Tearsheet

Energy Services of America (ESOA)


Market Price (1/19/2026): $8.57 | Market Cap: $142.6 Mil
Sector: Industrials | Industry: Construction & Engineering

Energy Services of America (ESOA)


Market Price (1/19/2026): $8.57
Market Cap: $142.6 Mil
Sector: Industrials
Industry: Construction & Engineering

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17%
Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x, P/EPrice/Earnings or Price/(Net Income) is 383x
1 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Smart Grids & Grid Modernization. Themes include US LNG, US Oilfield Technologies, Show more.
Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.2%
2  Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%
3  Key risks
ESOA key risks include [1] significant financial instability and high liquidity risk, Show more.
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17%
1 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Smart Grids & Grid Modernization. Themes include US LNG, US Oilfield Technologies, Show more.
2 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x, P/EPrice/Earnings or Price/(Net Income) is 383x
3 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.2%
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%
5 Key risks
ESOA key risks include [1] significant financial instability and high liquidity risk, Show more.

Valuation, Metrics & Events

ESOA Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

Here are the key points for why the stock of Energy Services of America (ESOA) may have moved by -20% for the approximate time period from 10/31/2025 to today:

1. Significant Drop in Fiscal Year 2025 Net Income: The company reported a substantial decline in its net income for the full fiscal year 2025, which decreased to $0.38 million ($0.02 per diluted share) from $25.1 million ($1.51 per diluted share) in fiscal 2024.

2. Substantial Decline in Gross Profit and Margin: Fiscal year 2025 saw a reduction in gross profit to $38.8 million, down from $50.0 million in the prior year, resulting in a lower gross margin of 9.4% compared to 14.2% in fiscal 2024, primarily due to unfavorable winter weather and project timing issues.

Show more

Stock Movement Drivers

Fundamental Drivers

The -20.0% change in ESOA stock from 10/31/2025 to 1/18/2026 was primarily driven by a -87.3% change in the company's Net Income Margin (%).
103120251182026Change
Stock Price ($)10.928.74-19.96%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)385.59411.006.59%
Net Income Margin (%)0.72%0.09%-87.25%
P/E Multiple64.95383.06489.77%
Shares Outstanding (Mil)16.6316.64-0.10%
Cumulative Contribution-19.96%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 1/18/2026
ReturnCorrelation
ESOA-20.0% 
Market (SPY)1.4%45.1%
Sector (XLI)7.6%48.6%

Fundamental Drivers

The -19.5% change in ESOA stock from 7/31/2025 to 1/18/2026 was primarily driven by a -98.1% change in the company's Net Income Margin (%).
73120251182026Change
Stock Price ($)10.868.74-19.49%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)367.91411.0011.71%
Net Income Margin (%)4.95%0.09%-98.14%
P/E Multiple9.96383.063747.19%
Shares Outstanding (Mil)16.7216.640.45%
Cumulative Contribution-19.50%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 1/18/2026
ReturnCorrelation
ESOA-19.5% 
Market (SPY)9.7%48.8%
Sector (XLI)10.2%49.6%

Fundamental Drivers

The -26.3% change in ESOA stock from 1/31/2025 to 1/18/2026 was primarily driven by a -98.7% change in the company's Net Income Margin (%).
13120251182026Change
Stock Price ($)11.868.74-26.29%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)351.88411.0016.80%
Net Income Margin (%)7.13%0.09%-98.71%
P/E Multiple7.83383.064791.91%
Shares Outstanding (Mil)16.5816.64-0.37%
Cumulative Contribution-26.29%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 1/18/2026
ReturnCorrelation
ESOA-26.3% 
Market (SPY)15.9%48.8%
Sector (XLI)21.9%50.3%

