A Business at a Glance
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EVOLUTION PETROLEUM CORP
EPM
$188M
Mkt Cap
$3.83
-2.79%
EVOLUTION PETROLEUM CORP (EPM) has a current P/E ratio of 127.7, compared to its historical median P/E of 10.0. The stock is currently considered Expensive based on its historical valuation range.
EVOLUTION PETROLEUM CORP (EPM) has a 5-year average return on invested capital (ROIC) of 15.3%. This indicates strong capital allocation and a potential competitive advantage.
EVOLUTION PETROLEUM CORP (EPM) has a market capitalization of $134M. It is classified as a small-cap stock.
Yes, EVOLUTION PETROLEUM CORP (EPM) pays a dividend with a trailing twelve-month yield of 12.37%. The company also returns capital through share buybacks, with a buyback yield of 0.32%.
Based on historical P/E analysis, EVOLUTION PETROLEUM CORP (EPM) appears expensive. The current P/E of 127.7 is 1173% above its historical median of 10.0. The estimated fair value CAGR (P/E method) is -14.2%.
EVOLUTION PETROLEUM CORP (EPM) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
Item 1. Business Note: See Glossary of Selected Petroleum Industry Terms starting on page iv. Evolution Petroleum Corporation (“Evolution,” and together with its consolidated subsidiaries, the “Company”, “our”, “we, “us” or similar terms) is an independent energy company focused on maximizing total returns to its shareholders through the ownership of and investment in onshore oil and natural gas properties in the United States. Our long-term goal is to maximize total shareholder return from a diversified portfolio of long-life oil and natural gas properties built through acquisition and through selective development opportunities, production enhancement, and other exploitation efforts on our oil and natural gas properties. Recent Developments Dividend Declaration On September 11, 2025, Evolution’s Board of Directors approved and declared a quarterly dividend of $0.12 per common share payable September 30, 2025.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 86M | 86M | 86M | 129M | 109M | 33M |
| Net Income | 3.1M | 1.5M | 4.1M | 35M | 33M | -16M |
| EPS | $0.09 | $0.03 | $0.12 | $1.04 | $0.96 | $-0.50 |
| Free Cash Flow | 17M | 20M | 10M | 45M | 50M | 4.1M |
| ROIC | 1.4% | 3.0% | 6.0% | 41.4% | 50.8% | -24.8% |
| Gross Margin | - | 16.9% | 20.4% | 42.6% | 47.9% | -42.8% |
| Debt/Equity | 1.61 | 0.52 | 0.49 | 0.39 | 0.28 | 0.07 |
| Dividends/Share | $0.47 | $2.75 | $0.47 | $0.48 | $0.35 | $0.13 |
| Operating Income | 3.5M | 4.2M | 7.9M | 45M | 45M | -21M |
| Operating Margin | 4.1% | 4.9% | 9.2% | 35.1% | 41.7% | -63.4% |
| ROE | 4.6% | 1.9% | 4.7% | 42.0% | 50.2% | -25.5% |
| Shares Outstanding | 35M | 49M | 34M | 34M | 34M | 33M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 18M | 28M | 26M | 34M | 41M | 43M | 30M | 33M | 109M | 129M | 86M | 86M | 86M |
| Gross Margin | 78.7% | 53.3% | N/A | N/A | N/A | N/A | N/A | -42.8% | 47.9% | 42.6% | 20.4% | 16.9% | N/A |
| 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 | 8.4M | 6.3M | 9.1M | 5.0M | 6.8M | 5.1M | 5.3M | 6.8M | 6.8M | 9.6M | 9.6M | 10M | 10M |
| EBIT | 5.5M | 8.6M | 1.7M | 13M | 16M | 18M | 3.7M | -21M | 45M | 45M | 7.9M | 4.2M | 3.5M |
