The company exhibits a structural deficit in production economics, with gross margins reaching -30.68% as revenue growth continues to contract by 64.34% year-over-year.
| 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 | May'02 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Sales/Revenue | 6.76M | 7.35M | 20.62M | 32.32M | 44.55M | 6.19M | 2.16M | 6.14M | 5.54M | 6.54M | 5.75M | 10.3M | 32.38M | 33.65M | 32.53M | 30.11M | 27.18M | 9.63M | 2.29M | 1.18M | 813.4K | 849.5K | 4.64M | 837.3K | 1.03M | 14.5M | 6.94M | 10.9M | 11.6M | 5.8M | 9.6M |
| Revenue Growth % | -61.17% | -64.34% | -36.2% | -27.46% | 620.09% | 186.17% | -64.81% | 10.92% | -15.37% | 13.91% | -44.19% | -68.2% | -3.77% | 3.42% | 8.05% | 10.8% | 182.29% | 320.94% | 94.19% | 44.79% | -4.25% | -81.7% | 454.37% | -18.52% | -92.91% | 108.88% | -36.32% | -6.03% | 100% | -39.58% | 5.49% |
| Cost of Goods Sold | 8.24M | 9.61M | 20.89M | 29.15M | 29.86M | 2.42M | 1.53M | 1.85M | 2.68M | 4.16M | 2.73M | 7.35M | 10.64M | 13.51M | 13.69M | 13.92M | 10.29M | 9.45M | 4.18M | 2.6M | 2.62M | 1.68M | 5.93M | 2.08M | 1.62M | 8.36M | 9.57M | 18.2M | 5.7M | 4.1M | 8.4M |
| COGS % of Revenue | - | 130.68% | 101.34% | 90.21% | 67.02% | 39.13% | 71% | 30.08% | 48.44% | 63.48% | 47.48% | 71.41% | 32.85% | 40.16% | 42.07% | 46.22% | 37.85% | 98.16% | 182.65% | 220.39% | 322.41% | 198.07% | 127.78% | 248.14% | 157.61% | 57.64% | 137.93% | 166.97% | 49.14% | 70.69% | 87.5% |
| Gross Profit | -1.48M | -2.26M | -276K | 3.16M | 14.7M | 3.77M | 627K | 4.3M | 2.86M | 2.39M | 3.02M | 2.94M | 21.74M | 20.13M | 18.85M | 16.19M | 16.89M | 177K | -1.89M | -1.42M | -1.81M | -833.1K | -1.29M | -1.24M | -592K | 6.14M | -2.63M | -7.3M | 5.9M | 1.7M | 1.2M |
| Gross Margin % | -21.81% | -30.68% | -1.34% | 9.79% | 32.98% | 60.87% | 29% | 69.92% | 51.56% | 36.52% | 52.52% | 28.59% | 67.15% | 59.84% | 57.93% | 53.78% | 62.15% | 1.84% | -82.65% | -120.39% | -222.41% | -98.07% | -27.78% | -148.14% | -57.61% | 42.36% | -37.93% | -66.97% | 50.86% | 29.31% | 12.5% |
| Gross Profit Growth % | - | -717.39% | -108.73% | -78.48% | 290.2% | 500.64% | -85.41% | 50.42% | 19.5% | -20.81% | 2.51% | -86.46% | 7.99% | 6.82% | 16.38% | -4.13% | 9442.94% | 109.36% | -33.33% | 21.63% | -117.15% | 35.38% | -3.94% | -109.53% | -109.64% | 333.27% | 63.93% | -223.73% | 247.06% | 41.67% | -53.85% |
| Operating Expenses | 12.09M | 8.06M | 25.46M | 38.2M | 11.16M | 5.2M | 6M | 5.09M | 3.73M | 3.7M | 5.38M | 14.33M | 24.23M | 19.3M | 21.7M | 22.26M | 19.58M | 9.43M | 7.63M | 15.28M | 7.01M | 6.94M | 5.37M | 6M | 2.92M | 4.05M | 9.27M | 8.5M | 5.5M | 4.1M | 3.3M |
| OpEx % of Revenue | - | 109.67% | 123.49% | 118.22% | 25.04% | 84.06% | 277.38% | 82.78% | 67.34% | 56.52% | 93.61% | 139.2% | 74.83% | 57.35% | 66.71% | 73.92% | 72.06% | 97.98% | 333.65% | 1297.58% | 861.45% | 817.3% | 115.69% | 716.29% | 283.75% | 27.95% | 133.49% | 77.98% | 47.41% | 70.69% | 34.38% |
