What is Vaalco Energy's operating income?

Vaalco Energy's total operating income in 2025 was -$20.61 million, based on the following breakdown: Total Gross Profit: $200.99 million Total Operating Expenses: $221.60 million

Vaalco Energy (EGY) Financials

$5.32 -0.01 (-0.09%)

Closing price 07/31/2026 03:59 PM Eastern

Extended Trading

$5.34 +0.01 (+0.19%)

As of 07/31/2026 07:59 PM Eastern

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Annual Income Statements for Vaalco Energy

This table shows Vaalco Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-159	-27	9.65	98	2.56	-48	82	52	60	58	-41
Consolidated Net Income / (Loss)	-159	-27	9.65	98	2.56	-48	82	52	60	58	-41
Net Income / (Loss) Continuing Operations	-121	-18	10	99	-2.85	-48	82	52	60	58	-41
Total Pre-Tax Income	-106	-9.02	21	55	21	-20	60	123	150	140	-27
Total Operating Income	-103	-4.39	20	51	21	-27	79	171	159	136	-21
Total Gross Profit	40	22	37	65	47	29	117	239	307	309	201
Total Revenue	80	60	77	105	85	67	199	354	455	479	359
Operating Revenue	80	60	77	105	85	67	199	354	455	479	359
Total Cost of Revenue	40	38	40	40	37	38	82	116	148	170	158
Operating Cost of Revenue	40	38	40	40	38	37	81	113	153	164	158
Other Cost of Revenue	-	-	0.45	-0.08	-0.34	1.17	0.88	3.08	-4.91	6.30	0.11
Total Operating Expenses	143	27	17	13	26	56	38	67	148	173	222
Selling, General & Admin Expense	15	20	10	11	15	11	15	10	24	30	33
Exploration Expense	10	0.01	0.01	0.01	0.00	3.59	1.58	0.26	1.97	0.05	8.91
Depreciation Expense	33	6.93	6.46	5.60	7.08	9.38	21	48	115	143	110
Other Operating Expenses / (Income)	3.46	-0.07	0.08	-3.69	4.04	1.67	0.44	8.83	7.05	-0.08	2.39
Impairment Charge	81	0.09	-	0.00	0.00	31	-	-	0.00	0.00	67
Total Other Income / (Expense), net	-2.86	-4.63	0.70	4.19	-0.15	6.86	-19	-48	-8.53	3.30	-5.96
Interest & Investment Income	-	-	-	-0.15	0.73	0.16	0.01	-2.03	-6.45	-3.73	-8.24
Other Income / (Expense), net	-1.54	-2.02	2.11	4.33	-0.88	6.71	-19	-46	-2.07	7.03	2.28
Income Tax Expense	15	9.25	10	-43	24	28	-22	71	90	81	15
Basic Earnings per Share	($2.72)	($0.45)	$0.16	$1.64	$0.04	($0.83)	$1.38	$0.74	$0.56	$0.56	($0.40)
Weighted Average Basic Shares Outstanding	58.29M	58.38M	58.72M	59.25M	59.14M	57.59M	58.23M	69.57M	106.38M	103.67M	104.06M
Diluted Earnings per Share	($2.72)	($0.45)	$0.16	$1.62	$0.04	($0.83)	$1.37	$0.73	$0.56	$0.56	($0.40)
Weighted Average Diluted Shares Outstanding	58.29M	58.38M	58.72M	60.00M	59.14M	57.59M	58.76M	69.98M	106.56M	103.75M	104.06M
Weighted Average Basic & Diluted Shares Outstanding	58.30M	59M	60.30M	59.90M	57.98M	57.66M	58.67M	107.32M	103.27M	103.74M	104.26M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	$0.25	$0.25	$0.25

This table shows Vaalco Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	6.14	44	7.69	28	11	12	7.73	8.38	1.10	-59	-94
Consolidated Net Income / (Loss)	6.14	44	7.69	28	11	12	7.73	8.38	1.10	-59	-94
Net Income / (Loss) Continuing Operations	6.14	44	7.69	28	11	12	7.73	8.38	1.10	-59	-94
Total Pre-Tax Income	32	82	30	37	44	29	24	15	-2.50	-63	-89
Total Operating Income	36	81	32	20	44	40	26	17	0.90	-65	-16
Total Gross Profit	75	110	66	61	98	84	66	56	31	48	34
Total Revenue	116	149	100	117	140	122	110	97	61	91	63
Operating Revenue	-	-	100	117	140	-	110	97	61	91	63
Total Cost of Revenue	41	39	34	56	42	38	45	40	30	43	29
Operating Cost of Revenue	40	46	32	52	42	37	45	40	30	43	28
Other Cost of Revenue	0.82	-7.34	1.81	3.34	0.07	1.08	-0.03	0.03	0.48	-0.38	0.27
Total Operating Expenses	40	29	34	41	54	44	39	39	30	113	50
Selling, General & Admin Expense	6.22	7.01	8.02	7.59	6.93	8.45	9.05	8.50	8.85	6.70	8.28
Exploration Expense	1.19	0.71	0.05	0.00	0.00	-	0.00	2.52	0.35	6.04	22
Depreciation Expense	33	20	26	33	47	37	30	28	21	31	18
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	-	-	-	1.20
Total Other Income / (Expense), net	-3.56	0.63	-2.27	17	-0.52	-11	-2.38	-1.82	-3.39	1.63	-73
Interest & Investment Income	-1.43	-1.08	-0.94	-1.12	-0.59	-1.09	-1.30	-2.57	-2.33	-2.04	-1.70
Other Income / (Expense), net	-2.14	1.70	-1.33	18	0.07	-9.87	-1.09	0.75	-1.06	3.67	-72
Income Tax Expense	26	38	22	9.30	33	17	16	6.98	-3.60	-4.65	4.32
Basic Earnings per Share	$0.06	$0.41	$0.07	$0.27	$0.10	$0.12	$0.07	$0.08	$0.01	($0.56)	($0.90)
Weighted Average Basic Shares Outstanding	106.29M	106.38M	103.66M	103.53M	103.74M	103.67M	103.76M	103.94M	104.26M	104.06M	104.26M
Diluted Earnings per Share	$0.06	$0.41	$0.07	$0.27	$0.10	$0.12	$0.07	$0.08	$0.01	($0.56)	($0.90)
Weighted Average Diluted Shares Outstanding	106.43M	106.56M	104.54M	103.68M	103.84M	103.75M	103.79M	103.96M	104.28M	104.06M	104.26M
Weighted Average Basic & Diluted Shares Outstanding	105.16M	103.27M	103.46M	103.74M	103.74M	103.74M	103.82M	104.26M	104.26M	104.26M	104.26M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.06	-	-	-	$0.06

