Tearsheet

Evolution Petroleum (EPM)

Market Price (12/4/2025): $4.19 | Market Cap: $140.6 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Evolution Petroleum (EPM)

Market Price (12/4/2025): $4.19
Market Cap: $140.6 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.1%, FCF Yield is 7.2%	Weak multi-year price returns 2Y Excs Rtn is -67%, 3Y Excs Rtn is -101%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/EPrice/Earnings or Price/(Net Income) is 107x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.1%, Rev Chg QQuarterly Revenue Change % is -0.6%
2	Low stock price volatility Vol 12M is 33%
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Sustainable Resource Management, and US Energy Independence. Themes include Carbon Capture & Storage, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.1%, FCF Yield is 7.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Low stock price volatility Vol 12M is 33%
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Sustainable Resource Management, and US Energy Independence. Themes include Carbon Capture & Storage, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -67%, 3Y Excs Rtn is -101%
5	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/EPrice/Earnings or Price/(Net Income) is 107x
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.1%, Rev Chg QQuarterly Revenue Change % is -0.6%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022
Share Price CYE	$4.19	$4.87	$4.98	$6.02
Market Cap CYE ($ Mil)	140.6	160.5	162.7	199.6
Total Debt ($ Mil)	37.6	37.6	39.7	0.2
Total Cash ($ Mil)	2.5	2.5	6.4	11.0
Enterprise Value ($ Mil)	175.6	198.1	202.4	199.8
Valuation Ratios
P/S TTM	1.9	2.0	2.2	1.9
P/EBIT TTM	33.1	35.8	27.3	5.4
P/E TTM	108.6	117.7	46.5	7.1
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0

	12/4/25	2024
Share Price CYE	$4.19	$4.87
Market Cap CYE ($ Mil)	140.6	160.5
Total Debt ($ Mil)	37.6	37.6
Total Cash ($ Mil)	2.5	2.5
Enterprise Value ($ Mil)	175.6	198.1
Valuation Ratios
P/S TTM	1.9	2.0
P/EBIT TTM	33.1	35.8
P/E TTM	108.6	117.7
Sector Ratios
P/S TTM (Sector)	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0
P/E TTM (Sector)	0.0	0.0

	EPM	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.1
Rev Chg Q	-0.6%	7.1%
Rev Chg LTM	-0.0%	6.1%
Rev Chg 3Y Avg	-5.1%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	4.9%	18.8%
CFO/Rev LTM	38.5%	20.5%
Net Inc Mgn	1.7%	13.1%
VALUATION	LOW
P/S	1.9	3.2
P/CFO	4.8	15.8
P/FCF	14.0	20.5
P/E	108.6	23.5
STABILITY	GOOD
Debt/Equity	0.23	0.20
Cash/Assets	0.02	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Average Daily Production	7,198 BOEPD	6302025	Link
Average Daily Crude Oil Production	2,319 BOPD	6302025	Link
Average Daily Natural Gas Production	3,747 BOEPD	6302025	Link
Average Daily NGLs Production	1,132 BOEPD	6302025	Link
Proved Reserves	27.1 MMBOE	6302025	Link
Williston Basin Net Acres	~41,300	10012025	Link
Barnett Shale Net Acres	~21,000	10012025	Link
TexMex Net Acres	~11,200	10012025	Link
SCOOP/STACK Minerals Net Royalty Acres	~5,500	10012025	Link
SCOOP/STACK Net Acres	~4,200	10012025	Link
Delhi Net Acres	~3,200	10012025	Link
Chaveroo Oilfield Net Acres	~2,300	10012025	Link
Hamilton Dome Net Acres	~1,400	10012025	Link
Jonah Field Net Acres	~950	10012025	Link

Recent
11/11/2025	Earnings Release	Rev: $21 Mil (A) vs. $21 Mil (E) EPS: 0.02 (A) vs. $0.02 (E)
Upcoming
12/15/2025	Dividend	Amount: $0.12 Payment On: 12/31/2025
2/10/2026	Earnings Release	Rev: - EPS: -

EPM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Evolution Petroleum (EPM) experienced a notable decline in its stock price between August 31, 2025, and December 4, 2025. Several key factors contributed to this downward movement.

1. Weaker-Than-Expected Q1 2026 Results and Declining Net Income. Evolution Petroleum's stock fell significantly in November 2025 after reporting underwhelming fiscal Q1 2026 results on November 11, 2025. The company fell short of expectations on both earnings and revenue, with net income declining by 60% year-over-year. This performance contributed to an 11.55% drop in share price between November 11 and November 18, 2025.

2. Lower Realized Crude Oil Prices and Higher Operating Costs. The decline in net income for Q1 2026 was primarily driven by lower realized pricing for crude oil and increased lease operating costs. These factors directly impacted the company's profitability and cash flow.

3. Analyst Downgrade and Price Target Reduction. Following the Q1 2026 performance, Northland lowered its price target on Evolution Petroleum from $4.50 to $4.00, citing lower benchmark commodity prices. The analyst, however, maintained a 'Market Perform' rating.

