A Business at a Glance
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United States 12 Month Oil Fund, LP
USL
$62M
Mkt Cap
$51.78
-0.30%
United States 12 Month Oil Fund, LP (USL) has a 5-year average return on invested capital (ROIC) of 55.9%. This indicates strong capital allocation and a potential competitive advantage.
United States 12 Month Oil Fund, LP (USL) has a market capitalization of $62M. It is classified as a small-cap stock.
United States 12 Month Oil Fund, LP (USL) does not currently pay a regular dividend.
United States 12 Month Oil Fund, LP (USL) operates in the Commodity Contracts Brokers & Dealers industry, within the Financials sector.
United States 12 Month Oil Fund, LP (USL) reported annual revenue of $-5 million in its most recent fiscal year, based on SEC EDGAR filings.
United States 12 Month Oil Fund, LP (USL) has a net profit margin of 108.1%. This is a strong margin indicating high profitability.
United States 12 Month Oil Fund, LP (USL) generated $-3 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Item 1. Business. What is USL? The United States 12 Month Oil Fund, LP (“USL”) is a Delaware limited partnership organized on June 27, 2007. USL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USL is a commodity pool that issues limited partnership interests (“shares”) traded on the NYSE Arca, Inc. (the “NYSE Arca”). USL’s shares began trading on December 6, 2007. It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | -5.3M | -5.3M | 5.7M | 551K | 39M | 95M |
| Net Income | -5.8M | -5.8M | 5.1M | -57K | 38M | 93M |
| EPS | $-4.80 | $-4.80 | $4.21 | $-0.05 | $21.31 | $40.58 |
| Free Cash Flow | -3.2M | -3.2M | 3.6M | -1.3M | 50M | 100M |
| ROIC | - | - | - | - | - | 55.9% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | - | - | - | - | 0.08 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | - | - | - | - | - |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 0.0% | - | - | - | - | 55.9% |
| Shares Outstanding | 1M | 1M | 1M | 1M | 2M | 2M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | -18M | -27M | 30M | 2.7M | -4.9M | 15M | 110M | 95M | 39M | 551K | 5.7M | -5.3M | -5.3M |
| Gross Margin | 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 |
| 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 | 16K | 10K | 11K | 14K | 14K | 13K | 17K | 46K | 47K | 37K | 19K | 15K | 15K |
| EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Net Income | -19M | -28M | 29M | 1.7M | -5.5M | 14M | 109M | 93M | 38M | -57K | 5.1M | -5.8M | -5.8M |
| Net Margin | 102.7% | 102.1% | 97.3% | 64.9% | 113.4% | 96.7% | 98.6% | 98.3% | 97.3% | -10.3% | 89.1% | 108.1% | 0.0% |
| Non-Recurring | 402K | -25M | -7.4M | 8.0M | 21M | -5.7M | 77M | 112M | 61M | -4.0M | 1.2M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | N/A | N/A | 29.8% | 1.6% | N/A | N/A | 86.4% | 55.9% | N/A | N/A | N/A | N/A | N/A |
| ROE | N/A | N/A | 29.8% | 1.6% | N/A | N/A | 86.4% | 55.9% | N/A | N/A | N/A | N/A | 0.0% |
| ROA | -36.9% | -51.7% | 27.7% | 1.4% | -7.3% | 27.2% | 79.1% | 50.6% | 32.4% | -0.1% | 8.7% | -13.3% | -15.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -16M | -35M | 7.2M | 415K | 14M | -5.0M | 97M | 100M | 50M | -1.3M | 3.6M | -3.2M | -3.2M |
| Free Cash Flow | -16M | -35M | 7.2M | 415K | 14M | -5.0M | 97M | 100M | 50M | -1.3M | 3.6M | -3.2M | -3.2M |
