Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 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.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.9
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-9.1%
ROE
$858M
Market cap
0.62%
Dividend yield
HighPeak Energy, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 1.9, 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
4%Return on invested capital.Return on invested capital is 4% and slipping from 16% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.2%/yrShare-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.2%/yr). The count is GROWING — existing holders are being diluted. That's ~4.2% 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 ~13%.
-10%Dividend — cut.The payout was CUT ~10% in FY2022 (from FY2021). 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 Margin2.2%
Debt / Equity0.75x
Free Cash Flow$511.5M
Latest Revenue$863.4M
Return on Equity1.2%
Revenue Growth YoY-22.7%
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 HighPeak Energy, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about HPK'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