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Kosmos Energy USD

Kosmos Energy is a deepwater exploration and production company that focuses on finding and extracting oil and natural gas. Its operations are primarily located offshore in West Africa and the Gulf of America.

At a glance: strengths & risks
✓Revenue growing (+55% y/y, Q2 2026)✓Margins improving (23%→67%, Q2 2026)✗Loss-making last FY

Sector: Oil & gas

Geography: Ghana, Equatorial Guinea, US Gulf of Mexico

COMM_KOS

Price chart

2.87 USDDay 6.30%

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
2.87 USD · 6.30%
Market cap
1.4 bn USD

Growth

Δ revenue y/y
54.7%
Δ EBITDA y/y
356.5%

Multiples

P/E (LTM)
—
P/B (FY)
2.6x
P/E (ann.)
1.9x
EV/EBITDA (LTM)
38.9x
EV/EBITDA (ann.)
2.4x

Cash return

Dividend yield
—
FCF yield (LTM)
-8.2%

Liquidity

Daily turnover (listing)
49.9 mln USD

Shares: yahoo_fundamentals_timeseries/KOS

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)OK607.3
y/y 54.7%
284.9
y/y —
123.2
y/y -19.6%
408.1
y/y 356.5%
184.8
y/y —
175.0-76.44310.1
y/y -17.3%
704.9
y/y -30.7%
121.2%2580.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK370.7
y/y 27.8%
-241.1
y/y —
122.5
y/y -0.1%
-118.6
y/y -515.9%
-225.6
y/y —
106.6-98.64783.4
y/y -9.2%
515.1
y/y -53.1%
-172.9%2769.1Link
2025-12-31Q4 2025 (3M)OK294.6
y/y —
-370.3
y/y —
145.5
y/y —
-224.8
y/y —
-377.1
y/y —
35.3-70.34696.6
y/y —
528.6
y/y —
-98.1%2964.0Link
2025-09-30Q3 2025 (3M)OK311.0
y/y -23.7%
-106.5
y/y -199.9%
143.4
y/y 16.7%
36.9
y/y -83.9%
-124.3
y/y -376.4%
-27.6-71.45089.7
y/y -7.0%
898.8
y/y -24.9%
-17.3%2914.5Link
2025-06-30Q2 2025 (3M)OK392.6
y/y -12.9%
-63.8
y/y -147.2%
153.2
y/y 65.8%
89.4
y/y -60.7%
-87.7
y/y -246.8%
127.2-125.35213.0
y/y -3.3%
1017.8
y/y -10.9%
-33.2%2798.9Link
2025-03-31Q1 2025 (3M)OK290.1
y/y -30.8%
-94.0
y/y -166.2%
122.6
y/y 18.6%
28.5
y/y -88.4%
-110.6
y/y -220.6%
-0.9-134.35269.4
y/y -1.5%
1098.2
y/y 2.5%
-38.5%2797.8Link
2024-12-31Q4 2024 (3M)OK398.0
y/y -21.7%
-140.4
y/y -181.8%
146.9
y/y 27.0%
-116.4
y/y -28.0%
-51.6
y/y -130.3%
169.5277.15309.0
y/y 7.5%
1200.4
y/y 16.3%
-2.2%2662.6Yahoo Finance
2024-09-30Q3 2024 (3M)OK407.8
y/y -22.5%
106.6
y/y -22.5%
122.9
y/y -8.8%
229.4
y/y -15.8%
45.0
y/y -47.2%
6.3-438.55470.9
y/y 10.1%
1196.9
y/y 19.7%
5.1%2640.3Link
2024-06-30Q2 2024 (3M)OK450.9
y/y 65.0%
135.1
y/y 154.1%
92.3
y/y -0.1%
227.5
y/y 56.2%
59.8
y/y 156.0%
223.7-476.35389.3
y/y 12.1%
1141.9
y/y 26.3%
21.6%2421.5Link
2024-03-31Q1 2024 (3M)OK419.1
y/y 6.3%
142.0
y/y 1.7%
103.3
y/y -7.7%
245.3
y/y -2.5%
91.7
y/y 10.1%
272.6-629.65350.1
y/y 13.9%
1071.6
y/y 23.3%
34.9%2400.7Link
2023-12-31Q4 2023 (3M)OK508.0
y/y —
-96.2
y/y —
115.7
y/y —
-115.3
y/y —
-63.5
y/y —
293.853.84938.1
y/y —
1032.3
y/y —
8.5%2298.1Yahoo Finance
2023-09-30Q3 2023 (3M)OK526.3
y/y —
137.5
y/y —
134.8
y/y —
272.4
y/y —
85.2
y/y —
249.4-390.14969.4
y/y —
999.7
y/y —
11.9%2250.5Link
2023-06-30Q2 2023 (3M)OK273.3
y/y —
53.2
y/y —
92.4
y/y —
145.6
y/y —
23.3
y/y —
18.1-386.44807.6
y/y —
903.9
y/y —
10.5%2288.0Link
2023-03-31Q1 2023 (3M)OK394.2
y/y —
139.6
y/y —
111.9
y/y —
251.6
y/y —
83.3
y/y —
203.9-447.44698.1
y/y —
869.4
y/y —
—2092.6Link