This table details how cash moves in and out of Vaalco Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-44	-17	1.64	14	12	2.19	11	-13	69	-31	-31
Net Cash From Operating Activities	39	-0.08	8.96	37	26	27	50	129	224	114	213
Net Cash From Continuing Operating Activities	42	-12	13	38	31	28	50	129	224	114	213
Net Income / (Loss) Continuing Operations	-121	-18	10	99	-2.85	-48	82	52	60	58	-41
Consolidated Net Income / (Loss)	-159	-27	9.65	98	2.56	-48	82	52	60	58	-41
Depreciation Expense	33	8.35	6.46	5.60	7.08	9.38	21	48	115	143	110
Non-Cash Adjustments To Reconcile Net Income	79	20	2.33	4.26	2.74	45	-21	-74	30	-1.93	81
Changes in Operating Assets and Liabilities, net	50	-22	-6.05	-71	24	21	-31	103	18	-86	63
Net Cash From Investing Activities	-83	-17	-1.50	-14	-10	-24	-39	-123	-97	-102	-256
Net Cash From Continuing Investing Activities	-62	-17	-1.50	-14	-10	-24	-39	-123	-97	-102	-256
Purchase of Property, Plant & Equipment	-68	-8.71	-1.81	-14	-10	-24	-39	-160	-97	-103	-253
Other Investing Activities, net	5.54	-2.94	-	-	-	-	-	37	0.00	0.88	-3.03
Net Cash From Financing Activities	0.44	-0.14	-5.82	-8.68	-3.66	-0.93	-0.06	-18	-57	-43	12
Net Cash From Continuing Financing Activities	0.44	-0.14	-5.82	-8.68	-3.66	-0.93	-0.06	-18	-57	-43	12
Repayment of Debt	0.00	-0.09	-10	-9.17	-	0.00	0.00	-2.07	0.00	0.00	-7.15
Repurchase of Common Equity	0.00	-0.05	-0.02	-0.06	-3.91	-0.99	-1.43	-3.81	-24	-6.80	-0.71
Payment of Dividends	-	-	-	-	-	0.00	0.00	-9.35	-27	-26	-26
Issuance of Debt	0.00	0.00	4.17	-	-	-	-	-	0.00	0.00	60
Issuance of Common Equity	0.44	0.00	0.04	0.54	0.26	0.06	1.37	0.31	0.67	0.45	0.00
Other Financing Activities, net	-	-	-	-	-	0.00	0.00	-3.04	-7.15	-10	-13
Other Net Changes in Cash	-	-	-	-	-	0.00	0.00	-0.22	-0.15	-0.00	0.08
Cash Interest Paid	1.34	1.33	1.00	0.26	-	0.00	0.00	1.66	9.12	6.71	6.64

This table details how cash moves in and out of Vaalco Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	57	18	-9.45	-42	27	-7.25	-41	17	-42	35	-11
Net Cash From Operating Activities	94	52	22	-0.44	48	45	33	18	16	145	-39
Net Cash From Continuing Operating Activities	94	52	22	-0.44	48	45	33	18	16	145	-39
Net Income / (Loss) Continuing Operations	6.14	44	7.69	28	11	12	7.73	8.38	1.10	-59	-94
Consolidated Net Income / (Loss)	6.14	44	7.69	28	11	12	7.73	8.38	1.10	-59	-94
Depreciation Expense	33	20	26	33	47	37	30	28	21	31	18
Amortization Expense	-	-	0.00	-	-	-	0.15	0.32	0.35	-	0.39
Non-Cash Adjustments To Reconcile Net Income	-3.40	8.61	2.19	-19	1.07	14	1.98	3.11	-0.77	77	19
Changes in Operating Assets and Liabilities, net	59	-21	-14	-43	-11	-18	-7.46	-22	-4.79	97	17
Net Cash From Investing Activities	-23	-20	-17	-32	-12	-41	-59	-49	-48	-100	-53
Net Cash From Continuing Investing Activities	-23	-20	-17	-32	-12	-41	-59	-49	-48	-100	-53
Purchase of Property, Plant & Equipment	-23	-20	-17	-32	-12	-41	-59	-49	-48	-97	-78
Divestitures	-	-	-	-	-	-	0.00	-	-	-	25
Net Cash From Financing Activities	-15	-14	-14	-9.11	-8.70	-11	-15	48	-10	-10	81
Net Cash From Continuing Financing Activities	-15	-14	-14	-9.11	-8.70	-11	-15	48	-10	-10	81
Repayment of Debt	-0.05	0.08	0.00	-	0.00	-	-5.12	-1.79	-0.19	-0.05	-1.16
Repurchase of Common Equity	-6.09	-6.08	-6.34	-0.46	-0.00	0.00	-0.16	-0.55	-	-	0.00
Payment of Dividends	-6.70	-6.62	-6.46	-6.58	-6.61	-6.57	-6.57	-6.56	-6.68	-6.67	-6.69
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	92
Other Financing Activities, net	-1.87	-1.90	-2.10	-2.07	-2.09	-4.22	-2.94	-3.39	-3.45	-3.51	-3.18
Effect of Exchange Rate Changes	-	-	-0.21	-	-	-	0.03	-	-	-	-0.03
Cash Interest Paid	1.45	2.50	1.41	2.44	1.05	1.81	1.40	1.76	1.88	1.59	3.60
Cash Income Taxes Paid	-	-	0.00	-	-	-	30	1.98	-	-	25

This table presents Vaalco Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	124	81	80	166	212	141	263	856	823	955	913
Total Current Assets	64	38	36	59	70	64	88	200	228	238	133
Cash & Equivalents	25	20	20	33	46	48	49	37	121	83	59
Restricted Cash	1.05	0.74	0.84	0.80	0.91	0.09	0.08	0.22	0.11	0.14	0.14
Accounts Receivable	25	10	7.05	14	19	7.92	33	136	93	131	48
Inventories, net	0.83	0.91	3.26	0.79	1.07	3.91	1.59	3.34	1.95	9.44	1.77
Prepaid Expenses	2.98	4.04	2.79	6.30	3.29	4.22	5.16	20	12	15	24
Other Current Nonoperating Assets	8.37	2.14	2.84	3.29	-	-	-	-	-	0.00	0.18
Plant, Property, & Equipment, net	33	28	23	53	68	37	94	495	460	538	586
Total Noncurrent Assets	27	15	20	55	74	40	80	160	135	179	194
Noncurrent Note & Lease Receivables	4.22	5.11	6.93	2.23	3.68	4.27	5.54	7.15	94	10	7.15
Noncurrent Deferred & Refundable Income Taxes	-	0.00	1.26	40	24	0.00	40	35	29	56	55
Other Noncurrent Operating Assets	5.14	8.51	11	12	45	35	33	116	10	105	99
Other Noncurrent Nonoperating Assets	18	0.92	0.97	0.92	0.93	0.93	1.75	1.76	1.80	8.67	33
Total Liabilities & Shareholders' Equity	124	81	80	166	212	141	263	856	823	955	913
Total Liabilities	98	81	69	56	102	80	119	390	344	453	470
Total Current Liabilities	67	56	47	41	64	53	84	162	127	182	192
Accounts Payable	44	19	12	8.08	16	17	22	60	28	15	48
Accrued Expenses	18	11	13	14	30	17	49	91	68	108	106
Current Deferred & Payable Income Tax Liabilities	-	-	0.00	3.27	5.74	0.86	3.13	0.00	19	42	20
Other Current Liabilities	-	-	0.00	0.30	12	18	9.64	10	12	17	18
Other Current Nonoperating Liabilities	4.13	18	15	15	0.35	0.01	0.01	0.69	-	0.00	0.18
Total Noncurrent Liabilities	31	26	23	15	38	27	35	227	217	272	278
Long-Term Debt	15	6.94	2.31	-	-	-	-	-	-	0.00	60
Capital Lease Obligations	-	-	-	-	-	-	-	-	-	67	57
Asset Retirement Reserve & Litigation Obligation	16	19	20	15	16	17	34	42	47	79	78
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	0.00	81	74	94	64
Other Noncurrent Operating Liabilities	0.00	0.28	0.28	0.63	22	9.86	0.59	105	96	32	11
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	7.40
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	26	-0.36	10	110	110	61	144	466	479	502	443
Total Preferred & Common Equity	26	-0.36	10	110	110	61	144	466	479	502	443
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	26	-0.36	10	110	110	61	144	466	479	502	443
Common Stock	76	77	78	79	80	81	84	366	370	375	381
Retained Earnings	-12	-39	-30	69	71	23	104	147	177	210	142
Treasury Stock	-38	-38	-38	-38	-41	-42	-44	-48	-71	-78	-79
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	0.00	1.18	2.88	-4.96	-0.50

