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VAALCO Energy (EGY) USD

VAALCO Energy, Inc. is an independent energy company focused on the acquisition, exploration, development, and production of crude oil and natural gas. Its operations are primarily in West Africa, including Gabon, Egypt, Equatorial Guinea, and Cote d'Ivoire, as well as in Canada.

At a glance: strengths & risks
✓Revenue growing (+40% y/y, Q2 2026)✓Profit growing (+407% y/y, Q2 2026)✓Margins improving (47%→58%, Q2 2026)✓Low leverage (0.6x EBITDA)✗Loss-making last FY✗Pricier than own history (EV/EBITDA 13.1 vs avg 1.6)

Sector: Oil & gas

Geography: Gabon, Egypt, Canada

COMM_EGY

Price chart

6.23 USDDay -0.32%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
6.23 USD · -0.32%
Market cap
648 mln USD

Growth

Δ revenue y/y
39.5%
Δ EBITDA y/y
71.4%

Multiples

P/E (LTM)
—
3y avg: 7.8x
P/B (FY)
1.5x
P/E (ann.)
3.8x
EV/EBITDA (LTM)
13.1x
3y avg: 1.6x
EV/EBITDA (ann.)
2.8x

Cash return

Dividend yield
4.0%
FCF yield (LTM)
-8.8%

Value creation

negative target market cap — net debt exceeds target EV (over-levered)
Upside (potential)
-111.5%
↓ details

Liquidity

Daily turnover (listing)
0.1 mln USD

Shares: yahoo_fundamentals_timeseries/EGY

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK135.2
y/y 39.5%
43.6
y/y 153.7%
34.3
y/y 21.3%
77.9
y/y 71.4%
42.4
y/y 406.5%
73.70.0968.6
y/y 0.4%
380.3
y/y -25.7%
46.8%231.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK62.6
y/y -43.3%
-16.1
y/y -161.6%
18.2
y/y -39.9%
2.1
y/y -96.3%
-93.8
y/y -1313.0%
-39.2-52.6920.7
y/y -0.7%
344.9
y/y -31.6%
-95.1%192.3Link
2025-12-31Q4 2025 (3M)OK91.0
y/y -25.2%
-64.9
y/y -262.9%
30.8
y/y -16.7%
-34.0
y/y -144.3%
-58.6
y/y -602.5%
145.2-41.6913.4
y/y -4.4%
443.5
y/y -11.6%
-8.7%87.4Link
2025-09-30Q3 2025 (3M)OK61.0
y/y -56.5%
0.9
y/y -98.0%
20.6
y/y -56.3%
21.5
y/y -76.5%
1.1
y/y -90.0%
16.4-48.3950.4
y/y 1.3%
505.9
y/y 1.0%
0.3%123.8Link
2025-06-30Q2 2025 (3M)OK96.9
y/y -17.0%
17.2
y/y -15.8%
28.3
y/y -14.7%
45.5
y/y -15.1%
8.4
y/y -70.2%
18.3-104.4964.9
y/y 5.2%
511.6
y/y 3.6%
6.6%84.3Link
2025-03-31Q1 2025 (3M)OK110.3
y/y 10.2%
26.2
y/y -18.6%
30.3
y/y 17.4%
56.5
y/y -2.6%
7.7
y/y 0.6%
32.7-58.8927.1
y/y 14.6%
504.1
y/y 6.7%
6.1%55.4Link
2024-12-31Q4 2024 (3M)OK121.7
y/y -18.4%
39.8
y/y -50.8%
37.0
y/y 82.1%
76.9
y/y -24.1%
11.7
y/y -73.5%
44.5-41.5955.0
y/y 16.0%
501.6
y/y 4.8%
11.7%15.5Link
2024-09-30Q3 2024 (3M)OK140.3
y/y 20.7%
44.1
y/y 24.0%
47.0
y/y 44.5%
91.1
y/y 33.8%
11.0
y/y 79.0%
47.8-12.4937.9
y/y 13.3%
501.0
y/y 12.8%
2.9%-3.3Link
2024-06-30Q2 2024 (3M)OK116.8
y/y 6.9%
20.4
y/y -0.7%
33.1
y/y -12.8%
53.5
y/y -8.6%
28.2
y/y 316.9%
-0.4-32.5917.4
y/y 10.7%
493.6
y/y 9.2%
23.3%23.8Link
2024-03-31Q1 2024 (3M)OK100.2
y/y 24.6%
32.2
y/y 48.9%
25.8
y/y 5.8%
58.0
y/y 26.0%
7.7
y/y 121.5%
21.8-16.6809.1
y/y -1.8%
472.6
y/y 3.8%
6.5%-23.1Link
2023-12-31Q4 2023 (3M)OK149.2
y/y —
80.9
y/y —
20.3
y/y —
101.3
y/y —
44.0
y/y —
51.8-19.9823.2
y/y —
478.8
y/y —
13.1%-30.2Link
2023-09-30Q3 2023 (3M)OK116.3
y/y —
35.5
y/y —
32.5
y/y —
68.1
y/y —
6.1
y/y —
94.2-22.5827.8
y/y —
444.4
y/y —
1.8%-14.1Link
2023-06-30Q2 2023 (3M)OK109.2
y/y —
20.6
y/y —
38.0
y/y —
58.6
y/y —
6.8
y/y —
35.6-27.1829.0
y/y —
452.0
y/y —
6.0%43.2Link
2023-03-31Q1 2023 (3M)OK80.4
y/y —
21.6
y/y —
24.4
y/y —
46.0
y/y —
3.5
y/y —
42.0-27.7824.0
y/y —
455.2
y/y —
—37.7Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)19
Long-term debt (incl. LT leases)242
− Cash & equivalents30
Net debt231