| Op. Margin | 31.3% | 30.8% | 6.3% | 37.4% | 39.8% | 40.8% | 12.5% | -63.4% | 41.7% | 35.1% | 9.2% | 4.9% | 4.1% |
| Net Income | 2.9M | 4.3M | 24M | 6.8M | 20M | 15M | 5.9M | -16M | 33M | 35M | 4.1M | 1.5M | 3.1M |
| Net Margin | 16.5% | 15.5% | 91.0% | 19.7% | 48.1% | 35.6% | 20.1% | -50.3% | 30.0% | 27.4% | 4.8% | 1.7% | 3.6% |
| Non-Recurring | 1.3M | 5K | 1.8M | 4K | 0 | 0 | 0 | 146K | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 12.5% | 18.3% | 38.4% | 18.3% | 33.2% | 28.5% | 7.2% | -24.8% | 50.8% | 41.4% | 6.0% | 3.0% | 1.4% |
| ROE | 5.5% | 8.6% | 38.4% | 9.4% | 26.9% | 19.5% | 7.7% | -25.5% | 50.2% | 42.0% | 4.7% | 1.9% | 4.6% |
| ROA | 4.4% | 6.4% | 28.7% | 7.3% | 21.6% | 16.2% | 6.3% | -19.5% | 29.0% | 25.5% | 2.8% | 0.9% | 1.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 8.1M | 10M | 31M | 16M | 21M | 24M | 12M | 4.7M | 52M | 51M | 23M | 33M | 31M |
| Free Cash Flow | 7.9M | 5.0M | 31M | 16M | 21M | 19M | 11M | 4.1M | 50M | 45M | 10M | 20M | 17M |
| Owner Earnings | 5.5M | 5.8M | 24M | 9.6M | 13M | 17M | 5.3M | -1.7M | 44M | 35M | 530K | 8.6M | 5.8M |
| CapEx | 184K | 5.4M | 7K | 32K | 8K | 5.2M | 1.5M | 600K | 2.6M | 6.2M | 12M | 13M | 14M |
| Maint. CapEx | 1.2M | 3.6M | 5.2M | 5.7M | 6.1M | 6.3M | 5.8M | 5.2M | 8.1M | 14M | 20M | 22M | 23M |
| Growth CapEx | 0 | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.2M | 3.6M | 5.2M | 5.7M | 6.1M | 6.3M | 5.8M | 5.2M | 8.1M | 14M | 20M | 22M | 23M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10.0% | 2.9% | 13.6% | 48.0% | 38.2% | 43.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 9.7M | 9.8M | 6.6M | 8.4M | 12M | 13M | 11M | 4.3M | 12M | 16M | 16M | 135M | 17M |
| Dividend Yield | 5.0% | 7.0% | 6.8% | 6.1% | 7.5% | 7.6% | 10.6% | 6.1% | 8.3% | 8.9% | 8.8% | 59.6% | 12.4% |
| Share Buybacks | 0 | 504K | 1.4M | 460K | 571K | 157K | 2.5M | 7K | 38K | 4.2M | 1.1M | 442K | 433K |
| Buyback Yield | N/A | N/A | N/A | 0.3% | 0.3% | 0.1% | 3.7% | 0.0% | 0.0% | 1.9% | 0.7% | 0.2% | 0.3% |
| Stock-Based Comp | 1.4M | 944K | 1.8M | 1.2M | 1.4M | 888K | 1.3M | 1.3M | 125K | 1.6M | 2.1M | 2.5M | 2.4M |
| Debt Repayment | 64K | 94K | 169K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 90K | 90K |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | -20M | -1.3M | 13M | N/A | 33M | 35M | 105M |
| Cash & Equiv. | 24M | 20M | 34M | 23M | 25M | 32M | 20M | 5.3M | 8.3M | 11M | 6.4M | 2.5M | 3.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 4.0M | 21M | N/A | 40M | 38M | 55M |
| Debt/Equity | 0.25 | 0.44 | 0.28 | 0.29 | 0.21 | 0.20 | 0.00 | 0.07 | 0.28 | 0.39 | 0.49 | 0.52 | 1.61 |
| Interest Coverage | 80.0 | 116.6 | 23.5 | 157.5 | 146.3 | 151.3 | 33.3 | -201.4 | 79.3 | 98.5 | 5.4 | 1.4 | 1.1 |
| Equity | 52M | 49M | 76M | 68M | 77M | 80M | 74M | 55M | 76M | 92M | 81M | 72M | 68M |
| Total Assets | 65M | 70M | 97M | 88M | 94M | 96M | 92M | 77M | 148M | 128M | 163M | 160M | 169M |
| Total Liabilities | 13M | 21M | 21M | 20M | 16M | 16M | 18M | 22M | 73M | 36M | 82M | 88M | 102M |
| Intangibles | 319K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 17M | 12M | 29M | 27M | 35M | 38M | 33M | 12M | 33M | 52M | 40M | 25M | 19M |
| Working Capital | 23M | 14M | 29M | 23M | 28M | 32M | 21M | 12M | 6.1M | 8.9M | 5.9M | -4.0M | -2.0M |