Fundamental Drivers

The 244.2% change in ESOA stock from 1/31/2023 to 1/18/2026 was primarily driven by a 3331.9% change in the company's P/E Multiple.
13120231182026Change
Stock Price ($)2.548.74244.16%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)197.59411.00108.01%
Net Income Margin (%)1.90%0.09%-95.13%
P/E Multiple11.16383.063331.87%
Shares Outstanding (Mil)16.4816.64-0.96%
Cumulative Contribution244.13%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 1/18/2026
ReturnCorrelation
ESOA244.2% 
Market (SPY)76.5%33.3%
Sector (XLI)71.0%31.2%

Return vs. Risk


Price Returns Compared

 202120222023202420252026Total [1]
Returns
ESOA Return0%203%141%111%-34%7%987%
Peers Return�������
S&P 500 Return27%-19%24%23%16%1%85%

Monthly Win Rates [3]
ESOA Win Rate0%42%50%67%33%100% 
Peers Win Rate������ 
S&P 500 Win Rate75%42%67%75%67%100% 

Max Drawdowns [4]
ESOA Max Drawdown0%0%-27%-9%-37%-1% 
Peers Max Drawdown������ 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%0% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: DY, FLR, GVA, KWF, MGN.
[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] 2026 data is for the year up to 1/16/2026 (YTD)

How Low Can It Go

Unique KeyEventESOAS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-50.4%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven101.6%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven396 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-33.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven50.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven729 days148 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-56.1%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven127.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven5,285 days1,480 days

Compare to DY, FLR, GVA, KWF, MGN

In The Past

Energy Services of America's stock fell -50.4% during the 2022 Inflation Shock from a high on 3/24/2022. A -50.4% loss requires a 101.6% gain to breakeven.

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About Energy Services of America (ESOA)

Energy Services of America Corporation provides contracting services for utilities and energy related companies in the United States. It constructs, replaces, and repairs interstate and intrastate natural gas pipelines and storage facilities for utility companies and private natural gas companies; and provides services relating to pipeline, storage facilities, and plant works. The company also offers a range of electrical and mechanical installation, and repair services, including substation and switchyard, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers, and other ancillary works for the gas, petroleum power, chemical, water and sewer, and automotive industries. It provides liquid pipeline and pump station construction, production facility construction, water and sewer pipeline installation, and various maintenance and repair services, as well as other services related to pipeline construction. The company serves customers primarily in West Virginia, Virginia, Ohio, Pennsylvania, and Kentucky. Energy Services of America Corporation was incorporated in 2006 and is based in Huntington, West Virginia.

AI Analysis | Feedback

Here are 1-3 brief analogies for Energy Services of America (ESOA):

  • A regional Quanta Services (PWR).
  • MasTec (MTZ) for natural gas and utility infrastructure.

AI Analysis | Feedback

  • Natural Gas Pipeline Services: Provides construction, maintenance, and repair services for natural gas pipelines and distribution systems for utility companies.
  • Water and Wastewater Infrastructure Services: Offers construction, replacement, and maintenance of water mains, sewer lines, and related infrastructure for municipal and industrial clients.
  • Petroleum Pipeline Services: Delivers specialized construction, maintenance, and repair services for pipelines and facilities involved in petroleum product transmission.

AI Analysis | Feedback

Energy Services of America (ESOA) primarily sells its services to other companies (Business-to-Business, B2B) rather than individuals.

The company provides contracting services to customers in the natural gas, petroleum, and power industries. While its financial reports indicate the existence of major customers that account for significant portions of its revenue (e.g., one customer accounted for 22.0% of consolidated revenue for the year ended September 30, 2023), the specific names of these major customer companies are not publicly disclosed in their SEC filings or other readily available public information.

Based on its business operations, ESOA serves the following categories of companies:

  • Natural Gas Utilities and Pipeline Companies: These customers include large utility providers, public service commissions, and regional pipeline companies that require construction, maintenance, and upgrade services for natural gas transmission, distribution, and storage infrastructure.
  • Petroleum Industry Companies: This category encompasses companies involved in the oil and gas sector, including those operating gathering systems, tank farms, and other midstream or downstream petroleum infrastructure.
  • Power Generation and Transmission Companies: Customers in this segment include power producers and transmission operators that contract ESOA for work related to power plants, electrical transmission lines, and substations.

