Energy

Fluence Energy, Inc. (NASDAQ: FLNC) is one of the largest pure-play providers of utility-scale battery energy storage products, services and software, originally formed as a joint venture of Siemens and AES and listed on Nasdaq in 2021. It designs, builds and services grid-scale storage systems for utilities, developers and large energy users, and sells digital software for operating storage and renewable assets. For fiscal 2025 (year to 30 September 2025) the company reported revenue of $2,262.8m (down about 16% year over year), a GAAP operating loss of $46.3m, a net loss attributable to the company of $48.3m and negative free cash flow of $175.3m (revenue, net loss and EPS per the FY2025 10-K, filed 2025-11-25, and EDGAR XBRL; operating loss per the 10-K income statement and yfinance; FCF per yfinance annual financials, pulled 2026-05-31). On 6 May 2026 Fluence reported Q2 FY2026 revenue of $464.9m and a record contracted backlog of $5.6bn, signed supply agreements with two hyperscaler (data-centre) customers, and reaffirmed full-year guidance. The shares trade at $18.88, within a very wide 52-week range of $4.40 to $33.51, with a market capitalisation of $3.5bn (per yfinance, pulled 2026-05-31). The next earnings report (Q3 FY2026) is expected in early August 2026.

1. Company Snapshot

Field	Value
Name	Fluence Energy, Inc.
Ticker / Exchange	FLNC / Nasdaq
Sector / Industry	Utilities / Renewable Energy & Storage (per yfinance)
Market cap	$3.48bn (per yfinance, pulled 2026-05-31)
Enterprise value	$2.61bn (per yfinance, pulled 2026-05-31)
FY2025 revenue	$2,262.8m (per the FY2025 10-K, filed 2025-11-25)
FY2025 operating income	-$46.3m GAAP operating loss (per the FY2025 10-K income statement and yfinance; EDGAR XBRL does not separately tag operating income for FLNC)
FY2025 free cash flow	-$175.3m (operating cash flow -$145.5m less capex $29.8m, per yfinance annual financials)
Gross margin	11.7% (per yfinance, TTM)
Net margin	-1.6% (per yfinance, TTM)
Employees	approximately 1,670 (per yfinance, pulled 2026-05-31)
CEO	Julian Nebreda, President & Chief Executive Officer (since 1 September 2022)
Headquarters	Arlington, Virginia, USA
Website	https://fluenceenergy.com
Fiscal year-end	30 September
Next earnings	Early August 2026 — Q3 FY2026 (date not yet confirmed)
Dividend yield	None (no dividend)
52-week high	$33.51 (per yfinance, pulled 2026-05-31)
52-week low	$4.40 (per yfinance, pulled 2026-05-31)
Short interest	25.2m shares short; short ratio 2.1 days (per yfinance, pulled 2026-05-31)

2. Bull Case vs Bear Case

Bull Case

• Record contracted backlog. Per the Q2 FY2026 results (6 May 2026), Fluence ended the quarter with a record $5.6bn contracted backlog, providing multi-year revenue visibility for its storage systems.

• Hyperscaler / data-centre demand. Per the Q2 FY2026 results (6 May 2026), Fluence signed master supply agreements with two major hyperscalers, tapping into surging power and storage demand driven by AI data centres.

• Accelerating order intake. Per the Q2 FY2026 results (6 May 2026), year-to-date order intake reached about $2.0bn, roughly double the prior-year period, with around 50% of orders from first-time customers.

• Guidance points to a return to growth. Per the Q2 FY2026 results (6 May 2026), management reaffirmed FY2026 revenue guidance of $3.2bn–$3.6bn (up from $2.26bn in FY2025) and adjusted EBITDA of $40m–$60m.

• Strong founder backing and balance-sheet cash. Per the FY2025 10-K (filed 2025-11-25), Fluence is backed by Siemens and AES and held $690.8m of cash at year-end, supporting its growth investment.

Bear Case

• Revenue fell and the company is loss-making. Per the FY2025 10-K (filed 2025-11-25), FY2025 revenue dropped about 16% to $2,262.8m and the company reported a $46.3m operating loss and a $48.3m net loss, after a small profit in FY2024.

• Heavy cash burn. Per yfinance annual financials (pulled 2026-05-31), FY2025 free cash flow was negative $175.3m, and the company took on debt (total debt rose to $390.8m from $30.4m a year earlier).

• Execution and supply-chain fragility. Per the Q2 FY2026 results (6 May 2026), roughly $80m of revenue slipped from Q2 into Q3 due to a customs delay in Vietnam and a port equipment shortage in Spain, illustrating delivery risk; the company is also exposed to battery-cell sourcing and tariffs.

• Thin margins. Per yfinance (pulled 2026-05-31), gross margin is about 11.7% and adjusted gross margin was 11.1% in Q2 FY2026 — low margins for a hardware-led integrator.

• Extreme volatility and high short interest. Per yfinance (pulled 2026-05-31), the stock has a beta of 2.6, a 52-week range of $4.40 to $33.51, and about 25.2m shares sold short, marking it a highly speculative security.

3. What Does Fluence Actually Do?

Fluence is a battery energy storage technology and services company (per the FY2025 10-K, Item 1, filed 2025-11-25). It integrates battery cells, power electronics and software into complete grid-scale storage systems that utilities and developers use to store electricity (for example, storing solar or wind output and discharging it when needed, or providing grid stability and capacity). Its offering spans three broad areas: energy-storage products (the hardware systems), services (long-term operations, maintenance and warranty support for installed systems), and digital software (its "Fluence IQ"/Mosaic-type tools for bidding storage and renewable assets into power markets).

Fluence reports its business as a single operating segment, so a divisional revenue breakdown is not disclosed, and a segment donut chart is not applicable. Revenue is dominated by the products business — large, lumpy project deliveries — which makes results highly seasonal: the September-ending fiscal fourth quarter is by far the largest as projects complete. Customers are utilities, independent power producers, developers and, increasingly, large corporates and data-centre operators. A precise current geographic breakdown is not reproduced in this report's source data, though Fluence operates across the Americas, EMEA and Asia-Pacific.

