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ValueScreener company report

Evolution Petroleum Corporation (EPM)

AMEX / Energy / Oil & Gas Exploration & Production

Share price

3.67 USD Market dataClose of Oct 15, 2026

Market capitalisation

147.4M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Sep 16, 2026
Ratios computed
Oct 15, 2026
Filed years
16, FY2010 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-4.0% Computed

From the FY2026 filing

Read quality

Valuation

Price to book

2.08x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

13.1% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 34.5M USDFY2017 Net income: 8.0M USDFY2018 Revenue: 40.8M USDFY2018 Net income: 19.6M USDFY2019 Revenue: 43.2M USDFY2019 Net income: 15.4M USDFY2020 Revenue: 29.6M USDFY2020 Net income: 5.9M USDFY2021 Revenue: 32.7M USDFY2021 Net income: -16.4M USDFY2022 Revenue: 108.9M USDFY2022 Net income: 32.6M USDFY2023 Revenue: 128.5M USDFY2023 Net income: 35.2M USDFY2024 Revenue: 85.9M USDFY2024 Net income: 4.1M USDFY2025 Revenue: 85.8M USDFY2025 Net income: 1.5M USDFY2026 Revenue: 86.3M USDFY2026 Net income: -2.4M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -4.0% in FY2026, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Oil & Gas Exploration & Production industry (66 companies), -4.0% sits at the 21st percentile; the middle half of that group runs from -2.2% to 14.0%.

Is it safe

Interest coverage was 0.90x in FY2026, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Evolution Petroleum Corporation's return on equity stayed above the median of the Oil & Gas Exploration & Production industry, year by year. (FY2022 to FY2025, 4 fiscal years of Evolution Petroleum Corporation with a comparable figure)
The direction
Which way Evolution Petroleum Corporation's return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of Evolution Petroleum Corporation)
What could explain it
What in Evolution Petroleum Corporation's filed statements could explain the movements. (6 readings drawn from the statement lines Evolution Petroleum Corporation filed)
What to check next
What to check next on Evolution Petroleum Corporation, and where in its filings. (6 questions for Evolution Petroleum Corporation)
In one paragraph
One paragraph on Evolution Petroleum Corporation's returns, cash, balance sheet and price. (7 of sixteen figures read for Evolution Petroleum Corporation)

These are EPM’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research EPMPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Sep 16, 2026, accession 0001104659-26-108258.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Evolution Petroleum Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Return on equity-4.0% ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Return on capital employed, pre-tax2.4% ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Return on assets-1.4% ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Gross margin41.7% ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Operating margin4.0% ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Net margin-2.8% ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
EPM -2.8%
EPSN -11.2%PED -22.6%ANNA 11.5%EP -210.7%AMPY 16.7%
-210.7%16.7%
Net margin: EPM against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Evolution Petroleum Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Current ratio0.92 ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Quick ratio0.92 ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Interest coverage0.90x ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Altman Z-score1.31 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Net debt
Why n/a

The FY2026 balance sheet carries no net debt we could read.

n/a ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Total assets 168.7MTotal liabilities 108.3MShareholders' equity 60.4MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Evolution Petroleum Corporation owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Sep 16, 2026, 0001104659-26-108258).

Evolution Petroleum Corporation: balance sheet position
Total assets168.7M FiledFY2026 10-K, filed Sep 16, 2026
Total liabilities108.3M FiledFY2026 10-K, filed Sep 16, 2026
Shareholders' equity60.4M FiledFY2026 10-K, filed Sep 16, 2026
Cash6.1M FiledFY2026 10-K, filed Sep 16, 2026
Total debtn/a FiledFY2026 10-K, filed Sep 16, 2026
Net debtn/a
Current ratio0.92
Debt to equityn/a
  • Debt to equity: FY2026: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Evolution Petroleum Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
P/E on trailing twelve months59.88x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.08x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Price to sales1.46x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Diluted earnings per share-0.08 USD FiledFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258

