Forensic Analysis · Upstream Exploration & Production · as of Nov 9, 2026
Riley Exploration Permian, Inc. (REPX)
A forensic read on Riley Exploration Permian, 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
2.6
Distress distance
Clean
Earnings quality
3
Forensic signals
28.1%
ROE
-4.4%
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.
Riley Exploration Permian, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.6, 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
10.8%
FY2025
Return on invested capital.Return on invested capital is 10.8% in the latest fiscal year and slipping across FY2023–FY2025 from 15.3%. After-tax operating profit was $131M in FY2023 and $103M in FY2025, with operating income at 45.8% of revenue in FY2023, 37.5% in FY2024 and 34.0% in FY2025. The capital base behind it grew +11% across FY2023–FY2025, from $856M to $946M, while the return fell 4.5 points, so the dollars added over that window earned less than the 15.3% the older base was already earning. FY2024's operating profit carried a $30M asset write-down that alone took about 2.6 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
+2.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+2.9%/yr). The count is growing — 20.0M shares in FY2023, 21.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.9% 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 ~6%.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue and 4% of free cash flow in FY2025 — about $0.43 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 2.9% a year across FY2023–FY2025, 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.
Key fundamentals
Latest Revenue$392.0M
Revenue Growth YoY-4.4%
Revenue CAGR (2yr)+2.2%
Net Margin41.0%
Free Cash Flow$211.0M
Return on Equity28.1%
Debt / Equity0.39x
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 Riley Exploration Permian, Inc.'s actual 10-K/10-Q/8-K filings?