VAALCO Energy, Inc. (EGY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-79.3%

$1.22

vs $5.92 price

Levered DCF

$0.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.71

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-9.1×	7.84×	8.02×	6.16×	2.34×	-2.13×	55.5×	0.89×
P/B	0.85×	0.9×	1×	0.68×	1.3×	1.66×	1.2×	0.79×
P/S	1.05×	0.95×	1.05×	0.9×	0.94×	1.32×	1.36×	0.83×
EV / EBITDA	4.89×	1.64×	1.62×	2.13×	1.47×	5.44×	4.18×	0.87×
Gross margin	22.9%	36.0%	41.0%	54.6%	48.6%	26.5%	41.1%	56.2%
Operating margin	13.0%	28.5%	34.9%	48.3%	39.7%	-35.2%	21.9%	48.9%
Net margin	-11.5%	12.1%	13.3%	14.6%	41.1%	-62.2%	2.6%	93.6%
Current ratio	0.69×	1.31×	1.79×	1.23×	1.05×	1.22×	1.09×	1.43×
Debt / equity	0.29×	0.2×	0.19×	0.19×	0.07×	0.37×	0.3×	0×
Interest coverage	5.66×	36.57×	24.59×	84.21×	0×	0×	0×	353.7×
Dividend yield	7.0%	5.8%	5.6%	2.9%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-64.0%	45.4%	44.4%	18.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.3%	11.5%	12.6%	11.1%	56.7%	-78.4%	2.3%	89.4%
Return on invested capital	6.5%	7.2%	9.0%	10.2%	42.0%	-26.8%	-1.8%	40.9%
Return on assets	-4.5%	6.1%	7.3%	6.1%	31.1%	-34.1%	1.2%	59.1%
Free cash flow yield	-11.4%	2.4%	26.5%	-9.8%	5.9%	3.1%	12.3%	26.5%
Earnings yield	-10.9%	12.8%	12.6%	16.4%	43.8%	-47.3%	2.0%	112.8%
Enterprise value	$448.3M	$468.6M	$447.3M	$369.1M	$148.5M	$76.6M	$117.8M	$53.7M
Net debt / EBITDA	0.76×	0.05×	-0.11×	0.3×	-0.38×	-1.8×	-0.48×	-0.54×
Cash conversion cycle (days)	-16	97	50	16	-1	-82	-25	-8