A Business at a Glance
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BLUE DOLPHIN ENERGY CO
BDCO
$64M
Mkt Cap
$4.33
+4.09%
BLUE DOLPHIN ENERGY CO (BDCO) has a 5-year average return on invested capital (ROIC) of 30.0%. This indicates strong capital allocation and a potential competitive advantage.
BLUE DOLPHIN ENERGY CO (BDCO) has a market capitalization of $64M. It is classified as a small-cap stock.
BLUE DOLPHIN ENERGY CO (BDCO) does not currently pay a regular dividend.
BLUE DOLPHIN ENERGY CO (BDCO) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
BLUE DOLPHIN ENERGY CO (BDCO) reported annual revenue of $279 million in its most recent fiscal year, based on SEC EDGAR filings.
BLUE DOLPHIN ENERGY CO (BDCO) has a net profit margin of -2.0%. The company is currently unprofitable.
BLUE DOLPHIN ENERGY CO (BDCO) generated $-779 thousand in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
The following section of this Annual Report on Form 10-K generally refers to business developments during the twelve months ended December 31, 2024. Discussion of, or references to, prior period business developments that are not included in this Form 10-K can be found in “Part I, Item 1. Business” of our Annual Report on Form 10-K for the year ended December 31, 2023. Company Overview Blue Dolphin was formed in 1986 as a Delaware corporation. The company is an independent downstream energy company operating in the Gulf Coast region of the U.S. Operations primarily consist of a light sweet-crude, 15,000-bpd crude distillation tower, and approximately 1.25 million bbls of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin trades on the OTCQX under the ticker symbol “BDCO.” Unless the context otherwise requires, references in this report to “we,” “us,” “our,” or “ours” refer to Blue Dolphin, one or more of its consolidated subsidiaries, or all of them taken as a whole.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 279M | 279M | 318M | 396M | 488M | 301M |
| Net Income | -5.6M | -5.6M | -8.6M | 31M | 33M | -13M |
| EPS | $-0.38 | $-0.38 | $-0.58 | $2.08 | $2.34 | $-1.01 |
| Free Cash Flow | -779K | -779K | -16M | 20M | 16M | -6.1M |
| ROIC | -1.6% | -2.0% | -21.7% | 62.2% | 121.4% | -10.1% |
| Gross Margin | 4.3% | 4.3% | 3.5% | 11.3% | 9.5% | 0.3% |
| Debt/Equity | 1.82 | 1.82 | 1.40 | 0.95 | 4.22 | -1.87 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | -1.5M | -1.5M | -4.3M | 36M | 39M | -6.7M |
| Operating Margin | -0.5% | -0.5% | -1.4% | 9.2% | 8.0% | -2.2% |
| ROE | -20.5% | -18.6% | -23.2% | 118.8% | 310.7% | 74.6% |
| Shares Outstanding | 15M | 15M | 15M | 15M | 14M | 13M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 389M | 222M | 168M | 258M | 341M | 309M | 175M | 301M | 488M | 396M | 318M | 279M | 279M |
| Gross Margin | 3.8% | 5.6% | N/A | -6.9% | 2.6% | 3.7% | -1.2% | 0.3% | 9.5% | 11.3% | 3.5% | 4.3% | 4.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.4M | 1.5M | 2.7M | 4.0M | 3.3M | 2.7M | 2.3M | 4.6M | 4.0M | 3.1M | 6.4M | 5.3M | 5.3M |