4. The Business Model

Fluence makes most of its money by selling and installing utility-scale storage systems under large fixed-scope contracts, then earning recurring revenue from multi-year service and software agreements attached to that installed base (per the FY2025 10-K, Item 1, filed 2025-11-25). The contracted backlog ($5.6bn at Q2 FY2026, per the 6 May 2026 results) converts into revenue as projects are built and delivered, so order intake and backlog are the key leading indicators.

The intended moat rests on scale as one of the largest independent storage integrators, a growing installed base that pulls through high-margin services and software, proprietary technology and software, US manufacturing capacity (relevant to domestic-content and tariff dynamics), and the backing of Siemens and AES. Distribution is direct sales to utilities, developers and large energy buyers. Unit economics remain challenging: gross margin is only about 11.7% (per yfinance) because the business is hardware-heavy and competitive, and Fluence has generally been loss-making and cash-consuming as it scales (FY2025 free cash flow of -$175.3m, per yfinance). The strategy is to grow the higher-margin services and digital revenue over time. Fluence pays no dividend and reinvests in growth.

5. Financial Health

Five-year trend (fiscal years to 30 September; $m unless stated). Revenue, net loss and diluted EPS per EDGAR XBRL / the 10-K; operating income and FCF per the 10-K income statement and yfinance (EDGAR does not separately tag operating income for FLNC).

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	not disclosed	1,198.6	2,218.0	2,698.6	2,262.8
Operating income	not disclosed	-283.5	-112.6	26.6	-46.3
Net income/(loss) attributable	not disclosed	-104.5	-69.6	22.7	-48.3
Diluted EPS ($)	not disclosed	-1.50	-0.60	0.13	-0.37
Free cash flow	not disclosed	-290.3	-124.2	60.7	-175.3

Source: revenue/net loss/diluted EPS per EDGAR XBRL and the FY2025 10-K (filed 2025-11-25); operating income and FCF per the 10-K and yfinance annual financials (pulled 2026-05-31).

Balance sheet (fiscal year-ends; $m):

Metric	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	357.3	345.9	448.7	690.8
Total debt	2.7	50.6	30.4	390.8
Total stockholders' equity	435.8	402.3	472.1	429.6
Class A shares outstanding (period-end, m)	114.9	118.9	129.4	131.2

Source: yfinance annual financials (pulled 2026-05-31). Fluence raised cash and took on debt in FY2025; equity figures exclude the noncontrolling (Class B) interests held by AES and Siemens under the company's Up-C structure.

Quarterly trend (last five quarters; GAAP; $m). Operating income is not separately tagged in EDGAR for FLNC, so revenue and net income are shown.

Quarter (period end)	Revenue	Net income/(loss)
Q2 FY2025 (31 Mar 2025)	431.6	-31.0
Q3 FY2025 (30 Jun 2025)	602.5	6.3
Q4 FY2025 (30 Sep 2025)	1,041.9*	17.9*
Q1 FY2026 (31 Dec 2025)	475.2	-45.1
Q2 FY2026 (31 Mar 2026)	464.9	-20.9

Source: 10-Q periods per EDGAR XBRL; Q2 FY2026 also per the Q2 FY2026 results (6 May 2026). *Q4 FY2025 figures are derived as the FY2025 full year less the first nine months and are approximate. Note the extreme seasonality — the September-ending fourth quarter (about $1.0bn of revenue) dwarfs the other quarters — which is why first- and second-quarter losses are normal in Fluence's annual rhythm.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value (per yfinance, pulled 2026-05-31)
Share price	$18.88
Previous close	$21.36
Day range	$18.62 – $21.21
52-week high / low	$33.51 / $4.40
Market cap	$3.48bn
Enterprise value	$2.61bn
Shares outstanding	132.8m Class A (total economic shares are higher including Class B held by AES and Siemens)
Float	100.3m
Average daily volume (10d)	9.68m shares
Volume (date)	not disclosed in this report's source data
Beta	2.62
Trailing P/E (GAAP)	not applicable (loss-making)
Forward P/E	102.8x
P/S (TTM)	1.35x
P/B	6.81x
EV/Revenue	1.01x
EV/EBITDA	not disclosed in this report's source data
P/FCF	not applicable (negative FCF)
Gross margin (TTM)	11.7%
Operating margin (TTM, GAAP)	-8.4%
Net margin (TTM)	-1.6%
ROE	-12.7%
ROA	not disclosed in this report's source data
Debt-to-equity	87.7%
Current ratio	1.44x
Dividend yield	None
Short interest	25.2m shares (short ratio 2.1 days)
Put/call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Fluence's growth is anchored by its record backlog and by demand from AI data centres. Per the Q2 FY2026 results (6 May 2026), the company ended the quarter with a $5.6bn contracted backlog and signed master supply agreements with two major hyperscalers, with year-to-date order intake of about $2.0bn (roughly double the prior year) and around half of orders from first-time customers. CEO Julian Nebreda said order activity has accelerated and backlog has reached another record level (per the Q2 FY2026 results, 6 May 2026).

Strategically, Fluence is investing in US manufacturing and domestic supply (relevant to tariff and domestic-content dynamics), and in growing its higher-margin services and digital-software revenue attached to its installed base (per the FY2025 10-K, Item 1, filed 2025-11-25). Management reaffirmed FY2026 guidance of $3.2bn–$3.6bn in revenue and $40m–$60m of adjusted EBITDA (per the Q2 FY2026 results, 6 May 2026), implying a return to growth and positive adjusted EBITDA for the year. The company pays no dividend and reinvests in capacity and technology. No third-party analyst forecasts are used in this report; figures above are company disclosures.