This table presents Vaalco Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	395	824	829	828	809	917	938	927	965	950	921
Total Current Assets	123	179	199	218	218	195	237	201	224	174	116
Cash & Equivalents	69	52	46	103	113	63	89	41	68	24	48
Restricted Cash	0.20	0.08	0.11	0.11	0.14	0.14	0.15	9.72	0.19	0.20	0.11
Accounts Receivable	37	98	124	89	90	108	128	126	137	119	35
Inventories, net	4.25	12	11	9.29	2.39	7.31	4.78	7.99	1.26	8.96	9.96
Prepaid Expenses	13	17	18	16	12	17	15	16	17	22	23
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	195	500	482	468	457	548	532	563	587	624	642
Total Noncurrent Assets	77	145	148	142	134	174	170	163	154	153	163
Noncurrent Note & Lease Receivables	5.85	99	8.81	9.46	95	6.11	10	84	5.18	6.55	75
Noncurrent Deferred & Refundable Income Taxes	41	33	37	31	30	65	57	48	44	44	50
Other Noncurrent Operating Assets	28	10	100	99	9.04	94	93	31	105	100	37
Other Noncurrent Nonoperating Assets	1.76	1.77	1.78	1.79	0.00	8.79	9.46	0.00	0.00	1.66	1.66
Total Liabilities & Shareholders' Equity	395	824	829	828	809	917	938	927	965	950	921
Total Liabilities	221	369	377	383	337	424	437	423	453	445	576
Total Current Liabilities	143	149	154	167	131	164	176	178	161	166	226
Accounts Payable	30	53	47	45	21	24	16	21	22	18	38
Accrued Expenses	83	81	84	76	60	115	104	115	100	107	167
Current Deferred & Payable Income Tax Liabilities	28	5.42	13	33	38	12	43	24	22	24	2.51
Other Current Liabilities	1.52	8.95	9.35	11	12	12	13	17	17	17	19
Other Current Nonoperating Liabilities	0.01	0.67	0.67	0.67	-	-	-	-	-	-	0.00
Total Noncurrent Liabilities	78	220	223	217	205	260	261	245	292	278	350
Long-Term Debt	-	-	-	-	-	-	-	-	60	60	152
Capital Lease Obligations	1.25	-	-	78	78	-	71	66	63	60	54
Asset Retirement Reserve & Litigation Obligation	35	42	43	45	48	65	66	81	83	84	81
Noncurrent Deferred & Payable Income Tax Liabilities	41	80	83	76	71	112	103	85	75	63	48
Other Noncurrent Operating Liabilities	0.52	98	97	17	8.68	83	20	13	12	11	15
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	174	455	452	444	473	494	501	504	512	506	345
Total Preferred & Common Equity	174	455	452	444	473	494	501	504	512	506	345
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	174	455	452	444	473	494	501	504	512	506	345
Common Stock	86	367	367	369	371	372	373	376	378	379	382
Retained Earnings	133	141	141	140	179	200	205	211	213	207	41
Treasury Stock	-45	-53	-59	-65	-78	-78	-78	-78	-79	-79	-79
Accumulated Other Comprehensive Income / (Loss)	-	1.05	3.06	0.84	0.43	-0.64	1.01	-4.85	-0.09	-1.89	0.00

