Detailed financial statements for CKX Lands, Inc. (CKX): 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.
CKX Lands, Inc. is a U.S.-based company primarily focused on owning and managing real estate assets. Its operations are divided into three main divisions: Oil and Gas, Surface, and Timber. The company generates revenue by leasing out its land for various purposes, including mineral extraction (specifically oil and gas), forestry operations (such as growing and felling timber), and diverse surface uses like farming, granting easements, and recreational hunting.
Analysis Summary
CKX Lands, Inc. reported revenue of $838543 in the most recent fiscal year, growing at a 5-year CAGR of 4.5%. Net income reached $3.0M, with a 54.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 97.7%, operating margin 5.1%, net margin 419.8%. Free cash flow grew at 28.6% CAGR over 5 years.
At the current price of $10.51, CKX trades at a P/E of 7.12 and an ROE of 13.95%. Market capitalisation stands at $22M.
Balance sheet quality for CKX: current ratio of 24.7. 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 $459630 represents 15% 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 | $863402 | $1.1M | $1.2M | $811271 | $671944 | $744545 | $1.1M | $1.5M | $1.5M | $838543 |
| Cost of Revenue | $62040 | $143127 | $134534 | $81622 | $42245 | $55396 | $91288 | $63465 | $69615 | $67807 |
| Gross Profit | $801362 | $1.0M | $1.1M | $729649 | $629699 | $689149 | $1.0M | $1.4M | $1.5M | $770736 |
| Research & Development | $0 | $1 | $1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $614002 | $495040 | $573532 | $618919 | $605223 | $651574 | $2.9M | $1.5M | $1.4M | $687441 |
| Operating Expenses | $614002 | $495040 | $573532 | $538043 | $250646 | -$374161 | $2.9M | $1.3M | $1.3M | $687441 |
| Operating Income | $187360 | $541129 | $1.4M | $191606 | $379053 | $1.1M | -$1.8M | $121824 | $116992 | $83295 |
| EBITDA | $189578 | $523270 | $490582 | $113091 | $27753 | $40165 | -$1.9M | -$23222 | $35708 | $4.0M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $222311 | $586087 | $1.5M | $301188 | $438224 | $1.1M | -$1.8M | $282201 | $337724 | $4.0M |
| Income Tax | $51637 | $63224 | $350793 | $51255 | $98841 | $263970 | -$487713 | $139240 | $87500 | $966796 |
| Net Income | $170674 | $522863 | $1.1M | $249933 | $339383 | $819349 | -$1.3M | $142961 | $250224 | $3.0M |
| EPS | $0.09 | $0.27 | $0.57 | $0.13 | $0.17 | $0.42 | $-0.67 | $0.07 | $0.12 | $1.47 |
| EPS (Diluted) | $0.09 | $0.27 | $0.57 | $0.13 | $0.17 | $0.42 | $-0.67 | $0.07 | $0.12 | $1.47 |
| Shares Outstanding (Diluted) | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $2.0M | $2.0M | $2.1M | $2.0M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $1.6M | $1.9M | $3.3M | $6.5M | $7.4M | $7.1M | $7.5M | $3.4M | $18.0M |
| Short-term Investments | $3.4M | $2.7M | $3.6M | $3.2M | $502595 | $502832 | $1.0M | $1.5M | $5.9M | 0 |
| Receivables | $62403 | $113067 | $118463 | $102786 | $98515 | $50739 | $126423 | $104741 | $78119 | $41705 |
| Inventory | -$3.3M | -$2.6M | -$244825 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.5M | $4.5M | $5.6M | $6.6M | $7.1M | $8.0M | $8.3M | $9.4M | $9.6M | $18.1M |
| Property, Plant & Equipment | $9.2M | $9.3M | $9.2M | $9.2M | $9.2M | $9.1M | $9.1M | $9.1M | $9.0M | $4.2M |
| 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 | $14.4M | $14.7M | $15.6M | $15.9M | $16.3M | $17.1M | $17.7M | $18.8M | $18.8M | $22.3M |
| Accounts Payable | $122464 | $207166 | $91968 | $62253 | $110786 | $111123 | $37626 | $159159 | $52420 | $87985 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $132457 | $220512 | $216815 | $227411 | $342195 | $261236 | $267176 | $495348 | $264183 | $730402 |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $431376 | $408176 | $404479 | $415075 | $529859 | $448900 | $267176 | $495348 | $264183 | $840356 |
