Detailed financial statements for Battalion Oil Corporation (BATL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Battalion Oil Corporation functions as an autonomous energy enterprise, primarily focused on the acquisition, exploration, extraction, and enhancement of crude oil and natural gas deposits located on land throughout the United States. As of the close of 2021, the company maintained holdings across 40,400 net acres within Texas's Delaware Basin, encompassing Pecos, Reeves, Ward, and Winkler counties.
Analysis Summary
Battalion Oil Corporation reported revenue of $165.0M in the most recent fiscal year, growing at a 5-year CAGR of 2.2%.
Trailing-twelve-month margins: gross margin 49.5%, operating margin -2.6%, net margin -24.5%.
At the current price of $1.24, BATL has negative trailing earnings (P/E not meaningful) and an ROE of -29.92%. Market capitalisation stands at $27M.
Balance sheet quality for BATL: current ratio of 0.9, net debt of $161.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$35.5M represents -299% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $418.1M | $378.0M | $226.6M | $224.7M | $148.3M | $285.2M | $359.1M | $220.8M | $193.9M | $165.0M |
| Cost of Revenue | $316.8M | $193.7M | $111.2M | $170.6M | $107.9M | $104.9M | $125.2M | $120.6M | $114.7M | $147.1M |
| Gross Profit | $101.2M | $184.3M | $115.4M | $54.1M | $40.4M | $180.3M | $233.9M | $100.2M | $79.2M | $17.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $125.0M | $111.4M | $62.1M | $41.7M | $18.5M | $16.5M | $17.6M | $19.0M | $18.4M | $14.6M |
| Operating Expenses | $161.9M | $182.9M | $134.9M | $1.11B | $302.3M | $76.9M | $81.8M | $82.6M | $91.0M | $24.5M |
| Operating Income | -$60.6M | $715.4M | $92.1M | -$1.05B | -$261.8M | $103.4M | $152.1M | $17.6M | -$11.7M | -$6.6M |
| EBITDA | $63.2M | $113.9M | $262.3M | -$997.1M | -$161.0M | $25.1M | $94.0M | $86.9M | $36.0M | $92.9M |
| Interest Expense | $151.1M | $71.1M | $43.0M | $38.9M | $6.6M | $8.0M | $23.6M | $33.3M | $29.0M | $28.8M |
| Pre-tax Income | -$471.2M | $530.7M | $141.8M | -$1.15B | -$229.7M | -$28.3M | $18.5M | -$3.0M | -$31.9M | $11.9M |
| Income Tax | -$3.9M | -$5.0M | $95.8M | -$95.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$467.2M | $535.7M | $46.0M | -$1.05B | -$229.7M | -$28.3M | $18.5M | -$3.0M | -$31.9M | $11.9M |
| EPS | $-54.20 | $36.70 | $2.90 | $-85.30 | $-14.18 | $-1.74 | $1.14 | $-0.92 | $-3.90 | $-2.24 |
| EPS (Diluted) | $-54.20 | $36.50 | $2.90 | $-85.30 | $-14.18 | $-1.74 | $1.12 | $-0.92 | $-3.90 | $-2.24 |
| Shares Outstanding (Diluted) | $9.3M | $13.4M | $15.7M | $12.3M | $16.2M | $16.3M | $16.5M | $16.4M | $16.5M | $16.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $43.4M | $32.3M | $39.1M | $48.1M |
| Gross Profit | $31.0M | -$2.4M | $29.0M | $23.1M |
| Operating Income | $826000 | -$9.6M | -$2.2M | $6.8M |
| EBITDA | $19.5M | $21.0M | -$49.6M | $32.1M |
| Net Income | -$735000 | $1.8M | -$56.5M | $15.5M |
| EPS | $-0.91 | $-0.76 | $-3.72 | $0.34 |