AI Analysis | Feedback

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AI Analysis | Feedback

Douglas V. Reynolds, President and Chief Executive Officer

Mr. Reynolds was appointed President and Chief Executive Officer of Energy Services of America on December 6, 2012, and has served as a Director since 2008. He is an attorney for Reynolds & Brown, PLLC, and also holds the position of President of the Transylvania Corporation and is a director of The Harrah and Reynolds Corporation. Mr. Reynolds previously served as a director for Premier Financial Bancorp, Inc. from 2020 to 2021 and for Peoples Bancorp, Inc. and its banking subsidiary Peoples Bank from 2021 to 2023. He is a graduate of Duke University and earned a law degree from West Virginia University.

Charles P. Crimmel, Chief Financial Officer

Mr. Crimmel was appointed Chief Financial Officer of Energy Services of America on November 1, 2013, after serving as Controller from 2008 to 2013. He graduated from West Virginia University in 1995 with a Bachelor of Science degree in Business Administration and Accounting. His prior experience includes working as a Field Clerk and Staff Accountant for Union Boiler Company from 1995 to 1996, a Staff Accountant and Controller for Williams Union Boiler/Williams Service Group from 1996 to 2005, and as Controller for Nitro Electric Company from 2005 to 2008.

Marshall T. Reynolds, Chairman of the Board

Mr. Reynolds has served as Chairman of the Board of Directors since the company's inception. His extensive career includes serving as Chief Executive Officer and Chairman of the Board of Directors of Champion Industries, Inc. from 1992 to 2016, and as its sole stockholder from 1972 to 1993. He has been President and General Manager of The Harrah and Reynolds Corporation since 1964 and its sole stockholder since 1972. Mr. Reynolds also served as Chairman of the Board of Directors of McCorkle Machine and Engineering Company. Additionally, he is Chairman of the Board of Directors of First Guaranty Bancshares, Inc. and Premier Financial Bancorp, Inc., and a director of Summit State Bank.

Jack M. Reynolds, Director

Mr. Reynolds served as President and Chief Financial Officer of Energy Services of America from its inception until September 2008 and has been a member of its Board of Directors since its inception. He has been a Vice President of Pritchard Electric Company, an electrical contractor, since 1998. Mr. Reynolds also serves as a Director of Citizens Deposit Bank of Vanceburg, Kentucky.

AI Analysis | Feedback

Energy Services of America (ESOA) faces several key business risks, primarily centered around its financial stability, operational profitability, and exposure to cyclical industry demands. The most significant risk to ESOA's business is its **financial instability and increasing debt**. The company's financial health has been highlighted by a poor Piotroski F-Score and a return on invested capital (ROIC) that is below its weighted average cost of capital (WACC), indicating inefficiencies in capital utilization. There has been a notable increase in total debt, accompanied by rising interest expenses, which poses a significant debt-servicing risk. Furthermore, ESOA recently breached financial covenants with its lender, necessitating a waiver to avoid default and signaling substantial balance sheet strain and high liquidity risk. Secondly, **declining operational profitability and gross margins** present a substantial challenge. The company has experienced a "profound and structural collapse in operating profitability," with the core Underground Infrastructure Construction segment swinging from a profit to a loss. Consolidated gross margin has fallen significantly, partly due to factors like unfavorable winter weather, project timing, and integration costs from recent acquisitions. This suggests that despite revenue growth, the company's ability to convert sales into sustainable earnings is under pressure, potentially due to aggressive, low-margin bidding in new markets. Finally, **cyclical demand in the construction and energy sectors** poses an inherent risk. ESOA's business is directly tied to these industries, which are sensitive to broader economic conditions. A slowdown in the construction industry, characterized by stalling residential and commercial projects, rising financing costs, and weakening demand, directly impacts ESOA's potential for new contracts and project timelines. Geopolitical uncertainties can also contribute to volatile energy prices and inflationary pressures, further impacting margins.

