Revenue growth has faced significant cyclical headwinds, with gross margins deteriorating from 50.4% in 2024Q4 to 29.6% in 2025Q3 due to rising operator-led lifting costs.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 6.92M | 7.36M | 6.6M | 9.56M | 6.59M | 2.8M | 2.74M | 2.69M | 2.71M | 2.53M | 2.42M | 3.39M | 4.04M | 3.1M | 3.24M | 3.16M | 3.25M | 4.93M | 3.9M | 2.97M | 3.72M | 2.97M | 2.92M | 2.95M | 1.78M | 3.1M | 1.69M | 1.51M | 2.09M | 1.45M | 798.59K |
| Revenue Growth % | -3.34% | 11.4% | -30.89% | 45.08% | 135.36% | 2.21% | 1.92% | -0.68% | 7.12% | 4.28% | -28.56% | -16.13% | 30.54% | -4.43% | 2.47% | -2.58% | -34.11% | 26.33% | 31.22% | -20.11% | 25.25% | 1.87% | -1.14% | 65.81% | -42.63% | 83.84% | 11.67% | -27.76% | 43.84% | 81.96% | - |
| Cost of Goods Sold | 4.09M | 4.06M | 3.5M | 3.57M | 2.63M | 1.78M | 1.77M | 1.74M | 1.95M | 2.06M | 2.72M | 2.66M | 2.38M | 2.18M | 926.22K | 1.03M | 1.05M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 644.56K | 663.52K | 346.76K | 272.89K |
| COGS % of Revenue | - | 55.15% | 52.93% | 37.39% | 39.87% | 63.53% | 64.58% | 64.72% | 72.11% | 81.41% | 112.18% | 78.57% | 58.96% | 70.48% | 28.59% | 32.45% | 32.48% | 24.27% | - | - | - | - | - | - | - | - | - | 42.69% | 31.75% | 23.86% | 34.17% |
| Gross Profit | 2.83M | 3.3M | 3.11M | 5.98M | 3.96M | 1.02M | 970.09K | 948.05K | 754.37K | 469.48K | -295.01K | 726.32K | 1.66M | 913.95K | 2.31M | 2.14M | 2.19M | 3.73M | 3.9M | 2.97M | 3.72M | 2.97M | 2.92M | 2.95M | 1.78M | 3.1M | 1.69M | 865.44K | 1.43M | 1.11M | 525.7K |
| Gross Margin % | 40.93% | 44.85% | 47.07% | 62.61% | 60.13% | 36.47% | 35.42% | 35.28% | 27.89% | 18.59% | -12.18% | 21.43% | 41.04% | 29.52% | 71.41% | 67.55% | 67.52% | 75.73% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 57.31% | 68.25% | 76.14% | 65.83% |
| Gross Profit Growth % | - | 6.16% | -48.05% | 51.05% | 288.1% | 5.21% | 2.33% | 25.67% | 60.68% | 259.14% | -140.62% | -56.21% | 81.48% | -60.5% | 8.33% | -2.54% | -41.25% | -4.33% | 31.22% | -20.11% | 25.25% | 1.87% | -1.14% | 65.81% | -42.63% | 83.84% | 94.84% | -39.34% | 28.94% | 110.46% | - |
| Operating Expenses | 1.33M | 1.35M | 1.27M | 1.15M | 977.64K | 861.98K | 1.03M | 939.7K | 986.61K | 1.01M | 1.19M | 1.27M | 1.18M | 1.07M | 1.98M | 1.96M | 2.02M | 1.95M | 2.87M | 2.38M | 2.6M | 2.05M | 2.13M | 2.02M | 1.53M | 1.22M | 1.19M | 1.15M | 3M | 590.85K | 348.88K |
| OpEx % of Revenue | - | 18.35% | 19.28% | 12.05% | 14.84% | 30.8% | 37.75% | 34.97% | 36.47% | 40.08% | 49.15% | 37.39% | 29.23% | 34.5% | 61.21% | 61.98% | 62.09% | 39.62% | 73.55% | 79.98% | 70.02% | 68.88% | 73.05% | 68.59% | 85.83% | 39.3% | 70.44% | 75.93% | 143.59% | 40.66% | 43.69% |
| Selling, General & Admin | 1.32M | 1.32M | 1.24M | 1.12M | 949.08K | 833.43K | 1.01M | 911.93K | 955.15K | 976.39K | 1.16M | 1.24M | 1.14M | 1.03M | 950.69K | 911.92K | 902.18K | 905.33K | 821.79K | 829.18K | 817.33K | 658.36K | 529.83K | 532.5K | 429.24K | 314.4K | 218.99K | 236.58K | 192.4K | 113.02K | 86.48K |
