Latest Ratios: P/E Ratio -14.8x · EV/EBITDA 4.4x · ROE -8.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $619M | $379M | $453M | $478M | $319M | $189M | $102M | $131M | $88M | $41M | $61M |
| Enterprise Value | $689M | $448M | $469M | $448M | $371M | $150M | $77M | $118M | $55M | $30M | $55M |
| P/E Ratio → | -14.85 | — | 7.85 | 8.02 | 6.25 | 2.34 | — | — | 0.90 | 4.36 | — |
| P/S Ratio | 1.72 | 1.05 | 0.95 | 1.05 | 0.90 | 0.95 | 1.32 | 1.36 | 0.84 | 0.53 | 1.02 |
| P/B Ratio | 1.39 | 0.85 | 0.90 | 1.00 | 0.68 | 1.31 | 1.66 | 1.20 | 0.80 | 3.98 | — |
| P/FCF | — | — | 42.28 | 3.79 | — | 17.06 | 32.65 | 8.14 | 3.83 | 8.45 | — |
| P/OCF | 2.91 | 1.78 | 3.99 | 2.14 | 2.48 | 3.76 | 3.71 | 4.96 | 2.37 | 6.15 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.25 | 0.98 | 0.98 | 1.05 | 0.75 | 0.99 | 1.22 | 0.52 | 0.39 | 0.91 |
| EV / EBITDA | 4.40 | 2.86 | 1.68 | 1.64 | 1.69 | 1.50 | — | 4.13 | 0.96 | 1.15 | 21.57 |
| EV / EBIT | 14.78 | — | 3.27 | 2.78 | 2.96 | 1.88 | 16.93 | 5.65 | 0.99 | 1.39 | — |
| EV / FCF | — | — | 43.73 | 3.55 | — | 13.58 | 24.55 | 7.31 | 2.38 | 6.24 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.9% | 22.9% | 36.0% | 41.0% | 54.6% | 48.6% | 26.5% | 41.1% | 56.2% | 40.1% | 25.5% |
| Operating Margin | 13.0% | 13.0% | 28.5% | 34.9% | 48.3% | 39.7% | -35.2% | 21.9% | 48.9% | 25.9% | -7.3% |
| Net Profit Margin | -11.5% | -11.5% | 12.1% | 13.3% | 14.6% | 41.1% | -62.2% | 2.6% | 93.6% | 12.5% | -44.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.8% | -8.8% | 11.8% | 12.8% | 17.0% | 79.5% | -56.3% | 2.3% | 163.6% | 194.4% | -206.5% |
| ROA | -4.4% | -4.4% | 6.5% | 7.2% | 9.3% | 40.5% | -27.3% | 1.4% | 79.9% | 12.0% | -25.9% |
| ROIC | 6.8% | 6.8% | 21.2% | 24.6% | 41.2% | 83.5% | -30.9% | 18.4% | 101.1% | — | -70.6% |
| ROCE | 6.2% | 6.2% | 18.6% | 22.8% | 39.3% | 59.1% | -23.1% | 15.5% | 64.8% | 68.2% | -10.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.20 | 0.19 | 0.19 | 0.07 | 0.37 | 0.30 | — | 0.87 | — |
| Debt / EBITDA | 0.82 | 0.82 | 0.35 | 0.33 | 0.41 | 0.10 | — | 1.17 | — | 0.34 | 5.70 |
| Net Debt / Equity | — | 0.16 | 0.03 | -0.06 | 0.11 | -0.27 | -0.41 | -0.12 | -0.30 | -1.04 | — |
| Net Debt / EBITDA | 0.44 | 0.44 | 0.06 | -0.11 | 0.24 | -0.38 | — | -0.47 | -0.59 | -0.40 | -2.38 |
| Debt / FCF | — | — | 1.45 | -0.24 | — | -3.48 | -8.10 | -0.84 | -1.45 | -2.21 | — |
| Interest Coverage | -2.22 | -2.22 | 38.46 | 24.99 | 61.62 | — | — | — | 383.58 | 15.35 | -2.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.69 | 0.69 | 1.31 | 1.79 | 1.23 | 1.05 | 1.22 | 1.09 | 1.43 | 0.78 | 0.69 |
| Quick Ratio | 0.68 | 0.68 | 1.26 | 1.75 | 1.21 | 1.03 | 1.14 | 1.08 | 1.41 | 0.71 | 0.67 |
| Cash Ratio | 0.31 | 0.31 | 0.45 | 0.95 | 0.23 | 0.58 | 0.91 | 0.73 | 0.81 | 0.42 | 0.37 |
| Asset Turnover | — | 0.39 | 0.50 | 0.55 | 0.41 | 0.76 | 0.55 | 0.46 | 0.63 | 0.97 | 0.74 |
| Inventory Turnover | 156.18 | 156.18 | 32.47 | 58.31 | 48.22 | 64.23 | 14.58 | 53.19 | 58.61 | 14.14 | 44.65 |
| Days Sales Outstanding | — | 40.56 | 99.61 | 74.31 | 144.64 | 60.11 | — | 70.03 | 49.58 | 33.41 | 62.08 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 7.0% | 5.8% | 5.6% | 2.9% | — | — | — | — | — | — |
| Payout Ratio | — | — | 45.4% | 44.4% | 18.0% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 12.7% | 12.5% | 16.0% | 42.7% | — | — | 111.6% | 23.0% | — |
| FCF Yield | — | — | 2.4% | 26.4% | — | 5.9% | 3.1% | 12.3% | 26.1% | 11.8% | — |
| Buyback Yield | 0.1% | 0.2% | 1.5% | 4.9% | 1.2% | 0.8% | 1.0% | 3.0% | 0.1% | 0.0% | 0.1% |
| Total Shareholder Yield | 4.4% | 7.2% | 7.3% | 10.5% | 4.1% | 0.8% | 1.0% | 3.0% | 0.1% | 0.0% | 0.1% |
| Shares Outstanding | — | $104M | $104M | $107M | $70M | $59M | $58M | $59M | $60M | $59M | $58M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EGY stock.