This table displays calculated financial ratios and metrics derived from Vaalco Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	58,403,943.00	58,633,937.00	58,818,031.00	59,538,878.00	58,387,504.00	57,456,139.00	58,611,072.00	-	-	-	104,258,253.00
DEI Adjusted Shares Outstanding	58,403,943.00	58,633,937.00	58,818,031.00	59,538,878.00	58,387,504.00	57,456,139.00	58,611,072.00	-	-	-	104,258,253.00
DEI Earnings Per Adjusted Shares Outstanding	-2.72	-0.45	0.16	1.65	0.04	-0.84	1.40	-	-	-	-0.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-37.00%	-25.68%	28.84%	36.25%	-19.46%	-20.52%	196.35%	77.99%	28.43%	5.26%	-24.99%
EBITDA Growth	-130.58%	102.73%	1,386.11%	113.33%	-55.16%	-139.79%	835.20%	114.64%	56.72%	5.40%	-68.02%
EBIT Growth	-103.81%	93.88%	444.43%	152.08%	-63.49%	-201.22%	390.74%	109.72%	24.92%	-8.34%	-112.77%
NOPAT Growth	-103.75%	95.74%	422.88%	819.73%	-103.14%	-565.31%	668.10%	-33.52%	-11.51%	-10.46%	-125.26%
Net Income Growth	-104.59%	83.27%	136.35%	917.84%	-97.39%	-1,979.87%	269.85%	-36.59%	16.31%	-3.09%	-170.77%
EPS Growth	-100.00%	83.46%	135.56%	912.50%	-97.53%	-2,175.00%	265.06%	-46.72%	-23.29%	0.00%	-171.43%
Operating Cash Flow Growth	66.20%	-100.20%	11,437.97%	315.05%	-28.79%	3.69%	82.58%	157.09%	73.54%	-49.14%	87.01%
Free Cash Flow Firm Growth	221.84%	-149.83%	142.86%	88.55%	44.62%	42.39%	-11.16%	-1,061.71%	151.78%	-97.89%	80.53%
Invested Capital Growth	-106.93%	216.86%	24.63%	741.97%	-28.12%	-79.78%	644.42%	355.85%	-16.77%	15.25%	-0.39%
Revenue Q/Q Growth	-6.41%	-3.54%	2.43%	11.06%	-6.30%	-12.24%	28.23%	12.80%	13.06%	-5.42%	-7.87%
EBITDA Q/Q Growth	44.88%	107.24%	17.36%	43.36%	-37.77%	-1,705.25%	61.25%	16.84%	22.72%	-11.16%	-51.51%
EBIT Q/Q Growth	33.87%	85.14%	36.01%	42.34%	-44.94%	-85.57%	87.17%	2.31%	56.16%	-26.85%	-125.16%
NOPAT Q/Q Growth	34.63%	89.31%	137.35%	-0.73%	-157.04%	-79.42%	60.77%	-25.75%	71.24%	-31.84%	-138.93%
Net Income Q/Q Growth	9.96%	74.39%	274.21%	7.66%	-78.59%	-10.58%	86.50%	-24.25%	76.90%	-35.60%	-243.35%
EPS Q/Q Growth	11.11%	74.58%	300.00%	8.00%	-80.00%	-10.67%	85.14%	-35.40%	75.00%	-34.12%	-242.86%
Operating Cash Flow Q/Q Growth	531.60%	-105.98%	180.87%	-10.99%	-12.31%	66.55%	-9.06%	-3.19%	30.79%	-6.00%	89.84%
Free Cash Flow Firm Q/Q Growth	236.97%	-167.52%	1,440.05%	-42.81%	-26.68%	61.53%	-20.47%	-642.14%	148.97%	-89.88%	86.04%
Invested Capital Q/Q Growth	-111.40%	37.68%	6.48%	14.67%	21.49%	-41.91%	70.82%	312.33%	-14.79%	-13.34%	-20.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	50.16%	37.13%	47.88%	61.56%	55.81%	42.72%	58.74%	67.33%	67.42%	64.55%	55.94%
EBITDA Margin	-88.68%	3.25%	37.51%	58.73%	32.69%	-16.37%	40.60%	48.96%	59.75%	59.83%	25.51%
Operating Margin	-128.17%	-7.34%	25.90%	48.87%	25.07%	-40.58%	39.73%	48.34%	34.86%	28.50%	-5.74%
EBIT Margin	-130.08%	-10.72%	28.65%	53.00%	24.03%	-30.60%	30.02%	35.38%	34.41%	29.97%	-5.10%
Profit (Net Income) Margin	-197.22%	-44.41%	12.53%	93.61%	3.03%	-71.72%	41.11%	14.64%	13.26%	12.21%	-11.52%
Tax Burden Percent	149.72%	294.38%	46.74%	177.08%	12.18%	236.16%	136.90%	42.08%	40.20%	41.84%	155.79%
Interest Burden Percent	101.27%	140.79%	93.59%	99.74%	103.61%	99.25%	100.02%	98.38%	95.88%	97.40%	144.98%
Effective Tax Rate	0.00%	0.00%	50.26%	-77.97%	113.53%	0.00%	-37.06%	57.92%	59.80%	58.16%	0.00%
Return on Invested Capital (ROIC)	-152.00%	-515.72%	106.95%	188.21%	-3.85%	-50.95%	203.78%	27.65%	16.28%	14.91%	-3.03%
ROIC Less NNEP Spread (ROIC-NNEP)	3.03%	-324.28%	100.61%	128.04%	-19.25%	9.51%	257.29%	73.01%	20.53%	13.62%	-672.08%
Return on Net Nonoperating Assets (RNNOA)	-1.64%	309.25%	87.41%	-24.65%	6.18%	-5.35%	-124.24%	-10.64%	-3.51%	-2.98%	-5.73%
Return on Equity (ROE)	-153.63%	-206.47%	194.36%	163.56%	2.33%	-56.29%	79.55%	17.00%	12.77%	11.93%	-8.76%
Cash Return on Invested Capital (CROIC)	0.00%	-222.78%	85.02%	30.67%	28.87%	81.77%	51.15%	-100.39%	34.59%	0.75%	-2.64%
Operating Return on Assets (OROA)	-56.14%	-6.25%	27.47%	45.23%	10.75%	-11.65%	29.56%	22.41%	18.65%	16.14%	-1.96%
Return on Assets (ROA)	-85.11%	-25.90%	12.01%	79.88%	1.36%	-27.32%	40.48%	9.28%	7.19%	6.58%	-4.43%
Return on Common Equity (ROCE)	-153.63%	-206.47%	194.36%	163.56%	2.33%	-56.29%	79.55%	17.00%	12.77%	11.93%	-8.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.13%	12.61%	11.66%	0.00%
Net Operating Profit after Tax (NOPAT)	-72	-3.07	9.92	91	-2.87	-19	108	72	64	57	-14
NOPAT Margin	-89.72%	-5.14%	12.88%	86.98%	-3.39%	-28.41%	54.46%	20.34%	14.02%	11.92%	-4.02%
Net Nonoperating Expense Percent (NNEP)	-155.03%	-191.44%	6.34%	60.17%	15.40%	-60.45%	-53.51%	-45.36%	-4.25%	1.29%	669.05%
Return On Investment Capital (ROIC_SIMPLE)	-175.71%	-21.83%	51.52%	83.11%	-2.61%	-31.05%	75.13%	15.46%	13.32%	11.39%	-2.57%
Cost of Revenue to Revenue	49.84%	62.87%	52.12%	38.44%	44.19%	57.28%	41.26%	32.67%	32.58%	35.45%	44.06%
SG&A Expenses to Revenue	18.97%	32.84%	13.47%	10.86%	17.58%	15.92%	7.42%	2.84%	5.24%	6.20%	9.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	178.33%	44.48%	21.97%	12.69%	30.74%	83.30%	19.01%	19.00%	32.56%	36.05%	61.68%
Earnings before Interest and Taxes (EBIT)	-105	-6.41	22	56	20	-21	60	125	157	144	-18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-71	1.94	29	62	28	-11	81	173	272	287	92
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.87	0.00	3.19	0.64	0.95	1.32	1.04	0.93	0.93	0.89	0.85
Price to Tangible Book Value (P/TBV)	2.87	0.00	3.19	0.64	0.95	1.32	1.04	0.93	0.93	0.89	0.85
Price to Revenue (P/Rev)	0.93	0.82	0.43	0.67	1.23	1.21	0.76	1.22	0.98	0.93	1.04
Price to Earnings (P/E)	0.00	0.00	3.40	0.71	40.48	0.00	1.84	8.33	7.35	7.63	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.26%	7.40%	5.81%	6.95%
Earnings Yield	0.00%	0.00%	29.41%	140.21%	2.47%	0.00%	54.34%	12.00%	13.60%	13.10%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	5.09	2.07	0.41	0.91	2.66	1.09	0.92	0.91	0.89	0.91
Enterprise Value to Revenue (EV/Rev)	0.79	0.70	0.28	0.34	0.67	0.50	0.51	1.12	0.71	0.76	1.21
Enterprise Value to EBITDA (EV/EBITDA)	0.00	21.62	0.74	0.58	2.06	0.00	1.26	2.28	1.19	1.27	4.72
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.96	0.65	2.80	0.00	1.70	3.15	2.06	2.53	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	2.14	0.39	0.00	0.00	0.94	5.48	5.06	6.37	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	1.63	0.00	2.38	0.97	2.15	1.22	2.03	3.07	1.44	3.20	2.04