We publish no fair value or price target of our own. Value EPM on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Evolution Petroleum Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Evolution Petroleum Corporation: valuation
Share price3.67 USD
Market capitalisation147.4M USD
Enterprise value to EBITDAn/a
Graham numbern/m
Diluted earnings per share, FY2026-0.08 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 4.37x, median 12.71x, high 182.33x, latest 59.88x. 1,952 trading days with a meaningful ratio, 570 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Evolution Petroleum Corporation

  1. Epsilon Energy Ltd. (EPSN)Market cap 178.1M USD
  2. PEDEVCO Corp. (PED)Market cap 179.2M USD
  3. AleAnna, Inc. (ANNA)Market cap 105.2M USD
  4. Empire Petroleum Corporation (EP)Market cap 136.0M USD
  5. Amplify Energy Corp. (AMPY)Market cap 180.3M USD

Same industry (Oil & Gas Exploration & Production) and size band (Micro, 50M to 300M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Evolution Petroleum Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Free cash flow
Why n/a

The FY2026 filing carries no free cash flow we could read.

n/a ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Dividend yield13.1% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
FY2017 Free cash flow: 16.5M USDFY2017 Net income: 8.0M USDFY2018 Free cash flow: 20.5M USDFY2018 Net income: 19.6M USDFY2019 Free cash flow: 24.0M USDFY2019 Net income: 15.4M USDFY2020 Free cash flow: 12.4M USDFY2020 Net income: 5.9M USDFY2021 Net income: -16.4M USDFY2022 Net income: 32.6M USDFY2023 Net income: 35.2M USDFY2024 Net income: 4.1M USDFY2025 Net income: 1.5M USDFY2026 Net income: -2.4M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Evolution Petroleum Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2026Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
2.08xFY2026Oct 15, 2026
n/aFY2026Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
n/aFY2026Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2026Sep 16, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
13.1%FY2026Oct 15, 2026
n/aFY2026Sep 16, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
0.92FY2026Sep 16, 2026
1.46xFY2026Oct 15, 2026
n/mFY2026Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.31FY2026Oct 15, 2026
-3.20FY2026Sep 16, 2026
3/9FY2026Sep 16, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 16 filed fiscal years on record, FY2010 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports Evolution Petroleum Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Evolution Petroleum Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202686.3M3.5M-2.4M-0.08n/a4.0%-4.0%10-K, Sep 16, 20260001104659-26-108258
FY202585.8M4.2M1.5M0.03n/a4.9%2.0%10-K, Sep 17, 20250001104659-25-090839
FY202485.9M7.9M4.1M0.12n/a9.2%5.0%10-K, Sep 11, 20240001558370-24-012740
FY2023128.5M45.1M35.2M1.04n/a35.1%38.2%10-K, Sep 13, 20230001558370-23-015706
FY2022108.9M45.4M32.6M0.96n/a41.7%43.2%10-K, Sep 14, 20220001558370-22-014404
FY202132.7M-20.7M-16.4M-0.50n/a-63.4%-30.1%10-K, Sep 14, 20210001006655-21-000037
FY202029.6M3.7M5.9M0.1812.4M12.5%8.0%10-K, Sep 10, 20200001006655-20-000015
FY201943.2M17.6M15.4M0.4624.0M40.8%19.2%10-K, Sep 13, 20190001006655-19-000033
FY201840.8M16.2M19.6M0.5920.5M39.8%25.4%10-K, Sep 10, 20180001006655-18-000045
FY201734.5M12.9M8.0M0.2116.5M37.4%11.8%10-K, Sep 15, 20170001006655-17-000036
  • Revenue, compound annual growth FY2017 to FY2026: 10.7%
  • Earnings: Earnings was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2017 to FY2020: -9.0%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Evolution Petroleum Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.20 ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Piotroski F-score3/9 ComputedFY2026 10-K, filed Sep 16, 2026, 0001104659-26-108258
Named tests met0 of 30 Computed
Beta0.38 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 21 not met, 9 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); High yield, low payout; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(13)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 13 figures could not be read on this company, among them Debt to Equity, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 9 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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