8. Competitive Landscape

Fluence competes with other energy-storage integrators, battery and inverter makers, and diversified power-technology companies. Peer market data (per yfinance, pulled 2026-05-31):

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
Fluence Energy	FLNC	$3.48bn	$2.26bn	11.7%	1.35x
GE Vernova	GEV	$260.21bn	$39.37bn	20.3%	6.61x
Nextracker	NXT	$23.80bn	$3.56bn	21.9%	6.69x
Enphase Energy	ENPH	$9.01bn	$1.40bn	27.2%	6.44x
SolarEdge	SEDG	$4.64bn	$1.28bn	18.3%	3.64x
Eos Energy	EOSE	$2.86bn	$0.16bn	negative	17.81x
Stem	STEM	$0.09bn	$0.15bn	40.8%	0.57x

All figures are in US dollars. Fluence has one of the larger revenue bases among independent clean-energy hardware names but the lowest gross margin in this group and a low price-to-sales multiple (1.35x), reflecting its thin margins and loss-making history. It also competes with much larger diversified players (such as GE Vernova) and with Tesla and Chinese battery suppliers in grid storage. No view is offered here on relative winners or losers.

9. Leadership and Ownership

Julian Nebreda has served as President and Chief Executive Officer since 1 September 2022 (per company disclosures and the FY2025 10-K, filed 2025-11-25). Ahmed Pasha serves as Chief Financial Officer. Fluence was founded as a joint venture of Siemens and AES and remains "a Siemens and AES company," with both retaining large stakes; detailed individual tenures and compensation are set out in the company's proxy statement and are not fully reproduced in this report's source data.

Ownership is concentrated among the founders and institutions, and the company uses an "Up-C" structure (Class A shares trade publicly; Class B units are held by AES and Siemens). Per yfinance (pulled 2026-05-31), institutions hold approximately 84.3% of the Class A float and insiders approximately 14.5%. The largest reported holders (per yfinance, as at 31 March 2026):

Holder	Stake	Shares
Siemens Pension Trust e.V.	23.91%	31.8m
Siemens AG	14.86%	19.7m
D.E. Shaw & Co.	4.55%	6.0m
Two Sigma Investments	4.29%	5.7m
BlackRock, Inc.	4.15%	5.5m

Recent specific insider transactions are not disclosed in this report's source data.

10. Risks and Challenges

• History of losses and cash burn (Financial): Per the FY2025 10-K (Item 1A, filed 2025-11-25), Fluence has a history of net losses and negative operating cash flow and may require additional capital to fund growth, the availability of which is not assured.
• Battery-cell supply and tariffs (Operational): Per the FY2025 10-K (Item 1A, filed 2025-11-25), the company depends on third-party battery-cell suppliers and global supply chains exposed to tariffs, trade policy and logistics disruptions, which can raise costs and delay deliveries.
• Project delivery and execution risk (Operational): Per the FY2025 10-K (Item 1A, filed 2025-11-25) and the Q2 FY2026 results (6 May 2026), Fluence's large fixed-scope contracts expose it to cost-overrun and delivery delays, as seen when about $80m of revenue slipped between quarters on customs and port issues.
• Customer and project concentration (Concentration): Per the FY2025 10-K (Item 1A, filed 2025-11-25), a significant portion of revenue comes from a limited number of large projects and customers, so timing or loss of a major contract can materially affect results.
• Intense competition (Competitive): Per the FY2025 10-K (Item 1A, filed 2025-11-25), Fluence competes with large diversified power-technology companies, battery makers and lower-cost suppliers, which can pressure pricing and margins.
• Policy and regulatory change (Regulatory): Per the FY2025 10-K (Item 1A, filed 2025-11-25), demand is influenced by government incentives, tax credits and trade rules (such as US tariffs and domestic-content requirements), changes to which could affect orders and economics.
• Commodity and input-cost exposure (Market & Demand): Per the FY2025 10-K (Item 1A, filed 2025-11-25), the cost and availability of lithium-ion batteries and other inputs can fluctuate, affecting margins and competitiveness.
• Cybersecurity and product safety (Cyber & Physical): Per the FY2025 10-K (Item 1A, filed 2025-11-25), the company's connected storage systems and operations face cybersecurity, product-safety and warranty risks that could cause liability and reputational harm.

11. Recent Developments

Most recent first.

• 6 May 2026 — Q2 FY2026 results: record backlog and hyperscaler deals, revenue miss on delivery delays: Fluence reported second-quarter revenue of $464.9m (up about 7.7% year over year but below expectations, as roughly $80m of deliveries pushed into Q3 on a Vietnam customs delay and a Spain port equipment shortage) and a net loss of $20.9m; it ended the quarter with a record $5.6bn contracted backlog, signed master supply agreements with two hyperscalers, reported about $2.0bn of year-to-date order intake (double the prior year), and reaffirmed FY2026 guidance of $3.2bn–$3.6bn revenue and $40m–$60m adjusted EBITDA. Source: Fluence Energy Q2 FY2026 earnings release / Form 8-K.

12. Key Dates Coming Up

• Early August 2026: Q3 FY2026 earnings (quarter to 30 June 2026). Date not yet confirmed in this report's source data; Q2 FY2026 results were released on 6 May 2026.
• Early 2027: Annual Meeting of Stockholders (Fluence's fiscal year ends 30 September). Date not disclosed in this report's source data.

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Last Updated: 12 Oct 2026

ConocoPhillips (NYSE: COP) is the largest US independent exploration and production company, with no refining or chemicals arm. Its output is concentrated in the US Lower 48 shale basins (Delaware, Midland, Eagle Ford and Bakken), supplemented by Alaska, Canadian oil sands, Norway, Qatar, Australia and a growing LNG offtake portfolio. FY2025 sales and other operating revenues were $58.9 billion with net income of $8.0 billion ($6.35 diluted EPS). Q2 2026 net income doubled year on year to $3.9 billion ($3.23 per share) as realised prices rose to $62.33 per barrel of oil equivalent. Andy O'Brien took over as CEO on 1 September 2026, and on 1 October the company said it was evaluating an unsolicited offer for its Norway business and Teesside terminal. Track the share price on our Live Charts.