Enterprise Value to Free Cash Flow (EV/FCFF)	1.72	0.00	2.70	2.41	2.65	1.09	3.74	0.00	2.38	127.33	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.58	-40.34	0.87	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.26
Long-Term Debt to Equity	0.58	-19.39	0.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.26
Financial Leverage	-0.54	-0.95	0.87	-0.19	-0.32	-0.56	-0.48	-0.15	-0.17	-0.22	0.01
Leverage Ratio	1.81	7.97	16.18	2.05	1.72	2.06	1.97	1.83	1.78	1.81	1.98
Compound Leverage Factor	1.83	11.22	15.14	2.04	1.78	2.05	1.97	1.80	1.70	1.77	2.87
Debt to Total Capital	36.52%	102.54%	46.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.91%
Short-Term Debt to Total Capital	0.00%	53.26%	34.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	36.52%	49.28%	11.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	63.48%	-2.54%	53.41%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	79.09%
Debt to EBITDA	-0.21	7.43	0.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.28
Net Debt to EBITDA	0.16	-3.49	-0.40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.64
Long-Term Debt to EBITDA	-0.21	3.57	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.28
Debt to NOPAT	-0.21	-4.70	0.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-8.13
Net Debt to NOPAT	0.16	2.20	-1.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-4.04
Long-Term Debt to NOPAT	-0.21	-2.26	0.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-8.13
Altman Z-Score	-1.84	-0.10	1.49	3.18	1.83	0.93	2.84	1.86	2.40	1.97	0.95
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.96	0.69	0.78	1.43	1.09	1.22	1.05	1.23	1.79	1.31	0.69
Quick Ratio	0.76	0.55	0.57	1.16	1.01	1.06	0.97	1.07	1.68	1.17	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	37	-18	7.89	15	22	31	27	-262	136	2.86	-13
Operating Cash Flow to CapEx	57.11%	-0.91%	494.04%	263.16%	255.82%	112.83%	128.30%	80.58%	229.98%	110.41%	84.11%
Free Cash Flow to Firm to Interest Expense	27.88	-7.04	5.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	29.34	-0.03	6.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-22.03	-3.36	5.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.58	0.96	0.85	0.45	0.38	0.98	0.63	0.54	0.54	0.38
Accounts Receivable Turnover	2.73	3.38	8.95	9.85	5.15	5.07	9.78	4.19	3.97	4.29	4.03
Inventory Turnover	26.52	43.05	19.23	19.93	40.22	15.46	29.87	46.97	56.12	29.82	28.23
Fixed Asset Turnover	1.14	1.95	3.01	2.76	1.40	1.28	3.03	1.20	0.95	0.96	0.64
Accounts Payable Turnover	1.44	1.19	2.62	4.10	3.11	2.36	4.24	2.83	3.37	7.86	5.03
Days Sales Outstanding (DSO)	133.57	107.84	40.80	37.05	70.87	71.95	37.32	87.19	91.89	85.10	90.59
Days Inventory Outstanding (DIO)	13.76	8.48	18.98	18.31	9.07	23.61	12.22	7.77	6.50	12.24	12.93
Days Payable Outstanding (DPO)	254.03	307.04	139.46	88.98	117.18	154.55	86.04	129.16	108.36	46.45	72.56
Cash Conversion Cycle (CCC)	-106.70	-190.72	-79.68	-33.61	-37.24	-58.99	-36.51	-34.20	-9.97	50.89	30.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-7.07	8.26	10	87	62	13	94	428	356	410	476
Invested Capital Turnover	1.69	100.31	8.30	2.16	1.13	1.79	3.74	1.36	1.16	1.25	0.75
Increase / (Decrease) in Invested Capital	-109	15	2.04	76	-24	-50	81	334	-72	54	-1.86
Enterprise Value (EV)	63	42	21	36	57	33	102	395	323	364	433
Market Capitalization	75	49	33	70	104	81	151	432	444	446	375
Book Value per Share	$0.45	($0.01)	$0.17	$1.84	$1.88	$1.07	$2.46	$4.30	$4.55	$4.83	$4.25
Tangible Book Value per Share	$0.45	($0.01)	$0.17	$1.84	$1.88	$1.07	$2.46	$4.30	$4.55	$4.83	$4.25
Total Capital	41	14	19	110	110	61	144	466	479	502	561
Total Debt	15	14	8.98	0.00	0.00	0.00	0.00	0.00	0.00	0.00	117
Total Long-Term Debt	15	6.94	2.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00	117
Net Debt	-11	-6.78	-12	-34	-47	-48	-49	-37	-121	-83	58
Capital Expenditures (CapEx)	68	8.71	1.81	14	10	24	39	160	97	103	253
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-29	-31	-24	-16	-41	-37	-45	0.58	-20	-27	-118
Debt-free Net Working Capital (DFNWC)	-2.97	-9.58	-3.47	18	6.01	11	4.03	38	101	56	-59
Net Working Capital (NWC)	-2.97	-17	-10	18	6.01	11	4.03	38	101	56	-59
Net Nonoperating Expense (NNE)	86	23	0.27	-6.96	-5.43	29	27	20	3.43	-1.38	27
Net Nonoperating Obligations (NNO)	-33	8.62	0.01	-23	-47	-49	-50	-39	-123	-91	32
Total Depreciation and Amortization (D&A)	33	8.35	6.83	6.01	7.32	9.56	21	48	115	143	110
Debt-free, Cash-free Net Working Capital to Revenue	-36.52%	-51.51%	-31.13%	-15.64%	-48.30%	-54.39%	-22.46%	0.16%	-4.49%	-5.55%	-32.86%
Debt-free Net Working Capital to Revenue	-3.70%	-16.02%	-4.51%	16.91%	7.11%	16.97%	2.03%	10.73%	22.12%	11.73%	-16.43%
Net Working Capital to Revenue	-3.70%	-28.57%	-13.16%	16.91%	7.11%	16.97%	2.03%	10.73%	22.12%	11.73%	-16.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.72)	($0.45)	$0.16	$0.00	$0.04	($0.83)	$1.38	$0.74	$0.56	$0.56	($0.40)
Adjusted Weighted Average Basic Shares Outstanding	58.29M	58.38M	58.72M	0.00	59.14M	57.59M	58.23M	69.57M	106.38M	103.67M	104.06M
Adjusted Diluted Earnings per Share	($2.72)	($0.45)	$0.16	$0.00	$0.04	($0.83)	$1.37	$0.73	$0.56	$0.56	($0.40)
Adjusted Weighted Average Diluted Shares Outstanding	58.29M	58.38M	58.72M	0.00	59.14M	57.59M	58.76M	69.98M	106.56M	103.75M	104.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.53M	58.55K	58.86M	0.00	57.98M	57.66M	58.67M	107.32M	103.27M	103.74M	104.26M
Normalized Net Operating Profit after Tax (NOPAT)	-15	-3.01	14	36	15	2.35	55	120	111	96	33
Normalized NOPAT Margin	-18.96%	-5.04%	18.13%	34.21%	17.55%	3.50%	27.81%	33.84%	24.41%	19.95%	9.08%
Pre Tax Income Margin	-131.73%	-15.09%	26.81%	52.86%	24.90%	-30.37%	30.03%	34.80%	32.99%	29.19%	-7.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-78.98	-2.45	15.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-54.47	-1.18	7.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-130.35	-5.78	14.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-105.84	-4.51	5.74	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	18.03%	44.36%	44.82%	-63.98%
Augmented Payout Ratio	0.00%	-0.19%	0.21%	0.06%	152.59%	-2.06%	1.74%	25.36%	83.41%	56.45%	-65.69%