4. Fiscal Q4 2025 Mixed Financial Performance. While Evolution Petroleum's fiscal Q4 2025 earnings, reported on September 16, 2025, showed earnings per share significantly surpassing analyst expectations, revenue came in largely in line with projections. Despite a material improvement in net income and adjusted EBITDA, the positive market reaction to this report (a roughly 1.82% gain in after-hours trading) was not sustained throughout the broader period, as evidenced by the subsequent decline.

5. Stock Price Falling Below Key Moving Averages and High Payout Ratio. Around November 20, 2025, Evolution Petroleum's share price passed below its fifty-day moving average of $4.69. Additionally, despite a declared quarterly dividend of $0.12 per share, the company's payout ratio was noted as an unsustainably high 600.08%, which could signal concerns about long-term dividend sustainability and financial health.

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Stock Movement Drivers

Fundamental Drivers

The -15.1% change in EPM stock from 9/3/2025 to 12/3/2025 was primarily driven by a -14.7% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	4.87	4.13	-15.15%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	85.96	85.84	-0.14%
P/S Multiple	1.89	1.61	-14.73%
Shares Outstanding (Mil)	33.43	33.55	-0.35%
Cumulative Contribution			-15.15%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
EPM	-15.1%
Market (SPY)	6.2%	31.1%
Sector (XLE)	3.8%	64.1%

Fundamental Drivers

The -6.8% change in EPM stock from 6/4/2025 to 12/3/2025 was primarily driven by a -6.3% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	4.43	4.13	-6.77%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	85.96	85.84	-0.14%
P/S Multiple	1.72	1.61	-6.32%
Shares Outstanding (Mil)	33.43	33.55	-0.35%
Cumulative Contribution			-6.78%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
EPM	-6.8%
Market (SPY)	15.1%	28.0%
Sector (XLE)	13.0%	60.4%

Fundamental Drivers

The -22.6% change in EPM stock from 12/3/2024 to 12/3/2025 was primarily driven by a -68.0% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	5.34	4.13	-22.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	87.17	85.84	-1.53%
Net Income Margin (%)	5.36%	1.72%	-67.98%
P/E Multiple	37.38	94.07	151.65%
Shares Outstanding (Mil)	32.72	33.55	-2.53%
Cumulative Contribution			-22.65%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
EPM	-22.6%
Market (SPY)	14.3%	42.8%
Sector (XLE)	-0.5%	67.9%

Fundamental Drivers

The -26.8% change in EPM stock from 12/4/2022 to 12/3/2025 was primarily driven by a -94.2% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	5.64	4.13	-26.75%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	129.84	85.84	-33.89%
Net Income Margin (%)	29.36%	1.72%	-94.15%
P/E Multiple	4.90	94.07	1819.33%
Shares Outstanding (Mil)	33.13	33.55	-1.26%
Cumulative Contribution			-26.76%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
EPM	-17.8%
Market (SPY)	53.2%	34.4%
Sector (XLE)	15.0%	58.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
EPM Return	-45%	86%	59%	-17%	-2%	-19%	7%
Peers Return	-42%	56%	70%	-2%	-17%	25%	58%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
EPM Win Rate	33%	58%	67%	42%	50%	60%
Peers Win Rate	40%	57%	65%	48%	32%	54%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
EPM Max Drawdown	-59%	-4%	0%	-27%	-17%	-24%
Peers Max Drawdown	-72%	-4%	0%	-23%	-25%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DK, WTI, BSM, COP, CNQ. See EPM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	EPM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-42.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	74.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-61.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	160.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	558 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-58.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	142.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-84.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	552.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	777 days	1480 days

Compare to DK, WTI, BSM, COP, CNQ

In The Past

Evolution Petroleum's stock fell -42.7% during the 2022 Inflation Shock from a high on 8/3/2023. A -42.7% loss requires a 74.6% gain to breakeven.

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About Evolution Petroleum (EPM)

Evolution Petroleum Corporation, an oil and natural gas company, engages in the development, production, ownership, and management of oil and gas properties in the United States. The company holds interests in a CO2 enhanced oil recovery project in Louisiana's Delhi field. Its Delhi Holt-Bryant Unit covers an area of 13,636 acres located in Northeast Louisiana. The company also holds interests in the Hamilton Dome field covering 5,908 acres located in Wyoming; and Barnett Shale field covering an area of 123,777 acres located in North Texas. Evolution Petroleum Corporation was founded in 2003 and is based in Houston, Texas.

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Here are 1-3 brief analogies for Evolution Petroleum (EPM):

**A mini-Occidental Petroleum**, focused on extending the life of existing oil fields through enhanced oil recovery (EOR) techniques.
**A specialized, smaller-scale Chevron**, concentrating on maximizing oil output from mature fields using enhanced recovery, rather than broad exploration.
Imagine a **Real Estate Investment Trust (REIT), but for oil fields** – focused on generating stable income from long-life, mature assets instead of new drilling projects.

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Crude Oil: Hydrocarbon liquid extracted from underground reservoirs, primarily refined into fuels and petrochemical feedstocks.
Natural Gas: Gaseous hydrocarbon extracted from the earth, utilized for heating, power generation, and industrial processes.
Natural Gas Liquids (NGLs): A group of valuable hydrocarbons like ethane, propane, and butane separated from natural gas, used as fuels or petrochemical feedstocks.

