Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
VAALCO ENERGY INC /DE/ (EGY)
A forensic read on VAALCO ENERGY INC /DE/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Distress
Financial health
0.9
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-31.6%
ROE
$514M
Market cap
4.59%
Dividend yield
VAALCO ENERGY INC /DE/ earns a A (High-quality compounder) forensic quality grade, and its Altman Z-score is 0.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2%Return on invested capital.Return on invested capital is -2% and slipping from 14% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+16.2%/yrShare-count dilution.Diluted share count changed +49% over the last 3 years to FY2025 (+16.2%/yr). The count is GROWING — existing holders are being diluted. That's ~16.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~49%.
-2%Dividend — cut.The payout was CUT ~2% in FY2024 (from FY2023). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-11.5%
Debt / Equity0.15x
Free Cash Flow$212.7M
Latest Revenue$359.3M
Return on Equity-9.3%
Revenue Growth YoY-25.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on VAALCO ENERGY INC /DE/:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about EGY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown