg per quarter
Holders (ex-self)
-0.28%
excl. this stock
Buyers (this Q)
-0.35%
38 buyers · $0.17B in
Sellers (this Q)
+18.35%
11 sellers · $-0.00B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+13.9%
how holders react when this stock falls
On quiet Qs
-20.9%
−10% to +10% baseline
On rallies (+10%+)
+24.8%
how they react when this stock rises
Holders' portfolio flow this Q
-0.8%
outflows — trims may be forced
Sellers' portfolio flow this Q
-20.1%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.2%
Holder mid (any stock)
-7.1%
Holder rally (any stock)
-12.2%
Biggest decreases this quarter
CITADEL ADVISORS LLC−$16.4Mα-0.4BAUPOST GROUP LLC/MAexited−$7.0MZimmer Partners, LP−$2.6Mα+0.4WHITEBOX ADVISORS LLCexited−$2.1MBALYASNY ASSET MANAGEMENT LLCexited−$272KMerewether Investment Management, LP−$56Kα+4.0Aventail Capital Group, LP−$34Kα+2.3SJS Investment Consulting Inc.exited−$12KTCTC Holdings, LLCexited−$5K
New buyers this quarter
Top-5 holders · 58.3%
HITE Hedge Asset Management LLC--
Alberta Investment Management Corp--
GILDER GAGNON HOWE & CO LLC--
Encompass Capital Advisors LLC--
Yaupon Capital Management LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
HITE Hedge Asset Management LLC2.1MAlberta Investment Management Corp859KGILDER GAGNON HOWE & CO LLC841KEncompass Capital Advisors LLC714KYaupon Capital Management LP535KUBS Group AG468KAncient Art, L.P.437KINGALLS & SNYDER LLC340KBAUPOST GROUP LLC/MA—CITADEL ADVISORS LLC147K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (2 analysts)$51.005170.0%
Last Year (5 analysts)$42.202560.0%
Current Price$33.61
Analyst Ratings
3
Buy: 3Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$669K
3 txns · 2 insiders · 18,990 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$10.00M
1 txn · 1 insider · 563,697 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-13 | BUY | PACE PHILLIP Z | director | 10,000 | $36.99 | $370K | $1.32M |
| 2026-04-08 | BUY | SHEFFIELD SCOTT D | director | 6,990 | $36.02 | $252K | $10.53M |
| 2025-11-21 | BUY | PACE PHILLIP Z | director | 2,000 | $23.50 | $47K | $47K |
| 2025-07-22 | BUY | Sheffield Bryan | 10 percent owner | 563,697 | $17.74 | $10.00M | $55.41M |
Order Flow (FINRA, ~3w lag)
14.6%retail-3.1pp
26.0%dark+1.8pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Tamboran Resources: Pre-Revenue Beetaloo Bet Fueled by Dilutive Equity and Toxic Debt
Overall Risk
8/10
Fraud
3/10
Dilution
9/10
Insolvency
8/10
Earnings Overstated
2/10
Hidden Liabilities
6/10
Legal
4/10
Audit Warnings
10/10
Hidden Upside
7/10
Contextually Acceptable
5/10