| EPS (Diluted) | $-0.91 | $-0.76 | $-3.72 | $0.34 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24000 | $424.1M | $46.9M | $14.3M | $4.3M | $48.7M | $32.7M | $57.5M | $19.7M | $28.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $153.7M | $43.3M | $94.2M | $54.7M | $40.8M | $36.8M | $38.0M | $23.0M | $26.3M | $12.1M |
| Inventory | $6.9M | $10.6M | $4.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $160.6M | $471.8M | $144.7M | $71.2M | $47.8M | $87.9M | $88.2M | $90.5M | $54.1M | $57.2M |
| Property, Plant & Equipment | $1.16B | $1.17B | $1.92B | $512.6M | $292.3M | $297.6M | $389.0M | $372.3M | $370.7M | $392.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.32B | $1.64B | $2.08B | $584.7M | $346.5M | $390.3M | $485.4M | $485.3M | $431.0M | $460.7M |
| Accounts Payable | $24.4M | $35.7M | $69.0M | $36.0M | $22.7M | $25.3M | $42.9M | $24.9M | $15.7M | $12.6M |
| Short-term Debt | 0 | 0 | 0 | $923000 | $1.7M | $454000 | $35.1M | $50.1M | $12.2M | 0 |
| Total Current Liabilities | $207.6M | $150.3M | $161.7M | $106.4M | $83.2M | $121.6M | $165.0M | $134.4M | $77.7M | $63.6M |
| Long-term Debt | $964.7M | $409.2M | $613.1M | $144.0M | $158.5M | $181.6M | $182.7M | $140.3M | $145.5M | $181.0M |
| Total Liabilities | $1.21B | $571.6M | $886.6M | $268.0M | $256.5M | $326.6M | $400.7M | $310.8M | $249.4M | $267.2M |
| Retained Earnings | -$480.0M | $55.7M | $101.7M | -$10.5M | -$240.2M | -$268.5M | -$249.9M | -$253.0M | -$284.9M | -$273.0M |
| Total Equity | $112.7M | $1.07B | $1.20B | $316.6M | $90.0M | $63.7M | $84.6M | $174.6M | $181.7M | $193.4M |
| Total Debt | $964.7M | $409.2M | $613.1M | $147.2M | $168.2M | $182.4M | $218.1M | $197.9M | $165.9M | $189.8M |
| Net Debt | $964.6M | -$14.9M | $566.2M | $132.9M | $163.9M | $133.6M | $185.4M | $140.4M | $146.2M | $161.9M |
| Working Capital | -$46.9M | $321.5M | -$17.1M | -$35.3M | -$35.3M | -$33.7M | -$76.9M | -$43.9M | -$23.6M | -$6.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $50.7M | $28.0M | $46.4M | $83.1M |
| Total Assets | $491.7M | $460.7M | $412.4M | $432.6M |
| Total Liabilities | $511.9M | $267.2M | $255.2M | $229.4M |
| Total Equity | -$20.2M | $193.4M | $157.1M | $203.1M |
| Total Debt | $421.7M | $189.8M | $23.2M | $158.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$503.9M | $535.7M | $46.0M | -$1.17B | -$229.7M | -$28.3M | $18.5M | -$3.0M | -$31.9M | $11.9M |
| Depreciation & Amortization | $167.5M | $4.4M | $1.7M | $110.9M | $62.1M | $45.4M | $5.4M | $56.6M | $52.9M | $52.1M |
| Stock-based Compensation | $26.4M | $36.8M | $15.3M | 0 | $2.6M | $2.0M | $2.2M | 0 | $152000 | 0 |
| Change in Working Capital | $10.7M | $21.8M | $28.6M | -$27.5M | $238000 | -$3.1M | $19.3M | -$19.2M | -$5.8M | $3.4M |
| Operating Cash Flow | $278.5M | $114.6M | $67.2M | -$26.1M | $50.2M | $68.6M | $78.8M | $17.6M | $35.4M | $39.1M |
| Capital Expenditure | -$290.2M | -$1.43B | -$926.5M | -$298.9M | -$101.9M | -$52.9M | -$126.6M | -$46.4M | -$64.7M | -$74.6M |