AI Analysis | Feedback

The global and national accelerating transition away from fossil fuels, particularly natural gas, driven by decarbonization initiatives, renewable energy adoption, and increasingly stringent environmental regulations, poses a clear emerging threat to Energy Services of America. A significant portion of ESOA's revenue is derived from the construction and repair of natural gas pipelines and infrastructure. As governments, utilities, and consumers shift towards electrification and renewable energy sources, the demand for new natural gas infrastructure projects is likely to diminish over time, potentially impacting a core segment of ESOA's business. While maintenance of existing infrastructure will continue, the long-term growth prospects for natural gas-related services face significant headwinds from this fundamental market shift.

AI Analysis | Feedback

Energy Services of America (ESOA) operates primarily in the Mid-Atlantic and central regions of the United States, providing a range of contracting and service solutions. The addressable markets for their main products and services in the U.S. are as follows:

  • Natural Gas and Petroleum Pipeline Construction and Services: The U.S. oil & gas pipeline construction market is projected to be approximately $53.6 billion in 2025. The U.S. natural gas distribution market was valued at $170.0 billion in 2024, with an expectation to reach $186.0 billion by 2032.
  • Electrical and Mechanical Services (Power Industry): The U.S. electric power transmission and distribution market was valued at $89.9 billion in 2024 and is projected to increase to $110.4 billion by 2032.
  • Water and Sewer Line Construction Services: The market size for the Water & Sewer Line Construction industry in the United States is estimated to be $68.0 billion in 2025.
  • Civil and General Contracting Services: The U.S. civil construction contract services market was valued at approximately $148.7 billion in 2024 and is anticipated to grow at a compound annual growth rate of 4.1% between 2025 and 2034.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Energy Services of America (ESOA) over the next 2-3 years:
  1. Expansion and Focus on Water and Wastewater Infrastructure: Energy Services of America is strategically prioritizing its Gas & Water Distribution segment, which has demonstrated significant growth and offers higher gross margins. The company anticipates benefiting from substantial funding allocations at state and local levels through the Infrastructure and Jobs Act, specifically targeting water and wastewater management projects. This focus is expected to drive considerable revenue growth in this high-margin area.
  2. Strategic Acquisitions: Acquisitions are a key component of ESOA's growth strategy. The recent acquisition of Tribute Contracting & Consultants, for instance, is aimed at expanding the company's market reach and expertise. Such strategic acquisitions are expected to bolster service offerings and contribute to increased revenue.
  3. Robust Backlog and Demand for Infrastructure Projects: ESOA has consistently reported a growing backlog of projects, indicating a strong pipeline of future work. This increasing backlog, which includes projects in new construction within the electric vehicle battery and steel manufacturing industries, signals sustained demand for the company's services across its operational segments.
  4. Leveraging Broader Infrastructure Funding: Beyond water and wastewater, the company plans to capitalize on overall infrastructure funding opportunities. This includes potential infrastructure buildouts driven by the recovery of natural gas prices and increasing interest in natural gas as a power source for AI data centers, which could benefit ESOA's pipeline construction and maintenance business. Additionally, ESOA's capabilities extend to broadband and solar installations, offering further avenues for growth through infrastructure development.

AI Analysis | Feedback

Share Repurchases

  • In July 2022, Energy Services of America authorized a share repurchase program to buy back up to 1,000,000 shares, representing approximately 6.0% of its then-outstanding common stock, with no expiration date.
  • In April 2025, the company repurchased 106,392 common shares at an average price of $7.99 per share, totaling approximately $850,000.
  • As of May 12, 2025, ESOA had 786,000 shares remaining under its share repurchase authorization.