| Owner Earnings | -16M | -35M | 7.2M | 415K | 14M | -5.0M | 97M | 100M | 50M | -1.3M | 3.6M | -3.2M | -3.2M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 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 | N/A | 0.0% |
| Stock-Based Comp | 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 |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -32M |
| Cash & Equiv. | 33M | 61M | 117M | 83M | 43M | 45M | 182M | 100M | 21M | 24M | 32M | 32M | 32M |
| Long-Term Debt | 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 |
| Debt/Equity | N/A | N/A | 0.12 | 0.08 | N/A | N/A | 0.12 | 0.08 | N/A | N/A | N/A | N/A | 0.00 |
| Interest Coverage | 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 |
| Equity | N/A | N/A | 126M | 92M | N/A | N/A | 196M | 138M | N/A | N/A | N/A | N/A | 0 |
| Total Assets | 37M | 71M | 142M | 99M | 51M | 55M | 219M | 149M | 87M | 67M | 50M | 37M | 37M |
| Total Liabilities | N/A | N/A | 15M | 7.8M | N/A | N/A | 23M | 12M | N/A | N/A | N/A | N/A | N/A |
| Intangibles | 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 |
| Retained Earnings | 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 |
| Working Capital | 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 |
| Current Assets | 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 |
| Current Liabilities | 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 |
| Per Share Data | |||||||||||||
| EPS | -2.85 | -4.78 | 7.83 | 0.60 | -2.25 | 1.35 | 23.89 | 40.58 | 21.31 | -0.05 | 4.21 | -4.80 | -4.80 |
| Owner EPS | -2.48 | -5.93 | 1.92 | 0.15 | 5.61 | -0.46 | 21.41 | 43.48 | 27.60 | -1.03 | 2.98 | -2.66 | -2.66 |
| Book Value | N/A | N/A | 33.70 | 32.12 | N/A | N/A | 43.18 | 59.85 | N/A | N/A | N/A | N/A | 0.00 |
| Cash Flow/Share | -2.48 | -5.93 | 7.87 | 0.15 | 5.61 | -0.46 | 21.41 | 43.48 | 27.60 | -1.03 | 2.98 | -2.66 | -4.80 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 6.6M | 5.8M | 3.8M | 2.9M | 2.5M | 10.7M | 4.5M | 2.3M | 1.8M | 1.3M | 1.2M | 1.2M | 1.2M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 2.6 | 34.5 | N/A | 17.2 | 0.7 | 0.7 | 1.6 | N/A | 8.8 | N/A | -10.8 |
| P/FCF | N/A | N/A | 10.6 | 143.2 | 3.1 | N/A | 0.8 | 0.6 | 1.3 | N/A | 12.5 | N/A | N/A |
| EV/EBIT | 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 |
| Price/Book | N/A | N/A | 0.6 | 0.6 | N/A | N/A | 0.4 | 0.5 | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | 2.2 | 19.8 | N/A | 15.4 | 0.6 | 0.6 | 1.7 | 80.4 | 8.0 | N/A | N/A |
| FCF Yield | -9.2% | -35.5% | 9.4% | 0.7% | 31.8% | -2.0% | 125.8% | 155.1% | 79.4% | -2.9% | 8.0% | -8.0% | -5.1% |
| Market Cap | 178M | 98M | 76M | 59M | 43M | 249M | 77M | 64M | 63M | 44M | 45M | 40M | 62M |
| Avg. Price | 41.84 | 23.27 | 17.70 | 18.39 | 23.34 | 21.45 | 15.69 | 24.04 | 36.27 | 35.48 | 38.06 | 35.68 | 51.78 |
| Year-End Price | 27.04 | 16.68 | 20.39 | 20.87 | 17.63 | 23.23 | 17.02 | 28.03 | 34.76 | 35.39 | 37.25 | 33.07 | 51.78 |
United States 12 Month Oil Fund, LP passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 55.9%. At current prices, the estimated annualized return to fair value is -16.8%.
United States 12 Month Oil Fund, LP (USL) reported earnings per share (EPS) of $-4.80 in its most recent fiscal year.
The Ledger Terminal provides 16 years of financial data for United States 12 Month Oil Fund, LP (USL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
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