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Talos Energy USD

At a glance: strengths & risks
✗Revenue declining (-10%)✗Loss-making last FY✗Margins compressing (61%→28%)

Sector: Oil & gas

Geography: Gulf of Mexico (US), Mexico

COMM_TALO

Price chart

15.57 USDDay -0.13%

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
15.57 USD · -0.13%
Market cap
2.7 bn USD

Growth

Δ revenue y/y
56.5%
Δ EBITDA y/y
-58.5%

Multiples

P/E (LTM)
—
P/B (FY)
1.3x
P/E (ann.)
4.6x
EV/EBITDA (LTM)
4.9x
EV/EBITDA (ann.)
2.1x

Cash return

Dividend yield
—
FCF yield (LTM)
17.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-71.4%
↓ details

Liquidity

Daily turnover (listing)
22.5 mln USD

Shares: yahoo_fundamentals_timeseries/TALO

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)OK664.8
y/y 56.5%
198.2
y/y —
204.0
y/y -24.4%
402.2
y/y —
149.7
y/y —
300.6-101.65433.3
y/y -8.3%
2032.6
y/y -19.3%
30.6%651.2Link
2026-03-31Q1 2026 (3M)OK472.3
y/y -7.9%
-119.4
y/y -374.9%
230.4
y/y -17.9%
111.0
y/y -65.8%
-256.2
y/y —
174.0-152.45272.7
y/y -14.0%
1874.5
y/y -31.4%
-50.7%962.2Link
2025-12-31Q4 2025 (3M)OK392.2
y/y -19.2%
-244.0
y/y -998.1%
243.2
y/y -11.4%
-0.7
y/y -100.2%
-202.6
y/y -214.0%
201.8-142.15552.1
y/y -10.3%
2168.0
y/y -21.4%
-21.7%990.6Link
2025-09-30Q3 2025 (3M)OK450.1
y/y -11.6%
-86.2
y/y -466.0%
262.6
y/y -4.2%
176.5
y/y -40.7%
-95.9
y/y -208.8%
114.2-112.45699.5
y/y -10.9%
2380.5
y/y -15.5%
-5.2%1025.5Link
2025-06-30Q2 2025 (3M)OK424.7
y/y -22.7%
-273.6
y/y -603.2%
269.7
y/y 4.1%
-3.9
y/y -101.2%
-185.9
y/y -1601.8%
351.6-149.05924.7
y/y -6.9%
2519.0
y/y -7.6%
-28.3%1005.7Link
2025-03-31Q1 2025 (3M)OK513.1
y/y 19.3%
43.5
y/y -36.0%
280.7
y/y 30.2%
324.2
y/y 14.3%
-9.9
y/y —
268.2-143.36132.6
y/y -4.7%
2731.3
y/y -0.8%
-1.4%1164.4Link
2024-12-31Q4 2024 (3M)OK485.2
y/y 26.0%
27.2
y/y -21.8%
274.6
y/y 50.0%
301.7
y/y 38.5%
-64.5
y/y -175.1%
349.3-152.36191.8
y/y 28.6%
2759.7
y/y 28.1%
-2.7%1263.8Link
2024-09-30Q3 2024 (3M)OK509.3
y/y 32.9%
23.5
y/y -81.4%
274.2
y/y 67.9%
297.8
y/y 2.6%
88.2
y/y —
227.5-105.26399.1
y/y 34.6%
2817.6
y/y 36.6%
4.2%1448.3Link
2024-06-30Q2 2024 (3M)OK549.2
y/y 49.6%
54.4
y/y 34.5%
259.1
y/y 52.6%
313.5
y/y 49.1%
12.4
y/y -9.5%
289.4-125.26361.9
y/y 32.4%
2726.3
y/y 32.2%
1.8%1559.7Link
2024-03-31Q1 2024 (3M)OK429.9
y/y 33.3%
67.8
y/y 764.0%
215.7
y/y 46.4%
283.5
y/y 82.7%
-112.4
y/y -225.1%
96.4-937.66434.4
y/y 34.2%
2752.2
y/y 33.5%
-18.3%1679.5Link
2023-12-31Q4 2023 (3M)OK385.0
y/y —
34.7
y/y —
183.1
y/y —
217.8
y/y —
85.9
y/y —
176.3-109.04816.3
y/y —
2155.2
y/y —
8.9%1162.0Link
2023-09-30Q3 2023 (3M)OK383.1
y/y —
126.8
y/y —
163.4
y/y —
290.1
y/y —
-2.1
y/y —
65.7-139.84753.1
y/y —
2062.1
y/y —
-0.1%1213.3Link
2023-06-30Q2 2023 (3M)OK367.2
y/y —
40.4
y/y —
169.8
y/y —
210.2
y/y —
13.7
y/y —
214.2-205.64805.4
y/y —
2061.9
y/y —
2.7%1201.4Link
2023-03-31Q1 2023 (3M)OK322.6
y/y —
7.9
y/y —
147.3
y/y —
155.2
y/y —
89.9
y/y —
62.9-107.04795.8
y/y —
2060.8
y/y —
—1184.5Link