| Selling, General & Admin | 8.72M | 8.06M | 8.2M | 11.52M | 11.16M | 3.8M | 2.65M | 4.38M | 3.73M | 3.7M | 2.85M | 5.92M | 6.56M | 5.67M | 6.81M | 8.26M | 8.97M | 9.43M | 7.63M | 15.28M | 14.01M | 6.94M | 5.37M | 6M | 2.92M | 4.05M | 8.57M | 7.8M | 4.8M | 3.4M | 2.5M |
| SG&A % of Revenue | - | 109.67% | 39.75% | 35.66% | 25.04% | 61.45% | 122.43% | 71.26% | 67.34% | 56.52% | 49.6% | 57.5% | 20.26% | 16.86% | 20.93% | 27.44% | 33.02% | 97.98% | 333.65% | 1297.58% | 1722.03% | 817.3% | 115.69% | 716.29% | 283.75% | 27.95% | 123.42% | 71.56% | 41.38% | 58.62% | 26.04% |
| 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 | 1.18M | 0 | 17.27M | 26.68M | 0 | 1.4M | 3.35M | 707.62K | 0 | 0 | 2.53M | 431K | 84K | 160K | 241K | 14M | 10.61M | 0 | 0 | 0 | -7M | 0 | 0 | 0 | 0 | 0 | 699.5K | 700K | 700K | 700K | 800K |
| Operating Income | -13.56M | -10.32M | -25.74M | -35.04M | 3.54M | -1.44M | -5.37M | -790K | -1.15M | -988K | -11.93M | -69.06M | -2.49M | -4.99M | -10.34M | -6.06M | -4.23M | -9.26M | -9.52M | -16.71M | -16.67M | -6.07M | -6.66M | -7.24M | -3.51M | 1.97M | -11.9M | -15.8M | 400K | -2.4M | -2.1M |
| Operating Margin % | -200.55% | -140.35% | -124.83% | -108.43% | 7.94% | -23.19% | -248.38% | -12.86% | -20.71% | -15.1% | -207.61% | -670.78% | -7.68% | -14.83% | -31.79% | -20.14% | -15.57% | -96.15% | -416.31% | -1418.73% | -2049.51% | -714.17% | -143.47% | -864.43% | -341.36% | 13.56% | -171.43% | -144.95% | 3.45% | -41.38% | -21.88% |
| Operating Income Growth % | - | 59.9% | 26.55% | -1090.39% | 346.55% | 73.28% | -579.75% | 31.12% | -16.09% | 91.72% | 82.73% | -2675.88% | 50.15% | 51.75% | -70.58% | -43.29% | 54.28% | 2.78% | 43.02% | -0.23% | -174.78% | 8.9% | 7.99% | -106.34% | -278.39% | 116.53% | 24.69% | -4050% | 116.67% | -14.29% | -16.67% |
| EBITDA | -10.34M | -6.54M | -17.32M | -23.63M | 13.35M | -846K | -4.9M | 38K | -621K | -98K | -9.4M | -60.51M | 12.47M | 8.91M | 5.11M | 8.53M | 7.9M | -4.19M | -8.1M | -16.22M | -16.16M | -2.51M | -4.49M | -6.15M | -2.94M | 2.8M | -11.2M | -15.1M | 1.1M | -1.7M | -1.3M |
| EBITDA Margin % | -152.9% | -88.94% | -84% | -73.12% | 29.97% | -13.67% | -226.78% | 0.62% | -11.21% | -1.5% | -163.59% | -587.67% | 38.51% | 26.47% | 15.72% | 28.33% | 29.06% | -43.52% | -353.96% | -1377.12% | -1986.7% | -295.69% | -96.66% | -734.03% | -285.76% | 19.3% | -161.35% | -138.53% | 9.48% | -29.31% | -13.54% |
| EBITDA Growth % | 23.16% | 62.24% | 26.71% | -277% | 1678.01% | 82.75% | -13002.63% | 106.12% | -533.67% | 98.96% | 84.46% | -585.3% | 39.98% | 74.2% | -40.05% | 7.99% | 288.5% | 48.24% | 50.09% | -0.36% | -543.33% | 44.01% | 27% | -109.3% | -204.95% | 124.98% | 25.84% | -1472.73% | 164.71% | -30.77% | -30% |
| D&A (Non-Cash Add-back) | 3.22M | 3.78M | 8.42M | 11.41M | 9.81M | 589K | 467K | 828K | 526K | 890K | 2.53M | 8.56M | 14.96M | 13.9M | 15.46M | 14.59M | 12.13M | 5.07M | 1.43M | 490K | 510.9K | 3.56M | 2.17M | 1.09M | 571.3K | 831.5K | 699.5K | 700K | 700K | 700K | 800K |
