Financial stability is increasingly compromised, with the debt-to-equity ratio surging to 4.14 in 2026Q1 as total assets contracted to $78.0M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Total Current Assets | 17.3M | 8.18M | 12.35M | 18.74M | 22.73M | 13.12M | 2.22M | 1.71M | 367.5K | 77.78K | 82.74K | 18.11K | 82 | 5.13K | 23.24K | 13.27K | 121.94K | 1.22M | 145.35K | 487.46K | 150.93K | 408.14K | 12.62K | 45.34K | 11.91K | 171.28K | 52.17K | 26.4M |
| Cash & Short-Term Investments | 8.79M | 1.19M | 2.25M | 7.79M | 11.94M | 3.61M | 157.69K | 0 | 84.63K | 77.78K | 68.74K | 18.11K | 82 | 2.93K | 20.77K | 4.98K | 68.69K | 1.17M | 124.12K | 384.63K | 60.79K | 369.29K | 3.41K | 21.62K | 5.45K | 38.24K | 13K | 23.15M |
| Cash Only | 8.79M | 1.19M | 2.25M | 7.79M | 11.94M | 3.61M | 157.69K | 0 | 84.63K | 77.78K | 68.74K | 18.11K | 82 | 2.93K | 20.77K | 4.98K | 68.69K | 1.17M | 124.12K | 384.63K | 60.79K | 369.29K | 3.41K | 21.62K | 5.45K | 38.24K | 13K | 23.15M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.96M | 5.12M | 8.15M | 8.35M | 7.78M | 7.73M | 1.25M | 982.81K | 124.58K | 0 | 0 | 0 | 0 | 0 | 1.37K | 7.2K | 45.91K | 45.91K | 12.16K | 91.77K | 90.14K | 38.85K | 9.21K | 21.06K | 2.53K | 127.71K | 35.6K | 0 |
| Days Sales Outstanding | 82.04 | 54.66 | 67.58 | 75.97 | 53.3 | 101.99 | 76.28 | 61.58 | 129.04 | - | - | - | - | - | - | - | - | 1.71K | 209.78 | 3.23K | 321.08 | 246.25 | 40.92 | 46.98 | - | 3.76K | 4.22K | - |
| Inventory | 1.45M | 1.26M | 1.3M | 1.43M | 1.84M | 1.04M | 531.31K | 476.31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.92K | 0 | 0 | 0 |
| Days Inventory Outstanding | 23.77 | 11.29 | 11.74 | 15.05 | 22.79 | 21.18 | 55.98 | 46.59 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 9.09 | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 406.81K | 121.58K | 55.24K | 0 | 0 | 113.08K | 0 | 0 | 0 | 0 | 2.2K | 1.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.24M |
| Total Non-Current Assets | 60.69M | 57.69M | 111.52M | 73.87M | 48.81M | 36.97M | 9.03M | 9.31M | 1.63M | 300K | 300K | 181.47K | 0 | 223.47K | 301.16K | 313.66K | 255.22K | 920.22K | 969.84K | 973.32K | 1.8M | 338.6K | 527.11K | 527.11K | 600.02K | 7.19M | 890.76K | 742.25M |
| Property, Plant & Equipment | 59.7M | 1.49M | 110.09M | 72.4M | 45.31M | 30.68M | 8.23M | 9.31M | 1.63M | 0 | 0 | 0 | 0 | 223.47K | 223.47K | 255.22K | 255.22K | 920.22K | 969.84K | 973.32K | 1.8M | 338.6K | 527.11K | 527.11K | 600.02K | 7.19M | 9.36K | 11.44M |
| Fixed Asset Turnover | 0.78x | 23.02x | 0.40x | 0.55x | 1.18x | 0.90x | 0.73x | 0.63x | 0.22x | - | - | - | - | - | - | - | - | 0.01x | 0.02x | 0.01x | 0.06x | 0.17x | 0.16x | 0.31x | - | 0.00x | 0.33x | 0.08x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 2.78M | 4.81M | 0 | 0 | 0 | 300K | 300K | 181.47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 999K | 56.21M | 1.43M | 1.47M | 719.93K | 1.48M | 802.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77.7K | 58.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 881.41K | 730.81M |
| Total Assets | 78M | 65.87M | 123.87M | 92.62M | 71.55M | 50.09M | 11.25M | 11.01M | 2M | 377.78K | 382.74K | 199.58K | 82 | 228.59K | 324.4K | 326.93K | 377.15K | 2.14M | 1.12M | 1.46M | 1.95M | 746.75K | 539.72K | 572.44K | 611.93K | 7.36M | 942.94K | 768.64M |
