Battalion Oil Corporation (BATL) financials
AMEX · Energy · Oil & Gas Exploration & Production · 40 employees · CEO Matthew Steele
- Price
- $0.96 +7.58%
- Market cap
- $21.1M
- Enterprise value
- $97M
- Last report
- Q2 '26 filed 2026-08-12
- Next report
- 2026-11-18 EPS est. -$0.21
Revenue (TTM)$163M-12.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-2.6%+4.7 pp vs a year agoOperating income -$4.27M
Net income (TTM)-$39.9M-489.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$66.3M+237.1% vs a year agoCapex -$40.3M
Diluted EPS (TTM)-$5.05-140.5% vs a year agoSum of the last 4 quarters
Net cash-$75.8M+57.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $21.1M EV $97M
- Revenue
- $163M Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -24.5% Net income / revenue, TTM
- P/E
- -0.2×
- P/S
- 0.1× Price / sales, TTM
- EV / EBITDA
- 4.2× TTM
- Free cash flow
- $66.3M Trailing 12 months
- Net income
- -$39.9M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-18 Revenue est. $46.9M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-12): revenue in line, EPS missed by 61.9%Revenue $48.1M vs $48.1M expected (0.0%); EPS -$0.34 vs -$0.21 (-61.9%).
- Revenue growth accelerating: 12.4% year on yearQ2 '26 revenue $48.1M, against an average of -17.4% over the four quarters before.
- Operating margin -2.6% (TTM), +4.7 pp on a year agoOperating income grew 68.7% while revenue grew -12.1%.
- Capex 24.7% of revenue (a year ago 39.4%)$40.3M invested in the last 4 quarters (-44.7% on a year earlier). Free cash flow $66.3M.
- Diluted share count up 174.5% in a year45.2M diluted shares in Q2 '26, 16.5M a year earlier.
- Net debt $75.8MCash + short-term investments $83.1M, debt incl. leases $159M; a year ago net debt $178M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $48.1M | $42.8M | +12.4% |
| Gross margin | 47.9% | 37.1% | +10.8 pp |
| Operating income | $6.78M | -$153K | +4,532.0% |
| Operating margin | 14.1% | -0.4% | +14.4 pp |
| Net income | $15.5M | $4.8M | +223.4% |
| Diluted EPS | $0.34 | -$0.21 | +261.9% |
| Operating cash flow | $7.71M | $10.2M | -24.4% |
| Capex | $4.21M | $33.3M | -87.4% |
| Free cash flow | $3.51M | -$23.1M | +115.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $421K | $0 | – |
Reported vs consensus
2026-08-12| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $48.1M | $48.1M | 0.0% |
| EPS (as estimated) | -$0.34 | -$0.21 | -61.9% |
From the report of 2026-08-12 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Oil | $49.2M | +35.4% | 102.4% | $152M | -6.2% | |
| Natural gas | -$6.9M | -838.4% | -14.4% | -$7.54M | -566.5% | |
| Natural gas liquids | $5.73M | +7.1% | 11.9% | $18.1M | -11.4% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $26M
- Capex
- $40.3M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- -$57M
- Stock-based compensation
- $421K
- Free cash flow
- $66.3M
- Returned to shareholders / FCF
- -0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -0.2× | 8.5× 1 of 5 years | 8.5× – 8.5× |
| EV / EBITDA | 4.2× | 5.1× | 1.9× – 11.7× |
| EV / Sales | 0.6× | 1.1× | 0.9× – 1.4× |
| Price / FCF | 0.3× | 10.2× 1 of 5 years | 10.2× – 10.2× |
| Price / Book | 0.1× | 1.1× | 0.1× – 2.5× |
| FCF yield | 313.7% | -66.6% | -190.8% – 9.8% |
| Return on invested capital | -1.1% | 16.1% | -3.1% – 42.8% |
| Return on equity | -29.9% | -7.1% | -44.5% – 21.9% |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 203 figures Battalion Oil Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $6.212026-03-30 | – | – | – | – | – | |
| Accounts Payable and Accrued Liabilities, Current | $39.9M | $62.3M | -35.9% | $39.7M | $52.7M | -24.6% |
| Accounts Payable, Trade, Current | $12.9M | $15.7M | -18.1% | $12.6M | $15.7M | -19.4% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $14.4M | $24.5M | -41.1% | $12.1M | $26.3M | -54.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2.84M | $2.7M | +5.5% | $2.81M | $2.46M | +14.3% |
| Additional Paid in Capital | $296M | $269M | +10.1% | $240M | $289M | -16.9% |
| Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | $14.3M2025-09-30 | $9.32M | +53.2% | $48.7M | $32.2M | +51.2% |
| Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | $8.33M2026-03-31 | $11.8M | -29.5% | – | – | – |