| EBIT | -14.24M | -10.32M | -25.23M | -32.13M | -2.31M | -862K | -2.43M | -775.38K | -934K | -848K | -11.23M | -67.02M | -1.71M | -7.4M | -9.16M | -5.61M | -1.25M | -10.36M | -9.13M | -16.7M | -15.82M | -7.78M | -6.66M | -7.24M | -3.51M | -8.27M | 2.09M | -11.9M | -15.8M | 400K | -2.4M |
| Net Interest Income | -97K | -208K | -530K | -1.11M | -544K | -57K | -14K | -11K | -93K | -513K | -442K | -263K | -381K | -276K | -329K | -286K | 42K | 216K | 940K | 2.74M | 619.7K | -3.63M | -689.6K | -238.8K | 163.3K | 506.8K | -265.3K | 0 | 0 | -100K | -100K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13K | 0 | 0 | 0 | 4K | 8K | 9K | 40K | 112K | 314K | 1.43M | 2.82M | 732.3K | 405.2K | 375.8K | 560.3K | 524.5K | 852.1K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 97K | 208K | 530K | 1.11M | 544K | 57K | 14K | 11K | 106K | 513K | 442K | 263K | 385K | 284K | 338K | 326K | 70K | 98K | 485.8K | 72.3K | 112.6K | 4.03M | 1.07M | 799.1K | 361.2K | 265.3K | 265.3K | 100K | 100K | 100K | 200K |
| Other Income/Expense | -877K | -4.05M | -26K | 1.79M | -6.39M | -335K | -1.11M | 240K | 107K | -372K | 257K | 1.78M | 397K | -6.01M | 849K | 131K | -507K | -1.19M | -1.58M | 108.99M | 2.3M | -484K | 2.14M | 162.1K | -332.3K | -247.6K | 13.82M | -100K | 16.2M | -400K | -400K |
| Pretax Income | -14.44M | -14.37M | -25.76M | -33.25M | -2.86M | -1.77M | -6.48M | -550K | -1.04M | -1.36M | -11.67M | -67.28M | -2.09M | -7.69M | -9.49M | -5.93M | -2.51M | -10.46M | -9.62M | 88.73M | -14.28M | -6.55M | -6.25M | -7.08M | -3.84M | 1.92M | -11.88M | -15.9M | 400K | -2.4M | -2.8M |
| Pretax Margin % | -213.51% | -195.4% | -124.95% | -102.88% | -6.41% | -28.61% | -299.77% | -8.95% | -18.78% | -20.78% | -203.13% | -653.5% | -6.46% | -22.84% | -29.18% | -19.7% | -9.24% | -108.62% | -420.66% | 7534.18% | -1755.52% | -771.15% | -134.62% | -845.07% | -373.7% | 13.25% | -171.19% | -145.87% | 3.45% | -41.38% | -29.17% |
| Income Tax | 6K | 6K | 20K | -891K | -1.89M | 0 | -42K | 0 | 0 | -4.9M | 0 | 0 | -778K | 7.84M | -44K | -3.75M | -1.74M | -2.28M | -3.33M | 32.37M | -15.33M | -27.21M | -2.18M | 0 | 0 | 151.3K | -1.27M | -4.1M | 1.9M | 3.1M | -1.9M |
| Effective Tax Rate % | -0.04% | -0.04% | -0.08% | 2.68% | 66.28% | 0% | 0.65% | 0% | 0% | 360.44% | 0% | 0% | 37.21% | -101.95% | 0.46% | 63.29% | 69.24% | 21.79% | 34.57% | 36.48% | 107.37% | 415.38% | 34.87% | 0% | 0% | 7.88% | 10.71% | 25.79% | 475% | -129.17% | 67.86% |
| Net Income | -14.45M | -14.37M | -25.78M | -32.36M | -963K | -1.77M | -6.44M | -550K | -1.04M | -1.36M | -14.12M | -92.9M | -2.09M | -7.38M | -11.24M | -4.81M | -772K | -8.18M | -1.39M | 56.36M | 1.05M | 8.84M | -6.25M | -5.81M | -3.84M | 1.92M | -10.64M | -11.6M | -1M | -3.7M | 300K |
| Net Margin % | -213.6% | -195.48% | -125.05% | -100.12% | -2.16% | -28.61% | -297.83% | -8.95% | -18.78% | -20.78% | -245.74% | -902.25% | -6.46% | -21.93% | -34.56% | -15.96% | -2.84% | -84.95% | -60.7% | 4785.87% | 129.36% | 1040.79% | -134.62% | -693.91% | -373.7% | 13.25% | -153.32% | -106.42% | -8.62% | -63.79% | 3.13% |