1. Company Snapshot

Field	Value
Ticker / Exchange	NYSE: COP
Headquarters	Houston, Texas, USA (Delaware corporation)
Sector / Industry	Energy: Oil & Gas Exploration and Production
CEO / Leadership	Andy O'Brien, President and CEO since 01 Sep 2026 (previously CFO); Ryan Lance, Executive Chair in a transitional role; Konnie Haynes-Welsh, CFO
Employees	~9,900 (31 Dec 2025, FY2025 10-K; ~11,800 at end-2024)
Market cap	~$161bn (Oct 2026: $134.10 close on 9 Oct 2026 x ~1,201m shares per Q2 2026 10-Q cover)
FY2025 Revenue	$58.9bn sales and other operating revenues (+7.7% YoY); total revenues and other income $61.5bn
FY2025 net income (GAAP)	$8.0bn ($6.35 diluted EPS); adjusted EPS $6.16
Production	2,248 MBOED in Q2 2026 (Lower 48: 1,479 MBOED)
Dividend	$0.84 per share quarterly ($3.36 annualised)

2. Bull & Bear Case

Bull Case

• Strong cash generation at current prices: Q2 2026 cash from operations was $7.4bn and H1 2026 operating cash flow reached $11.7bn, while H1 capital spending fell to $6.0bn from $6.7bn a year earlier.
• Rising shareholder returns: Q2 2026 returns were $3.0bn ($2.0bn buybacks, double Q1, plus $1.0bn dividends), and the company says it is on track to return 45% of CFO in 2026.
• Self-help on costs and portfolio: Marathon Oil synergies exceeded $1bn run-rate, a further $1bn-plus cost and margin programme runs to end-2026, and the $5bn disposal target was met early with a $1.7bn Lower 48 sale.
• Growing LNG and long-life projects: LNG offtake has risen to 12 MTPA, a new 20-year Venture Global supply deal was signed on 2 Oct 2026, and Willow in Alaska targets first oil in 2029.
• Moderate leverage: Total debt of ~$23.3bn against ~$7.7bn of cash and short-term investments at 30 Jun 2026, with equity of $65.3bn.

Bear Case

• Underlying production is shrinking: Q2 2026 output of 2,248 MBOED was 143 MBOED lower year on year, about 4% lower after adjusting for acquisitions and disposals, and Qatar volumes are excluded from guidance.
• Heavy insider selling: Former CEO Ryan Lance sold over 620,000 shares (~$79.5m) in March 2026, and several senior officers sold during the year, none under 10b5-1 plans in the filings checked.
• Leadership transition: A new CEO and a new CFO took office together on 1 Sep 2026, shortly before a possible Norway sale and new Middle East entries in Iraq and Syria.
• Concentration in US shale: The Lower 48 provided ~70% of FY2025 revenue, leaving results tied closely to US oil and gas prices and shale well productivity.

3. Products & Segments

ConocoPhillips sells crude oil, bitumen, natural gas, NGLs and LNG. It reports by geography.

Segment	% of revenue	What it is
Lower 48	~70.2% ($41.4bn FY2025)	US onshore shale: Delaware and Midland (Permian), Eagle Ford and Bakken, plus Gulf Coast commercial activities.
Europe, Middle East & North Africa	~11.0% ($6.5bn FY2025)	Norway North Sea fields, Qatar LNG interests, Libya and Equatorial Guinea; also the Teesside terminal in the UK.
Alaska	~9.6% ($5.6bn FY2025)	North Slope production (Prudhoe Bay, Kuparuk, Alpine) and the Willow development.
Canada	~6.2% ($3.6bn FY2025)	Surmont oil sands and Montney unconventional gas and liquids.
Asia Pacific	~3.0% ($1.8bn FY2025)	Australia Pacific LNG, Malaysia and China interests.

Figures are sales and other operating revenues from the FY2025 10-K segment note; Corporate makes up the small remainder of the $58.9bn total.

4. Business Model & Moat

How it makes money. Revenue is volume multiplied by realised price. Q2 2026 realised price averaged $62.33 per BOE against $45.77 a year earlier, which drove most of the rise in earnings. Costs are mainly lifting, transport, depreciation and taxes, so profit margins expand sharply when commodity prices rise.

Where the advantage lies. The company holds a deep inventory of low-cost shale locations across four US basins, enlarged by the 2024 Marathon Oil acquisition, plus long-life conventional assets in Alaska, Norway and Qatar. Its size lets it run large, multi-year programmes like Willow and LNG offtake contracts that smaller independents cannot.

Limits of the moat. As a pure producer it has no refining or chemicals business to offset weak prices, and shale wells decline quickly, so steady reinvestment is needed just to hold output flat.

5. Financial Health

ConocoPhillips reports on a calendar year. Revenue below is sales and other operating revenues. Figures are from the company's 10-K filings, earnings releases and SEC XBRL data.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$45,828m	+144.0%	$6.07	$6.01	$1.75	$18,734m
FY2022	$78,494m	+71.3%	$14.57	$13.52	$1.89 ordinary + $2.60 VROC†	$16,226m
FY2023	$56,141m	-28.5%	$9.06	$8.77	$2.11 ordinary + $2.50 VROC†	$17,863m
FY2024	$54,745m	-2.5%	$7.81	$7.79	$2.52	$23,289m
FY2025	$58,944m	+7.7%	$6.35	$6.16	$3.18	$22,424m

† VROC is the variable return of cash paid in 2022 and 2023 in addition to the ordinary dividend; no VROC has been paid since. Ordinary dividends are per-share amounts declared in each calendar year. Long-term debt is the noncurrent balance-sheet line; the FY2024 increase reflects debt assumed with Marathon Oil.

