Forensic Analysis · Upstream Exploration & Production · as of Nov 9, 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
3
Forensic signals
-6.4%
ROE
15.7%
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.
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. 3 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. 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-2.9%
FY2025
Return on invested capital.Return on invested capital is -2.9% in the latest fiscal year, against 1.3% in FY2023, having run between -2.9% and 4.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $1M in FY2023 and ($6M) in FY2025, with operating income at 4.0% of revenue in FY2023, 11.9% in FY2024 and -17.2% in FY2025. The capital base behind it grew +149% across FY2023–FY2025, from $85M to $213M, while the return fell 4.2 points, so the dollars added over that window earned less than the 1.3% the older base was already earning.
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 3.4% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. 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$45.8M
Revenue Growth YoY+15.7%
Revenue CAGR (2yr)+21.9%
Net Margin-22.6%
Free Cash Flow$10.8M
Return on Equity-6.4%
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?