AI Generated Analysis | Feedback

Evolution Petroleum (symbol: EPM) is an oil and natural gas company focused on the acquisition, exploitation, and development of oil and gas properties. As such, it sells its crude oil and natural gas production primarily to other companies, not directly to individual consumers.

Based on their public filings, Evolution Petroleum typically sells its production in the commodity market to a variety of purchasers. The company explicitly states in its 10-K reports that "the loss of any single customer would not have a material adverse effect on our financial condition or results of operations as the market for crude oil and natural gas generally includes numerous potential purchasers." This indicates that EPM does not have a material concentration of sales to any single customer, and therefore, specific "major customers" by name are not disclosed in their SEC filings.

However, the types of companies that generally purchase crude oil and natural gas from producers like Evolution Petroleum include:

Crude Oil Purchasers:
- Refiners: Companies that process crude oil into refined petroleum products (e.g., gasoline, diesel, jet fuel).
- Marketers/Traders: Entities that buy and sell crude oil on the open market, often aggregating supply from various producers for onward sale to refiners or other end-users.
Natural Gas Purchasers:
- Gathering and Pipeline Companies (Midstream): Companies that collect, process, and transport natural gas from production sites to market via pipelines.
- Utilities/Power Generators: Companies that use natural gas as fuel for electricity generation or distribute it to end-users.
- Marketers/Traders: Entities that buy and sell natural gas on the open market, often aggregating supply from various producers for onward sale to utilities, industrial users, or midstream companies.

While Evolution Petroleum does not name specific major customers, examples of public companies that operate in these purchasing categories in the broader industry include:

Refiners (Crude Oil examples):
- ExxonMobil (symbol: XOM)
- Chevron (symbol: CVX)
- Valero Energy Corporation (symbol: VLO)
Midstream/Pipeline Companies (Natural Gas examples):
- Kinder Morgan, Inc. (symbol: KMI)
- Energy Transfer LP (symbol: ET)

Evolution Petroleum's sales are generally made under short-term, cancelable agreements at market prices, reflecting the highly liquid and competitive nature of the commodity markets for crude oil and natural gas.

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Kelly W. Loyd, President and Chief Executive Officer

Mr. Loyd has served as President and Chief Executive Officer of Evolution Petroleum since October 2022, and as a director since 2008. He has over 20 years of experience in the energy sector, including investment banking and the buy side. Since 2004, Mr. Loyd has been associated with Petralis Energy Partners, LLC and JVL Advisors, LLC, both private energy investment vehicles, where he was involved in and oversaw numerous upstream investments in private and public energy companies, indicating a pattern of managing companies backed by private equity firms. Prior to 2001, he was a founder and controller of L.A.B. Sports and Entertainment, a Managing Partner of Tigre Leasing, L.L.P., and an analyst in Jefferies and Company, Inc.'s energy corporate finance investment banking group.

Ryan Stash, Senior Vice President, Chief Financial Officer and Treasurer

Mr. Stash has served as Senior Vice President, Chief Financial Officer, and Treasurer for Evolution Petroleum since November 2020. He brings over 20 years of experience in the oil and gas industry, with a focus on capital raising, mergers and acquisitions, and financial reporting. Before joining Evolution, Mr. Stash was Vice President and Chief Financial Officer of Harvest Oil & Gas Corp. from October 2018 to November 2020. He also served as a Managing Director at Regions Securities, specializing in the energy sector, and spent 11 years in the Energy Investment Banking Group for Wells Fargo Securities. Mr. Stash began his career as an auditor at Hewlett-Packard and Ernst & Young, LLP.

J. Mark Bunch, Chief Operating Officer

Mr. Bunch joined Evolution Petroleum in February 2023 as the Chief Operating Officer. He has more than 40 years of experience in the oil and gas industry. Prior to joining Evolution, and since 2020, Mr. Bunch was a Senior Vice President and founding partner of Alamo Resources III, LLC. He also provided independent consulting services to various upstream energy companies through his firm, Dantoria Energy, LLC, since 2016. From 2012 to 2016, he was an Asset Manager at Davis Petroleum Corp. Mr. Bunch started his oil and gas career in 1981 at Arco Oil and Gas Company.

Kelly M. Beatty, Chief Accounting Officer

Ms. Beatty serves as the Chief Accounting Officer for Evolution Petroleum.

Robert S. Herlin, Co-Founder & Non-Executive Chairman

Mr. Herlin is a Co-Founder of Evolution Petroleum and has served as Chairman of the Board of Directors since January 2009. He previously held the title of Chief Executive Officer from 2003 until December 2015 and President from 2003 through September 2014. Mr. Herlin has over 30 years of experience in engineering, energy transactions, operations, and finance. He also served on the Board of Directors of Boots and Coots, Inc., an oilfield services company, from 2003 until its sale to Halliburton Company in September 2010. Mr. Herlin is also the President and owner of AVL Resources, LLC, a privately held investment company.