Quarterly trend, most recent quarter first:

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (Jun-26)	$19,161m	$3.24	$3.23
Q1 2026 (Mar-26)	$15,761m	$1.89	$1.78
Q4 2025 (Dec-25)	$13,392m	$1.02	$1.17
Q3 2025 (Sep-25)	$15,031m	$1.61	$1.38
Q2 2025 (Jun-25)	$14,004m	$1.42	$1.56
Q1 2025 (Mar-25)	$16,517m	$2.09	$2.23
FY2025 total	$58,944m	$6.16	$6.35

Cash flow and balance sheet. FY2025 operating cash flow was $19,796m and capital expenditures and investments were $12,553m, giving free cash flow of ~$7.2bn. Depreciation, depletion and amortisation was $11,500m. In H1 2026 operating cash flow was $11,729m and capital expenditures $5,972m. At 30 Jun 2026 long-term debt was $22,828m and short-term debt $462m (total ~$23.3bn), against cash of $6,574m and short-term investments of $1,118m. 2026 guidance: capex of $12.0-12.5bn and production of 2.295-2.325 MMBOED.

6. Valuation

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$161bn ($134.10 close on 9 Oct 2026 x ~1,201m shares)
Enterprise value	~$177bn (market cap ~$161bn + total debt ~$23.3bn [long-term $22.8bn + short-term $0.5bn] - cash and short-term investments ~$7.7bn, per 30 Jun 2026 balance sheet)
Trailing P/E (GAAP)	~17.7x ($134.10 / TTM GAAP EPS $7.56, Q3 2025 to Q2 2026); on TTM adjusted EPS of $7.76 the multiple is ~17.3x
P/E (forward)	~12.4x (MarketBeat, data to 9 Oct 2026)
P/S (TTM)	~2.54x (market cap ~$161bn / TTM sales ~$63.3bn)
EV/EBITDA (TTM)	~6.5x (EV ~$177bn / TTM EBITDA ~$27.2bn; EBITDA = pre-tax income $14.6bn + interest and debt expense $0.8bn + DD&A $11.8bn, TTM to 30 Jun 2026. ConocoPhillips does not report an operating income line, so EBIT is built from pre-tax income plus interest; pre-tax income includes disposal gains)
P/FCF	~16.0x (market cap ~$161bn / TTM FCF ~$10.1bn; FCF = operating CF $21.9bn - capital expenditures and investments $11.9bn, TTM to 30 Jun 2026. On FY2025 alone FCF was $7.2bn)
52-week high	$141.62 (15 Sep 2026)
52-week low	$85.57 (06 Nov 2025)
Dividend yield	~2.5% ($3.36 annualised / $134.10)
Short interest (% of float)	~1.40% (16.8m shares, settlement 31 Aug 2026, MarketBeat)
Days to cover	~2.4 days (MarketBeat, 31 Aug 2026)

7. What Are They Building

Willow, Alaska. The North Slope development was about 50% complete at the Q1 2026 update, with first oil targeted for 2029. Nearby, Coyote achieved first oil in the Kuparuk River Unit on 12 Aug 2026, ahead of schedule and under budget.

LNG portfolio. Offtake commitments have grown to 12 MTPA. ConocoPhillips holds 30% of Port Arthur LNG Phase 1 in Texas (Train 1 expected around end-2027) and on 2 Oct 2026 signed a 20-year, 1 MTPA supply deal with Venture Global starting in 2030.

New Middle East positions. On 17 Jul 2026 the company agreed to take a 42% stake in a joint venture to redevelop producing oil fields in Kirkuk, Iraq, with closing expected by end-2026, and it has agreed to re-enter Syria.

Portfolio high-grading. The $1.7bn sale of noncore Lower 48 assets closed in July 2026, meeting the $5bn disposal target early. The company is now evaluating an unsolicited offer for its Norway business and the Teesside terminal and says it will keep the assets if offers miss its value expectations.

Cost programme. Management targets more than $1bn of incremental run-rate cost reductions and margin improvements by end-2026 and about $7bn of incremental free cash flow by 2029.

8. Peer Comparison

Peer	Market cap (Oct 2026)	Key 2025 metric
Chevron (CVX)	~$416bn (9 Oct 2026 close)	FY2025 earnings $12.3bn; diluted EPS $6.63 (Chevron FY2025 release)
EOG Resources (EOG)	~$79bn (9 Oct 2026 close)	FY2025 net income $4.98bn; diluted EPS $9.12 (EOG FY2025 release)
Occidental (OXY)	~$60bn (9 Oct 2026 close)	Q4 2025 production 1,481 MBOED (Occidental Q4 2025 release)
Diamondback Energy (FANG)	~$54bn (9 Oct 2026 close)	FY2025 net income attributable $1.66bn; diluted EPS $5.73 (Diamondback FY2025 release)
Devon Energy (DVN)	~$53bn (9 Oct 2026 close, after the Coterra merger)	FY2025 diluted EPS $4.17 (Devon Q4 2025 supplemental tables)

9. Insider Activity

All 2026 Form 4 open-market transactions were sales; there were no open-market purchases. The largest were by former CEO and now Executive Chair Ryan Lance in March 2026, following the exercise of options expiring in February 2027. New CEO Andy O'Brien has no open-market transactions in the period shown. The Form 4s checked for Lance, Rose and Lundquist do not mark the trades as 10b5-1 plan sales.