| SG&A % of Revenue | - | 17.94% | 18.83% | 11.73% | 14.41% | 29.78% | 36.75% | 33.94% | 35.31% | 38.66% | 47.7% | 36.57% | 28.13% | 33.23% | 29.34% | 28.84% | 27.8% | 18.38% | 21.07% | 27.9% | 21.97% | 22.17% | 18.17% | 18.06% | 24.13% | 10.14% | 12.99% | 15.67% | 9.21% | 7.78% | 10.83% |
| Research & Development | 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 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 6.75K | 29.98K | 29.87K | 30.53K | 28.56K | 28.55K | 27.23K | 27.77K | 31.46K | 35.74K | 4.59M | 27.93K | 44.37K | 39.38K | 1.03M | 1.05M | 1.11M | 1.05M | 2.05M | 1.55M | 1.79M | 1.39M | 1.6M | 1.49M | 1.1M | 903.79K | 968.89K | 909.97K | 2.81M | 477.83K | 262.39K |
| Operating Income | 1.5M | 1.95M | 1.84M | 4.83M | 2.98M | 158.7K | -63.68K | 8.35K | -232.24K | -542.65K | -4.47M | -541.36K | 477.34K | -154.28K | 330.68K | 176.1K | 176.21K | 1.78M | 1.03M | 594.88K | 1.11M | 924.23K | 785.74K | 926.28K | 252.1K | 1.88M | 498.38K | -281.1K | -1.57M | 515.51K | 176.82K |
| Operating Margin % | 21.73% | 26.5% | 27.79% | 50.56% | 45.29% | 5.67% | -2.33% | 0.31% | -8.58% | -21.49% | -184.56% | -15.97% | 11.81% | -4.98% | 10.21% | 5.57% | 5.43% | 36.11% | 26.45% | 20.02% | 29.98% | 31.12% | 26.95% | 31.41% | 14.17% | 60.7% | 29.56% | -18.62% | -75.33% | 35.48% | 22.14% |
| Operating Income Growth % | - | 6.26% | -62.02% | 61.96% | 1780.01% | 349.23% | -862.95% | 103.59% | 57.2% | 87.86% | -725.65% | -213.41% | 409.41% | -146.65% | 87.78% | -0.06% | -90.09% | 72.47% | 73.39% | -46.65% | 20.64% | 17.63% | -15.17% | 267.42% | -86.6% | 277.58% | 277.3% | 82.15% | -405.44% | 191.54% | - |
| EBITDA | 4.24M | 4.4M | 3.83M | 6.69M | 4.33M | 1.09M | 790.13K | 838.55K | 679.64K | 670.51K | -2.9M | 821.5K | 1.63M | 946.15K | 1.33M | 1.22M | 1.29M | 2.83M | 1.81M | 1.25M | 1.77M | 1.51M | 1.42M | 1.57M | 700.52K | 2.26M | 924.49K | 628.87K | 1.23M | 993.34K | 439.21K |
| EBITDA Margin % | 61.18% | 59.84% | 58.06% | 69.96% | 65.71% | 39.07% | 28.85% | 31.21% | 25.12% | 26.55% | -119.62% | 24.23% | 40.3% | 30.56% | 40.95% | 38.71% | 39.72% | 57.35% | 46.44% | 41.99% | 47.67% | 50.73% | 48.68% | 53.17% | 39.39% | 72.89% | 54.82% | 41.65% | 59.05% | 68.36% | 55% |
| EBITDA Growth % | 2.3% | 14.81% | -42.65% | 54.45% | 295.85% | 38.41% | -5.77% | 23.38% | 1.36% | 123.14% | -452.65% | -49.56% | 72.15% | -28.69% | 8.4% | -5.07% | -54.36% | 55.99% | 45.15% | -29.64% | 17.71% | 6.15% | -9.5% | 123.85% | -69% | 144.41% | 47.01% | -49.05% | 24.25% | 126.16% | - |
| D&A (Non-Cash Add-back) | 2.73M | 2.45M | 2M | 1.85M | 1.35M | 934.91K | 853.8K | 830.2K | 911.88K | 1.21M | 1.57M | 1.36M | 1.15M | 1.1M | 996.21K | 1.05M | 1.11M | 1.05M | 779.62K | 652.83K | 658.37K | 582.27K | 633.44K | 641.83K | 448.42K | 377.76K | 426.1K | 909.97K | 2.81M | 477.83K | 262.39K |