This table displays calculated financial ratios and metrics derived from Vaalco Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	103,743,163.00	103,819,046.00	104,258,253.00	104,258,253.00	104,258,253.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	103,743,163.00	103,819,046.00	104,258,253.00	104,258,253.00	104,258,253.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.07	0.08	0.01	-0.56	-0.90
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	48.88%	54.42%	24.57%	6.90%	20.70%	-18.39%	10.16%	-17.03%	-56.53%	-25.20%	-43.26%
EBITDA Growth	69.39%	95.63%	26.23%	23.53%	38.26%	-34.95%	-1.98%	-35.12%	-77.25%	-145.32%	-224.46%
EBIT Growth	11.48%	213.89%	50.63%	92.44%	32.15%	-63.76%	-18.64%	-53.50%	-100.37%	-304.38%	-449.49%
NOPAT Growth	-13.16%	151.01%	101.06%	102.66%	62.94%	-63.13%	2.83%	-38.88%	-94.35%	-382.18%	-232.83%
Net Income Growth	-10.59%	147.78%	121.50%	316.93%	78.96%	-73.49%	0.57%	-70.23%	-89.98%	-602.46%	-1,312.99%
EPS Growth	-45.45%	141.18%	133.33%	350.00%	66.67%	-70.73%	0.00%	-70.37%	-90.00%	-566.67%	-1,385.71%
Operating Cash Flow Growth	55.28%	6,171.04%	-48.03%	-101.23%	-49.29%	-14.01%	49.81%	4,287.90%	-65.59%	225.99%	-219.94%
Free Cash Flow Firm Growth	-650.33%	136.47%	89.95%	99.33%	85.52%	-133.07%	-177.17%	-7,040.19%	-184.30%	58.73%	110.07%
Invested Capital Growth	302.74%	-16.77%	8.72%	4.26%	13.31%	15.25%	18.93%	34.33%	26.84%	-0.39%	-3.61%
Revenue Q/Q Growth	6.43%	28.28%	-32.85%	16.60%	20.17%	-13.26%	-9.36%	-12.18%	-37.04%	49.23%	-31.24%
EBITDA Q/Q Growth	13.62%	56.16%	-44.96%	26.50%	27.17%	-26.53%	-17.07%	-16.26%	-55.42%	-246.39%	-127.74%
EBIT Q/Q Growth	66.70%	147.35%	-62.66%	24.99%	14.47%	-32.17%	-16.16%	-28.57%	-100.90%	-37,682.10%	-43.37%
NOPAT Q/Q Growth	-9.79%	539.60%	-81.06%	85.43%	-27.47%	44.73%	-47.17%	10.22%	-93.29%	-7,325.06%	75.13%
Net Income Q/Q Growth	-9.05%	616.35%	-82.53%	266.26%	-60.96%	6.12%	-33.72%	8.41%	-86.86%	-5,422.62%	-60.00%
EPS Q/Q Growth	0.00%	583.33%	-82.93%	285.71%	-62.96%	20.00%	-41.67%	14.29%	-87.50%	-5,700.00%	-60.71%
Operating Cash Flow Q/Q Growth	165.00%	-45.05%	-57.84%	-102.01%	11,011.19%	-6.82%	-26.56%	-43.92%	-10.35%	782.78%	-127.02%
Free Cash Flow Firm Q/Q Growth	-8.19%	137.57%	-123.21%	92.92%	-2,243.59%	14.17%	29.67%	-82.48%	6.68%	65.54%	117.16%
Invested Capital Q/Q Growth	3.23%	-14.79%	22.78%	-3.46%	12.19%	-13.34%	8.83%	9.04%	5.93%	-20.76%	5.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.93%	73.82%	66.15%	52.23%	69.79%	69.01%	59.41%	58.28%	50.24%	53.07%	54.23%
EBITDA Margin	56.72%	69.05%	56.60%	61.40%	64.98%	55.04%	50.36%	48.01%	34.00%	-33.35%	-110.46%
Operating Margin	30.57%	54.27%	32.14%	17.47%	31.41%	32.71%	23.74%	17.73%	1.47%	-71.26%	-25.78%
EBIT Margin	28.74%	55.41%	30.81%	33.03%	31.46%	24.60%	22.76%	18.51%	-0.27%	-67.23%	-140.18%
Profit (Net Income) Margin	5.28%	29.49%	7.67%	24.11%	7.83%	9.58%	7.01%	8.65%	1.80%	-64.37%	-149.79%
Tax Burden Percent	19.20%	53.93%	25.69%	75.16%	25.23%	40.42%	32.46%	54.55%	-44.13%	92.65%	104.82%
Interest Burden Percent	95.73%	98.70%	96.97%	97.10%	98.67%	96.35%	94.84%	85.66%	1,540.12%	103.34%	101.94%
Effective Tax Rate	80.80%	46.07%	74.31%	24.84%	74.77%	59.58%	67.54%	45.45%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	9.06%	34.00%	9.35%	15.33%	9.01%	16.54%	7.88%	9.18%	0.75%	-37.61%	-11.02%
ROIC Less NNEP Spread (ROIC-NNEP)	10.48%	33.58%	10.66%	-6.18%	9.49%	20.67%	15.58%	21.05%	2.17%	-364.74%	-107.16%
Return on Net Nonoperating Assets (RNNOA)	-1.64%	-5.74%	-1.02%	0.78%	-0.55%	-4.52%	-0.32%	-0.35%	0.14%	-3.11%	-21.65%
Return on Equity (ROE)	7.42%	28.26%	8.33%	16.11%	8.46%	12.02%	7.56%	8.83%	0.89%	-40.72%	-32.67%
Cash Return on Invested Capital (CROIC)	-106.15%	34.59%	7.74%	15.27%	6.33%	0.75%	-5.35%	-20.36%	-16.76%	-2.64%	-4.96%
Operating Return on Assets (OROA)	18.92%	30.04%	17.92%	18.25%	18.05%	13.25%	12.82%	9.23%	-0.11%	-25.86%	-47.27%
Return on Assets (ROA)	3.48%	15.99%	4.46%	13.32%	4.49%	5.16%	3.95%	4.31%	0.75%	-24.76%	-50.51%
Return on Common Equity (ROCE)	7.42%	28.26%	8.33%	16.11%	8.46%	12.02%	7.56%	8.83%	0.89%	-40.72%	-32.67%
Return on Equity Simple (ROE_SIMPLE)	7.68%	0.00%	13.66%	17.42%	18.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.83	44	8.27	15	11	16	8.50	9.37	0.63	-45	-11
NOPAT Margin	5.87%	29.27%	8.26%	13.13%	7.92%	13.22%	7.71%	9.67%	1.03%	-49.88%	-18.04%
Net Nonoperating Expense Percent (NNEP)	-1.41%	0.42%	-1.31%	21.50%	-0.48%	-4.13%	-7.69%	-11.87%	-1.42%	327.14%	96.14%
Return On Investment Capital (ROIC_SIMPLE)	1.31%	9.12%	1.50%	3.11%	1.94%	3.21%	1.49%	1.48%	0.10%	-8.10%	-2.05%
Cost of Revenue to Revenue	35.07%	26.18%	33.85%	47.77%	30.21%	30.99%	40.59%	41.72%	49.76%	46.93%	45.77%
SG&A Expenses to Revenue	5.35%	4.70%	6.70%	6.50%	4.94%	6.95%	8.20%	8.77%	14.50%	7.36%	13.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.35%	19.55%	34.01%	34.76%	38.38%	36.29%	35.67%	40.55%	48.77%	124.33%	80.01%
Earnings before Interest and Taxes (EBIT)	33	83	31	39	44	30	25	18	-0.16	-61	-88
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	66	103	57	72	91	67	56	47	21	-30	-69
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.96	0.93	1.45	1.27	1.16	0.89	0.72	0.70	0.80	0.85	1.92
Price to Tangible Book Value (P/TBV)	0.96	0.93	1.45	1.27	1.16	0.89	0.72	0.70	0.80	0.85	1.92
Price to Revenue (P/Rev)	1.06	0.98	1.45	1.30	1.14	0.93	0.75	0.76	1.04	1.04	2.12
Price to Earnings (P/E)	12.54	7.35	10.64	7.27	6.38	7.63	6.24	9.23	14.08	0.00	0.00
Dividend Yield	5.48%	7.40%	5.64%	5.17%	5.59%	5.81%	7.10%	7.25%	6.41%	6.95%	3.94%
Earnings Yield	7.98%	13.60%	9.40%	13.75%	15.67%	13.10%	16.03%	10.83%	7.10%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.96	0.91	1.49	1.33	1.19	0.89	0.73	0.73	0.84	0.91	1.63
Enterprise Value to Revenue (EV/Rev)	1.00	0.71	1.37	1.17	1.11	0.76	0.78	0.88	1.29	1.21	2.63
Enterprise Value to EBITDA (EV/EBITDA)	1.81	1.19	2.30	1.89	1.74	1.27	1.33	1.59	2.66	4.72	0.00
