Forensic Analysis · Upstream Exploration & Production · as of Nov 8, 2026
Occidental Petroleum Corp /De/ (OXY)
A forensic read on Occidental Petroleum Corp /De/ 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
Distress distance
Clean
Earnings quality
3
Forensic signals
6.6%
ROE
-1.9%
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.
Occidental Petroleum Corp /De/ earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 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
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 6.2%. After-tax operating profit was $4.0B in FY2023 and $2.8B in FY2025. The capital base behind it grew +16% across FY2023–FY2025, from $64.6B to $74.8B, while the return fell 2.4 points, so the dollars added over that window earned less than the 6.2% the older base was already earning.
+2.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +4% over the last 2 years to FY2025 (+2.0%/yr). The count is growing — 960.9M shares in FY2023, 1,000.1M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.0% 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 ~4%.
1.1% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.1% of revenue and 6% of free cash flow in FY2025 — about $0.23 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 2.0% 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$21.59B
Revenue Growth YoY-1.9%
Revenue CAGR (2yr)-3.4%
Net Margin10.8%
Free Cash Flow$4.11B
Return on Equity6.6%
Debt / Equity0.62x
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 Occidental Petroleum Corp /De/'s actual 10-K/10-Q/8-K filings?