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Accelerated Global Energy Transition and Decarbonization Efforts: The rapid growth in renewable energy deployment, electrification of transportation (e.g., electric vehicles), and increasing global commitments (governmental and corporate) to achieve net-zero emissions are fundamentally altering the long-term demand outlook for fossil fuels. This accelerating energy transition, driven by technological advancements and supportive policies (e.g., U.S. Inflation Reduction Act, EU Green Deal), poses a clear systemic threat to companies solely focused on oil production, potentially leading to long-term price suppression, asset stranding, increased difficulty in securing financing, and diminished investor interest for fossil fuel producers like Evolution Petroleum.
Increased Competition and Costs for CO2 Sources and Infrastructure: The emergence of a robust Carbon Capture, Utilization, and Storage (CCUS) industry, spurred by significant policy support (e.g., Section 45Q tax credits in the U.S.) and corporate decarbonization initiatives, is creating substantial new demand for CO2 and competition for CO2 transportation and sequestration infrastructure. Evolution Petroleum's core Enhanced Oil Recovery (EOR) business heavily relies on a stable and affordable supply of CO2. This developing competition could drive up the cost of CO2 for EPM, limit its access to new CO2 sources, or make it more challenging to expand its EOR operations, directly impacting profitability and growth potential.

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Evolution Petroleum (EPM) primarily operates in the acquisition, exploitation, and development of onshore properties for crude oil and natural gas production within the United States. The company generates revenue through the sale of crude oil, natural gas, and natural gas liquids (NGLs), and is also a leader in Enhanced Oil Recovery (EOR) techniques, specifically CO2 flooding.

Addressable Market Sizes (U.S. Region):

U.S. Onshore Oil and Gas Production: The U.S. oil and gas market was valued at approximately USD 453.2 billion in 2024, with projections to reach USD 665.5 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.7% from 2024 to 2033. The upstream sector, which includes exploration and production, accounted for 58.5% of this market in 2024. Onshore operations, where Evolution Petroleum focuses, represented 73.9% of the U.S. oil and gas market share in 2024.
U.S. CO2 Enhanced Oil Recovery (EOR): The U.S. enhanced oil recovery market was valued at USD 22 billion in 2024 and is projected to reach approximately USD 44.25 billion by 2034, with a CAGR of 7.24% from 2025 to 2034. Specifically, the CO2 EOR market in the U.S. was estimated at USD 45.39 billion in 2024 and is projected to grow to USD 61.38 billion by 2035, exhibiting a CAGR of 2.78% from 2025 to 2035. North America, a region where the U.S. is dominant in EOR, was valued at USD 20.0 billion in 2023 and is projected to rise to USD 27.0 billion by 2032.
U.S. Natural Gas Liquids (NGL) Market: The North America Natural Gas Liquids market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033, demonstrating a CAGR of 5.57%. The United States held the largest share of the North American NGL market, accounting for 92.8% in 2024. Another report indicated the natural gas liquids market was valued at USD 16.9 billion in 2020 and is estimated to reach USD 28.5 billion by 2030, with a CAGR of 5.4% from 2021 to 2030.

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Evolution Petroleum (EPM) is expected to drive future revenue growth over the next two to three years through a combination of strategic acquisitions, development of existing assets, favorable commodity price realization, and optimization of enhanced oil recovery (EOR) projects.

Here are the key drivers:

Strategic Acquisitions: Evolution Petroleum has a consistent strategy of acquiring non-operated, cash-flowing oil and natural gas assets, often targeting mature, long-life, low-decline properties with identifiable upside potential. This disciplined acquisition approach is a core part of their growth strategy. Recent examples include the SCOOP/STACK acquisitions, which contributed to Q3 2024 revenue, and the TexMex acquisition, closed in April 2025, which added approximately 440 net barrels of oil equivalent per day (BOEPD) and is expected to enhance cash flows in fiscal Q4 2025 and beyond. Management has indicated a continued focus on growth through such acquisitions.
Development of Existing Assets: The company is actively engaged in drilling and development programs within its current portfolio to increase production volumes. This includes the Chaveroo drilling program, with three initial wells completed in Q3 2024, four planned for 2025, and six for 2026. Additionally, there is ongoing development in the SCOOP/STACK assets, with 13 gross wells brought online in the fiscal year-to-date as of Q3 2025 and another five in progress. These development activities directly contribute to increased oil and gas output.
Commodity Price Realization: Evolution Petroleum's revenue is directly influenced by the realized prices of crude oil, natural gas, and natural gas liquids (NGLs). While commodity prices are subject to market fluctuations, favorable trends or stability in these prices will positively impact revenue. The company has noted the positive impact of stronger oil and NGL prices, which can partially offset weaknesses in natural gas prices, and management monitors the market for potential hedging opportunities.
Enhanced Oil Recovery (EOR) Optimization and Carbon Capture Initiatives: The Delhi field, a significant asset for Evolution Petroleum, utilizes CO2 enhanced oil recovery. The recent certification of the Delhi field as a carbon capture, utilization, and storage site for EOR is anticipated to bring further benefits to the company. This could involve improved recovery rates, potential new revenue streams, or operational efficiencies related to carbon management.

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Share Repurchases

Evolution Petroleum made share repurchases totaling approximately $3.88 million in the quarter ending March 31, 2023.
The company repurchased approximately $813,350 in shares during the quarter ending March 31, 2024.
Total share repurchases between September 2020 and June 2025 amounted to roughly $6.3 million.

Share Issuance

In October 2024, Evolution Petroleum announced a sales agreement to issue and sell up to $30,000,000 of shares of common stock.
The number of shares outstanding remained relatively stable, with a slight increase of 1.28% year-over-year and 0.87% quarter-over-quarter as of recent reporting.