| Net Income Growth % | 25.36% | 44.25% | 20.31% | -3259.92% | 45.59% | 72.51% | -1070.73% | 47.12% | 23.53% | 90.37% | 84.8% | -4342.66% | 71.66% | 34.38% | -133.93% | -522.67% | 90.56% | -489.15% | -102.46% | 5256.7% | -88.1% | 241.49% | -7.55% | -51.3% | -299.88% | 118.05% | 8.26% | -1060% | 72.97% | -1333.33% | 115% |
| Net Income (Continuing) | -14.45M | -14.37M | -25.78M | -32.36M | -963K | -1.77M | -6.44M | -550K | -1.04M | -1.36M | -11.67M | -67.28M | 1.02M | -4.51M | -9.45M | -2.18M | 542K | -8.18M | -6.29M | 59.91M | 1.05M | -6.37M | -4.52M | -7.08M | -3.84M | -6.1M | 1.92M | -10.64M | -11.6M | -1M | -3.7M |
| 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 | 4.7M | 1.77M | 871.1K | 496K | 587.4K | 1.18M | 1.16M | 600K | 4.6M | 0 | 1.6M |
| EPS (Diluted) | -0.36 | -0.43 | -0.96 | -1.28 | -0.04 | -0.39 | -3.94 | -0.20 | -0.81 | -2.31 | -29.61 | -198.60 | -4.51 | -16.00 | -24.56 | -10.59 | -1.73 | -22.71 | -3.58 | 152.40 | 3.00 | 33.00 | -28.80 | -31.20 | -21.39 | 13.67 | -83.21 | -97.80 | -9.00 | -32.65 | 2.89 |
| EPS Growth % | 37.95% | 55.21% | 25% | -3182.05% | 90% | 90.1% | -1870% | 75.31% | 64.94% | 92.2% | 85.09% | -4303.55% | 71.81% | 34.85% | -131.92% | -512.14% | 92.38% | -534.36% | -102.35% | 4980% | -90.91% | 214.58% | 7.69% | -45.86% | -256.47% | 116.43% | 14.92% | -986.67% | 72.43% | -1229.76% | 111.99% |
| EPS (Basic) | - | -0.43 | -0.96 | -1.28 | -0.04 | -0.39 | -3.94 | -0.20 | -0.81 | -2.31 | -29.64 | -198.60 | -4.51 | -16.00 | -24.56 | -10.59 | -1.73 | -22.71 | -3.58 | 165.00 | 3.60 | 33.00 | -28.80 | -31.20 | -21.39 | 14.97 | -83.21 | -97.80 | -9.00 | -32.65 | 2.89 |
| Diluted Shares Outstanding | 40.07M | 33.82M | 26.72M | 25.32M | 24.67M | 4.49M | 1.63M | 1.34M | 1.29M | 589.98K | 476.8K | 467.75K | 463.88K | 461.32K | 457.78K | 453.98K | 446.07K | 360.08K | 387.92K | 369.83K | 352.2K | 269.62K | 216.97K | 186.22K | 179.51K | 140.57K | 127.89K | 118.61K | 111.11K | 113.31K | 103.64K |
| Basic Shares Outstanding | 40.07M | 33.82M | 26.72M | 25.32M | 24.67M | 4.49M | 1.63M | 1.34M | 1.29M | 589.98K | 476.41K | 467.75K | 463.88K | 461.32K | 457.78K | 453.98K | 446.07K | 360.08K | 387.92K | 341.16K | 307.7K | 269.62K | 216.97K | 186.22K | 179.51K | 128.35K | 127.89K | 118.61K | 111.11K | 113.31K | 103.64K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.74% | - | - | - | - | - | - | - | - | - | - | - |
Liquidity exhaustion and insolvency
As reported in recent financial filings, U.S. Energy Corp. experienced a 64.34% year-over-year revenue decline, reflecting a sustained inability to maintain production volumes or effectively replace reserves, which suggests the company is currently undergoing a significant and potentially terminal contraction of its core hydrocarbon sales base.
