Evolution Petroleum Corp. (EPM) intrinsic value & 10-year financials
Evolution Petroleum Corp. (EPM) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 14.0% a year to $85.8M, with an average return on invested capital of 15.7%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $3.71
- Market cap
- $123.6M
- Revenue (FY2025)
- $85.8M
- Revenue growth (10-yr CAGR)
- 14.0%
- ROIC (10-yr avg)
- 15.7%
- Free cash flow (FY2025)
- —
EPM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $85.8M | $1.5M | $0.03 | — | 4.9% | 4.4% |
| FY2024 | $85.9M | $4.1M | $0.12 | — | 9.2% | 7.5% |
| FY2023 | $128.5M | $35.2M | $1.04 | — | 35.1% | 43.2% |
| FY2022 | $108.9M | $32.6M | $0.96 | — | 41.7% | 72.9% |
| FY2021 | $32.7M | -$16.4M | -$0.49 | — | -65.3% | -31.6% |
| FY2020 | $29.6M | $5.9M | $0.18 | — | 12.5% | 6.8% |
| FY2019 | $43.2M | $15.4M | $0.46 | — | 40.8% | 18.3% |
| FY2018 | $41.3M | $19.6M | $0.59 | — | 39.3% | 22.2% |
| FY2017 | $34.5M | $8.0M | $0.21 | — | 37.4% | 11.1% |
| FY2016 | $26.3M | $24.7M | $0.73 | — | 6.3% | 1.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EVOLUTION PETROLEUM CORP is a consistent compounder, expanding top-line revenue at 14.0% annually over the past decade.
EVOLUTION PETROLEUM CORP has earned high returns on invested capital, averaging 15.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
EVOLUTION PETROLEUM CORP 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, EVOLUTION PETROLEUM CORP is modeled at -29.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.33 per share.