Zion Oil & Gas Inc. (ZNOG) intrinsic value & 10-year financials

Zion Oil & Gas Inc. (ZNOG) has no Graham intrinsic value right now because the formula needs positive earnings.

Graham intrinsic value
—
Share price (Oct 17, 2026)
$0.35
Market cap
$196.1M
Revenue (FY2025)
—
Revenue growth (10-yr CAGR)
30.3%
ROIC (10-yr avg)
-82.1%
Free cash flow (FY2025)
—

ZNOG 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 — -$7.6M — — — -25.0%
FY2024 — -$7.3M — — — -30.5%
FY2023 — -$8.0M -$0.01 -$5.1M — -37.2%
FY2022 — -$55.1M -$120.00 -$5.7M — -148.4%
FY2021 $11.3M -$10.7M -$40.00 -$5.9M -96.6% -28.0%
FY2020 $8.0M -$7.0M — -$10.0M -78.4% -42.9%
FY2019 $6.6M -$6.7M — -$5.8M -98.3% -75.0%
FY2018 — -$38.5M — -$5.9M — -260.5%
FY2017 — -$10.0M — -$8.2M — -62.2%
FY2016 — -$8.5M — -$6.4M — -111.1%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

ZION OIL & GAS INC revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

ZION OIL & GAS INC has historically struggled to out-earn its cost of capital, averaging just -56.3% ROIC.

ZION OIL & GAS INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, ZION OIL & GAS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.45 per share.

ZNOG stock: frequently asked questions

What is ZNOG's return on invested capital?

Average ROIC over the last 10 fiscal years was -82.1%, and average return on equity was -78.1%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this ZNOG data come from?

From Zion Oil & Gas Inc.'s annual 10-K filings on SEC EDGAR, most recently filed May 7, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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