Outbound Investments

On August 4, 2025, Evolution Petroleum completed the acquisition of mineral and royalty interests in the SCOOP/STACK area of Oklahoma for approximately $17 million.
In March 2025, the company announced the acquisition of non-operated oil and natural gas assets in New Mexico, Texas, and Louisiana for $9.0 million, expected to close by the end of fiscal Q3 2025.
In January 2024 (fiscal year 2024), Evolution Petroleum acquired non-operated assets in the SCOOP and STACK plays in Oklahoma Central for $43.5 million.

Capital Expenditures

In the last 12 months, Evolution Petroleum's capital expenditures were reported as -$21.64 million and also as -$8.25 million by different sources, indicating significant investment in its properties.
The company's capital expenditures are primarily focused on developing production through existing fields, including new well development in SCOOP/STACK and the Chaveroo project, and upgrades to the Delhi CO2 project.
Planned capital expenditures include the drilling of 13 new wells in SCOOP/STACK until the end of the fiscal year, and 4 new wells in 2025 and 6 in 2026 for the Chaveroo project.

Better Bets than Evolution Petroleum (EPM)

	EPM	Better Performance than EPM
Metric	Value	INDUSTRY: Oil & Gas Exploration & Production
Rev Chg LTM	0.0%	EQT (64.8%), FANG (60.1%), CNQ (8.3%), COP (8.2%), OXY (0.1%)
Rev Chg 3Y Avg	-5.1%	FANG (20.8%), TPL (5.7%), DVN (-2.1%), CNQ (-2.4%), EQT (-2.8%)
Op Mgn LTM	4.9%	FANG (36.5%), EOG (33.4%), COP (21.0%), CNQ (20.3%), OXY (20.1%)
CFO/Rev LTM	38.5%	EQT (60.3%), FANG (57.3%), EOG (45.2%), OXY (44.7%), DVN (39.2%)
FCF/Rev LTM	13.3%	EQT (31.6%), CNQ (18.2%), OXY (17.6%), EOG (17.2%), DVN (16.1%)
Total Yield	11.3%	CNQ (17.1%), DVN (15.1%), FANG (12.9%), CTRA (12.8%), EOG (12.6%)
P/S	1.8	OVV (1.2), DVN (1.3), CNQ (1.5), OXY (1.5), PR (1.8)
P/Op Inc	37.8	CNQ (7.4), FANG (7.4), OXY (7.6), EOG (8.0), COP (9.4)

	EPM	Better Performance than EPM
Metric	Value	SECTOR: Energy
Rev Chg LTM	0.0%	ENB (32.3%), WMB (9.0%), KMI (8.3%), CNQ (8.3%), COP (8.2%)
Rev Chg 3Y Avg	-5.1%	ENB (8.6%), WMB (0.8%), XOM (-2.1%), CNQ (-2.4%), KMI (-4.3%)
Op Mgn LTM	4.9%	WMB (34.3%), COP (21.0%), ENB (17.4%), XOM (11.4%), CVX (8.1%)
CFO/Rev LTM	38.5%	FANG (57.3%), TRP (51.4%), WMB (48.2%), EOG (45.2%), OXY (44.7%)
FCF/Rev LTM	13.3%	CNQ (18.2%), EOG (17.2%), KMI (16.8%), WMB (15.0%), TRP (13.3%)
Total Yield	11.3%	CNQ (17.1%), SU (15.9%), ENB (12.9%), EOG (12.6%), TRP (12.6%)
P/S	1.8	MPC (0.4), XOM (1.4), CNQ (1.5), CVX (1.6), ENB (1.7)
P/Op Inc	37.8	COP (9.4), ENB (9.8), XOM (12.4), WMB (19.6), CVX (20.0)

	EPM	Better Performance than EPM
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	0.0%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-5.1%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	4.9%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	38.5%	META (56.8%), MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%)
FCF/Rev LTM	13.3%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	11.3%	VZ (16.8%), TD (16.6%), PFE (13.5%), MRK (13.0%), BMY (12.0%)
P/S	1.8	UNH (0.7), WMT (1.1), VZ (1.4), COST (1.5), T (1.6)
P/Op Inc	37.8	META (22.6), GOOGL (23.7), MSFT (28.3), AAPL (29.1), AMZN (30.7)

		Best Bets In Energy Sector
	EPM
What You Pay
P/E	107.1
P/EBIT	32.6
What You Get
Rev Chg Q	-0.6%
Rev Chg LTM	-0.0%
Rev Chg 3Y Avg	-5.1%
FCF/Rev 3Y Avg	4.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Is Evolution Petroleum Stock Built to Withstand More Downside?	Return
2	Evolution Petroleum vs. S&P500 Correlation	Correlation
3	Evolution Petroleum Price Volatility	Volatility
4	Better Bet Than EPM Stock: Pay Less Than Evolution Petroleum To Get More From Sector Peer CTRA	Better Bets
5	Evolution Petroleum (EPM) Stock Has 55% Chance Of Rise In The Next One Month
6	Better Bet Than EPM Stock: Pay Less Than Evolution Petroleum To Get More From Stocks SCCO, QCOM, CHTR, FCX, HCA	Better Bets
7	Better Bet Than EPM Stock: Pay Less Than Evolution Petroleum To Get More From S&P 500 Stocks CVS, PFE, MS, CMCSA, VZ	Better Bets
8	Better Bet Than EPM Stock: Pay Less Than Evolution Petroleum To Get More From Sector Peers OKE, PXD, COP, CTRA	Better Bets
9	Better Bet Than EPM Stock: Pay Less Than Evolution Petroleum To Get More From Industry Peers EPD, CLR, WTI	Better Bets
10	[11/9/2022] Evolution Petroleum (EPM) Shares Moved -11% Today (Extremely rare event)