| Acquisitions | $888000 | $2.03B | $219.9M | $1.3M | $29.0M | $947000 | $332000 | $4.9M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$11.7M | -$1.31B | -$859.4M | -$325.0M | -$51.7M | $15.6M | -$47.8M | -$28.9M | -$29.3M | -$35.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $28.0M | -$11.8M | $2.1M | $7.7M |
| Capital Expenditure | $53.1M | -$5.0M | -$3.6M | -$4.2M |
| Free Cash Flow | $81.1M | -$16.8M | -$1.5M | $3.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | $421000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -9.6% | -40.0% | -0.8% | -34.0% | +92.3% | +25.9% | -38.5% | -12.2% | -14.9% | |
| Net Income Growth (YoY) | +214.7% | -91.4% | -2387.1% | +78.1% | +87.7% | +165.5% | -116.4% | -946.0% | +137.3% | |
| EPS Growth (YoY) | +167.7% | -92.1% | -3041.4% | +83.4% | +87.7% | +165.5% | -180.7% | -323.9% | +42.6% | |
| Shares Change (YoY) | +43.6% | +17.8% | -21.7% | +31.5% | +0.4% | +1.5% | -0.4% | +0.1% | +0.0% | |
| FCF Growth (YoY) | -11131.4% | +34.6% | +62.2% | +84.1% | +130.3% | -405.7% | +39.7% | -1.7% | -20.9% | |
| Gross Margin | 24.2% | 48.8% | 50.9% | 24.1% | 27.3% | 63.2% | 65.1% | 45.4% | 40.9% | 10.8% |
| Operating Margin | -14.5% | 189.3% | 40.7% | -468.2% | -176.6% | 36.2% | 42.4% | 8.0% | -6.1% | -4.0% |
| EBITDA Margin | 15.1% | 30.1% | 115.7% | -443.8% | -108.6% | 8.8% | 26.2% | 39.4% | 18.6% | 56.3% |
| Net Margin | -111.8% | 141.7% | 20.3% | -467.8% | -154.9% | -9.9% | 5.2% | -1.4% | -16.4% | 7.2% |
| FCF Margin | -2.8% | -347.6% | -379.2% | -144.6% | -34.9% | 5.5% | -13.3% | -13.1% | -15.1% | -21.5% |
| Effective Tax Rate | 0.8% | -0.9% | 67.6% | 8.4% | -0.0% | -0.0% | 0.0% | -0.0% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.26 | $-98.37 | $-54.64 | $-26.37 | $-3.19 | $0.96 | $-2.90 | $-1.75 | $-1.78 | $-2.16 |
| Dividends Per Share | $0.88 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $9.3M | $13.3M | $15.7M | $12.3M | $16.2M | $16.3M | $16.3M | $16.4M | $16.5M | $16.5M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | -29.92% |
| Return on Invested Capital | -1.11% |
| Return on Assets | -9.23% |
| Gross Margin | 49.49% |
| Operating Margin | -2.62% |
| Net Margin | -24.51% |
Financial Health
| Debt / Equity | 0.78 |
| Current Ratio | 2.19 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.49 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -0.19 | 0.28 | 3.53 | -0.16 | -0.59 | -5.63 | 8.52 | -10.45 | -0.44 | -0.50 |
| P/B | 0.85 | 0.13 | 0.13 | 0.52 | 1.50 | 2.50 | 1.87 | 0.91 | 0.16 | 0.10 |
| P/S | 0.23 | 0.36 | 0.71 | 0.74 | 0.91 | 0.56 | 0.44 | 0.72 | 0.15 | 0.11 |
| Gross Margin | 24.2% | 48.8% | 50.9% | 24.1% | 27.3% | 63.2% | 65.1% | 45.4% | 40.9% | 10.8% |
| Operating Margin | -14.5% | 189.3% | 40.7% | -468.2% | -176.6% | 36.2% | 42.4% | 8.0% | -6.1% | -4.0% |
| Net Margin | -111.8% | 141.7% | 20.3% | -467.8% | -154.9% | -9.9% | 5.2% | -1.4% | -16.4% | 7.2% |
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Explore sector: Energy · Oil & Gas Exploration & Production
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