| EBIT | 1.58M | 2.02M | 1.97M | 4.84M | 2.98M | 209.16K | -61.82K | 8.98K | -231.95K | -542.43K | -4.47M | -439.25K | 378.25K | -154.05K | 330.87K | 176.46K | 176.69K | 1.78M | 1.04M | 599.55K | 1.11M | 924.98K | 785.74K | 926.28K | 252.1K | 1.88M | 498.38K | -281.1K | -1.56M | 515.51K | 176.82K |
| Net Interest Income | 75.99K | 66.48K | 130.24K | -5.09K | -26.17K | -52.53K | -35.8K | -21.29K | -89.25K | -151.9K | -170.8K | -99.19K | -65.22K | -53.6K | -28.64K | -36K | -32.6K | -80.12K | -100.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 80.35K | 72.63K | 135.48K | 8.01K | 340 | 706 | 1.85K | 639 | 286 | 225 | 575 | 45 | 172 | 229 | 195 | 360 | 478 | 1.84K | 5.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.36K | 6.15K | 5.23K | 13.1K | 26.51K | 53.23K | 37.66K | 21.93K | 89.54K | 152.13K | 171.38K | 99.24K | 65.39K | 53.83K | 28.84K | 36.36K | 33.08K | 81.96K | 105.31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 75.99K | 66.48K | 130.24K | -5.09K | -26.17K | -2.77K | -35.8K | -21.29K | -89.25K | -151.9K | -170.8K | 2.87K | -164.48K | -53.6K | -28.64K | -36K | -32.6K | -80.12K | -100.2K | -14.54K | -54.02K | -74.09K | -82.77K | -95.36K | -54.71K | -92.16K | 0 | -144.68K | -118.67K | -4 | 35.48K |
| Pretax Income | 1.58M | 2.02M | 1.97M | 4.83M | 2.96M | 155.93K | -99.48K | -12.95K | -321.49K | -694.55K | -4.64M | -538.49K | 312.86K | -207.88K | 302.03K | 140.1K | 143.6K | 1.7M | 931.24K | 580.34K | 1.06M | 850.14K | 702.97K | 830.92K | 197.4K | 1.79M | 0 | -425.77K | -1.69M | 515.5K | 212.31K |
| Pretax Margin % | 22.83% | 27.41% | 29.76% | 50.51% | 44.89% | 5.57% | -3.63% | -0.48% | -11.88% | -27.5% | -191.62% | -15.88% | 7.74% | -6.71% | 9.32% | 4.43% | 4.42% | 34.49% | 23.88% | 19.53% | 28.52% | 28.63% | 24.11% | 28.18% | 11.1% | 57.73% | - | -28.2% | -81.01% | 35.48% | 26.58% |
| Income Tax | 329.87K | 304.33K | 620.54K | 164.51K | 102.36K | 0 | 0 | 0 | 286 | 0 | -660.87K | -197.5K | 11.75K | -31.5K | -27.96K | -15.6K | -257.24K | 528.26K | 217.59K | -28.05K | 272.14K | 272.61K | 170.86K | 158.11K | 8.1K | 250.16K | 104.74K | 0 | -369.57K | 137.63K | 11.7K |
| Effective Tax Rate % | 20.87% | 15.09% | 31.57% | 3.41% | 3.46% | 0% | 0% | 0% | -0.09% | 0% | 14.24% | 36.68% | 3.76% | 15.16% | -9.26% | -11.13% | -179.13% | 31.1% | 23.37% | -4.83% | 25.65% | 32.07% | 24.31% | 19.03% | 4.11% | 13.98% | - | 0% | 21.83% | 26.7% | 5.51% |
| Net Income | 1.25M | 1.71M | 1.34M | 4.66M | 2.86M | 155.93K | -99.48K | -12.95K | -321.49K | -694.55K | -3.98M | -340.99K | 301.11K | -176.37K | 329.99K | 155.7K | 400.84K | 1.17M | 713.64K | 608.38K | 788.8K | 577.53K | 429.85K | 672.81K | 189.29K | 1.54M | 393.65K | -425.77K | -1.32M | 377.87K | 200.61K |
| Net Margin % | 18.07% | 23.27% | 20.36% | 48.79% | 43.34% | 5.57% | -3.63% | -0.48% | -11.88% | -27.5% | -164.33% | -10.06% | 7.45% | -5.7% | 10.18% | 4.92% | 12.35% | 23.76% | 18.3% | 20.47% | 21.21% | 19.45% | 14.74% | 22.81% | 10.64% | 49.66% | 23.34% | -28.2% | -63.33% | 26% | 25.12% |
