Forensic Analysis · Upstream Exploration & Production · as of Nov 9, 2026
Gran Tierra Energy Inc. (GTE)
A forensic read on Gran Tierra Energy Inc. 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
-3.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-60.1%
ROE
-4.0%
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.
Gran Tierra Energy Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -3.6, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8.6%
FY2025
Return on invested capital.Return on invested capital is -8.6% in the latest fiscal year and slipping across FY2023–FY2025 from 10.5%. After-tax operating profit was $105M in FY2023 and ($104M) in FY2025. The capital base behind it grew +21% across FY2023–FY2025, from $1.0B to $1.2B, while the return fell 19.1 points, so the dollars added over that window earned less than the 10.5% the older base was already earning.
68d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 60 to 68 FY2024→FY2025 (against cost of goods sold; inventory +28% vs +20% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
+2.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+2.9%/yr). The count is growing — 33.5M shares in FY2023, 35.4M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.9% 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 FY2023 has been diluted ~6%.
0.5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.5% of revenue in FY2025 — about $0.09 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.9% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$596.7M
Revenue Growth YoY-4.0%
Revenue CAGR (2yr)-3.2%
Net Margin-32.4%
Return on Equity-60.1%
Debt / Equity3.09x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Gran Tierra Energy Inc.'s actual 10-K/10-Q/8-K filings?