Forensic Analysis · Energy / Oil & Gas · as of Jun 28, 2026
W&T OFFSHORE INC (WTI)
A forensic read on W&T OFFSHORE INC 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
-3.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-115.8%
ROE
$487M
Market cap
1.39%
Dividend yield
W&T OFFSHORE INC earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -3.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-7%Return on invested capital.Return on invested capital is -7% and slipping from 48% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+0.7%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
2% of revStock-based comp load.Stock-based compensation ran 2% of revenue and 16% of free cash flow in FY2025 — about $0.08 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
-95%Dividend — cut.The payout was CUT ~95% in FY2023 (from FY2014). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-29.9%
Free Cash Flow$60.5M
Latest Revenue$501.5M
Revenue Growth YoY-4.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on W&T OFFSHORE INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about WTI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown