Forensic Analysis · Upstream Exploration & Production · as of Nov 10, 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.

D · Weak — demands caution

Forensic grade

Distress

Financial health

0.9

Distress distance

Clean

Earnings quality

Forensic signals

-8.8%

ROE

-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 (auditor quality, say on pay, board independence, going concern). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.9, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-2.4%

FY2025

Return on invested capital. Return on invested capital is -2.4% in the latest fiscal year and slipping across FY2023–FY2025 from 17.9%. After-tax operating profit was $103M in FY2023 and ($16M) in FY2025, with operating income at 34.9% of revenue in FY2023, 28.5% in FY2024 and -5.7% in FY2025. The capital base behind it grew +18% across FY2023–FY2025, from $575M to $677M, while the return fell 20.3 points, so the dollars added over that window earned less than the 17.9% the older base was already earning.

Key fundamentals

Latest Revenue$359.3M

Revenue Growth YoY-25.0%

Revenue CAGR (2yr)-11.1%

Net Margin-11.5%

Return on Equity-8.8%

Debt / Equity0.14x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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