| EBIT | 11M | 7.6M | -12M | -22M | 2.6M | 5.5M | -7.9M | -6.7M | 39M | 36M | -4.3M | -1.5M | -1.5M |
| Op. Margin | 2.8% | 3.4% | -7.3% | -8.5% | 0.8% | 1.8% | -4.5% | -2.2% | 8.0% | 9.2% | -1.4% | -0.5% | -0.5% |
| Net Income | 16M | 4.4M | -16M | -22M | -523K | 7.4M | -14M | -13M | 33M | 31M | -8.6M | -5.6M | -5.6M |
| Net Margin | 4.1% | 2.0% | -9.4% | -8.6% | -0.2% | 2.4% | -8.3% | -4.3% | 6.7% | 7.8% | -2.7% | -2.0% | -2.0% |
| Non-Recurring | -4K | 0 | 969K | 2.1M | 0 | 0 | 0 | 1.1M | 10K | 1.6M | 0 | 3.0M | 3.0M |
| Returns on Capital | |||||||||||||
| ROIC | 12.9% | 9.3% | -37.9% | -25.4% | 3.7% | 7.4% | -11.3% | -10.1% | 121.4% | 62.2% | -21.7% | -2.0% | -1.6% |
| ROE | 78.6% | 14.6% | -64.2% | -373.1% | 10.5% | 211.2% | 396.1% | 74.6% | 310.7% | 118.8% | -23.2% | -18.6% | -20.5% |
| ROA | 26.7% | 5.9% | -19.2% | -30.0% | -0.7% | 10.4% | -20.5% | -18.9% | 43.8% | 32.6% | -8.3% | -5.6% | -5.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 7.9M | 7.1M | -3.9M | -4.9M | 1.0M | -8.2M | -3.9M | -6.1M | 16M | 20M | -16M | -766K | -766K |
| Free Cash Flow | 6.1M | -5.2M | -19M | -9.0M | -1.0M | -9.8M | -5.0M | -6.1M | 16M | 20M | -16M | -779K | -779K |
| Owner Earnings | 6.2M | 5.4M | -5.8M | -6.8M | -928K | -11M | -6.6M | -8.8M | 13M | 17M | -18M | -3.6M | -3.6M |
| CapEx | 1.7M | 12M | 15M | 4.1M | 2.0M | 1.6M | 1.1M | 0 | 102K | 102K | 46K | 13K | 13K |
| Maint. CapEx | 1.6M | 1.6M | 1.9M | 1.8M | 1.9M | 2.5M | 2.7M | 2.8M | 2.8M | 2.8M | 2.8M | 2.9M | 2.9M |
| Growth CapEx | 149K | 11M | 13M | 2.3M | 96K | 0 | 0 | N/A | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.6M | 1.6M | 1.9M | 1.8M | 1.9M | 2.5M | 2.7M | 2.8M | 2.8M | 2.8M | 2.8M | 2.9M | 2.9M |
| CapEx/OCF | 24.0% | 12.4% | N/A | N/A | 0.4% | N/A | N/A | N/A | 0.6% | 0.5% | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 95K | 20K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 6.2M | 13M | 3.7M | 1.4M | 890K | 2.6M | 3.9M | 4.7M | 1.0M | 1.5M | 5.2M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 32M | 70M | 67M | 73M | 75M | 74M | 42M | 34M | 44M | 21M | 46M | 49M | 49M |
| Cash & Equiv. | 1.3M | 1.9M | 1.2M | 495K | 14K | 72K | 549K | 11M | 520K | 19M | 81K | 1.0M | 1.0M |
| Long-Term Debt | 11M | 33M | 1.3M | 0 | 0 | 0 | 355K | 838K | 2.3M | 0 | 5.2M | 50M | 50M |
| Debt/Equity | 1.20 | 2.22 | 4.09 | -15.47 | -14.29 | 21.23 | -3.95 | -1.87 | 4.22 | 0.95 | 1.40 | 1.82 | 1.82 |
| Interest Coverage | 12.0 | 4.4 | -6.6 | -7.9 | 0.8 | 0.8 | -1.2 | -1.1 | 6.6 | 6.0 | -0.7 | -0.3 | -0.3 |
| Equity | 28M | 32M | 17M | -4.7M | -5.2M | 3.5M | -11M | -24M | 11M | 42M | 33M | 27M | 27M |
| Total Assets | 60M | 89M | 75M | 73M | 71M | 71M | 69M | 66M | 84M | 106M | 102M | 99M | 99M |
| Total Liabilities | 32M | 57M | 59M | 78M | 76M | 68M | 80M | 90M | 73M | 64M | 69M | 72M | 72M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Retained Earnings | -8.1M | -3.7M | -19M | -42M | -42M | -35M | -49M | -62M | -29M | 1.7M | -6.9M | -13M | -13M |