| Net Income Growth % | -6.78% | 27.32% | -71.16% | 63.31% | 1730.97% | 256.75% | -668.41% | 95.97% | 53.71% | 82.55% | -1067.11% | -213.24% | 270.72% | -153.45% | 111.95% | -61.16% | -65.76% | 64.03% | 17.3% | -22.87% | 36.58% | 34.36% | -36.11% | 255.44% | -87.7% | 291.08% | 192.45% | 67.83% | -450.3% | 88.36% | - |
| Net Income (Continuing) | 1.25M | 1.71M | 1.34M | 4.66M | 2.86M | 155.93K | -99.48K | -12.95K | -321.49K | -694.55K | -3.98M | -340.99K | 301.11K | -176.37K | 329.99K | 155.7K | 400.84K | 1.17M | 713.64K | 608.38K | 788.8K | 577.53K | 532.11K | 672.81K | 189.29K | 1.54M | 393.65K | -425.77K | -1.32M | 377.87K | 200.61K |
| Discontinued Operations | 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 | 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 | 2.05K | 25.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.60 | 0.81 | 0.62 | 2.11 | 1.32 | 0.08 | -0.05 | -0.01 | -0.16 | -0.34 | -1.95 | -0.17 | 0.15 | -0.09 | 0.16 | 0.08 | 0.21 | 0.61 | 0.40 | 0.33 | 0.43 | 0.32 | 0.24 | 0.39 | 0.11 | 0.86 | 0.22 | -0.24 | -0.75 | 0.25 | 0.14 |
| EPS Growth % | -2.52% | 30.65% | -70.62% | 59.85% | 1646.03% | 254.92% | - | 96.06% | 52.94% | 82.56% | -1047.06% | -213.33% | 273.21% | -154.13% | 100% | -61.9% | -65.57% | 52.5% | 21.21% | -23.26% | 34.38% | 33.33% | -38.46% | 254.55% | -87.21% | 290.91% | 191.67% | 68% | -400% | 78.57% | - |
| EPS (Basic) | - | 0.83 | 0.64 | 2.17 | 1.36 | 0.08 | -0.05 | -0.01 | -0.16 | -0.34 | -1.95 | -0.17 | 0.15 | -0.09 | 0.16 | 0.08 | 0.21 | 0.63 | 0.40 | 0.35 | 0.45 | 0.33 | 0.25 | 0.39 | 0.11 | 0.86 | 0.22 | -0.24 | -0.75 | 0.25 | 0.14 |
| Diluted Shares Outstanding | 2.08M | 2.11M | 2.16M | 2.21M | 2.16M | 2.06M | 2.04M | 2.04M | 2.04M | 2.04M | 2.04M | 2.04M | 2.04M | 2.04M | 2.04M | 1.96M | 1.93M | 1.93M | 1.77M | 1.84M | 1.83M | 1.8M | 1.8M | 1.75M | 1.77M | 1.79M | 1.79M | 1.79M | 1.75M | 1.57M | 1.48M |
| Basic Shares Outstanding | 2.05M | 2.06M | 2.11M | 2.15M | 2.1M | 2.05M | 2.04M | 2.04M | 2.04M | 2.04M | 2.04M | 2.01M | 2.04M | 1.96M | 2.03M | 1.95M | 1.89M | 1.85M | 1.77M | 1.74M | 1.75M | 1.75M | 1.74M | 1.74M | 1.77M | 1.78M | 1.79M | 1.79M | 1.75M | 1.57M | 1.48M |
| Dividend Payout Ratio | - | 12.21% | 15.88% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operator-driven revenue volatility
As reported in recent quarterly filings, Mexco Energy experienced a significant revenue contraction of 26.8% in 2025Q3, marking a sharp reversal from the double-digit growth observed in early 2024 and highlighting the inherent instability of its non-operating, commodity-linked revenue model across its 6,300 gross well footprint.
