HighPeak Energy
HPK on Nasdaq. Drilling oil & gas wells. Market value $1.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
Nothing stands out yet.
See cheaper Energy stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.21 of spare cash in the past 12 months. A savings account pays about $4.
You pay 15.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 81 of 100. Price score: 26 of 100. Our list needs 70 on quality and 60 on price.
$8.22 a share, 114% above its 1-year low
Over the past year the price has ranged from $3.85 to $9.13.
Dividend: 1.1% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $2 million in the past 12 months, a shortfall of $4 million in the year to December 2025.
| Revenue | |||||
| Revenue | $220m | $756m | $1.1bn | $1.1bn | $863m |
| Operating margin | |||||
| Operating margin | 46.2% | 55.9% | 37.7% | 30.2% | 17.4% |
| Debt to equity | |||||
| Debt to equity | 0.18 | 0.60 | 0.74 | 0.65 | 0.75 |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.13bn | 0.13bn | 0.13bn | 0.13bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.75× equity
- Revenue growth, five yearsStrong, 40.7% a year
- Buying back its own sharesNo, 12% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $272 million last quarter, up 26% on a year ago.
- Profit: $82 million, up 214% on a year ago.
- It keeps 15 cents of each $1 of sales as operating profit, down from 27 cents a year earlier.
- Over the past 12 months it spent $2 million more cash than it brought in. A year earlier it had $16 million spare.
- About the same number of shares as a year ago.
- Debt is $1 billion more than cash, about the same as a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $272m |
| December 2024 | Not reported |
| March 2025 | $272m |
| June 2025 | $216m |
| September 2025 | $189m |
| December 2025 | Not reported |
| March 2026 | $216m |
| June 2026 | $272m |
| Quarter to | Amount |
|---|---|
| September 2024 | $50m |
| December 2024 | $9m |
| March 2025 | $36m |
| June 2025 | $26m |
| September 2025 | -$18m |
| December 2025 | -$25m |
| March 2026 | -$127m |
| June 2026 | $82m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 149 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $151,396 | <0.1% | Cut |
Largest holders overall
- Arax Advisory Partners$97mAdded
- BlackRock$13mAdded
- AQR Capital Management$9mAdded
- D. E. Shaw$7mAdded
- American Century Companies$7mCut
- Vanguard Capital Management$6mCut
- Millennium Management$6mAdded
- Texas Capital Bank Wealth Management Services$5m
- Geode Capital Management$5mAdded
- Kennedy Capital Management$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- HighPeak Energy Partners, LPInsider or founderat least 35.3%+25.5 pts(filed with 10 related holders)Since 15 September 2025
- John Paul DeJoria, as trustee of the John Paul DeJoria Family Trust, and in his individual capacity12.3%Since 15 September 2025
What they said
All securities of the Company acquired by Mr. DeJoria were acquired in his capacity as the Trustee, as an investment. As previously disclosed, the Trustee holds approximately 53.64% of the limited partnership interests in HighPeak 1, and approximately 83.11% of the limited…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
HighPeak Energy Partners, LP Insider or founder | at least 35.3%+25.5 pts (filed with 10 related holders) | 15 September 2025 | |
John Paul DeJoria, as trustee of the John Paul DeJoria Family Trust, and in his individual capacity | 12.3% | 15 September 2025 | What they saidAll securities of the Company acquired by Mr. DeJoria were acquired in his capacity as the Trustee, as an investment. As previously disclosed, the Trustee holds approximately 53.64% of the limited partnership interests in HighPeak 1, and approximately 83.11% of the limited… Read the filing |
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 serious warning signs we check for were found. 1 thing worth knowing.
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 11 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 5 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 82% last year. Losing that customer would hurt.
“For the years ended December 31, 2025, 2024 and 2023, there were two purchasers that accounted for approximately 90%, 94% and 96% of our revenue, respectively (one at approximately 82%, 76% and 82%, respectively, and one at approximately 8%, 18% and 14%, respectively).”
From the 10-K filed 11 March 2026, Item 1A. Risk Factors. Read it in the filing
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
Your first deep dive is free.
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.