Name	Date	Type	Shares	Price	Value	Plan Type
Andrew Lundquist (SVP)	21 Aug 2026	Open-market sale	9,487	$135.15	~$1.28m	Not a 10b5-1 plan (per Form 4)
Kelly Rose (SVP and General Counsel)	20 Aug 2026	Open-market sale	15,000	$134.52 avg	~$2.02m	Not a 10b5-1 plan (per Form 4)
Sharmila Mulligan (Director)	10 Jun 2026	Open-market sale	1,974	$119.00	~$0.23m	Not indicated
Ryan Lance (then Chairman and CEO), via family trust	31 Mar 2026	Open-market sale	113,221	$132.71 avg	~$15.0m	Not a 10b5-1 plan (per Form 4)
Ryan Lance (then Chairman and CEO)	20 Mar 2026	Option exercise and sale	506,800	$127.26 avg	~$64.5m	Not a 10b5-1 plan (per Form 4)
Andrew Lundquist (SVP)	13 Mar 2026	Option exercise and sale	34,500	$119.68	~$4.13m	Not indicated
Kontessa Haynes-Welsh (then VP and Controller, now CFO)	12 Mar 2026	Open-market sale	10,339	$120.07	~$1.24m	Not indicated
Timothy Leach (Director)	06 Mar 2026	Open-market sale	40,000	$118.79	~$4.75m	Not indicated

Other March 2026 sales came from EVP Nicholas Olds (three sales totalling 33,666 shares), Kelly Rose (two sales totalling 16,200 shares) and SVP Heather Hrap (2,654 shares).

10. Key Risks

• Commodity prices: With no downstream business, earnings move almost one-for-one with oil and gas prices; Q2 2026 realised prices of $62.33/BOE were 36% above a year earlier, and a reversal would compress cash flow and buybacks.
• Middle East and geopolitical exposure: Qatar volumes were removed from 2026 guidance because of regional conflict, and the company is expanding into Iraq (Kirkuk) and Syria, both carrying security and political risk.
• Production decline: Underlying output fell about 4% year on year in Q2 2026; disposals and shale decline rates make it harder to hold volumes without higher spending.
• Project execution and regulation: Willow (first oil targeted 2029) and Port Arthur LNG are large, long-dated projects exposed to cost overruns, legal challenges and changes in US federal policy.
• Leadership and portfolio change: A new CEO and CFO from 1 Sep 2026 are overseeing a possible Norway and Teesside sale and new country entries at the same time.
• Venezuela recovery: Collection of the $8.5bn ICSID award plus interest upheld in January 2025 remains uncertain and depends on the ongoing CITGO auction process.

11. Recent Developments

• 02 Oct 2026 — Venture Global LNG deal. Venture Global announced a 20-year agreement to supply ConocoPhillips with 1 MTPA of LNG from Calcasieu Pass and Plaquemines, starting in 2030.
• 01 Oct 2026 — Norway and Teesside under review. ConocoPhillips confirmed it is evaluating a sale of its Norway business and its Teesside terminal after an unsolicited offer; no buyer or price was disclosed.
• 24 Sep 2026 — Q3 results date set. The company will release Q3 2026 results on 05 Nov 2026 before the market opens, with a call at 12:00 ET.
• 01 Sep 2026 — CEO succession effective. Andy O'Brien became President and CEO, Ryan Lance moved to a transitional Executive Chair role and Konnie Haynes-Welsh became CFO; the Q3 dividend of $0.84 was paid the same day.
• 12 Aug 2026 — Coyote first oil. First oil from Coyote 3SX in the Kuparuk River Unit, Alaska, ahead of schedule and under budget.
• 06 Aug 2026 — Q2 2026 results. Net income of $3.9bn ($3.23 per share), adjusted EPS $3.24, production 2,248 MBOED and $3.0bn returned to shareholders; full-year guidance unchanged.

12. Key Dates & Catalysts

• 05 Nov 2026 — Q3 2026 results before the US open, conference call at 12:00 ET (confirmed by the company). Q3 production guidance is 2.29-2.32 MMBOED.
• Expected Nov 2026 — Q4 2026 ordinary dividend declaration, normally announced with Q3 results.
• Expected Dec 2026 — Closing of the Kirkuk, Iraq joint venture, which the company expects by year-end 2026.
• Expected Feb 2027 — Q4 and full-year 2026 results and 2027 guidance.

Also worth watching: the outcome of the Norway and Teesside review, progress on Willow and Port Arthur LNG, and oil price direction. See our Economic Calendar for inventory and macro releases, and join the discussion on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 14 Oct 2026

SLB (NYSE: SLB), formerly Schlumberger, is a global oilfield services and technology company, selling reservoir characterisation, drilling, production and digital services to national and international oil companies. FY2025 revenue was $35.7 billion (-1.6% YoY) with GAAP net income of $3.37 billion ($2.35 per share). Q2 2026 revenue rose 5% year on year to $8.97 billion, but only because of the ChampionX acquisition; organic revenue fell about 5% as the Middle East conflict forced demobilisations in SLB's largest region. Management now points to a recovery in the second half and a fast-growing data center business, which it plans to scale further with the $3.4 billion Kelvion acquisition announced on 31 Aug 2026. Track the share price on our Live Charts.

1. Company Snapshot

Field	Value
Ticker / Exchange	NYSE: SLB
Legal entity	SLB N.V. (SLB Limited), incorporated in Curaçao; principal offices in Houston, Paris and The Hague
Sector / Industry	Energy: Oilfield Services & Equipment
CEO / Leadership	Olivier Le Peuch, Chief Executive Officer since August 2019; Stephane Biguet, EVP and CFO
Employees	~109,000 (FY2025 10-K)
Market cap	~$72.4bn ($48.77 close on 13 Oct 2026 x ~1,484m shares outstanding at 30 Jun 2026)
FY2025 Revenue	$35,708m (-1.6% YoY), of which ~82% from outside the US
FY2025 net income (GAAP)	$3,374m attributable to SLB ($2.35 diluted EPS; $2.93 excluding charges and credits)
Latest quarter	Q2 2026: revenue $8,972m, GAAP EPS $0.52, Adjusted EPS $0.55, adjusted EBITDA margin 21.2%
Dividend	$0.295 per share quarterly ($1.18 annualised)

2. Bull & Bear Case

Bull Case

• Data center business scaling fast: Data Center Solutions revenue grew 121% in 2025 and 63% year on year in H1 2026; management targets an annualised run rate above $1bn by end-2026 and above $2bn exiting 2027, before adding Kelvion.
• Middle East recovery set up for H2 2026: Management guided Q3 2026 revenue up 3% to 4% sequentially and expects Q4 2026 revenue to exceed $10bn with an adjusted EBITDA margin near 24%, assuming Middle East activity returns to about 95% of its Q4 2025 level.
• Contract momentum in core markets: Since late September SLB has announced four integrated well construction contracts with Aramco covering more than 450 wells, the subsea production system for ExxonMobil's Rovuma LNG and a 15-year DrillPlan software agreement with TotalEnergies.
• Large, committed shareholder returns: SLB is targeting more than $4bn of returns in 2026, including at least $2.4bn of buybacks, and has said it expects 2027 returns to be at least in line with 2026.
• High-margin recurring Digital revenue: Digital revenue rose 18% year on year in Q2 2026 at a 27.8% pretax margin, with annualised recurring revenue of $1.04bn.

