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Evolution Petroleum (EPM) USD

Evolution Petroleum Corporation is an energy company focused on the development, production, and ownership of onshore oil and gas properties in the United States.

At a glance: strengths & risks
✗Profit falling (-265%)✗Loss-making last FY

Sector: Oil & gas

Geography: United States

COMM_EPM

Price chart

3.76 USDDay 0.00%

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
3.76 USD · 0.00%
Market cap
129 mln USD

Growth

Δ revenue y/y
14.7%
Δ EBITDA y/y
-16.8%

Multiples

P/E (LTM)
—
3y avg: 53.8x
P/B (FY)
2.1x
P/E (ann.)
7.0x
EV/EBITDA (LTM)
6.8x
3y avg: 6.5x
EV/EBITDA (ann.)
6.9x

Cash return

Dividend yield
12.8%
FCF yield (LTM)
-5.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-70.0%
↓ details

Liquidity

Daily turnover (listing)
0.9 mln USD

Shares: yahoo_fundamentals_timeseries/EPM

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)OK24.2
y/y 14.7%
3.5
y/y 158.6%
5.6
y/y -3.7%
9.1
y/y 26.7%
4.6
y/y 35.2%
6.8-3.0168.7
y/y 5.3%
60.4
y/y -15.9%
-4.1%50.8Link
2026-03-31Q1 2026 (3M)OK20.2
y/y -10.6%
-0.6
y/y -135.2%
5.3
y/y 5.6%
4.7
y/y -28.2%
-8.9
y/y —
3.5-5.9169.8
y/y 8.5%
58.4
y/y -18.5%
-18.9%54.3Link
2025-12-31Q4 2025 (3M)OK20.7
y/y 2.0%
0.7
y/y —
5.9
y/y 8.9%
6.6
y/y 36.2%
1.1
y/y —
5.4-0.6169.3
y/y 5.6%
67.5
y/y -11.5%
6.2%51.2Link
2025-09-30Q3 2025 (3M)OK21.3
y/y -2.8%
-0.1
y/y -104.6%
6.0
y/y 4.1%
5.9
y/y -22.5%
0.8
y/y -60.1%
7.8-20.7169.1
y/y 7.1%
69.1
y/y -13.2%
4.7%52.3Link
2025-06-30Q2 2025 (3M)OK21.1
y/y -0.6%
1.3
y/y -43.4%
5.8
y/y 9.1%
7.2
y/y -7.1%
3.4
y/y 180.4%
10.5-13.4160.3
y/y -1.6%
71.8
y/y -11.5%
2.1%35.1Link
2025-03-31Q1 2025 (3M)OK22.6
y/y -2.0%
1.6
y/y -23.9%
5.0
y/y -15.0%
6.6
y/y -17.3%
-2.2
y/y -854.0%
7.3-4.4156.4
y/y -6.1%
71.7
y/y -14.1%
-3.9%30.0Link
2024-12-31Q4 2024 (3M)OK20.3
y/y -3.6%
-0.6
y/y -137.8%
5.4
y/y 19.0%
4.8
y/y -21.7%
-1.8
y/y -265.9%
7.7-0.8160.2
y/y 27.2%
76.3
y/y -12.7%
-9.4%27.9Link
2024-09-30Q3 2024 (3M)OK21.9
y/y 6.3%
1.9
y/y 0.1%
5.7
y/y 34.3%
7.6
y/y 23.9%
2.1
y/y 40.1%
7.6-3.0157.9
y/y 24.2%
79.6
y/y -11.4%
10.3%32.7Link
2024-06-30Q2 2024 (3M)OK21.2
y/y —
2.4
y/y —
5.3
y/y —
7.7
y/y —
1.2
y/y —
8.02.5162.9
y/y 26.9%
81.1
y/y -11.9%
5.0%33.2Link
2024-03-31Q1 2024 (3M)OK23.0
y/y —
2.1
y/y —
5.9
y/y —
8.0
y/y —
0.3
y/y —
3.4-46.4166.5
y/y —
83.5
y/y —
0.5%39.6Link
2023-12-31Q4 2023 (3M)PARTIAL21.0
y/y —
1.6
y/y —
4.6
y/y —
6.2
y/y —
1.1
y/y —
7.1-3.9126.0
y/y —
87.4
y/y —
5.0%-8.4stockanalysis.com
2023-09-30Q3 2023 (3M)OK20.6
y/y —
1.9
y/y —
4.3
y/y —
6.1
y/y —
1.5
y/y —
4.3-1.8127.2
y/y —
89.9
y/y —
6.5%-9.2Link
2023-06-30FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——128.3
y/y —
92.1
y/y —
37.5%-10.9Link
2023-03-31Q1 2023 (3M)OK36.9
y/y —
17.6
y/y —
3.4
y/y —
21.0
y/y —
14.0
y/y —
23.90.0137.7
y/y —
95.6
y/y —
—-18.3Link

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

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)57
− Cash & equivalents6
Net debt51

Net debt / LTM EBITDA: 1.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05101520252024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