Share Issuance

  • In August 2025, Energy Services of America issued approximately $2.0 million in stock as part of the consideration for the acquisition of Tribute Contracting.

Outbound Investments

  • In August 2025, the company completed the acquisition of Tribute Contracting for approximately $22.0 million in cash plus $2.0 million in stock. This acquisition aimed to expand ESOA's water/wastewater footprint.

Capital Expenditures

  • Investing activities, which included capital expenditures and the Tribute acquisition, utilized $29.16 million for the nine months ended June 30, 2025.
  • Purchases of property and equipment under financing agreements amounted to $1,696,530 for the six months ended March 31, 2025.
  • Capital expenditures are primarily focused on the construction, replacement, and repair of natural gas pipelines and storage facilities, as well as water and sewer projects, catering to the natural gas, petroleum, water distribution, automotive, chemical, and power industries.

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Peer Comparisons for Energy Services of America

Peers to compare with:

Financials

ESOADYFLRGVAKWFMGNMedian
NameEnergy S.Dycom In.Fluor Granite .KWF Megan  
Mkt Price8.74370.6143.97121.36-1.7343.97
Mkt Cap0.110.77.15.3--6.2
Rev LTM4115,17315,5884,236--4,705
Op Inc LTM4430-226257--131
FCF LTM-5297237346--267
FCF 3Y Avg5119240204--161
CFO LTM4552306462--384
CFO 3Y Avg15359355333--344

Growth & Margins

ESOADYFLRGVAKWFMGNMedian
NameEnergy S.Dycom In.Fluor Granite .KWF Megan  
Rev Chg LTM16.8%13.2%-1.8%6.9%--10.0%
Rev Chg 3Y Avg28.8%12.3%4.7%8.7%--10.5%
Rev Chg Q24.3%14.1%-17.7%12.4%--13.3%
QoQ Delta Rev Chg LTM6.6%3.6%-4.5%3.9%--3.7%
Op Mgn LTM1.0%8.3%-1.4%6.1%--3.6%
Op Mgn 3Y Avg3.6%7.8%0.6%3.9%--3.8%
QoQ Delta Op Mgn LTM-0.4%0.7%-3.3%0.7%--0.1%
CFO/Rev LTM1.0%10.7%2.0%10.9%--6.3%
CFO/Rev 3Y Avg4.4%7.5%2.2%8.3%--6.0%
FCF/Rev LTM-1.2%5.7%1.5%8.2%--3.6%
FCF/Rev 3Y Avg1.7%2.3%1.5%4.9%--2.0%

Valuation

ESOADYFLRGVAKWFMGNMedian
NameEnergy S.Dycom In.Fluor Granite .KWF Megan  
Mkt Cap0.110.77.15.3--6.2
P/S0.42.10.51.3--0.9
P/EBIT35.723.7-59.916.7--20.2
P/E383.136.12.129.1--32.6
P/CFO35.219.423.311.5--21.4
Total Yield1.0%2.8%47.5%3.6%--3.2%
Dividend Yield0.7%0.0%0.0%0.2%--0.1%
FCF Yield 3Y Avg3.8%1.3%2.8%4.4%--3.3%
D/E0.50.10.20.3--0.2
Net D/E0.40.1-0.20.1--0.1

Returns

ESOADYFLRGVAKWFMGNMedian
NameEnergy S.Dycom In.Fluor Granite .KWF Megan  
1M Rtn7.9%7.6%7.5%5.2%--8.9%7.5%
3M Rtn-13.2%26.7%-5.7%15.7%--33.7%-5.7%
6M Rtn-9.7%44.4%-20.0%29.3%-53.1%29.3%
12M Rtn-32.0%94.5%-12.7%32.1%-53.1%32.1%
3Y Rtn263.5%285.7%27.1%217.2%-53.1%217.2%
1M Excs Rtn-1.1%4.6%0.5%2.1%--10.5%0.5%
3M Excs Rtn-18.3%20.8%-14.0%10.4%--25.3%-14.0%
6M Excs Rtn-19.9%34.2%-30.2%19.1%-42.9%19.1%
12M Excs Rtn-46.4%77.8%-27.4%16.6%-36.5%16.6%
3Y Excs Rtn176.2%211.8%-45.9%164.8%--21.7%164.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Electrical, Mechanical, & General14986605257
Gas & Petroleum Transmission87582243106
Gas & Water Distribution6853402412
Total304198122119175