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to EPM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.3%	8.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.3%	13.3%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.5%	22.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.4%	-0.4%	-5.7%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.3%	8.3%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	13.3%	13.3%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.8%	2.8%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.5%	22.5%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.4%	-0.4%	-5.7%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Evolution Petroleum

Peers to compare with:

Financials

	EPM	DK	WTI	BSM	COP	CNQ	Median
Name	Evolutio.	Delek US	W&T Offs.	Black St.	ConocoPh.	Canadian.
Mkt Price	4.13	38.13	1.79	-	91.81	34.13	34.13
Mkt Cap	0.1	2.3	0.3	-	114.3	71.3	2.3
Rev LTM	86	10,667	500	431	59,788	44,521	5,584
Op Inc LTM	4	-59	-51	278	12,549	9,022	141
FCF LTM	11	-741	-7	224	7,088	8,124	118
FCF 3Y Avg	9	-215	-5	371	8,910	8,284	190
CFO LTM	33	-130	47	336	19,935	14,770	192
CFO 3Y Avg	36	230	80	437	20,720	13,874	333

Growth & Margins

	EPM	DK	WTI	BSM	COP	CNQ	Median
Name	Evolutio.	Delek US	W&T Offs.	Black St.	ConocoPh.	Canadian.
Rev Chg LTM	-0.0%	-20.5%	-6.9%	-8.5%	8.2%	8.3%	-3.5%
Rev Chg 3Y Avg	-5.1%	-17.2%	-16.7%	-16.4%	-6.6%	-2.4%	-11.5%
Rev Chg Q	-0.6%	-5.1%	5.1%	1.9%	15.3%	6.4%	3.5%
QoQ Delta Rev Chg LTM	-0.1%	-1.4%	1.2%	0.5%	3.4%	1.5%	0.9%
Op Mgn LTM	4.9%	-0.6%	-10.1%	64.3%	21.0%	20.3%	12.6%
Op Mgn 3Y Avg	16.4%	-0.2%	-0.1%	66.2%	24.1%	21.9%	19.2%
QoQ Delta Op Mgn LTM	-1.2%	3.9%	1.4%	1.0%	-1.0%	-4.3%	-0.0%
CFO/Rev LTM	38.5%	-1.2%	9.4%	77.9%	33.3%	33.2%	33.3%
CFO/Rev 3Y Avg	35.0%	1.3%	14.5%	88.7%	35.6%	32.8%	33.9%
FCF/Rev LTM	13.3%	-6.9%	-1.4%	52.0%	11.9%	18.2%	12.6%
FCF/Rev 3Y Avg	4.5%	-2.2%	-0.9%	73.9%	15.3%	19.6%	9.9%

Valuation

	EPM	DK	WTI	BSM	COP	CNQ	Median
Name	Evolutio.	Delek US	W&T Offs.	Black St.	ConocoPh.	Canadian.
Mkt Cap	0.1	2.3	0.3	-	114.3	71.3	2.3
P/S	1.8	0.2	0.5	-	2.0	1.5	1.5
P/EBIT	32.6	-10.6	-4.4	-	8.1	7.6	7.6
P/E	107.1	-3.8	-1.8	-	13.3	10.0	10.0
P/CFO	4.8	-14.9	5.8	-	5.9	4.5	4.8
Total Yield	11.3%	-23.3%	-51.9%	-	10.8%	17.1%	10.8%
Dividend Yield	10.4%	3.2%	2.2%	-	3.3%	7.1%	3.3%
FCF Yield 3Y Avg	2.3%	-12.2%	-1.6%	-	6.9%	12.0%	2.3%
D/E	0.2	1.7	1.3	-	0.2	0.3	0.3
Net D/E	0.2	1.4	0.8	-	0.1	0.3	0.3

Returns

	EPM	DK	WTI	BSM	COP	CNQ	Median
Name	Evolutio.	Delek US	W&T Offs.	Black St.	ConocoPh.	Canadian.
1M Rtn	-6.6%	-2.0%	-13.1%	-	4.6%	6.8%	-2.0%
3M Rtn	-15.1%	20.2%	1.7%	-	-2.1%	10.7%	1.7%
6M Rtn	-6.8%	108.6%	13.1%	-	8.7%	13.4%	13.1%
12M Rtn	-22.6%	110.2%	-3.0%	-	-10.4%	5.1%	-3.0%
3Y Rtn	-26.8%	50.7%	-71.1%	-	-16.5%	31.6%	-16.5%
1M Excs Rtn	-6.5%	-1.9%	-13.0%	-	4.7%	6.8%	-1.9%
3M Excs Rtn	-22.3%	14.8%	-6.5%	-	-8.6%	4.9%	-6.5%
6M Excs Rtn	-21.5%	93.9%	-1.6%	-	-6.0%	-1.4%	-1.6%
12M Excs Rtn	-36.3%	97.1%	-19.0%	-	-25.9%	-7.2%	-19.0%
3Y Excs Rtn	-101.1%	-38.3%	-144.8%	-	-90.4%	-39.2%	-90.4%

