Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 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.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.3

Distress distance

Clean

Earnings quality

Forensic signals

-5.4

P / E (ttm)

-9.3%

ROE

$604M

Market cap

4.84%

Dividend yield

-25.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Vaalco Energy Inc /De/ earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.3, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-2.5%

FY2025

Return on invested capital. Return on invested capital is -2.5% in the latest fiscal year and slipping from 17% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

+14.1%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +49% over the last 3 years to FY2025 (+14.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~14.1% 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 ~33%.

1.7% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 1.7% of revenue in FY2025 — about $0.06 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 16.6% a year and is falling.

Key fundamentals

Latest Revenue$359.3M

Revenue Growth YoY-25.0%

Net Margin-11.5%

Return on Equity-9.3%

Debt / Equity0.14x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.