VAALCO Energy, Inc.'s current P/E ratio is -14.8x. The historical average is 16.7x.
VAALCO Energy, Inc.'s current EV/EBITDA is 4.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.1x.
VAALCO Energy, Inc.'s return on equity (ROE) is -8.8%. The historical average is 13.4%.
Based on historical data, VAALCO Energy, Inc. is trading at a P/E of -14.8x. Compare with industry peers and growth rates for a complete picture.
VAALCO Energy, Inc.'s current dividend yield is 4.28%.
VAALCO Energy, Inc. has 22.9% gross margin and 13.0% operating margin. Operating margin between 10-20% is typical for established companies.
VAALCO Energy, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Extreme quarterly earnings volatility
Metrics are mathematically derived from official filings.
Valuation Discounted by Earnings Volatility
VAALCO's forward EV/EBITDA of 5.61 appears elevated relative to its TTM P/E of -14.43, suggesting the market is pricing in a significant earnings recovery that has yet to materialize consistently, as reported in recent financial statements.
The negative TTM P/E indicates the company has generated a net loss over the trailing twelve months, making the multiple meaningless for valuation. The forward EV/EBITDA of 5.61, while positive, is higher than the TTM EV/EBITDA of 4.29, implying analysts expect EBITDA to contract in the coming year. This valuation disconnect highlights the market's uncertainty about VAALCO's ability to sustain the profitability seen in quarters like Q2 2026, given its history of sharp reversals.
Margin Volatility Masks True Earning Power
Gross margins have swung from -10.2% in Q1 2026 to 66.4% in Q2 2026, a range that makes it difficult to assess sustainable profitability and suggests the company's cost structure is highly sensitive to commodity price movements.
The extreme volatility in gross and operating margins indicates that VAALCO's profitability is not driven by operational efficiency but by external commodity prices. The net margin's erratic path, including a -149.8% reading in Q1 2026, further confirms that non-operating items frequently distort the bottom line. Investors should focus on the operating margin as the best indicator of core earning power, but even this metric shows no stable trend, making forward projections highly speculative.
Capital Returns Unstable, Driven by External Factors
ROIC has fluctuated between -2.1% and 6.9% over the past ten quarters, indicating an inability to generate consistent returns on invested capital, a pattern that appears tied to volatile commodity prices rather than internal capital allocation skill.
The lack of a stable or improving ROIC trend suggests that VAALCO is not compounding value for shareholders in a predictable manner. The swings in ROE, from -23.8% to 11.7%, are largely a function of volatile net income and changing equity levels, not efficient use of leverage. This instability in returns on capital makes it challenging to model long-term intrinsic value and points to a business model where external market conditions dominate financial outcomes.
Leverage Spike and Recovery Signal Strategic Shift
The debt-to-equity ratio spiked to 0.70 in Q1 2026 before falling to 0.17 in Q2 2026, a rapid change that suggests a temporary but significant increase in leverage to fund operations or acquisitions, as indicated by balance sheet data.
The sharp increase in leverage in Q1 2026, accompanied by a negative interest coverage ratio of -53.65, indicates a period where debt service became highly uncomfortable. The subsequent paydown and return to a low D/E ratio of 0.17 suggest the company prioritized deleveraging, but the episode highlights vulnerability to liquidity stress during capital-intensive periods. The current low leverage provides a cushion, but the pattern warrants monitoring for future refinancing risk.
Liquidity Position Deteriorated Under Capex Pressure
The current ratio has deteriorated from 1.66 in Q1 2024 to 0.44 in Q2 2026, indicating that current liabilities now significantly exceed current assets, a shift that appears driven by the massive capital expenditure program.
A current ratio below 1.0 signals potential near-term liquidity strain, as the company may not have sufficient liquid assets to cover obligations due within a year. The quick ratio mirrors this deterioration, confirming that inventory is not a significant buffer. This position would likely be vulnerable under severe stress, such as a prolonged period of low commodity prices, and suggests the company is relying on future cash flows or external financing to meet near-term commitments.
The Misleading Signal of the P/E Ratio
The most commonly misapplied ratio for VAALCO is the P/E ratio, which is currently negative and therefore uninformative, obscuring the company's true valuation relative to its asset base and cash flow generation potential.
For cyclical, capital-intensive businesses like oil and gas E&P, the P/E ratio is often misleading because earnings are highly volatile and can be negative due to non-cash charges or commodity price swings. A more appropriate metric is EV/EBITDA, which focuses on operating cash flow before non-cash items and capital structure. However, even EV/EBITDA must be interpreted with caution, as the company's EBITDA itself is volatile, and the forward multiple of 5.61 may not reflect a sustainable earnings power.