Comparison Analyses

	Title
0	EPM or MTDR - With 33% Return Forecast, MTDR Probably Deserves Your Money
1	Evolution Petroleum vs. Mersana Therapeutics: With Return Forecast Of 1,865%, Mersana Therapeutics Is A Better Bet
2	Evolution Petroleum vs. Aehr Test Systems: With Return Forecast Of 35%, Evolution Petroleum Is A Better Bet
3	Evolution Petroleum vs. Veritone: With Return Forecast Of 46%, Veritone Is A Better Bet
4	Evolution Petroleum vs. Xenia Hotels & Resorts: With Return Forecast Of 82%, Xenia Hotels & Resorts Is A Better Bet
5	Evolution Petroleum vs. Insulet: With Return Forecast Of 75%, Insulet Is A Better Bet
6	Evolution Petroleum vs. Envestnet: With Return Forecast Of 113%, Envestnet Is A Better Bet
7	Evolution Petroleum vs. Cinedigm Digital Cinema: With Return Forecast Of 8.6%, Evolution Petroleum Is A Better Bet
8	Evolution Petroleum vs. MEI Pharma: With Return Forecast Of 82%, MEI Pharma Is A Better Bet
9	Evolution Petroleum vs. Simulations Plus: With Return Forecast Of 63%, Simulations Plus Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 6/30	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2025	6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020
Filing Date	9/17/2025	9/17/2025	9/11/2024	9/13/2023	9/14/2022	9/14/2021	9/10/2020
Key Financials
Total Revenue	86	86	86	129	109	33	30
EBITDA	27	27	27	60	50	-16	10
Operating Income	4	4	8	45	45	4	5
Net Income	1	1	4	35	33	-16	6
EPS	0.03	0.03	0.12	1.05	0.97	-0.50	0.18
Growth Rates
Total Revenue Growth	-0.0%	-0.0%	-33.2%	18.0%	233.1%	10.5%	-31.5%
EBITDA Growth	-0.7%	-0.7%	-55.0%	20.6%	408.1%	-267.8%	-61.8%
Operating Income Growth	-47.2%	-47.2%	-82.5%	-0.6%	982.0%	-17.3%	-71.2%
Net Income Growth	-63.9%	-63.9%	-88.4%	7.9%	298.5%	-376.9%	-61.4%
Margins
EBITDA Margin	31.3%	31.3%	31.5%	46.7%	45.7%	-49.4%	32.5%
Operating Income Margin	4.9%	4.9%	9.2%	35.1%	41.7%	12.8%	17.1%
Net Income Margin	1.7%	1.7%	4.8%	27.4%	30.0%	-50.3%	20.1%
Cash & Debt
Total Cash	3	3	6	11	8	5	20
Total Debt	38	38	40	0	21	4	0
Net Debt / (Cash)	35	35	33	-11	13	-1	-20
Cash Flows
Net Cash from Operations	33	33	23	51	52	5	12
Free Cash from Operations	11	11	-27	44	-2	-14	1
Returns to Shareholders
Dividends	16	16	16	16	12	4	11
Share Repurchases	0	0	1	4	0	0	2

