Forensic Analysis · Energy / Oil & Gas · as of Sep 19, 2026
Pedevco Corp (PED)
A forensic read on Pedevco Corp 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
-0.4
Distress distance
Clean
Earnings quality
5
Forensic signals
-5.0%
ROE
15.7%
Revenue growth
The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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.
Pedevco Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.4, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+58.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +58.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. This is the third straight fiscal year of building accruals — a multi-year streak is a materially stronger tell than a single year's move. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 13% of net operating assets, against an accruals ratio of 58.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
-2.0%
FY2025
Return on invested capital.Return on invested capital is -2.0% in the latest fiscal year, against -2% in FY2021, having run between -2.2% and 3.6% across FY2021–FY2025 with no direction held — well below the ~8% cost of capital we hold this sector to, and it has been across FY2011–FY2025, so reinvested dollars have not been earning their keep. The capital base behind it grew +359% across FY2021–FY2025, from $67M to $308M, and the return did not fall doing it, so the dollars added over that window earned at least the -2% the older base was already earning.
stopped
FY2016→FY2017
Shareholder returns — halted.Capital returns have STOPPED — $74,000 of buybacks + dividends in FY2016, but ~$0 in FY2017. A halt usually means the company is conserving cash.
n/m (stock split)
FY2022–FY2025
Key fundamentals
Latest Revenue$45.8M
Revenue Growth YoY+15.7%
Revenue CAGR (3yr)+15.1%
Net Margin-22.6%
Free Cash Flow$10.8M
Return on Equity-5.0%
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 Pedevco Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 19, 2026. Forensic signals flag probability, not certainty.
Share count (stock split).Diluted share count changed -95% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -62.2%/yr figure isn't a real buyback/dilution read here.
6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 6% of revenue and 26% of free cash flow in FY2025 — about $0.60 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 4.1% a year, and the rate is falling. 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.