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Forensic Analysis · Oilfield Services · as of Nov 10, 2026

HighPeak Energy, Inc. (HPK)

A forensic read on HighPeak Energy, Inc. 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
1.9
Distress distance
Clean
Earnings quality
1
Forensic signals
1.2%
ROE
-22.7%
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.

HighPeak Energy, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.8%
FY2025
Return on invested capital. Return on invested capital is 3.8% in the latest fiscal year and slipping across FY2023–FY2025 from 12.0%. After-tax operating profit was $327M in FY2023 and $109M in FY2025, with operating income at 37.7% of revenue in FY2023, 30.2% in FY2024 and 17.4% in FY2025. The capital base behind it went from $2.7B in FY2023 to $2.8B in FY2025 (+5%), while the revenue it carried went from $1.1B to $863M.

Key fundamentals

Latest Revenue$863.4M
Revenue Growth YoY-22.7%
Revenue CAGR (2yr)-12.6%
Net Margin2.2%
Free Cash Flow$511.5M
Return on Equity1.2%
Debt / Equity0.75x

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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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