The recent decline suggests that the company is highly susceptible to the timing of third-party operator completions and commodity price fluctuations. Investors should monitor whether this deceleration represents a temporary lag in operator activity or a more permanent shift in the economic viability of the company's legacy assets.
Based on the latest income statement data, Mexco's gross margin plummeted to 29.6% in 2025Q3, a substantial deterioration from the 50.4% peak seen in 2024Q4, which suggests that rising lifting costs passed through by operators are increasingly eroding the company's profitability during periods of lower revenue realization.
This margin volatility underscores the company's lack of control over field-level expenses, as it remains a price-taker for both its product and its operational costs. The compression in operating margins to 6.6% indicates that the firm's lean G&A structure provides limited protection when gross profits contract significantly.
According to historical financial statements, Mexco maintains a lean operating structure, yet the company's operating income fell to $91.5K in 2025Q3, demonstrating that even a minimal SG&A footprint cannot insulate the bottom line from the severe revenue and gross margin volatility inherent in its non-operator business model.
While the company avoids the heavy capital expenditures of primary drillers, the lack of operating leverage means that fixed costs remain a persistent burden during downturns. The inability to scale operating income in line with revenue suggests that the firm's profitability is almost entirely dependent on external commodity price environments.
Analysis of the income statement reveals that Mexco's net income dropped to $50.2K in 2025Q3, raising concerns about the long-term viability of its business model if the current trend of declining margins and revenue persists without a corresponding reduction in the company's fixed corporate overhead expenses.
Short-term observers may point to the company's lack of debt as a safety net, but the persistent volatility in EPS suggests that the firm may struggle to generate consistent shareholder value. The reliance on third-party operators creates a structural risk where the company's financial health is perpetually at the mercy of external capital allocation decisions.
Quick answers to the most common questions about buying MXC stock.
For fiscal year 2024, Mexco Energy Corporation (MXC) reported total revenue of $7.4M. This represents a 821.4% increase compared to $0.8M in 1995.
Mexco Energy Corporation (MXC) is profitable, generating $1.7M in net income for the fiscal year ending 2024 with a net profit margin of 23.3%.
Mexco Energy Corporation (MXC) reported an operating income of $2.0M, resulting in an operating profit margin of 26.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Mexco Energy Corporation (MXC) generated $3.3M in gross profit for the year, representing a gross profit margin of 44.9%. This demonstrates the company's core pricing power and production efficiency.