Bear Case

• Core earnings still falling: Q2 2026 net income fell 22% year on year to $786m, and excluding ChampionX revenue declined about 5%; Reservoir Performance and Well Construction margins were down more than 330 basis points year on year.
• Middle East uncertainty: Middle East and Asia revenue fell 14% year on year in Q2 2026, and management said the timing of a full recovery depends on a durable resolution of the regional conflict.
• Rising leverage from deals: Net debt rose to $8.7bn at 30 Jun 2026 from $7.4bn at year-end 2025, and the Kelvion purchase adds about $3.4bn of cash consideration plus about $0.7bn of assumed debt.
• Persistent insider selling: The CEO, CFO and several executives sold shares through 2026, much of it under 10b5-1 plans, with no open-market purchases recorded.

3. Products & Segments

SLB reports four divisions. ChampionX, acquired in July 2025, sits mainly within Production Systems. The All Other line holds Asset Performance Solutions (APS), Data Center Solutions and SLB Capturi (carbon capture).

Segment	% of revenue	What it is
Production Systems	~37.3% ($13,325m FY2025)	Well completions, artificial lift, subsea (OneSubsea), surface systems, midstream and production chemicals including ChampionX.
Well Construction	~33.2% ($11,856m FY2025)	Drilling services, fluids, drill bits, measurement-while-drilling and integrated drilling contracts.
Reservoir Performance	~19.1% ($6,820m FY2025)	Evaluation, intervention and stimulation services that characterise and improve reservoir output.
Digital	~7.4% ($2,660m FY2025)	Subsurface and well-planning software (Petrel, Delfi, DrillPlan), data and AI platforms and digital operations.
All Other	~5.6% ($1,987m FY2025)	APS production assets, Data Center Solutions and SLB Capturi.

Percentages are of FY2025 revenue of $35,708m from the FY2025 earnings release; inter-division eliminations of about -$940m account for the gap between the division sum and the total.

4. Business Model & Moat

How it makes money. SLB earns fees for services and sells equipment and software to oil and gas producers, with roughly four-fifths of revenue earned outside the US. Pricing and activity follow customers' upstream budgets, which track oil and gas prices with a lag. In FY2025 the company generated $8,463m of adjusted EBITDA and pretax segment operating income of $6,574m (18.4% margin).

Why scale matters. With about 109,000 employees and about 82% of revenue earned outside the US, SLB can deliver integrated projects across the whole well life, from seismic and reservoir modelling to drilling and production. Long-term, multi-well contracts such as the Aramco awards reward that breadth and the balance sheet to carry them.

Where the moat lies and its limits. The advantages are technology and software (Digital's 27.8% pretax margin in Q2 2026 shows the value of its platforms), international relationships with national oil companies and an installed base of equipment. The limit is that core services remain cyclical: when customers cut activity, as in the Middle East in 2026, revenue and margins fall quickly, which is why management is building data center and industrial businesses that are less tied to oil prices.

5. Financial Health

SLB reports on a calendar year. Figures are from SLB's earnings releases, 10-K and 10-Q filings and SEC XBRL data.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$22,929m	-2.8%	$1.32	$1.28	$0.50†	$13,286m
FY2022	$28,091m	+22.5%	$2.39	$2.18	$0.65†	$10,594m
FY2023	$33,135m	+18.0%	$2.91	$2.98	$0.925†	$10,842m
FY2024	$36,289m	+9.5%	$3.11	$3.41	$1.075†	$11,023m
FY2025	$35,708m	-1.6%	$2.35	$2.93	$1.13†	$9,742m

Adjusted EPS is SLB's diluted EPS excluding charges and credits. † Dividends declared per calendar year, summed from the quarterly rates SLB announced ($0.125 to Q1 2022, $0.175 from Q2 2022, $0.25 from Q2 2023, $0.275 from Q2 2024, $0.285 from Q2 2025, $0.295 from Q2 2026). Long-term debt excludes short-term borrowings and the current portion of long-term debt.

Quarterly trend, most recent quarter first:

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (Jun-26)	$8,972m	$0.55	$0.52
Q1 2026 (Mar-26)	$8,721m	$0.52	$0.50
Q4 2025 (Dec-25)	$9,745m	$0.78	$0.55
Q3 2025 (Sep-25)	$8,928m	$0.69	$0.50
Q2 2025 (Jun-25)	$8,546m	$0.74	$0.74
Q1 2025 (Mar-25)	$8,490m	$0.72	$0.58
FY2025 total	$35,708m	$2.93	$2.35

Cash flow and balance sheet. FY2025 cash flow from operations was $6,489m and capital expenditure (property, plant and equipment) was $1,694m; SLB also invested $428m in APS projects and capitalised $252m of exploration data, giving its own reported free cash flow of $4,115m. Depreciation and amortisation was $2,643m. In H1 2026 operating cash flow was $1,846m and SLB-defined free cash flow $693m. At 30 Jun 2026 SLB held $4,071m of cash and short-term investments against $1,658m of short-term borrowings and $11,140m of long-term debt (net debt $8,727m), with equity of $27,254m.