| Current Assets | 26M | 24M | 37M | 26M | 32M | 35M | 25M | 18M | 36M | 21M | 22M | 17M | 17M |
| Current Liabilities | 3.0M | 9.3M | 8.5M | 2.7M | 4.4M | 2.8M | 4.3M | 6.6M | 30M | 12M | 16M | 21M | 19M |
| Per Share Data | |||||||||||||
| EPS | 0.09 | 0.13 | 0.73 | 0.21 | 0.59 | 0.46 | 0.18 | -0.50 | 0.96 | 1.04 | 0.12 | 0.03 | 0.09 |
| Owner EPS | 0.17 | 0.18 | 0.72 | 0.30 | 0.39 | 0.51 | 0.16 | -0.05 | 1.30 | 1.04 | 0.02 | 0.17 | 0.17 |
| Book Value | 1.60 | 1.46 | 2.32 | 2.12 | 2.32 | 2.40 | 2.25 | 1.66 | 2.22 | 2.72 | 2.39 | 1.46 | 1.93 |
| Cash Flow/Share | 0.25 | 0.31 | 0.93 | 0.51 | 0.62 | 0.72 | 0.38 | 0.14 | 1.54 | 1.51 | 0.67 | 0.67 | 0.74 |
| Dividends/Share | 0.30 | 0.30 | 0.20 | 0.26 | 0.35 | 0.40 | 0.33 | 0.13 | 0.35 | 0.48 | 0.47 | 2.75 | 0.47 |
| Shares Out. | 32.5M | 33.2M | 32.9M | 32.3M | 33.3M | 33.4M | 33.0M | 32.9M | 34.0M | 33.9M | 34.0M | 49.1M | 35.0M |
| Valuation | |||||||||||||
| P/E Ratio | 63.2 | 28.3 | 4.2 | 22.0 | 10.2 | 9.8 | 11.2 | N/A | 4.6 | 6.2 | 38.1 | 155.9 | 42.5 |
| P/FCF | 23.3 | 24.6 | 3.3 | 9.1 | 9.8 | 8.0 | 6.1 | 27.5 | 3.0 | 4.9 | 14.9 | 11.6 | 7.7 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 12.6 | N/A | 3.6 | N/A | 23.8 | 63.4 | 68.4 |
| Price/Book | 3.6 | 2.5 | 1.3 | 2.2 | 2.6 | 1.9 | 0.9 | 2.1 | 2.0 | 2.4 | 1.9 | 3.2 | 2.0 |
| Price/Sales | 11.1 | 5.1 | 3.6 | 4.0 | 3.8 | 4.0 | 3.4 | 2.2 | 1.3 | 1.4 | 2.1 | 2.6 | 1.6 |
| FCF Yield | 4.3% | 4.1% | 30.1% | 11.0% | 10.2% | 12.5% | 16.4% | 3.6% | 33.2% | 20.6% | 6.7% | 8.6% | 13.0% |
| Market Cap | 185M | 122M | 102M | 149M | 201M | 151M | 66M | 114M | 150M | 219M | 155M | 230M | 134M |
| Avg. Price | 6.04 | 4.24 | 2.93 | 4.26 | 4.62 | 5.19 | 3.07 | 2.16 | 4.19 | 5.35 | 5.35 | 4.60 | 3.83 |
| Year-End Price | 5.69 | 3.67 | 3.10 | 4.62 | 6.03 | 4.53 | 2.01 | 3.45 | 4.41 | 6.47 | 4.57 | 4.68 | 3.83 |
EVOLUTION PETROLEUM CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
EVOLUTION PETROLEUM CORP trades at 127.7x trailing earnings, compared to its 15-year median P/E of 10.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 9.2x vs a median of 8.5x. The company's 5-year average ROIC is 15.3% with a gross margin of 17.0%. Total shareholder yield (dividends + buybacks) is 12.7%. At current prices, the estimated annualized return to fair value is +5.9%.
EVOLUTION PETROLEUM CORP (EPM) reported annual revenue of $86 million in its most recent fiscal year, based on SEC EDGAR filings.
EVOLUTION PETROLEUM CORP (EPM) has a net profit margin of 1.7%. This is a modest margin.
EVOLUTION PETROLEUM CORP (EPM) generated $20 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EVOLUTION PETROLEUM CORP (EPM) has a debt-to-equity ratio of 0.52. This indicates moderate leverage.
EVOLUTION PETROLEUM CORP (EPM) reported earnings per share (EPS) of $0.03 in its most recent fiscal year.
EVOLUTION PETROLEUM CORP (EPM) has a return on equity (ROE) of 1.9%. This indicates moderate shareholder returns.
EVOLUTION PETROLEUM CORP (EPM) has a 5-year average gross margin of 17.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for EVOLUTION PETROLEUM CORP (EPM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EVOLUTION PETROLEUM CORP (EPM) has a book value per share of $1.46, based on its most recent annual SEC filing.
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