Forensic Analysis · Energy / Oil & Gas · as of Sep 25, 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
3.1
Distress distance
Clean
Earnings quality
4
Forensic signals
8.2
P / E (ttm)
25.4%
ROE
$910M
Market cap
4.68%
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, 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.
Riley Exploration Permian, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.1, 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
+2.9%/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: 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%.
+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 by total assets, which is what the Forensic Screens card's own accrual row divides by. 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. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 12.3%. 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.
9.9%
FY2025
Return on invested capital.Return on invested capital is 9.9% 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 cannot be compared across FY2023–FY2025: cash is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. 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.
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 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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Riley Exploration Permian, Inc. (REPX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
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 3.0% 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.