Enterprise Value to EBIT (EV/EBIT)	4.01	2.06	3.90	3.03	2.86	2.53	2.76	3.52	6.90	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	10.79	5.06	9.64	7.00	6.70	6.37	6.66	9.34	13.57	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	2.35	1.44	3.20	3.36	4.64	3.20	3.06	2.88	4.49	2.04	5.82
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.38	20.05	8.91	19.89	127.33	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.00	0.16	0.00	0.14	0.00	0.13	0.24	0.24	0.26	0.60
Long-Term Debt to Equity	0.18	0.00	0.16	0.00	0.14	0.00	0.13	0.24	0.24	0.26	0.60
Financial Leverage	-0.16	-0.17	-0.10	-0.13	-0.06	-0.22	-0.02	-0.02	0.07	0.01	0.20
Leverage Ratio	1.98	1.78	1.76	1.85	1.87	1.81	1.78	1.87	1.88	1.98	2.18
Compound Leverage Factor	1.89	1.75	1.71	1.79	1.84	1.75	1.69	1.60	28.88	2.04	2.22
Debt to Total Capital	14.91%	0.00%	14.14%	0.00%	12.40%	0.00%	11.61%	19.40%	19.20%	20.91%	37.37%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	14.91%	0.00%	14.14%	0.00%	12.40%	0.00%	11.61%	19.40%	19.20%	20.91%	37.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	85.09%	100.00%	85.86%	100.00%	87.60%	100.00%	88.39%	80.60%	80.80%	79.09%	62.63%
Debt to EBITDA	0.35	0.00	0.27	0.00	0.22	0.00	0.23	0.47	0.64	1.28	-6.18
Net Debt to EBITDA	-0.12	0.00	-0.13	0.00	-0.06	0.00	0.05	0.21	0.51	0.64	-4.73
Long-Term Debt to EBITDA	0.35	0.00	0.27	0.00	0.22	0.00	0.23	0.47	0.64	1.28	-6.18
Debt to NOPAT	2.09	0.00	1.15	0.00	0.85	0.00	1.16	2.79	3.25	-8.13	-4.67
Net Debt to NOPAT	-0.69	0.00	-0.53	0.00	-0.22	0.00	0.27	1.25	2.59	-4.04	-3.58
Long-Term Debt to NOPAT	2.09	0.00	1.15	0.00	0.85	0.00	1.16	2.79	3.25	-8.13	-4.67
Altman Z-Score	1.60	2.11	2.37	1.90	1.87	1.57	1.48	1.41	1.27	0.79	0.63
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.31	1.79	1.66	1.19	1.34	1.31	1.13	1.39	1.05	0.69	0.51
Quick Ratio	1.15	1.68	1.55	1.04	1.23	1.17	0.94	1.27	0.86	0.55	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-307	115	-27	-1.90	-44	-38	-74	-135	-126	-44	7.47
Operating Cash Flow to CapEx	418.24%	260.78%	131.38%	-1.35%	384.45%	107.40%	55.88%	37.49%	34.05%	149.52%	-50.24%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.54	0.58	0.55	0.57	0.54	0.56	0.50	0.41	0.38	0.34
Accounts Receivable Turnover	6.38	3.97	5.06	4.16	4.67	4.29	4.53	3.83	3.16	4.03	3.87
Inventory Turnover	23.00	56.12	21.61	18.72	24.34	29.82	34.83	38.57	22.32	28.23	15.84
Fixed Asset Turnover	1.21	0.95	0.99	0.94	1.01	0.96	0.96	0.83	0.68	0.64	0.52
Accounts Payable Turnover	4.13	3.37	4.15	4.81	5.60	7.86	8.64	7.27	8.88	5.03	4.82
Days Sales Outstanding (DSO)	57.20	91.89	72.07	87.68	78.16	85.10	80.53	95.19	115.37	90.59	94.37
Days Inventory Outstanding (DIO)	15.87	6.50	16.89	19.50	15.00	12.24	10.48	9.46	16.35	12.93	23.04
Days Payable Outstanding (DPO)	88.32	108.36	87.86	75.90	65.16	46.45	42.26	50.20	41.11	72.56	75.73
Cash Conversion Cycle (CCC)	-15.25	-9.97	1.10	31.28	27.99	50.89	48.75	54.45	90.61	30.96	41.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	418	356	437	422	473	410	520	567	600	476	501
Invested Capital Turnover	1.54	1.16	1.13	1.17	1.14	1.25	1.02	0.95	0.73	0.75	0.61
Increase / (Decrease) in Invested Capital	314	-72	35	17	56	54	83	145	127	-1.86	-19
Enterprise Value (EV)	402	323	651	562	561	364	381	413	503	433	819
Market Capitalization	428	444	687	625	580	446	365	358	407	375	661
Book Value per Share	$4.17	$4.55	$4.56	$4.77	$4.83	$4.83	$4.86	$4.93	$4.85	$4.25	$3.31
Tangible Book Value per Share	$4.17	$4.55	$4.56	$4.77	$4.83	$4.83	$4.86	$4.93	$4.85	$4.25	$3.31
Total Capital	522	479	550	494	572	502	570	635	626	561	551
Total Debt	78	0.00	78	0.00	71	0.00	66	123	120	117	206
Total Long-Term Debt	78	0.00	78	0.00	71	0.00	66	123	120	117	206
Net Debt	-26	-121	-36	-63	-18	-83	16	55	96	58	158
Capital Expenditures (CapEx)	23	20	17	32	12	41	59	49	48	97	78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-52	-20	-27	-32	-29	-27	-27	-5.25	-17	-118	-158
Debt-free Net Working Capital (DFNWC)	51	101	87	31	61	56	23	63	7.50	-59	-110
Net Working Capital (NWC)	51	101	87	31	61	56	23	63	7.50	-59	-110
Net Nonoperating Expense (NNE)	0.68	-0.34	0.58	-13	0.13	4.43	0.77	0.99	-0.47	13	82
Net Nonoperating Obligations (NNO)	-27	-123	-36	-72	-28	-91	16	55	94	32	156
Total Depreciation and Amortization (D&A)	33	20	26	33	47	37	30	29	21	31	19
Debt-free, Cash-free Net Working Capital to Revenue	-12.96%	-4.49%	-5.67%	-6.60%	-5.67%	-5.55%	-5.62%	-1.12%	-4.28%	-32.86%	-50.79%
Debt-free Net Working Capital to Revenue	12.74%	22.12%	18.23%	6.47%	11.96%	11.73%	4.74%	13.38%	1.92%	-16.43%	-35.33%
Net Working Capital to Revenue	12.74%	22.12%	18.23%	6.47%	11.96%	11.73%	4.74%	13.38%	1.92%	-16.43%	-35.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.06	$0.41	$0.07	$0.27	$0.10	$0.12	$0.07	$0.08	$0.01	($0.56)	($0.90)
Adjusted Weighted Average Basic Shares Outstanding	106.29M	106.38M	103.66M	103.53M	103.74M	103.67M	103.76M	103.94M	104.26M	104.06M	104.26M
Adjusted Diluted Earnings per Share	$0.06	$0.41	$0.07	$0.27	$0.10	$0.12	$0.07	$0.08	$0.01	($0.56)	($0.90)
Adjusted Weighted Average Diluted Shares Outstanding	106.43M	106.56M	104.54M	103.68M	103.84M	103.75M	103.79M	103.96M	104.28M	104.06M	104.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	105.16M	103.27M	103.46M	103.74M	103.74M	103.74M	103.82M	104.26M	104.26M	104.26M	104.26M
Normalized Net Operating Profit after Tax (NOPAT)	25	44	23	15	31	28	18	9.37	0.63	-45	-10
Normalized NOPAT Margin	21.40%	29.27%	23.42%	13.13%	21.99%	22.90%	16.62%	9.67%	1.03%	-49.88%	-16.70%
Pre Tax Income Margin	27.51%	54.69%	29.88%	32.07%	31.04%	23.71%	21.58%	15.86%	-4.09%	-69.47%	-142.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	69.44%	44.36%	41.04%	30.66%	28.92%	44.82%	44.97%	67.85%	91.35%	-63.98%	-18.61%
Augmented Payout Ratio	129.56%	83.41%	79.04%	52.73%	43.10%	56.45%	46.02%	69.68%	93.80%	-65.69%	-19.00%