| Asset Turnover | 0.34x | 0.52x | 0.36x | 0.43x | 0.74x | 0.55x | 0.53x | 0.53x | 0.18x | - | - | - | - | - | - | - | - | 0.00x | 0.02x | 0.01x | 0.05x | 0.08x | 0.15x | 0.29x | - | 0.00x | 0.00x | 0.00x |
| Asset Growth % | -78.39% | -46.82% | 33.74% | 29.45% | 42.83% | 345.26% | 2.13% | 451.48% | 428.69% | -1.3% | 91.77% | 243290.24% | -99.96% | -29.53% | -0.77% | -13.32% | -82.36% | 91.69% | -23.66% | -25.11% | 161.21% | 38.36% | -5.72% | -6.45% | -91.68% | 680.15% | -99.88% | - |
| Total Current Liabilities | 29.27M | 24.34M | 21.27M | 25.05M | 17.62M | 12.05M | 6.07M | 2.24M | 740.99K | 202.22K | 22.52K | 8.18K | 228 | 92.15K | 10.13K | 111.49K | 149.06K | 10.58K | 19.39K | 299.97K | 492.32K | 519.73K | 622.75K | 476.73K | 536.56K | 671.15K | 377.78K | 242.46M |
| Accounts Payable | 12.73M | 10.8M | 10.45M | 16.44M | 5.84M | 4.33M | 1.94M | 1.03M | 320.75K | 64.96K | 22.52K | 8.18K | 228 | 572 | 10.13K | 11.49K | 149.06K | 10.58K | 19.39K | 274.68K | 274.68K | 274.68K | 214.49K | 391.31K | 486.56K | 489.15K | 95.03K | 0 |
| Days Payables Outstanding | 209.08 | 96.58 | 94.03 | 172.57 | 72.36 | 88.34 | 204.17 | 100.33 | 3.19K | 31.32 | 21.74 | 321.68 | 2.32 | 5.68 | 250.87 | 190.06 | 305.37 | 32.12 | 37.64 | 1.12K | 620.93 | - | 850.16 | 885.68 | 1.13K | 5.78K | -16.68K | - |
| Short-Term Debt | 1.26M | 927K | 69.55K | 1.1M | 2.06M | 1.7M | 1.3M | 96.7K | 279.2K | 137.26K | 0 | 0 | 0 | 91.58K | 0 | 100K | 0 | 0 | 0 | 0 | 106.12K | 99.22K | 92.32K | 85.42K | 50K | 182K | 282.75K | 172.75M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 2.7M | 1.1M | 0 | -64.96K | 0 | 0 | 0 | -572 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -671.15K | 0 | 0 |
| Other Current Liabilities | 14.29M | 12.62M | 0 | 0 | 0 | 0 | -2.65M | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.29K | 111.52K | 145.82K | 315.94K | 0 | 0 | 0 | 0 | 69.7M |
| Current Ratio | 0.59x | 0.34x | 0.58x | 0.75x | 1.29x | 1.09x | 0.37x | 0.76x | 0.50x | 0.38x | 3.67x | 2.21x | 0.36x | 0.06x | 2.29x | 0.12x | 0.82x | 115.04x | 7.50x | 1.63x | 0.31x | 0.79x | 0.02x | 0.10x | 0.02x | 0.26x | 0.14x | 0.11x |
| Quick Ratio | 0.54x | 0.28x | 0.52x | 0.69x | 1.19x | 1.00x | 0.28x | 0.55x | 0.50x | 0.38x | 3.67x | 2.21x | 0.36x | 0.06x | 2.29x | 0.12x | 0.82x | 115.04x | 7.50x | 1.63x | 0.31x | 0.79x | 0.02x | 0.10x | 0.01x | 0.26x | 0.14x | 0.11x |
| Cash Conversion Cycle | -103.27 | -30.64 | -14.71 | -81.55 | 3.74 | 34.83 | -71.91 | 7.85 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 45.04M | 46.14M | 39.83M | 32.61M | 30.69M | 28.2M | 23.62M | 13.72M | 1.41M | 47.37K | 58.84K | 0 | 0 | 0 | 0 | 0 | 0 | 34.2K | 52.2K | 52.2K | 18K | 0 | 0 | 0 | 170K | 1.28M | 0 | 0 |
| Long-Term Debt | 13.9M | 14.43M | 11.27M | 4.6M | 5.14M | 6.91M | 7.72M | 7.72M | 1.18M | 47.37K | 58.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 170K | 30K | 0 | 0 |
| Capital Lease Obligations | 217K | 12K | 143.69K | 544.38K | 547.69K | 646.31K | 534.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.25M | 0 | 0 |
