VAALCO ENERGY INC /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VAALCO ENERGY INC /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	59.8	77	105	84.5	67.2	199	354	455	479	359
General and administrative	9.56	10.4	11.4	14.9	10.7	14.8	10.1	23.8	29.7	33.1
Operating income	-4.39	20	51.3	21.2	-27.3	79.1	171	159	136	-20.6
Interest expense	2.61	1.41	0.15
Interest income	0		0.27	0.73	0.16
Other non-operating income	-2.02	3.15	0.07	-0.15	6.86	-19.3	-48	-8.53	3.3	-5.96
Pre-tax income	-9.02	20.7	55.5	21	-20.4	59.8	123	150	140	-26.6
Income tax	9.25	10.4	-43.3	23.9	27.7	-22.2	71.4	89.8	81.3	14.8
Income from continuing operations					-48.1	81.9	52	60.4
Net income	-26.6	9.65	98.2	2.56	-48.2	81.8	51.9	60.4	58.5	-41.4
EBITDA	2.54	26.4	56.9	28.3	-17.9	100	219	274	280	89.4
EPS, basic	-0.45	0.16	1.64	0.04	-0.83	1.38	0.74	0.56	0.56	-0.40
EPS, diluted	-0.45	0.16	1.62	0.04	-0.83	1.37	0.73	0.56	0.56	-0.40
Shares, basic (weighted)	58.4	58.7	59.2	59.1	57.6	58.2	69.6	106	104	104
Shares, diluted (weighted)	58.4	58.7	60	59.1	57.6	58.8	70	107	104	104
Dividend per share								0.25	0.25	0.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20.5	19.7	33.4	45.9	47.9	48.7	37.2	121	82.7	58.9
Receivables	6.75	3.56	11.9	14.3		22.5	52.1	44.9	94.8	39.9
Other current assets	4.04	2.79	6.3	3.29	4.22	5.16	20.1	12.4	15	24.4
Total current assets	38.5	36.5	58.8	69.8	64	88.3	200	228	238	133
Property, plant and equipment	28	23.2	52.7	68.3	37	94.3	495	460	538	586
Lease right-of-use assets				33.4	22.6	10.2	2.78	2.38	17.3	16.6
Other non-current assets						1.18	1.87	1.43	1.21	7.36
Total assets	81	79.6	166	212	141	263	856	823	955	913
Accounts payable	19.1	11.6	8.08	15.9	16.7	18.8	59.9
Accrued liabilities	10.5	13	14.1	29.8	17.2	49.4	8.16	3.75	4.96	6.69
Short-term debt	7.5	6.67
Total current liabilities	55.6	46.6	41	63.8	52.6	84.3	162	127	182	192
Long-term debt	6.94	2.31
Lease liabilities				21.4	9.67	0.59	0.69	0.03	13.9	11.2
Other non-current liabilities	0.28	0.28	0.63	0.85	0.19	0	25.6	17.7	17.9	0
Total liabilities	81.4	69.3	56.5	102	79.8	119	390	344	453	470
Total debt	14.4	8.98				0	0	0	0	60
Paid-in capital	70.3	71.3	72.4	73.5	74.4	76.7	354	357	363	369
Retained earnings	-39.3	-29.7	68.6	70.8	22.7	104	147	177	210	142
Treasury stock	-37.9	-38	-37.8	-41.4	-42.4	-43.8	-47.7	-71.2	-78	-78.7
Other comprehensive income						0	1.18	2.88	-4.96	-0.5
Shareholders' equity	-0.36	10.3	110	110	61.5	144	466	479	502	443
Total equity	-0.36	10.3	110	110	61.5	144	466	479	502	443
Total liabilities and equity	81	79.6	166	212	141	263	856	823	955	913
Shares outstanding	58.6	58.9	59.6	58	57.5	58.6	108	104	104	104

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-26.6	9.65	98.2	2.56	-48.2	81.8	51.9	60.4	58.5	-41.4
Depreciation and amortization	6.93	6.46	5.6	7.08	9.38	21.1	48.1	115	143	110
Stock-based compensation	0.19	1.1	2.39	3.51	0.11	2.46	2.2	2.95	4.28	6.21
Deferred income tax		-1.26	-56.9	14.5	24.2	-40	44.8	-2.86	-16.8	-29.4
Change in receivables	-1.05	3.2	-8.35	-2.43	14.3	-11.3	18.4	6.72	-49.9	45
Change in inventory	-0.19	-2.35	2.48	-0.29	-2.83	5.02	-1.74	1.39	7.49	7.67
Change in payables	-15.5	-7.3	-3.41	6.01	-0.84	-0.92	23.9	-28.1	-13.2	50.9
Cash from operations	-0.08	8.96	37.2	26.5	27.5	50.1	129	224	114	213
Capital expenditures	-8.71	-1.81	-14.1	-10.3
Acquisitions	-5.69	0.06
Cash from investing	-16.5	-1.5	-14.1	-10.3	-24.3	-39.1	-123	-97.2	-102	-256
Debt repaid		-10	-9.17
Stock issued	0	0.04	0.54	0.26	0.06	1.37	0.31	0.67	0.45	0
Share buybacks	-0.05	-0.02	-0.06	-3.91	-0.99	-1.43	-3.81	-23.6	-6.8	-0.71
Dividends paid					0	0	-9.35	-26.8	-26.2	-26.5
Cash from financing	-0.14	-5.82	-8.68	-3.66	-0.93	-0.06	-18	-56.8	-43	12.4
Net change in cash	-16.7	1.64	14.4	12.5	2.19	11	-12.5	69.4	-31.5	-30.8
Free cash flow	-8.78	7.14	23	16.1
Interest paid	1.33	1	0.26		0	0	1.66	9.12	6.71	6.64
Income taxes paid	9.21	15.2	2.72	-0.67	-0.7	0	0		71.6	68

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-10.4%	Operating income / revenue.
EBITDA margin	19.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-27.4%	Pre-tax income / revenue.
Net margin	-31.1%	Net income / revenue.
Operating cash flow margin	56.1%	Cash from operations / revenue.
Return on equity (ROE)	-28.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-11.2%	Net income / average total assets.
Return on invested capital (ROIC)	-5.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	29.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-25.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	39.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-115.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-68.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-25.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-170.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-171.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	87.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	50.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-11.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	48.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	45.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	14.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	12.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.44x	Current assets / current liabilities.
Quick ratio	0.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.3%	Total debt / total assets.
Liabilities / assets	60.7%	Total liabilities / total assets.
Net debt	$146.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$115.0M	Current assets - current liabilities.
Tangible book value	$380.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	0.49x	Revenue / average property, plant and equipment.
Receivables turnover	16.3x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.34	Revenue / diluted weighted shares.
Operating cash flow per share	$1.87	Cash from operations / diluted weighted shares.
Book value per share	$3.62	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.62	Tangible book value / shares outstanding.
Cash per share	$0.29	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$612.2M	Share price x shares outstanding.
Enterprise value	$758.8M	Market cap + total debt - cash - short-term investments.
P/S	1.75x	Market cap / revenue.
P/B	1.61x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.61x	Market cap / tangible book value, when positive.
P/OCF	3.12x	Market cap / cash from operations, when positive.
EV/Sales	2.17x	Enterprise value / revenue.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-17.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.4%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.

What was VAALCO ENERGY INC /DE/'s revenue in fiscal 2025?

VAALCO ENERGY INC /DE/ reported revenue of $359.3M for fiscal 2025, 25% lower than the year before.

Was VAALCO ENERGY INC /DE/ profitable in fiscal 2025?

No. It reported a net loss of $41.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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