Financials Breakdown Chart

Key Financial Trends

Vaalco Energy’s latest results show a sharp deterioration in profitability and cash generation, despite a larger asset base and a recovery in reported cash balances. In Q1 2026, revenue was $62.6 million, down from $91.0 million in Q4 2025 and $110.3 million in Q1 2025. Gross profit also declined to $33.9 million from $48.3 million in Q4 2025 and $65.6 million in Q1 2025.

The company reported a $93.8 million net loss, or $0.90 per share, compared with a $58.6 million loss in Q4 2025 and net income of $7.7 million in Q1 2025. The latest loss was driven not only by a $16.1 million operating loss, but also by $73.3 million of net other expense, including $71.6 million classified as other income and expense. Investors should determine whether this charge is recurring or noncash before drawing conclusions about underlying operating performance.

Cash flow weakened substantially. Operating cash flow was negative $39.2 million in Q1 2026, compared with positive operating cash flow of $145.2 million in Q4 2025, $16.4 million in Q3 2025 and $32.7 million in Q1 2025. Capital expenditures were $78.1 million, producing negative investing cash flow of $52.6 million. A $92.0 million debt issuance provided the majority of the $81.0 million in financing cash flow and helped limit the quarterly decline in cash to $10.9 million.

The balance sheet presents a mixed picture. Cash and equivalents rose to $48.0 million from $24.0 million in Q3 2025, but remained well below the $113.3 million reported in Q1 2024. Total assets increased to $920.7 million from $809.1 million in Q1 2024, primarily reflecting higher net property, plant and equipment. However, current liabilities of $226.2 million were almost twice current assets of $116.1 million, resulting in a current ratio of approximately 0.5.

Asset investment continues: Net property, plant and equipment increased to $641.8 million in Q1 2026 from $457.4 million in Q1 2024, indicating continued investment in the company’s production base.
Receivables declined sharply: Accounts receivable fell to $34.8 million from $137.2 million in Q2 2025 and $118.9 million in Q3 2025, which may improve liquidity if the reduction reflects collections rather than weaker sales.
Cash improved from late 2025: Cash and equivalents doubled from $24.0 million in Q3 2025 to $48.0 million in Q1 2026, although the improvement was supported substantially by new borrowing.
Dividend payments remain consistent: Vaalco paid approximately $6.7 million in dividends in Q1 2026, broadly in line with payments in recent quarters, and reported a quarterly dividend of $0.0625 per share in the income statement.
Debt repayment was limited in the latest quarter: The company repaid $1.2 million of debt in Q1 2026, suggesting that near-term cash was directed toward operations, investment and liquidity rather than aggressive deleveraging.
Noncash charges remain significant: Q1 2026 included $18.2 million of depreciation, $19.3 million of other noncash adjustments and $16.6 million from changes in operating assets and liabilities. These items materially affected the relationship between reported earnings and cash flow.
Production investment is consuming cash: Q1 2026 capital expenditures of $78.1 million exceeded operating cash flow, while Q4 2025 capital expenditures were also high at $97.1 million. The spending could support future production, but returns are not yet evident in the latest results.
Revenue and margins are trending lower: Q1 2026 revenue was approximately 43% below Q1 2024 revenue of $110.3 million, while the gross margin fell to about 54% from roughly 60% in Q1 2025 and 66% in Q1 2024.
Profitability has deteriorated: Vaalco moved from net income in Q1 through Q3 2025 to losses in Q4 2025 and Q1 2026. The Q1 2026 loss of $93.8 million was more severe than the prior-quarter loss and reduced retained earnings to $41.4 million from $207.2 million in Q3 2025.
Liquidity and leverage are key risks: Current liabilities exceeded current assets by $110.1 million. In addition, long-term debt and capital lease obligations totaled approximately $205.8 million, compared with only $48.0 million of cash, while the $92.0 million debt issuance in Q1 2026 indicates increased reliance on external financing.

Overall, Vaalco retains a growing production asset base and continues to pay a dividend, but the recent trend is unfavorable for shareholders. Lower revenue, negative operating cash flow, a large other expense and a current ratio below 1.0 leave the company dependent on improving operating performance, collections, asset monetization or additional financing. The most important items to monitor are the sustainability of the Q1 2026 special expense, the company’s ability to convert production investments into higher revenue, and whether operating cash flow returns to positive territory.

08/03/26 05:48 AM ETAI Generated. May Contain Errors.

Vaalco Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Vaalco Energy's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Vaalco Energy's net income appears to be on an upward trend, with a most recent value of -$41.39 million in 2025, falling from -$158.66 million in 2015. The previous period was $58.49 million in 2024. Check out Vaalco Energy's forecast to explore projected trends and price targets.

Vaalco Energy's total operating income in 2025 was -$20.61 million, based on the following breakdown:

Total Gross Profit: $200.99 million
Total Operating Expenses: $221.60 million

Over the last 10 years, Vaalco Energy's total revenue changed from $80.45 million in 2015 to $359.27 million in 2025, a change of 346.6%.

Vaalco Energy's total liabilities were at $469.88 million at the end of 2025, a 3.6% increase from 2024, and a 380.0% increase since 2015.

In the past 10 years, Vaalco Energy's cash and equivalents has ranged from $19.67 million in 2017 to $121.00 million in 2023, and is currently $58.90 million as of their latest financial filing in 2025.

Over the last 10 years, Vaalco Energy's book value per share changed from 0.45 in 2015 to 4.25 in 2025, a change of 852.7%.

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Financial statements for NYSE:EGY last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Vaalco Energy (EGY) Financials

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Vaalco Energy (EGY) Financials

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