| Retained Earnings | $13.9M | $14.3M | $15.1M | $15.4M | $15.7M | $16.5M | $15.2M | $15.4M | $15.6M | $18.6M |
| Total Equity | $14.0M | $14.3M | $15.2M | $15.4M | $15.8M | $16.6M | $17.4M | $18.3M | $18.6M | $21.4M |
| Total Debt | $23467 | $50354 | $36989 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -$4.4M | -$4.2M | -$5.4M | -$6.5M | -$7.0M | -$7.9M | -$8.2M | -$9.1M | -$9.3M | -$18.0M |
| Working Capital | $4.4M | $4.3M | $5.4M | $6.4M | $6.7M | $7.7M | $8.0M | $8.9M | $9.3M | $17.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $170674 | $522863 | $1.1M | $249933 | $339383 | $819349 | -$1.3M | $142961 | $250224 | $3.0M |
| Depreciation & Amortization | $467 | $1191 | $2027 | $1750 | $2303 | $2027 | $5039 | $4946 | $4261 | $3109 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | $2.3M | $841839 | $223626 | 0 |
| Change in Working Capital | $101763 | $10504 | $4271 | $23533 | $150075 | -$59877 | -$255301 | $66270 | -$285182 | $662593 |
| Operating Cash Flow | $280807 | $404253 | $241562 | $194711 | $140165 | -$263673 | $413691 | $876953 | $204761 | $459630 |
| Capital Expenditure | -$2.4M | -$155285 | -$55438 | -$26815 | -$9321 | -$22669 | -$29296 | -$20737 | 0 | 0 |
| Acquisitions | -$434000 | -$437722 | $982242 | $109235 | $359082 | $1.2M | $18972 | 0 | $140582 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$176592 | -$87156 | -$208854 | -$147614 |
| Dividends Paid | 0 | -$194250 | -$233099 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.1M | $248968 | $186124 | $167896 | $130844 | -$286342 | $384395 | $856216 | $204761 | $459630 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +32.6% | +4.4% | -32.1% | -17.2% | +10.8% | +48.5% | +34.4% | +2.4% | -44.9% | |
| Net Income Growth (YoY) | +206.4% | +113.3% | -77.6% | +35.8% | +141.4% | -260.8% | +110.8% | +75.0% | +1102.9% | |
| EPS Growth (YoY) | +200.0% | +111.1% | -77.2% | +30.8% | +147.1% | -259.5% | +110.4% | +71.4% | +1125.0% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.8% | +2.7% | +2.2% | -0.4% | |
| FCF Growth (YoY) | +111.7% | -25.2% | -9.8% | -22.1% | -318.8% | +234.2% | +122.7% | -76.1% | +124.5% | |
| Gross Margin | 92.8% | 87.5% | 88.7% | 89.9% | 93.7% | 92.6% | 91.7% | 95.7% | 95.4% | 91.9% |
| Operating Margin | 21.7% | 47.3% | 114.5% | 23.6% | 56.4% | 142.8% | -166.7% | 8.2% | 7.7% | 9.9% |
| EBITDA Margin | 22.0% | 45.7% | 41.1% | 13.9% | 4.1% | 5.4% | -167.9% | -1.6% | 2.3% | 474.6% |
| Net Margin | 19.8% | 45.7% | 93.3% | 30.8% | 50.5% | 110.0% | -119.2% | 9.6% | 16.4% | 359.0% |
| FCF Margin | -246.3% | 21.8% | 15.6% | 20.7% | 19.5% | -38.5% | 34.8% | 57.6% | 13.5% | 54.8% |
| Effective Tax Rate | 23.2% | 10.8% | 23.9% | 17.0% | 22.6% | 24.4% | 27.0% | 49.3% | 25.9% | 24.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.09 | $0.13 | $0.10 | $0.09 | $0.07 | $-0.15 | $0.20 | $0.43 | $0.10 | $0.22 |
| Dividends Per Share | $0.00 | $0.10 | $0.12 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $2.0M | $2.0M | $2.0M | $2.0M |
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 | 13.95% |
| Return on Invested Capital | 0.13% |
| Return on Assets | 13.31% |
| Gross Margin | 97.66% |
| Operating Margin | 5.06% |
| Net Margin | 419.79% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 124.62 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 122.78 | 37.70 | 18.09 | 71.68 | 55.97 | 26.67 | -14.85 | 185.14 | 105.00 | 6.22 |
| P/B | 1.53 | 1.38 | 1.32 | 1.17 | 1.17 | 1.31 | 1.12 | 1.40 | 1.37 | 0.87 |
| P/S | 24.86 | 17.28 | 16.76 | 22.31 | 27.51 | 29.22 | 17.63 | 17.22 | 16.72 | 22.32 |
| Gross Margin | 92.8% | 87.5% | 88.7% | 89.9% | 93.7% | 92.6% | 91.7% | 95.7% | 95.4% | 91.9% |
| Operating Margin | 21.7% | 47.3% | 114.5% | 23.6% | 56.4% | 142.8% | -166.7% | 8.2% | 7.7% | 9.9% |
| Net Margin | 19.8% | 45.7% | 93.3% | 30.8% | 50.5% | 110.0% | -119.2% | 9.6% | 16.4% | 359.0% |
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