Detailed financial statements for New Concept Energy, Inc. (GBR): 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.
New Concept Energy, Inc. is primarily involved in the real estate rental sector, possessing approximately 190 acres of land situated in Parkersburg, West Virginia. Additionally, the company offers consultancy and oversight services to an independent entity within the oil and gas industry. Established in 1978, this Dallas, Texas-based firm adopted its current name in May 2008, having previously operated as CabelTel International Corporation. New Concept Energy, Inc.
Analysis Summary
New Concept Energy, Inc. reported revenue of $155000 in the most recent fiscal year, growing at a 5-year CAGR of 8.9%.
Trailing-twelve-month margins: gross margin 74.5%, operating margin -187.3%, net margin -56.1%.
At the current price of $0.72, GBR has negative trailing earnings (P/E not meaningful) and an ROE of -1.97%. Market capitalisation stands at $4M.
Balance sheet quality for GBR: current ratio of 5.7. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $764000 | $791000 | $682000 | $98000 | $101000 | $101000 | $212000 | $152000 | $146000 | $155000 |
| Cost of Revenue | $1.2M | $1.0M | $844000 | $61000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$417000 | -$236000 | -$162000 | $37000 | $101000 | $101000 | $212000 | $152000 | $146000 | $155000 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $352000 | $408000 | $353000 | $418000 | $396000 | $360000 | $317000 | $338000 | $335000 | $364000 |
| Operating Expenses | $352000 | $408000 | $353000 | $418000 | $468000 | $437000 | $374000 | $395000 | $383000 | $420000 |
| Operating Income | -$769000 | -$3.3M | -$515000 | -$381000 | -$367000 | -$336000 | -$162000 | -$243000 | -$237000 | -$265000 |
| EBITDA | $576000 | -$2.9M | -$219000 | $93000 | -$12000 | $88000 | $193000 | -$8000 | -$5000 | -$32000 |
| Interest Expense | $38000 | $24000 | $18000 | $15000 | $12000 | $5000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $44000 | -$3.2M | -$484000 | $60000 | -$52000 | $70000 | $181000 | -$21000 | -$18000 | -$46000 |
| Income Tax | 0 | 0 | $49000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $48000 | -$3.2M | -$484000 | -$2.4M | $1.9M | $70000 | $181000 | -$21000 | -$18000 | -$46000 |
| EPS | $0.02 | $-1.59 | $-0.09 | $-0.48 | $0.37 | $0.01 | $0.10 | $-0.00 | $-0.00 | $-0.01 |
| EPS (Diluted) | $0.02 | $-1.59 | $-0.09 | $-0.48 | $0.37 | $0.01 | $0.10 | $-0.00 | $-0.00 | $-0.01 |
| Shares Outstanding (Diluted) | $1.9M | $2.0M | $5.1M | $5.1M | $5.1M | $5.1M | $5.1M | $5.1M | $5.1M | $5.1M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $113000 | $419000 | $361000 | $22000 | $27000 | $252000 | $436000 | $447000 | $363000 | $383000 |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $325000 | $103000 | $4.1M | $4.0M | $3.7M | $3.6M | $3.5M | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $438000 | $522000 | $4.5M | $4.1M | $3.8M | $3.8M | $466000 | $459000 | $372000 | $396000 |
| Property, Plant & Equipment | $6.3M | $3.4M | $3.1M | $668000 | $656000 | $643000 | $631000 | $629000 | $636000 | $622000 |
| 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 | $7.2M | $4.2M | $7.9M | $5.8M | $4.6M | $4.5M | $4.6M | $4.6M | $4.6M | $4.6M |
| Accounts Payable | $238000 | $446000 | $59000 | $226000 | $80000 | $28000 | $23000 | $36000 | $20000 | $26000 |
| Short-term Debt | $96000 | $81000 | $59000 | $44000 | $52000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $393000 | $556000 | $150000 | $290000 | $164000 | $60000 | $63000 | $75000 | $57000 | $69000 |
| Long-term Debt | $296000 | $243000 | $201000 | $177000 | $122000 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $3.5M | $3.6M | $3.1M | $3.4M | $286000 | $60000 | $63000 | $75000 | $57000 | $69000 |
