Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
2.9
Distress distance
Clean
Earnings quality
4
Forensic signals
12.1
P / E (ttm)
25.4%
ROE
$800M
Market cap
4.70%
Dividend yield
-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 (red flags, auditor quality, say on pay, board independence). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+2.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +8% over the last 3 years to FY2025 (+2.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2013, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~2.5% 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 ~7%.
+12.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 64% against -4% in revenue and inventory up +38% against -4% in revenue. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 6% of net operating assets, diverging from the balance-sheet accrual read.
9.9%
FY2025
Return on invested capital.Return on invested capital is 9.9% in the latest fiscal year and slipping from 37% — a modest positive spread over its ~8% cost of capital — growth adds value, though not dramatically.
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. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 2.5% a year and is falling.
Key fundamentals
Latest Revenue$392.0M
Revenue Growth YoY-4.4%
Revenue CAGR (3yr)+6.8%
Net Margin41.0%
Free Cash Flow$211.0M
Return on Equity25.4%
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?