| Other Non-Current Liabilities | 31.04M | 31.71M | 28.42M | 27.47M | 25M | 20.64M | 15.36M | 6M | 230.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.2K | 52.2K | 52.2K | 18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 74.31M | 70.48M | 61.1M | 57.66M | 48.31M | 40.26M | 29.69M | 15.95M | 2.15M | 249.59K | 81.36K | 8.18K | 228 | 92.15K | 10.13K | 111.49K | 149.06K | 44.78K | 71.59K | 352.17K | 510.32K | 519.73K | 622.75K | 476.73K | 706.56K | 1.95M | 377.78K | 242.46M |
| Total Debt | 15.27M | 15.35M | 11.88M | 6.68M | 8M | 9.44M | 9.65M | 7.81M | 1.46M | 184.62K | 58.84K | 0 | 0 | 91.58K | 0 | 100K | 0 | 0 | 0 | 0 | 106.12K | 99.22K | 92.32K | 85.42K | 220K | 212K | 282.75K | 172.75M |
| Net Debt | 6.48M | 14.16M | 9.63M | -1.11M | -3.94M | 5.83M | 9.49M | 7.81M | 1.37M | 106.84K | -9.9K | -18.11K | -82 | 88.65K | -20.77K | 95.02K | -68.69K | -1.17M | -124.12K | -384.63K | 45.34K | -270.07K | 88.92K | 63.8K | 214.55K | 173.76K | 269.75K | 149.6M |
| Debt / Equity | 4.14x | - | 0.19x | 0.19x | 0.34x | 0.96x | - | - | - | 1.44x | 0.20x | - | - | 0.67x | - | 0.46x | - | - | - | - | 0.07x | 0.44x | - | 0.89x | - | 0.04x | 0.50x | 0.33x |
| Debt / EBITDA | -1.94x | - | - | - | 0.73x | 4.36x | - | - | - | 2675.68x | - | - | - | - | - | - | - | - | - | - | - | 0.54x | - | - | - | 0.85x | - | - |
| Net Debt / EBITDA | -0.82x | - | - | - | -0.36x | 2.69x | - | - | - | 1548.43x | - | - | - | - | - | - | -0.04x | - | - | - | - | -1.48x | - | - | - | 0.70x | - | - |
| Interest Coverage | -40.20x | -12.95x | -9.69x | -11.60x | 15.31x | -1.16x | -31.30x | -12.21x | -9.05x | -10.37x | -51.34x | - | -73.94x | - | -30.95x | -75.13x | -737.99x | - | - | -92.75x | -45.13x | 4.75x | -24.52x | -9.98x | -316.05x | 32.60x | -5.19x | - |
| Total Equity | 3.69M | -4.61M | 62.77M | 34.96M | 23.24M | 9.83M | -18.44M | -4.94M | -150.18K | 128.19K | 301.38K | 191.41K | -146 | 136.44K | 314.26K | 215.44K | 228.09K | 2.09M | 1.04M | 1.11M | 1.44M | 227.02K | -83.03K | 95.72K | -94.63K | 5.41M | 565.15K | 526.19M |
| Equity Growth % | -213.27% | -107.34% | 79.55% | 50.44% | 136.28% | 153.33% | -273.4% | -3188.42% | -217.15% | -57.46% | 57.46% | 131199.32% | -100.11% | -56.58% | 45.87% | -5.54% | -89.1% | 100.55% | -5.86% | -23.03% | 534.43% | 373.42% | -186.74% | 201.14% | -101.75% | 856.41% | -99.89% | - |
| Book Value per Share | 0.10 | -0.14 | 2.09 | 1.54 | 0.98 | 2.69 | -3.25 | -0.99 | -0.05 | 0.05 | 0.14 | 0.09 | -0.00 | 0.07 | 0.16 | 0.12 | 0.14 | 1.65 | 0.88 | 0.99 | 1.51 | 0.27 | -0.11 | 0.13 | -0.19 | 12.48 | 1.81 | 1775.88 |
| Total Shareholders' Equity | 3.69M | -4.61M | 62.77M | 34.96M | 23.24M | 9.83M | -18.44M | -4.94M | -150.18K | 128.19K | 301.38K | 191.41K | -146 | 136.44K | 314.26K | 215.44K | 228.09K | 2.09M | 1.04M | 1.11M | 1.44M | 227.02K | -83.03K | 95.72K | -94.63K | 5.41M | 565.15K | 526.19M |
| Common Stock | 99K | 94K | 93.19K | 85.03K | 81.61K | 79.36K | 24.89K | 20.37K | 17.34K | 8.8K | 8.71K | 8.71K | 7.63K | 7.63K | 91.56K | 85.56K | 83.07K | 74.55K | 57.19K | 55.08K | 50.08K | 42.83K | 37.83K | 37.83K | 24.46K | 23.5K | 14.88K | 14.21M |