| Retained Earnings | -$55.1M | -$58.4M | -$58.9M | -$61.2M | -$59.3M | -$59.2M | -$59.1M | -$59.1M | -$59.1M | -$59.1M |
| Total Equity | $3.7M | $636000 | $4.8M | $2.4M | $4.3M | $4.4M | $4.6M | $4.6M | $4.5M | $4.5M |
| Total Debt | $392000 | $324000 | $260000 | $221000 | $174000 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | $279000 | -$95000 | -$101000 | $199000 | $147000 | -$252000 | -$436000 | -$447000 | -$363000 | -$383000 |
| Working Capital | $45000 | -$34000 | $4.3M | $3.8M | $3.6M | $3.8M | $403000 | $384000 | $315000 | $327000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $48000 | -$3.2M | -$484000 | -$2.4M | $1.9M | $70000 | $181000 | -$21000 | -$18000 | -$46000 |
| Depreciation & Amortization | $664000 | $396000 | $253000 | $18000 | $12000 | $13000 | $12000 | $13000 | $13000 | $14000 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$88000 | $401000 | -$406000 | -$190000 | -$325000 | $40000 | -$9000 | $18000 | -$59000 | $52000 |
| Operating Cash Flow | -$314000 | $202000 | -$637000 | -$239000 | -$535000 | $123000 | $184000 | $22000 | -$64000 | $20000 |
| Capital Expenditure | -$52000 | -$10000 | 0 | -$68000 | 0 | 0 | 0 | -$11000 | -$20000 | 0 |
| Acquisitions | $700000 | 0 | 0 | 0 | $85000 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$366000 | $192000 | -$637000 | -$307000 | -$535000 | $123000 | $184000 | $11000 | -$84000 | $20000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.5% | -13.8% | -85.6% | +3.1% | +0.0% | +109.9% | -28.3% | -3.9% | +6.2% | |
| Net Income Growth (YoY) | -6862.5% | +85.1% | -386.0% | +181.5% | -96.3% | +158.6% | -111.6% | +14.3% | -155.6% | |
| EPS Growth (YoY) | -8050.0% | +94.1% | -409.0% | +177.1% | -97.3% | +900.0% | -104.1% | +14.6% | -185.7% | |
| Shares Change (YoY) | +4.6% | +151.9% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | |
| FCF Growth (YoY) | +152.5% | -431.8% | +51.8% | -74.3% | +123.0% | +49.6% | -94.0% | -863.6% | +123.8% | |
| Gross Margin | -54.6% | -29.8% | -23.8% | 37.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -100.7% | -413.4% | -75.5% | -388.8% | -363.4% | -332.7% | -76.4% | -159.9% | -162.3% | -171.0% |
| EBITDA Margin | 75.4% | -367.0% | -32.1% | 94.9% | -11.9% | 87.1% | 91.0% | -5.3% | -3.4% | -20.6% |
| Net Margin | 6.3% | -410.4% | -71.0% | -2400.0% | 1897.0% | 69.3% | 85.4% | -13.8% | -12.3% | -29.7% |
| FCF Margin | -47.9% | 24.3% | -93.4% | -313.3% | -529.7% | 121.8% | 86.8% | 7.2% | -57.5% | 12.9% |
| Effective Tax Rate | 0.0% | -0.0% | -10.1% | 0.0% | -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 | $-0.19 | $0.09 | $-0.12 | $-0.06 | $-0.10 | $0.02 | $0.04 | $0.00 | $-0.02 | $0.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.9M | $2.0M | $5.1M | $5.1M | $5.1M | $5.1M | $5.1M | $5.1M | $5.1M | $5.1M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | -1.97% |
| Return on Invested Capital | -6.67% |
| Return on Assets | -1.94% |
| Gross Margin | 74.52% |
| Operating Margin | -187.26% |
| Net Margin | -56.05% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 3.18 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 15.11 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 216.00 | -1.96 | -14.85 | -2.56 | 5.24 | 238.00 | 10.90 | -243.90 | -331.43 | -74.70 |
| P/B | 2.26 | 9.99 | 1.51 | 2.62 | 2.30 | 2.78 | 1.22 | 1.13 | 1.31 | 0.85 |
| P/S | 11.01 | 8.03 | 10.53 | 64.41 | 98.48 | 120.93 | 26.39 | 33.76 | 40.77 | 24.73 |
| Gross Margin | -54.6% | -29.8% | -23.8% | 37.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -100.7% | -413.4% | -75.5% | -388.8% | -363.4% | -332.7% | -76.4% | -159.9% | -162.3% | -171.0% |
| Net Margin | 6.3% | -410.4% | -71.0% | -2400.0% | 1897.0% | 69.3% | 85.4% | -13.8% | -12.3% | -29.7% |
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