Blue Dolphin Energy Co. (BDCO) intrinsic value & 10-year financials
Blue Dolphin Energy Co. (BDCO) has a Graham intrinsic value of $36.14 per share. At $13.27 on Oct 17, 2026, the stock trades 63% below that value. Over the last 10 fiscal years revenue grew 5.8% a year to $279.4M, with an average return on invested capital of -131.9%.
- Graham intrinsic value
- $36.14
- Share price (Oct 17, 2026)
- $13.27
- Price vs Graham value
- 63% below
- Market cap
- $198.1M
- Revenue (FY2025)
- $279.4M
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- -131.9%
- Free cash flow (FY2025)
- -$779.0K
BDCO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $279.4M | -$5.6M | -$0.38 | -$779.0K | -0.5% | -4.1% |
| FY2024 | $317.5M | -$8.6M | -$0.58 | -$15.7M | -1.4% | -13.1% |
| FY2023 | $396.0M | $31.0M | $2.08 | $19.9M | 9.2% | 93.7% |
| FY2022 | $487.5M | $32.9M | $2.34 | $16.2M | 8.0% | 122.2% |
| FY2021 | $300.8M | -$12.8M | -$1.01 | -$6.1M | -2.2% | -40.7% |
| FY2020 | $174.8M | -$14.5M | -$1.15 | -$5.0M | -4.5% | -58.0% |
| FY2019 | $309.3M | $7.4M | $0.66 | -$9.8M | 1.8% | -921.9% |
| FY2018 | $340.8M | -$523.0K | -$0.05 | -$1.0M | 0.8% | -52.0% |
| FY2017 | $258.4M | -$22.3M | -$2.09 | -$9.0M | -8.5% | -383.5% |
| FY2016 | $167.9M | -$15.8M | -$1.51 | -$20.3M | -7.3% | -61.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BLUE DOLPHIN ENERGY CO has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
BLUE DOLPHIN ENERGY CO has historically struggled to out-earn its cost of capital, averaging just -2.7% ROIC.
BLUE DOLPHIN ENERGY CO has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BLUE DOLPHIN ENERGY CO is modeled at 5.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $36.14 per share.