Talos Energy
TALO on NYSE. Crude petroleum & natural gas. Market value $2.8bn.
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
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 $11.82 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 81 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$16.76 a share, 87% above its 1-year low
Over the past year the price has ranged from $8.97 to $18.73.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.2bn | $1.7bn | $1.5bn | $2.0bn | $1.8bn |
| Operating margin | |||||
| Operating margin | 30.1% | 44.6% | 14.4% | 8.8% | -31.5% |
| Debt to equity | |||||
| Debt to equity | 1.32 | 0.64 | 0.55 | 0.49 | 0.62 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.12bn | 0.18bn | 0.17bn | 0.17bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)No
- Debt0.62× equity
- Revenue growth, five yearsStrong, 25.3% a year
- Buying back its own sharesNo, 102% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $665 million last quarter, up 57% on a year ago.
- Profit: $150 million, after a loss of $186 million a year ago.
- It loses 13 cents on each $1 of sales, compared with 9 cents a year earlier.
- Spare cash over the past 12 months: $331 million, down from $681 million.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $752 million more than cash, down from $988 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $509m |
| December 2024 | $485m |
| March 2025 | $513m |
| June 2025 | $425m |
| September 2025 | $450m |
| December 2025 | $392m |
| March 2026 | $472m |
| June 2026 | $665m |
| Quarter to | Amount |
|---|---|
| September 2024 | $88m |
| December 2024 | -$65m |
| March 2025 | -$10m |
| June 2025 | -$186m |
| September 2025 | -$96m |
| December 2025 | -$203m |
| March 2026 | -$256m |
| June 2026 | $150m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 294 funds in all.
- Century ManagementArnold Van Den Berg
- Value
- $231,024
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $29m | <0.1% | Added |
| Hotchkis & WileyHotchkis & Wiley team | $12m | <0.1% | Added |
| GMOJeremy Grantham | $2m | <0.1% | New |
| Gotham Asset ManagementJoel Greenblatt | $831,081 | <0.1% | Cut |
| Century ManagementArnold Van Den Berg | $231,024 | <0.1% |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- BlackRock$257m
- Dimensional Fund Advisors LP$127mAdded
- State Street$106mAdded
- Sourcerock Group$89mCut
- American Century Companies$80mAdded
- Vanguard Capital Management$68m
- Canada Pension Plan Investment Board$52m
- Geode Capital Management$47mAdded
- Vanguard Portfolio Management$46mAdded
- BNP PARIBAS ASSET MANAGEMENT Holding$36mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Marco Antonio Slim DomitPassive investorat least 24.5%+0.3 pts(filed with 1 related holder)Since 26 March 2026
- Carlos Slim HeluPassive investorat least 23.4%−1.1 pts(filed with 7 related holders)Since 15 September 2026
- BlackRock, Inc.Passive investor11.7%+1.3 ptsSince 30 June 2026
- Sourcerock Group LLCPassive investor6.3%Since 30 June 2025
- Dimensional Fund Advisors LPPassive investor5.3%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- BAIN CAPITAL CREDIT MANAGED ACCOUNT (E), L.P.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Marco Antonio Slim Domit Passive investor | at least 24.5%+0.3 pts (filed with 1 related holder) | 26 March 2026 | |
Carlos Slim Helu Passive investor | at least 23.4%−1.1 pts (filed with 7 related holders) | 15 September 2026 | |
BlackRock, Inc. Passive investor | 11.7%+1.3 pts | 30 June 2026 | |
Sourcerock Group LLC Passive investor | 6.3% | 30 June 2025 | |
Dimensional Fund Advisors LP Passive investor | 5.3% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
BAIN CAPITAL CREDIT MANAGED ACCOUNT (E), L.P. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $5m.
- Moss William S. IIISee RemarksSold
- Date
- 2 September 2026
- Shares
- 120,000
- Price
- $17.32
- Value
- $2m
- Babcock GregorySee RemarksSold
- Date
- 27 August 2026
- Shares
- 61,307
- Price
- $16.74
- Value
- $1m
- Spath John B.See RemarksSold
- Date
- 27 August 2026
- Shares
- 90,000
- Price
- $16.90
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Moss William S. III See Remarks | Sold | 120,000 | $17.32 | $2m |
| 27 August 2026 | Babcock Gregory See Remarks | Sold | 61,307 | $16.74 | $1m |
| 27 August 2026 | Spath John B. See Remarks | Sold | 90,000 | $16.90 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
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.