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

Short-term debt (incl. ST leases)148
Long-term debt (incl. LT leases)2 535
− Cash & equivalents102
Net debt2 581

Net debt / LTM EBITDA: 25.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-400-20002004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-400%-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-300-200-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 4.99x of reported net profit; after capex, 2.29x. Loss years (2025) are left out of the ratio.
year20222025
cash flow / profit4.99x—
accruals, % of assets-19.7%-17.8%
capex 0.9x of depreciation · dividends 0% of free cash flow
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
249 mln boe
2025
Reserve life (R/P)
11.1 yrs
reserves ÷ annual output
Annual production
22.41 mln boe
2025

Production, mln boe

18.46201824.93201922.11202019.85202123.12202223.06202323.51202422.412025

Proved reserves

YearReserves, mln boe
2025249
2024251
2023278
2022276
2021301
2020139
2019169
2018167
2017110

Production

YearProduction, mln boeper day, mln boe
20266.64 * (3M)
+49.4%		0.07
202522.41
−4.6%		0.06
202423.51
+2.0%		0.06
202323.06
−0.3%		0.06
202223.12
+16.5%		0.06
202119.85
−10.2%		0.05
202022.11
−11.3%		0.06
201924.93
+35.1%		0.07
201818.460.05

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 117spot vs LTM +42%

Commodity-player potential

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

Upside: -200.9%

Main driver: Brent +53% vs LTM; revenue ×1.45 vs costs ×1.05; EBITDA 102→203; at 6.4× EV/EBITDA → -201%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+90%116.6976.5181.17+53%+6%
Henry Hub Gas (rev)+10%2.643.383.12-22%-8%
WTI Crude Oil (cost)-3%103.6471.9676.70+44%+7%
Henry Hub Gas (cost)-1%2.643.383.12-22%-8%

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

1 · Reported baseline (LTM)
LTM revenue1 584
LTM EBITDA102
LTM cash costs (revenue − EBITDA)1 482
2 · Revenue projection
Revenue multiplier — spot×1.451 (+45%)
= Spot revenue2 297
Revenue multiplier — 3y price×1.047 (+5%)
= 3-year-price revenue1 658
3 · Costs projection
Cost multiplier — spot×1.049 (+5%)
= Spot cash costs1 555
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 541
4 · EBITDA projection (revenue − costs)
= Spot EBITDA742
= 3-year-price EBITDA118
Conservative EBITDA = min(spot, avg)203
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)6.4x
Target EV = EV/EBITDA × conservative EBITDA1 307
Net debt2 689
Target market cap = EV − net debt-1 383
Current market cap1 371

Upside = target market cap ÷ current − 1 = -200.9%

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 Q3526385+36.7%272160+70.4%
2023 Q4508416+22.2%157129+21.4%
2024 Q1419413+1.4%245190+29.2%
2024 Q2451442+2.0%227210+8.3%
2024 Q3408445-8.3%229189+21.5%
2024 Q4398418-4.7%113181-37.4%
2025 Q1290421-31.1%29200-85.7%
2025 Q2393346+13.5%89104-13.8%
2025 Q3311346-10.2%3784-55.8%
2025 Q4295321-8.1%-22533-772.7%
2026 Q1371361+2.6%-11913-1024.3%
2026 Q2607461+31.8%40850+710.1%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 21.0x · target 75th pct (3y) 8.8x · LTM avg 9.4x

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 BPglobal26.13.2x3.2x
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 companyglobal1.338.9x38.9x

Group median 4.7x as traded, 7.0x adjusted; this company 38.9x — a 454% premium.

Group average 5.7x as traded, 7.8x adjusted; against the average this company is at a 401% premium.

At the adjusted group median the market cap would be -259% 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

No dividend rows found for this issuer (checked: Yahoo Finance (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 Kosmos Energy — from primary filings.

Frequently asked questions

What is Kosmos Energy's EV/EBITDA?
Kosmos Energy trades at 38.9x EV/EBITDA.
What is Kosmos Energy's P/B ratio?
Kosmos Energy trades at a P/B of 2.6x.
What is Kosmos Energy's return on equity (ROE)?
Kosmos Energy's ROE is 121.2%.
What is Kosmos Energy's market capitalization?
Kosmos Energy's market cap is 1.4 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map