Tamboran Resources
TBN on NYSE. Crude petroleum & natural gas. Market value $1.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-12.13 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.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$34.68 a share, 55% above its 1-year low
Over the past year the price has ranged from $22.33 to $52.21.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $0 | $0 |
| Operating margin | ||
| Operating margin | n/a | n/a |
| Debt to equity | ||
| Debt to equity | 0.09 | 0.10 |
| Shares outstanding | ||
| Shares outstanding | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)1 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.10× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 23% more shares since 2025
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $2 million, compared with a loss of $10 million a year ago.
- Over the past 12 months it spent $147 million more cash than it brought in, compared with $124 million a year earlier.
- It has $137 million more cash than debt, up from $15 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | -$6m |
| December 2024 | -$14m |
| March 2025 | -$7m |
| June 2025 | -$10m |
| September 2025 | -$8m |
| December 2025 | -$7m |
| March 2026 | -$9m |
| June 2026 | -$2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 September 2026
- Next quarterly (estimated, 10-Q)
- 12 August 2026
Who owns it
None of the long-term investors we follow own it. 95 funds in all.
Largest holders overall
- HITE Hedge Asset Management$94mAdded
- Gilder Gagnon Howe$35mAdded
- Alberta Investment Management$28m
- Cinctive Capital Management LP$21mAdded
- Yaupon Capital Management LP$20mAdded
- Reaves W H$20mAdded
- Ingalls & Snyder$16mAdded
- HighTower Advisors$15mAdded
- Ancient Art, L.P.$14m
- UBS Group AG$14mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Bryan Sheffieldat least 10.4%−1.5 pts(filed with 5 related holders)Since 25 September 2026
- HITE Hedge Asset Management LPPassive investorat least 8.3%+0.2 pts(filed with 1 related holder)Since 30 June 2026
- Daly Waters Energy, LPInsider or founderat least 5.2%+3.1 pts(filed with 2 related holders)Since 22 July 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: The information set forth in Item 6 of this Amendment No. 2 is incorporated by reference into this Item 4 as if restated in full.
Read the filing - Helmerich & Payne, Inc.Passive investorat least 5.0%(filed with 1 related holder)Since 31 December 2025
- Liberty Energy Services LLC (f/k/a Liberty Oilfield Services LLC)Passive investorat least 3.8%(filed with 1 related holder)Since 28 May 2026
| Holder | Stake | Since | |
|---|---|---|---|
Bryan Sheffield | at least 10.4%−1.5 pts (filed with 5 related holders) | 25 September 2026 | |
HITE Hedge Asset Management LP Passive investor | at least 8.3%+0.2 pts (filed with 1 related holder) | 30 June 2026 | |
Daly Waters Energy, LP Insider or founder | at least 5.2%+3.1 pts (filed with 2 related holders) | 22 July 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: The information set forth in Item 6 of this Amendment No. 2 is incorporated by reference into this Item 4 as if restated in full. Read the filing |
Helmerich & Payne, Inc. Passive investor | at least 5.0% (filed with 1 related holder) | 31 December 2025 | |
Liberty Energy Services LLC (f/k/a Liberty Oilfield Services LLC) Passive investor | at least 3.8% (filed with 1 related holder) | 28 May 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $668,680 of shares on the open market.
- PACE PHILLIP ZDirectorBought
- Date
- 13 April 2026
- Shares
- 10,000
- Price
- $36.99
- Value
- $369,900
- SHEFFIELD SCOTT DDirectorBought
- Date
- 8 April 2026
- Shares
- 6,990
- Price
- $36.02
- Value
- $251,780
- PACE PHILLIP ZDirectorBought
- Date
- 21 November 2025
- Shares
- 2,000
- Price
- $23.50
- Value
- $47,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 April 2026 | PACE PHILLIP Z Director | Bought | 10,000 | $36.99 | $369,900 |
| 8 April 2026 | SHEFFIELD SCOTT D Director | Bought | 6,990 | $36.02 | $251,780 |
| 21 November 2025 | PACE PHILLIP Z Director | Bought | 2,000 | $23.50 | $47,000 |
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
A big holder just moved. The deep dive shows what the business is worth.
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.