Latest Ratios: P/E Ratio -12.6x · EV/EBITDA 3.8x · ROE -8.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $524M | $379M | $453M | $478M | $319M | $189M | $102M | $131M | $88M | $41M | $61M |
| Enterprise Value | $594M | $448M | $469M | $448M | $371M | $150M | $77M | $118M | $55M | $30M | $55M |
| P/E Ratio → | -12.57 | — | 7.85 | 8.02 | 6.25 | 2.34 | — | — | 0.90 | 4.36 | — |
| P/S Ratio | 1.46 | 1.05 | 0.95 | 1.05 | 0.90 | 0.95 | 1.32 | 1.36 | 0.84 | 0.53 | 1.02 |
| P/B Ratio | 1.18 | 0.85 | 0.90 | 1.00 | 0.68 | 1.31 | 1.66 | 1.20 | 0.80 | 3.98 | — |
| P/FCF | — | — | 42.28 | 3.79 | — | 17.06 | 32.65 | 8.14 | 3.83 | 8.45 | — |
| P/OCF | 2.47 | 1.78 | 3.99 | 2.14 | 2.48 | 3.76 | 3.71 | 4.96 | 2.37 | 6.15 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.25 | 0.98 | 0.98 | 1.05 | 0.75 | 0.99 | 1.22 | 0.52 | 0.39 | 0.91 |
| EV / EBITDA | 3.79 | 2.86 | 1.68 | 1.64 | 1.69 | 1.50 | — | 4.13 | 0.96 | 1.15 | 21.57 |
| EV / EBIT | 12.74 | 9.62 | 3.27 | 2.78 | 2.96 | 1.88 | 16.93 | 5.65 | 0.99 | 1.39 | — |
| EV / FCF | — | — | 43.73 | 3.55 | — | 13.58 | 24.55 | 7.31 | 2.38 | 6.24 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.9% | 22.9% | 36.0% | 41.0% | 54.6% | 48.6% | 26.5% | 41.1% | 56.2% | 40.1% | 25.5% |
| Operating Margin | 13.0% | 13.0% | 28.5% | 34.9% | 48.3% | 39.7% | -35.2% | 21.9% | 48.9% | 25.9% | -7.3% |
| Net Profit Margin | -11.5% | -11.5% | 12.1% | 13.3% | 14.6% | 41.1% | -62.2% | 2.6% | 93.6% | 12.5% | -44.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.8% | -8.8% | 11.8% | 12.8% | 17.0% | 79.5% | -56.3% | 2.3% | 163.6% | 194.4% | -206.5% |
| ROA | -4.4% | -4.4% | 6.5% | 7.2% | 9.3% | 40.5% | -27.3% | 1.4% | 79.9% | 12.0% | -25.9% |
| ROIC | 6.8% | 6.8% | 21.2% | 24.6% | 41.2% | 83.5% | -30.9% | 18.4% | 101.1% | — | -70.6% |
| ROCE | 6.2% | 6.2% | 18.6% | 22.8% | 39.3% | 59.1% | -23.1% | 15.5% | 64.8% | 68.2% | -10.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.20 | 0.19 | 0.19 | 0.07 | 0.37 | 0.30 | — | 0.87 | — |
| Debt / EBITDA | 0.82 | 0.82 | 0.35 | 0.33 | 0.41 | 0.10 | — | 1.17 | — | 0.34 | 5.70 |
| Net Debt / Equity | — | 0.16 | 0.03 | -0.06 | 0.11 | -0.27 | -0.41 | -0.12 | -0.30 | -1.04 | — |
| Net Debt / EBITDA | 0.44 | 0.44 | 0.06 | -0.11 | 0.24 | -0.38 | — | -0.47 | -0.59 | -0.40 | -2.38 |
| Debt / FCF | — | — | 1.45 | -0.24 | — | -3.48 | -8.10 | -0.84 | -1.45 | -2.21 | — |
| Interest Coverage | 5.66 | 5.66 | 38.46 | 24.99 | 61.62 | — | — | — | 383.58 | 15.35 | -2.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.69 | 0.69 | 1.31 | 1.79 | 1.23 | 1.05 | 1.22 | 1.09 | 1.43 | 0.78 | 0.69 |
| Quick Ratio | 0.69 | 0.69 | 1.26 | 1.75 | 1.21 | 1.03 | 1.14 | 1.08 | 1.41 | 0.71 | 0.67 |
| Cash Ratio | 0.31 | 0.31 | 0.45 | 0.95 | 0.23 | 0.58 | 0.91 | 0.73 | 0.81 | 0.42 | 0.37 |
| Asset Turnover | — | 0.39 | 0.50 | 0.55 | 0.41 | 0.76 | 0.55 | 0.46 | 0.63 | 0.97 | 0.74 |
| Inventory Turnover | — | — | 32.47 | 58.31 | 48.22 | 64.23 | 14.58 | 53.19 | 58.61 | 14.14 | 44.65 |
| Days Sales Outstanding | — | 48.38 | 99.61 | 74.31 | 144.64 | 60.11 | — | 70.03 | 49.58 | 33.41 | 62.08 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.1% | 7.0% | 5.8% | 5.6% | 2.9% | — | — | — | — | — | — |
| Payout Ratio | — | — | 45.4% | 44.4% | 18.0% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 12.7% | 12.5% | 16.0% | 42.7% | — | — | 111.6% | 23.0% | — |
| FCF Yield | — | — | 2.4% | 26.4% | — | 5.9% | 3.1% | 12.3% | 26.1% | 11.8% | — |
| Buyback Yield | 0.1% | 0.2% | 1.5% | 4.9% | 1.2% | 0.8% | 1.0% | 3.0% | 0.1% | 0.0% | 0.1% |
| Total Shareholder Yield | 5.2% | 7.2% | 7.3% | 10.5% | 4.1% | 0.8% | 1.0% | 3.0% | 0.1% | 0.0% | 0.1% |
| Shares Outstanding | — | $104M | $104M | $107M | $70M | $59M | $58M | $59M | $60M | $59M | $58M |
Geopolitical and liquidity pressure
Based on recent market data, VAALCO's forward P/E of 27.90 suggests that investors are pricing in a significant recovery in earnings, yet the current TTM P/E of -12.32 highlights the disconnect between historical losses and the market's optimistic expectations for future profitability in this volatile sector.