| Retained Earnings | -159.53M | -152.89M | -80.82M | -64.62M | -52.15M | -59.23M | -40.62M | -23.78M | -17.13M | -16.11M | -15.28M | -14.9M | -14.72M | -14.49M | -14.26M | -14.01M | -13.76M | -11.13M | -10.92M | -10.48M | -9.1M | -8.78M | -8.54M | -8.31M | -7.75M | -2.06M | -1.82M | -1.65B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.23K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.88K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial statements, Empire Petroleum's total assets have declined from $123.9M in 2024Q4 to $78.0M in 2026Q1, while the company's equity base has simultaneously deteriorated, signaling a significant contraction in the firm's underlying financial foundation and overall business quality trajectory.
The rapid reduction in asset value suggests that the company is struggling to replace its depleting reserve base, likely due to insufficient capital reinvestment. This downward trend in net assets indicates that the business model is currently failing to preserve shareholder value, raising concerns about long-term viability.
Based on the most recent quarterly data, the company's current ratio has plummeted to 0.59, with cash reserves of only $1.189M as of 2025Q4, indicating that the firm lacks a sufficient buffer to cover its immediate operational obligations and short-term debt maturities.
The persistent inability to maintain a current ratio above 1.0 suggests that the company is operating in a state of chronic liquidity stress. Investors should monitor the company's reliance on external financing, as the current cash position appears inadequate to support ongoing operations without further dilution or debt issuance.
According to the latest balance sheet filings, the company's debt-to-equity ratio has spiked to 4.14 in 2026Q1, a significant increase from 0.19 in 2024Q4, which reflects a dangerous combination of rising debt levels and a rapidly shrinking equity base.
This leverage profile suggests that the company is increasingly reliant on debt to fund its operations, which is particularly concerning given the negative profitability trends. The high debt-to-equity ratio may limit the company's financial flexibility and increase the risk of default if commodity prices remain unfavorable.
As indicated by the company's reported figures, net property, plant, and equipment (PPE) has fluctuated significantly, dropping to $1.5M in 2025Q4 before rebounding, which suggests potential volatility in asset valuation and the ongoing risk of future impairment charges on aging infrastructure.
The erratic nature of the PPE balance implies that the company's asset base is highly sensitive to accounting adjustments and potential write-downs. This volatility warrants further investigation into the company's reserve auditing practices and the true economic value of its legacy wellbore interests.
Quick answers to the most common questions about buying EP stock.
As of 2025, Empire Petroleum Corporation (EP) had total assets of $65.9M including $8.2M in current assets.
Empire Petroleum Corporation (EP) carries total debt of $15.4M, offset by $1.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Empire Petroleum Corporation (EP) has total shareholders' equity (book value) of $-4.6M ($-0.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Empire Petroleum Corporation (EP) reported a current ratio of 0.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.