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

Long-term debt (incl. LT leases)1 229
− Cash & equivalents578
Net debt651

Net debt / LTM EBITDA: 0.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-150%-100%-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 000-750-500-25002502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002024 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 2.31x of reported net profit; after capex, 0.39x. Loss years (2021, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit—1.86x2.77x——
accruals, % of assets-21.5%-10.7%-6.9%-16.8%-25.8%
net debt / EBITDA 2.0x · EBIT covers interest -3.4x · capex 0.6x of depreciation · share count +21.0% a year
● Diluted share count grew 21.0% 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.

Production & Reserves

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

Oil and Gas E and P

Proved reserves
174.69 mln boe
2025
Reserve life (R/P)
5.1 yrs
reserves ÷ annual output
Annual production
34.53 mln boe
2025

Production, mln boe

18.96201920.00202023.50202121.72202224.20202333.89202434.532025

Proved reserves

YearReserves, mln boe
2025174.69
2024194.24
2023215.78
2022190.03
2021161.59
2020189.47
2019141.74
2018151.74

Production

YearProduction, mln boeper day, mln boe
20267.99 * (3M)
−12.0%		0.09
202534.53
+1.9%		0.09
202433.89
+40.1%		0.09
202324.20
+11.4%		0.07
202221.72
−7.6%		0.06
202123.50
+17.5%		0.06
202020.00
+5.5%		0.05
201918.960.05
20188.97 * (6M)0.05

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 89spot vs LTM +16%

Commodity-player potential

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

Upside: -71.4% ▲ +0.8 pp 1d

Main driver: Brent +17% vs LTM; revenue ×1.11 vs costs ×1.03; EBITDA 689→791; at 3.1× EV/EBITDA → -71%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+85%89.1676.5180.42+17%+5%
Henry Hub Gas (rev)+15%2.753.383.11-19%-8%
Henry Hub Gas (cost)-5%2.753.383.11-19%-8%

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

1 · Reported baseline (LTM)
LTM revenue1 979
LTM EBITDA689
LTM cash costs (revenue − EBITDA)1 291
2 · Revenue projection
Revenue multiplier — spot×1.113 (+11%)
= Spot revenue2 202
Revenue multiplier — 3y price×1.032 (+3%)
= 3-year-price revenue2 042
3 · Costs projection
Cost multiplier — spot×1.029 (+3%)
= Spot cash costs1 328
Cost multiplier — 3y price×1.034 (+3%)
= 3-year-price cash costs1 334
4 · EBITDA projection (revenue − costs)
= Spot EBITDA875
= 3-year-price EBITDA707
Conservative EBITDA = min(spot, avg)791
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.1x
Target EV = EV/EBITDA × conservative EBITDA2 452
Net debt646
Target market cap = EV − net debt1 806
Current market cap2 727

Upside = target market cap ÷ current − 1 = -71.4%

Life of mine: 5 yrs — before haircut -33.8%

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 Q3383325+18.0%290177+63.9%
2023 Q4385342+12.4%241200+20.3%
2024 Q1430350+22.8%284208+36.3%
2024 Q2549399+37.8%313261+20.2%
2024 Q3509407+25.1%298249+19.4%
2024 Q4485446+8.7%332255+30.2%
2025 Q1513512+0.3%324315+2.8%
2025 Q2425470-9.7%-4266-101.5%
2025 Q3450451-0.1%176200-11.6%
2025 Q4392439-10.6%-1169-100.4%
2026 Q1472495-4.6%111167-33.7%
2026 Q2665573+16.0%402203+97.9%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -10% vs +35% the year before — a -45.2 pp move. 3-year CAGR +3%.
revenue growth by year: 2023 -12% · 2024 +35% · 2025 -10%
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 3.1x · target 75th pct (3y) 3.1x · LTM avg 3.6x

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

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 Talos Energy — from primary filings.

Talos Energy Inc. is an oil and gas exploration and production company operating in the United States and Mexico, with a separate segment focused on carbon capture and sequestration.

Frequently asked questions

What is Talos Energy's EV/EBITDA?
Talos Energy trades at 4.9x EV/EBITDA.
What is Talos Energy's P/B ratio?
Talos Energy trades at a P/B of 1.3x.
What is Talos Energy's return on equity (ROE)?
Talos Energy's ROE is 30.6%.
What is Talos Energy's market capitalization?
Talos Energy's market cap is 2.7 bn USD.

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