The valuation multiples appear to be heavily influenced by the company's recent transition to a net loss position, making traditional P/E metrics less reliable for assessing intrinsic value. Investors should monitor whether the forward multiple is justified by operational improvements or if it reflects an overly optimistic assumption regarding the stabilization of lifting schedules and commodity price realizations.
As reported in financial statements, VAALCO's ROIC has deteriorated from a peak of 13.8% in 2023Q4 to a negative 2.1% in 2026Q1, indicating that the company's recent aggressive acquisition strategy is currently failing to generate returns that exceed the cost of capital deployed into these new assets.
The sharp decline in return on invested capital suggests that the integration of new assets has not yet yielded the expected synergies or production efficiencies. This trend warrants further investigation into whether the capital-intensive nature of the recent expansion is permanently diluting the high-margin returns previously enjoyed from the core Gabon offshore operations.
According to recent quarterly filings, VAALCO's asset turnover ratio has compressed to 0.07 in 2026Q1 from 0.18 in 2023Q4, reflecting a significant decline in the company's ability to generate revenue from its expanding asset base as operational complexities and lifting delays continue to mount.
The deterioration in asset turnover suggests that the company's capital-heavy expansion is not being matched by a proportional increase in revenue generation. This inefficiency, combined with the inherent volatility of the lifting-based revenue model, indicates that the company may be struggling to optimize its working capital cycle in the current operating environment.
Based on the latest 2026Q1 data, VAALCO's current ratio has plummeted to 0.51, a stark decline from the 1.79 observed in 2023Q4, which suggests that the company's immediate ability to cover short-term liabilities is increasingly compromised by shrinking cash reserves and rising current debt obligations.
The rapid contraction in the current ratio indicates a heightened risk to the company's short-term financial stability, particularly given the capital-intensive nature of its offshore operations. Investors should monitor the company's ability to manage its debt service requirements, as the current liquidity position appears insufficient to withstand prolonged operational disruptions or further commodity price volatility.
The P/E ratio is frequently misapplied to VAALCO because it fails to account for the non-cash nature of PSC-related tax expenses and the volatility of lifting-based revenue, which together create a distorted view of the company's actual cash-generative capacity and underlying economic health.
Analysts should instead focus on metrics like EV/EBITDA or adjusted free cash flow, which better capture the operational performance of the company's assets by stripping out the accounting noise inherent in international production sharing contracts. Relying on headline P/E figures may lead to an inaccurate assessment of the company's valuation, especially during periods of significant impairment or acquisition-related integration costs.
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Quick answers to the most common questions about buying EGY stock.
VAALCO Energy, Inc.'s current P/E ratio is -12.6x. The historical average is 16.7x.
VAALCO Energy, Inc.'s current EV/EBITDA is 3.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.1x.
VAALCO Energy, Inc.'s return on equity (ROE) is -8.8%. The historical average is 13.4%.
Based on historical data, VAALCO Energy, Inc. is trading at a P/E of -12.6x. Compare with industry peers and growth rates for a complete picture.
VAALCO Energy, Inc.'s current dividend yield is 5.06%.
VAALCO Energy, Inc. has 22.9% gross margin and 13.0% operating margin. Operating margin between 10-20% is typical for established companies.
VAALCO Energy, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.