| Amortization of Debt Issuance Costs | $264K | $397K | -33.5% | $1.57M | $6.42M | -75.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 106K | 106K | 0.0% | 100K | 200K | -50.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | – | – | – | -$85K | $200K | -142.5% |
| Asset Impairment Charges | – | – | – | $1.07M | $18.5M | -94.2% |
| Asset Retirement Obligation | $17.7M | $19.8M | -10.4% | $20.8M | $19.2M | +8.8% |
| Asset Retirement Obligation, Accretion Expense | $221K | $278K | -20.5% | $1.08M | $991K | +9.3% |
| Asset Retirement Obligation, Liabilities Incurred | $02025-12-31 | $23K | -100.0% | $118K | $223K | -47.1% |
| Asset Retirement Obligation, Liabilities Settled | $0 | – | – | $112K2023-12-31 | $647K | -82.7% |
| Asset Retirement Obligation, Revision of Estimate | $02025-12-31 | $0 | – | $480K | $484K | -0.8% |
| Asset Retirement Obligations, Noncurrent | $17.7M | $19.8M | -10.4% | $20.8M | $19.2M | +8.8% |
| Assets | $433M | $499M | -13.3% | $461M | $431M | +6.9% |
| Assets, Current | $107M | $83.5M | +28.8% | $57.2M | $54.1M | +5.8% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $2.24M | $7.53M | -70.3% |
| Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $54.3M | $49.1M | +10.7% | $48M | $49.1M | -2.2% |
| Capitalized Costs, Proved Properties | $833M | $877M | -5.0% | $890M | $816M | +9.0% |
| Cash and Cash Equivalents, at Carrying Value | $83.1M | $44.6M | +86.2% | $28M | $19.7M | +41.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $88.4M | $44.7M | +97.7% | $28.1M | $19.8M | +41.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $34.1M | -$28.9M | +217.7% | $8.25M | -$37.8M | +121.8% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 100M | 100M | 0.0% | 100M | 100M | 0.0% |
| Common Stock, Shares, Issued | 38.9M | 16.5M | +136.3% | 16.5M | 16.5M | 0.0% |
| Common Stock, Shares, Outstanding | 38.9M | 16.5M | +136.3% | 16.5M | 16.5M | 0.0% |
| Common Stock, Value, Issued | $4K | $2K | +100.0% | $2K | $2K | 0.0% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $7.8M | – | – | $8.5M | $23.5M | -63.8% |
| Costs and Expenses | $41.3M | $43M | -3.8% | $173M | $206M | -16.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current State and Local Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.8M2025-09-30 | – | – | $4.3M2024-12-31 | – | – |
| Debt Issuance Costs, Net | $4.26M | $5.41M | -21.2% | $4.67M | $4.33M | +8.0% |
| Debt Securities, Trading, Unrealized Gain | – | – | – | $2.08M2024-12-31 | $2.05M | +1.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Tax Asset, Interest Carryforward | $1.23M2025-12-31 | $0 | – | $1.23M | $0 | – |
| Deferred Tax Assets, Derivative Instruments | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Gross | $323M2025-12-31 | $319M | +1.4% | $323M | $319M | +1.4% |
| Deferred Tax Assets, Hedging Transactions | – | – | – | $1.74M2024-12-31 | $4.07M | -57.4% |
| Deferred Tax Assets, Net | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Net of Valuation Allowance | $6.65M2025-12-31 | $1.06M | +525.2% | $6.65M | $1.06M | +525.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $204M2025-12-31 | $189M | +7.8% | $204M | $189M | +7.8% |
| Deferred Tax Assets, Other | $450K2025-12-31 | $703K | -36.0% | $450K | $703K | -36.0% |
| Deferred Tax Assets, Property, Plant and Equipment | $80.2M2025-12-31 | $94M | -14.6% | $80.2M | $94M | -14.6% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $1.73M2025-12-31 | $1.72M | +0.6% | $1.73M | $1.72M | +0.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations | $4.38M2025-12-31 | $4.02M | +8.8% | $4.38M | $4.02M | +8.8% |
| Deferred Tax Assets, Valuation Allowance | $316M2025-12-31 | $317M | -0.3% | $316M | $317M | -0.3% |
| Deferred Tax Liabilities, Deferred Expense, Debt Issuance Costs | $02025-12-31 | $84K | -100.0% | $0 | $84K | -100.0% |
| Deferred Tax Liabilities, Derivatives | $1.15M2025-12-31 | $0 | – | $1.15M | $0 | – |
| Deferred Tax Liabilities, Financing Arrangements | $615K2025-12-31 | $615K | 0.0% | $615K | $615K | 0.0% |
| Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | $270K2025-12-31 | $270K | 0.0% | $270K | $270K | 0.0% |
| Deferred Tax Liabilities, Leasing Arrangements | $176K2025-12-31 | $95K | +85.3% | $176K | $95K | +85.3% |
| Deferred Tax Liabilities, Net | $6.65M2025-12-31 | $1.06M | +525.2% | $6.65M | $1.06M | +525.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02