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Evolution Petroleum

EPM on NYSEAmerican. Evolution Petroleum sells oil and natural gas to refineries, utilities, and industrial buyers. Market value $143m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 30 June 2026.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Energy stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to June 2026
n/a

We could not compute this from the filings.

Price to profit
annual report to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to June 2026
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

Five years of cash, in billions

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20222023202420252026
Revenue
$109m$129m$86m$86m$86m
Operating margin
41.7%35.1%9.2%4.9%4.0%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.03bn0.03bn0.03bn0.04bn0.04bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)3 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 21.4% a year
  • Buying back its own sharesNo, 21% more shares since 2022

Dates

Next results (estimated)
n/a
Last annual report (10-K)
16 September 2026
Next quarterly (estimated, 10-Q)
12 August 2026

Who owns it

None of the long-term investors we follow own it. 118 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Sep 2026, and no later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.