$ Mil \| FY: 6/30	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	9/17/2025	5/14/2025	2/12/2025	11/13/2024	9/11/2024	5/8/2024	2/7/2024	11/8/2023	9/13/2023	5/10/2023	2/8/2023	11/9/2022
Key Financials Quarterly
Total Revenue	21	23	20	22	21	23	21	21	18	37	34	40
Ebitda	11	3	4	9	8	7	6	6	4	21	17	18
Operating Income	1	2	-1	2	2	2	2	2	0	18	13	15
Net Income	3	-2	-2	2	1	0	1	1	0	14	10	11
EPS	0.10	-0.07	-0.06	0.06	0.04	0.01	0.03	0.04	0.01	0.42	0.31	0.32
Key Financials TTM
Total Revenue TTM	86	86	86	87	86	83	97	109	129	152	141	130
Ebitda TTM	27	24	28	30	27	24	38	49	60	78	66	59
Operating Income TTM	4	5	6	8	8	6	21	32	45	64	57	53
Net Income TTM	1	-1	2	5	4	3	17	26	35	50	42	38
Growth Rates Quarterly
Total Revenue Growth	-0.6%	-2.0%	-3.6%	6.3%	16.8%	-37.5%	-37.6%	-48.2%	-56.7%	43.5%	50.7%	110.8%
EBITDA Growth	42.2%	-58.4%	-41.6%	51.4%	82.8%	-67.8%	-62.9%	-64.6%	-81.0%	124.3%	71.6%	111.8%
Operating Income Growth	-44.2%	-23.9%	-138.6%	0.1%	827.8%	-88.2%	-87.6%	-87.3%	-98.7%	70.5%	46.1%	115.3%
Net Income Growth	176.3%	-854.0%	-268.7%	40.1%	644.0%	-97.9%	-89.6%	-86.2%	-98.9%	144.6%	52.0%	105.2%
Margins Quarterly
EBITDA Margin	51.6%	12.6%	18.1%	43.1%	36.1%	29.8%	29.8%	30.2%	23.0%	57.8%	50.2%	44.3%
Operating Income Margin	6.3%	7.0%	-3.0%	8.5%	11.3%	9.1%	7.4%	9.0%	1.4%	47.9%	37.4%	36.7%
Net Income Margin	16.2%	-9.7%	-9.0%	9.4%	5.8%	1.3%	5.1%	7.2%	0.9%	37.9%	30.8%	26.9%
Cash & Debt
Total Cash	3	6	12	7	6	3	8	9	11	18	4	11
Total Debt	38	36	40	40	40	43	0	0	0	0	0	12
Net Debt / (Cash)	35	30	28	33	33	40	-8	-9	-11	-18	-4	2
Cash Flows Quarterly
FCF from Operations	10	7	8	8	8	3	7	4	-0	24	10	17
Cash Flows TTM
FCF from Operations TTM	33	31	27	26	23	14	35	38	51	75	66	64
Returns to Shareholders Quarterly
Dividends	4	4	4	4	4	4	4	4	4	4	4	4
Share Repurchases	0	0	0	0	0	1	0	0	0	4	0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	5.1%	6.4%	-2.4%	7.1%	10.8%	6.7%	12.7%	18.0%	2.0%	254.3%	98.8%	102.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	4.0%	4.7%	6.2%	7.7%	7.9%	5.0%	50.0%	80.4%	119.8%	235.2%	113.2%	94.8%

Price Behavior

Price Behavior

Market Price	$4.13
Market Cap ($ Bil)	0.1
First Trading Date	01/13/1997
Distance from 52W High	-24.9%
	50 Days	200 Days
DMA Price	$4.45	$4.59
DMA Trend	down	down
Distance from DMA	-7.2%	-10.0%
	3M	1YR
Volatility	38.2%	33.3%
Downside Capture	93.79	81.68
Upside Capture	-8.82	45.63
Correlation (SPY)	28.3%	42.9%

EPM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.92	1.08	0.90	0.93	0.72	0.77
Up Beta	0.64	0.95	1.21	0.78	0.54	0.56
Down Beta	0.16	1.58	1.90	1.90	1.08	1.08
Up Capture	-6%	-5%	-40%	26%	30%	27%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	5	14	24	63	122	361
Down Capture	172%	157%	107%	88%	90%	97%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	24	34	56	114	363

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of EPM With Other Asset Classes (Last 1Y)
	EPM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-21.9%	-1.1%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	33.2%	24.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.70	-0.09	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		67.9%	42.8%	-0.9%	43.8%	34.6%	25.7%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of EPM With Other Asset Classes (Last 5Y)
	EPM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.1%	22.4%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	47.5%	27.1%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.47	0.76	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		61.0%	30.5%	13.0%	44.8%	23.8%	12.0%

Based On 10-Year Data

		Comparison of EPM With Other Asset Classes (Last 10Y)
	EPM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.1%	7.1%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	50.5%	29.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.24	0.29	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		60.7%	40.1%	5.9%	44.2%	33.9%	9.0%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	1,491,344
Short Interest: % Change Since 10312025	-3.4%
Average Daily Volume	370,686
Days-to-Cover Short Interest	4.02
Basic Shares Quantity	33,551,000
Short % of Basic Shares	4.4%

Returns Analyses

	Title
0	Is Evolution Petroleum Stock Built to Withstand More Downside?
1	Evolution Petroleum Stock Return Comparison
2	[10/13/2021] Evolution Petroleum (EPM) Stock Price Forecast: AI Forecasts EPM Stock Price To Be Around $6.09 In A Month (Up 0.9%)
3	Evolution Petroleum Total Shareholder Return (TSR): 17.2% in 2022 and -2.3% 3-yr returns (above peer average)
4	Evolution Petroleum (EPM) Stock Return: AI Predicts EPM Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	9172025	10-K 6/30/2025
3312025	5142025	10-Q 3/31/2025
12312024	2122025	10-Q 12/31/2024
9302024	11132024	10-Q 9/30/2024
6302024	9112024	10-K 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2072024	10-Q 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	9132023	10-K 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	2082023	10-Q 12/31/2022
9302022	11092022	10-Q 9/30/2022
6302022	9142022	10-K 6/30/2022
3312022	5122022	10-Q 3/31/2022
12312021	2102022	10-Q 12/31/2021
9302021	11102021	10-Q 9/30/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Evolution Petroleum (EPM)

Market Price (12/4/2025): $4.19 | Market Cap: $140.6 MilSector: Energy | Industry: Oil & Gas Exploration & Production

Evolution Petroleum (EPM)

Market Price (12/4/2025): $4.19Market Cap: $140.6 MilSector: EnergyIndustry: Oil & Gas Exploration & Production

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About Evolution Petroleum (EPM)

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Market Price (12/4/2025): $4.19 | Market Cap: $140.6 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (12/4/2025): $4.19
Market Cap: $140.6 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production