| Working Capital | -3.2M | -599K | -38M | -70M | -72M | -59M | -72M | -78M | -45M | -6.1M | -19M | -24M | -24M |
| Current Assets | 15M | 20M | 11M | 7.0M | 4.0M | 6.1M | 5.6M | 5.8M | 25M | 49M | 45M | 44M | 44M |
| Current Liabilities | 18M | 20M | 49M | 76M | 76M | 65M | 78M | 84M | 70M | 55M | 64M | 69M | 69M |
| Per Share Data | |||||||||||||
| EPS | 1.51 | 0.42 | -1.51 | -2.09 | -0.05 | 0.66 | -1.15 | -1.01 | 2.34 | 2.08 | -0.58 | -0.38 | -0.38 |
| Owner EPS | 0.59 | 0.51 | -0.56 | -0.63 | -0.09 | -0.96 | -0.52 | -0.69 | 0.96 | 1.15 | -1.24 | -0.25 | -0.25 |
| Book Value | 2.68 | 3.09 | 1.60 | -0.44 | -0.50 | 0.31 | -0.86 | -1.86 | 0.75 | 2.79 | 2.21 | 1.86 | 1.86 |
| Cash Flow/Share | 0.75 | 0.67 | -0.37 | -0.46 | 0.10 | -0.73 | -0.31 | -0.48 | 1.16 | 1.34 | -1.05 | -0.05 | -0.19 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 10.4M | 10.5M | 10.4M | 10.7M | 10.5M | 11.2M | 12.6M | 12.7M | 14.1M | 14.9M | 14.9M | 14.7M | 14.7M |
| Valuation | |||||||||||||
| P/E Ratio | 3.3 | 11.3 | N/A | N/A | N/A | 0.8 | N/A | N/A | 0.7 | 2.1 | N/A | N/A | -11.4 |
| P/FCF | 8.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.4 | 3.3 | N/A | N/A | N/A |
| EV/EBIT | 6.5 | 10.9 | N/A | N/A | 32.1 | 7.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.9 | 1.5 | 2.4 | N/A | N/A | 1.6 | N/A | N/A | 2.1 | 1.6 | 1.2 | N/A | 2.3 |
| Price/Sales | 0.2 | 0.2 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | N/A | 0.2 |
| FCF Yield | 11.8% | -10.4% | -47.2% | -94.9% | -8.2% | -171.7% | -88.1% | -153.7% | 71.9% | 30.2% | -39.8% | N/A | -1.2% |
| Market Cap | 52M | 50M | 40M | 9.5M | 12M | 5.7M | 5.7M | 3.9M | 22M | 66M | 39M | 0 | 64M |
| Avg. Price | 5.97 | 4.66 | 3.91 | 1.86 | 0.83 | 1.09 | 0.46 | 0.41 | 1.07 | 3.55 | 4.47 | 0.00 | 4.33 |
| Year-End Price | 5.00 | 4.75 | 3.84 | 0.89 | 1.19 | 0.51 | 0.45 | 0.31 | 1.60 | 4.42 | 2.65 | 0.00 | 4.33 |
BLUE DOLPHIN ENERGY CO passes 3 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 30.0% with a gross margin of 5.8%. At current prices, the estimated annualized return to fair value is +22.4%.
BLUE DOLPHIN ENERGY CO (BDCO) has a debt-to-equity ratio of 1.82. This indicates higher leverage, which may increase financial risk.
BLUE DOLPHIN ENERGY CO (BDCO) reported earnings per share (EPS) of $-0.38 in its most recent fiscal year.
BLUE DOLPHIN ENERGY CO (BDCO) has a return on equity (ROE) of -18.6%. A negative ROE may indicate losses or negative equity.
BLUE DOLPHIN ENERGY CO (BDCO) has a 5-year average gross margin of 5.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for BLUE DOLPHIN ENERGY CO (BDCO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BLUE DOLPHIN ENERGY CO (BDCO) has a book value per share of $1.86, based on its most recent annual SEC filing.
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