Price Behavior

Price Behavior
Market Price$8.74 
Market Cap ($ Bil)0.1 
First Trading Date12/29/2006 
Distance from 52W High-40.7% 
   50 Days200 Days
DMA Price$8.84$9.62
DMA Trenddowndown
Distance from DMA-1.1%-9.2%
 3M1YR
Volatility43.5%66.7%
Downside Capture222.24206.20
Upside Capture99.36135.54
Correlation (SPY)40.7%48.8%
ESOA Betas & Captures as of 12/31/2025

 1M2M3M6M1Y3Y
Beta1.001.741.882.261.701.60
Up Beta-0.52-0.090.122.061.621.53
Down Beta1.723.142.972.911.771.44
Up Capture-6%38%108%158%168%853%
Bmk +ve Days11233772143431
Stock +ve Days10172861119375
Down Capture177%254%220%214%145%110%
Bmk -ve Days11182755108320
Stock -ve Days12233565127353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 ESOA vs. Other Asset Classes (Last 1Y)
 ESOASector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return-27.4%25.4%19.8%70.5%3.8%10.2%-1.0%
Annualized Volatility66.8%18.9%19.3%20.0%15.3%16.7%34.5%
Sharpe Ratio-0.201.060.812.560.040.410.07
Correlation With Other Assets 50.0%49.0%8.2%25.6%34.2%25.1%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 ESOA vs. Other Asset Classes (Last 5Y)
 ESOASector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return87.1%14.9%14.1%19.4%11.1%6.1%20.0%
Annualized Volatility164.5%17.2%17.1%15.6%18.7%18.8%48.1%
Sharpe Ratio0.750.700.661.000.470.230.45
Correlation With Other Assets 9.4%8.6%7.3%11.6%3.4%6.7%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 ESOA vs. Other Asset Classes (Last 10Y)
 ESOASector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return37.8%14.9%15.5%14.8%7.6%5.9%70.8%
Annualized Volatility168.8%19.9%18.0%14.8%17.6%20.8%55.7%
Sharpe Ratio0.790.660.750.830.350.250.91
Correlation With Other Assets 5.5%4.9%4.7%9.0%1.1%0.2%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date12312025
Short Interest: Shares Quantity1,055,022
Short Interest: % Change Since 1215202517.7%
Average Daily Volume193,963
Days-to-Cover Short Interest5.44
Basic Shares Quantity16,641,896
Short % of Basic Shares6.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202512/15/202510-K (09/30/2025)
06/30/202508/11/202510-Q (06/30/2025)
03/31/202505/12/202510-Q (03/31/2025)
12/31/202402/10/202510-Q (12/31/2024)
09/30/202412/19/202410-K (09/30/2024)
06/30/202408/12/202410-Q (06/30/2024)
03/31/202405/08/202410-Q (03/31/2024)
12/31/202302/12/202410-Q (12/31/2023)
09/30/202301/16/202410-K (09/30/2023)
06/30/202308/14/202310-Q (06/30/2023)
03/31/202305/31/202310-Q (03/31/2023)
12/31/202202/13/202310-Q (12/31/2022)
09/30/202212/22/202210-K (09/30/2022)
06/30/202208/15/202210-Q (06/30/2022)
03/31/202205/12/202210-Q (03/31/2022)
12/31/202102/11/202210-Q (12/31/2021)