The consistent quarter-over-quarter revenue decay indicates that the firm's non-operated asset base is likely in a state of advanced depletion. Without internal control over drilling schedules or capital allocation, the company appears unable to arrest this downward trajectory, leaving it increasingly exposed to commodity price volatility.
Based on the provided income statement data, the company's gross margin has frequently dipped into negative territory, reaching -30.68% in recent periods, which implies that the direct costs of lifting and processing hydrocarbons now exceed the market value of the production generated by its legacy assets.
This negative margin profile suggests that the company's wells may be high-cost, late-life assets that are no longer economically viable at current scale. Investors should monitor whether these figures include non-cash depletion charges, as the underlying cash-on-cash return appears fundamentally broken under the current operating structure.
According to historical income statements, U.S. Energy Corp. maintains a high fixed-cost burden relative to its shrinking revenue, with SG&A expenses consistently consuming a disproportionate share of capital, which indicates a lack of operational efficiency and an inability to scale corporate overhead against declining production levels.
The company's inability to achieve positive operating income suggests that its administrative cost structure is misaligned with its current production footprint. This lack of operating leverage leaves the firm with no buffer to absorb external shocks, as fixed costs remain rigid while revenue continues to erode.
While the income statement reflects a distressed entity, a non-consensus view suggests that the market may be mispricing the company by ignoring the potential option value of its 89,846 gross acres, which could theoretically attract interest from larger operators seeking to consolidate legacy Permian and Williston positions.
Short-sellers would likely focus on the critically low cash balance of $429,000, which suggests that the company is rapidly approaching a liquidity crisis. The primary risk remains that the firm will be forced into highly dilutive equity raises to fund basic operations, further eroding value for existing shareholders.
Quick answers to the most common questions about buying USEG stock.
For fiscal year 2025, U.S. Energy Corp. (USEG) reported total revenue of $7.4M. This represents a 23.4% decline compared to $9.6M in 1996.
U.S. Energy Corp. (USEG) reported a net loss of $14.4M for the fiscal year ending 2025.
U.S. Energy Corp. (USEG) reported an operating income of $-10.3M, resulting in an operating profit margin of -140.4%. This margin reflects the operational efficiency of the business before interest and taxes.
U.S. Energy Corp. (USEG) generated $-2.3M in gross profit for the year, representing a gross profit margin of -30.7%. This demonstrates the company's core pricing power and production efficiency.