Net debt / LTM EBITDA: 3.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-500501001502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-100-500502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 2.21x of reported net profit; after capex, 1.41x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit0.61x2.48x3.71x1.94x—
accruals, % of assets12.1%-9.0%-19.8%-5.8%-27.8%
net debt / EBITDA 0.6x · capex 0.9x of depreciation · dividends 25% of free cash flow · share count +15.4% a year
● Diluted share count grew 15.4% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
10.00 mln boe
2025
Reserve life (R/P)
3.9 yrs
reserves ÷ annual output
Annual production
2.60 mln boe
2021

Production, mln boe

1.7820202.602021

Proved reserves

YearReserves, mln boe
202510.00
202411.06
20239.06
202210.22
202111.22
20203.22
20194.97
20185.37
20173.05

Production

YearProduction, mln boeper day, mln boe
20222.40 * (9M)
+26.3%		0.01
20212.60
+46.3%		0.01
20201.780.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 114spot vs LTM +50%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -111.5%

Main driver: Brent +50% vs LTM; revenue ×1.50 vs costs ×1.04; EBITDA 67→135; at 2.2× EV/EBITDA → -111%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+100%114.4376.5181.17+50%+6%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue350
LTM EBITDA67
LTM cash costs (revenue − EBITDA)282
2 · Revenue projection
Revenue multiplier — spot×1.496 (+50%)
= Spot revenue523
Revenue multiplier — 3y price×1.061 (+6%)
= 3-year-price revenue371
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs294
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs294
4 · EBITDA projection (revenue − costs)
= Spot EBITDA229
= 3-year-price EBITDA77
Conservative EBITDA = min(spot, avg)135
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)2.2x
Target EV = EV/EBITDA × conservative EBITDA303
Net debt369
Target market cap = EV − net debt-66
Current market cap575

Upside = target market cap ÷ current − 1 = -111.5%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q311690+29.5%6847+44.3%
2023 Q4149100+49.4%10154+88.0%
2024 Q1100113-11.3%5867-12.8%
2024 Q2117123-5.0%5475-28.2%
2024 Q3140113+24.1%9161+48.2%
2024 Q4122114+6.7%7662+21.4%
2025 Q1110113-1.9%5661-7.5%
2025 Q297105-7.4%4550-9.4%
2025 Q361108-43.7%2157-62.4%
2025 Q49187+4.9%-3438-190.1%
2026 Q163103-39.0%233-93.8%
2026 Q2135109+23.6%7838+102.5%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -25% vs +5% the year before — a -30.3 pp move. 3-year CAGR +0%.
revenue growth by year: 2023 +28% · 2024 +5% · 2025 -25%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.4x · target 75th pct (3y) 6.8x · LTM avg 6.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal26.13.2x3.2x
LukoilRussia44.32.5x5.0x
Occidental Petroleumglobal61.65.1x5.1x
GazpromRussia33.12.9x5.7x
TatneftRussia18.02.9x5.9x
RosneftRussia50.63.3x6.6x
ConocoPhillipsglobal182.37.4x7.4x
Gazprom NeftRussia33.64.2x8.4x
Chevronglobal420.68.7x8.7x
SantosAustralia20.39.3x9.1x
Exxon Mobilglobal744.810.5x10.5x
NovatekRussia44.38.7x17.5x
Group median4.7x7.0x
Group average5.7x7.8x
This companyglobal0.613.1x13.1x

Group median 4.7x as traded, 7.0x adjusted; this company 13.1x — a 86% premium.

Group average 5.7x as traded, 7.8x adjusted; against the average this company is at a 68% premium.

At the adjusted group median the market cap would be -52% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-210.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2026-05-220.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2026-02-270.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2025-11-210.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2025-08-220.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2025-05-230.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2025-02-280.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2024-11-220.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2024-08-230.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2024-05-160.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2024-03-070.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2023-11-220.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2023-08-240.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2023-05-230.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2023-03-230.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)
2022-11-210.033 USDEx-dividend: 0.033 USD per sharePaidYahoo Finance (ex-div)
2022-08-230.033 USDEx-dividend: 0.033 USD per sharePaidYahoo Finance (ex-div)
2022-05-240.033 USDEx-dividend: 0.033 USD per sharePaidYahoo Finance (ex-div)
2022-02-170.033 USDEx-dividend: 0.033 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of VAALCO Energy (EGY) — from primary filings.

Frequently asked questions

What is VAALCO Energy (EGY)'s EV/EBITDA?
VAALCO Energy (EGY) trades at 13.1x EV/EBITDA.
What is VAALCO Energy (EGY)'s P/B ratio?
VAALCO Energy (EGY) trades at a P/B of 1.5x.
What is VAALCO Energy (EGY)'s dividend yield?
VAALCO Energy (EGY)'s trailing 12-month dividend yield is 4.0%.
What is VAALCO Energy (EGY)'s return on equity (ROE)?
VAALCO Energy (EGY)'s ROE is 46.8%.
What is VAALCO Energy (EGY)'s market capitalization?
VAALCO Energy (EGY)'s market cap is 648 mln USD.

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