-60-40-200202024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02040602024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 3.59x of reported net profit; after capex, 0.71x. Loss years (2026) are left out of the ratio.
year20222023202420252026
cash flow / profit1.61x1.46x5.57x22.44x—
accruals, % of assets-13.4%-12.5%-11.5%-19.7%-15.4%
net debt / EBITDA 1.9x · EBIT covers interest 0.9x · capex 1.5x of depreciation · dividends 346% of free cash flow
● Dividends were 346% of the free cash flow earned over the window.
● EBIT covers interest 0.9x.
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
27.22 mln boe
2026
Reserve life (R/P)
10.4 yrs
reserves ÷ annual output
Annual production
2.61 mln boe
2025

Production, mln boe

0.8020171.5520212.5520222.4020232.6420242.612025

Proved reserves

YearReserves, mln boe
202627.22
202527.11
202431.79
202331.18
202236.24
202123.39
202010.22
20198.98
20189.37

Production

YearProduction, mln boeper day, mln boe
20261.23 * (6M)
−1.9%		0.01
20252.61
−1.2%		0.01
20242.64
+9.8%		0.01
20232.40
−5.7%		0.01
20222.55
+64.7%		0.01
20211.550.00
20200.71 * (12M)
−4.2%		0.00
20190.74 * (12M)
+2.8%		0.00
20180.72 * (12M)
−10.4%		0.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 99spot vs LTM +28%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -70.0% ▲ +0.8 pp 1d

Main driver: WTI Crude Oil +38% vs LTM; revenue ×1.13 vs costs ×1.05; EBITDA 24→27; at 4.9× EV/EBITDA → -70%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+55%99.0471.9676.68+38%+7%
Henry Hub Gas (rev)+45%2.783.383.12-18%-8%
WTI Crude Oil (cost)-3%99.0471.9676.68+38%+7%
Henry Hub Gas (cost)-1%2.783.383.12-18%-8%

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

1 · Reported baseline (LTM)
LTM revenue86
LTM EBITDA24
LTM cash costs (revenue − EBITDA)63
2 · Revenue projection
Revenue multiplier — spot×1.127 (+13%)
= Spot revenue97
Revenue multiplier — 3y price×1.001 (+0%)
= 3-year-price revenue86
3 · Costs projection
Cost multiplier — spot×1.048 (+5%)
= Spot cash costs66
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs65
4 · EBITDA projection (revenue − costs)
= Spot EBITDA32
= 3-year-price EBITDA21
Conservative EBITDA = min(spot, avg)27
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.9x
Target EV = EV/EBITDA × conservative EBITDA130
Net debt53
Target market cap = EV − net debt77
Current market cap177

Upside = target market cap ÷ current − 1 = -70.0%

Life of mine: 10 yrs — before haircut -56.7%

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 Q12126-20.2%68-25.2%
2023 Q22125-16.8%69-34.6%
2024 Q32322+6.5%86+23.1%
2024 Q42120+4.1%85+41.9%
2024 Q12220+10.2%85+49.3%
2024 Q22023-12.0%58-41.6%
2025 Q32327-15.5%712-43.6%
2025 Q42122-5.3%77+0.3%
2025 Q12120+4.6%65+14.8%
2025 Q22122-5.2%76+4.8%
2026 Q32022-9.0%57-31.5%
2026 Q42424+0.5%79-26.2%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +1% vs -0% the year before — a +0.6 pp move. 3-year CAGR -12%.
revenue growth by year: 2024 -33% · 2025 -0% · 2026 +1%
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 5.3x · target 75th pct (3y) 4.9x · LTM avg 7.4x

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 BPglobal26.03.2x3.2x
Occidental Petroleumglobal61.85.1x5.1x
LukoilRussia43.62.5x5.2x
GazpromRussia32.02.9x5.9x
TatneftRussia17.62.9x6.0x
RosneftRussia49.63.3x6.9x
ConocoPhillipsglobal182.47.4x7.4x
Gazprom NeftRussia33.04.2x8.7x
Chevronglobal420.88.7x8.7x
SantosAustralia20.99.6x9.1x
Exxon Mobilglobal744.210.5x10.5x
NovatekRussia42.68.5x17.7x
Group median4.7x7.1x
Group average5.7x7.9x
This companyglobal0.16.8x6.8x

Group median 4.7x as traded, 7.1x adjusted; this company 6.8x — a 4% discount.

Group average 5.7x as traded, 7.9x adjusted; against the average this company is at a 13% discount.

At the adjusted group median the market cap would be +6% 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 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-210.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2026-06-150.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2026-03-160.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2025-12-150.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2025-09-220.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-09-200.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-12-140.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-09-210.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2023-03-140.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2022-12-140.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2022-09-200.12 USDEx-dividend: 0.12 USD per sharePaidYahoo Finance (ex-div)
2022-06-140.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2022-03-140.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2021-12-140.075 USDEx-dividend: 0.075 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 Evolution Petroleum (EPM) — from primary filings.

Frequently asked questions

What is Evolution Petroleum (EPM)'s EV/EBITDA?
Evolution Petroleum (EPM) trades at 6.8x EV/EBITDA.
What is Evolution Petroleum (EPM)'s P/B ratio?
Evolution Petroleum (EPM) trades at a P/B of 2.1x.
What is Evolution Petroleum (EPM)'s dividend yield?
Evolution Petroleum (EPM)'s trailing 12-month dividend yield is 12.8%.
What is Evolution Petroleum (EPM)'s return on equity (ROE)?
Evolution Petroleum (EPM)'s ROE is 30.6%.
What is Evolution Petroleum (EPM)'s market capitalization?
Evolution Petroleum (EPM)'s market cap is 129 mln USD.

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