6. Valuation

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$72.4bn ($48.77 close on 13 Oct 2026 x ~1,484m shares at 30 Jun 2026)
Enterprise value	~$81.1bn (market cap ~$72.4bn + total debt ~$12.8bn [short-term $1.66bn + long-term $11.14bn] - cash and short-term investments ~$4.07bn, per 30 Jun 2026 balance sheet)
Trailing P/E (GAAP)	~23.8x ($48.77 / TTM GAAP EPS $2.05, Q3 2025 to Q2 2026); on TTM EPS excluding charges and credits of $2.54 the multiple is ~19.2x
P/E (forward)	~17.4x (S&P Global Market Intelligence data via StockAnalysis, 14 Oct 2026)
P/S (TTM)	~1.99x (market cap ~$72.4bn / TTM revenue $36,366m)
EV/EBITDA (TTM)	~10.8x (EV ~$81.1bn / EBITDA ~$7.49bn; EBITDA = pretax income $4,291m + interest expense $558m + D&A $2,643m, FY2025. SLB does not report a GAAP operating income line, so EBIT is built from pretax income plus interest. On SLB's FY2025 adjusted EBITDA of $8,463m the multiple is ~9.6x)
P/FCF	~15.1x (market cap ~$72.4bn / FCF ~$4.80bn; FCF = operating CF $6,489m - capex $1,694m per FY2025 cash flow statement. On SLB's own FCF definition of $4,115m, which also deducts APS investments and exploration data, the multiple is ~17.6x)
Price/book	~2.7x (market cap ~$72.4bn / total equity $27,254m at 30 Jun 2026)
52-week high	$60.46
52-week low	$31.64
Dividend yield	~2.4% ($1.18 annualised / $48.77)
Short interest (% of float)	~4.07% (60.3m shares short, StockAnalysis, page updated 14 Oct 2026)
Days to cover	~4.0 days (StockAnalysis, 14 Oct 2026)

7. What Are They Building

Data center infrastructure. Data Center Solutions builds modular power, cooling and electrical systems for data center operators, and was selected as a delivery partner for Meta's 1GW data center in Canada. Revenue grew 33% sequentially and 80% year on year in Q2 2026. The pending Kelvion acquisition (heat exchangers and thermal management, expected 2026 revenue of $2.3bn to $2.4bn and adjusted EBITDA of $350m to $400m) would take pro forma 2026 data center revenue above $2bn; SLB targets $4.5bn to $5.0bn of revenue and $700m to $800m of adjusted EBITDA from the combined business in 2028.

Digital and AI. Digital annualised recurring revenue reached $1.04bn at 30 Jun 2026. SLB added reservoir-modelling specialist Tachyus in Q2 2026 and completed the purchase of S&P Global's upstream geoscience software portfolio (Kingdom, Petra, Harmony Enterprise) on 1 Sep 2026.

Production and recovery. ChampionX contributed $870m of revenue in Q2 2026 and delivered a third straight quarter of sequential margin expansion, giving SLB a larger share of production chemicals and artificial lift, which follow producing wells rather than drilling activity.

New Energy. SLB Capturi (80% owned) sells carbon capture plants, and SLB was named strategic reservoir partner for Harbour Energy's Havstjerne carbon storage project in Norway in August 2026. The FY2025 10-K disclosed a significant loss on one SLB Capturi project.

8. Peer Comparison

Peer	Market cap (Oct 2026)	Key 2025 metric
Baker Hughes (BKR)	~$56.0bn (12 Oct 2026)	FY2025 revenue $27.7bn, flat YoY (Baker Hughes Q4 2025 release)
TechnipFMC (FTI)	~$27.6bn (12 Oct 2026)	FY2025 revenue $9,933m, +9.4% YoY (TechnipFMC Q4 2025 release)
Halliburton (HAL)	~$27.2bn (12 Oct 2026)	FY2025 revenue $22.2bn vs $22.9bn in 2024 (Halliburton Q4 2025 release)
Weatherford (WFRD)	~$5.7bn (2 Oct 2026)	FY2025 revenue $4,918m, -11% YoY (Weatherford Q4 2025 release)

9. Insider Activity

Form 4 filings for 2026 show only sales and no open-market purchases. CEO Olivier Le Peuch has sold shares monthly under 10b5-1 trading plans (adopted 25 Mar 2025 and 27 May 2026) and held 1,296,328 shares after his 1 Sep 2026 sale. Largest transactions:

Name	Date	Type	Shares	Price	Value	Plan Type
Olivier Le Peuch (CEO)	01 Sep 2026	Sale	35,000	$60.00	~$2.10m	10b5-1 (adopted 27 May 2026)
Olivier Le Peuch (CEO)	26 Aug 2026	Sale	25,000	$52.55	~$1.31m	Not individually verified
Olivier Le Peuch (CEO)	27 May 2026	Sale	25,000	$56.99	~$1.42m	10b5-1
Steve Gassen (EVP Geographies)	01 May 2026	Sale after option exercise	53,379	$56.18	~$3.00m	Not indicated
Stephane Biguet (CFO)	26 Jan 2026	Sale after PSU vesting	61,017	$49.70	~$3.03m	No 10b5-1 footnote
Abdellah Merad (EVP)	26 Jan 2026	Sale	60,000	$49.70	~$2.98m	Not indicated
Olivier Le Peuch (CEO)	28 Jan 2026	Sale	25,000	$50.40	~$1.26m	10b5-1 (adopted 25 Mar 2025)

10. Key Risks

• Middle East conflict: SLB's largest region saw demobilisations in 2026; management modelled a downside of about $150m to Q3 2026 revenue, and its Q4 outlook assumes a recovery that depends on the conflict easing.
• Commodity and customer spending cycle: Activity depends on upstream budgets; 2025 revenue already fell in Saudi Arabia, Mexico and Sub-Saharan Africa, and lower oil prices would extend the downturn in core services.
• Acquisition execution: SLB is integrating ChampionX while buying Kelvion for about $4.1bn including assumed debt; regulatory delays or missed synergies (about $120m a year targeted for Kelvion) would weigh on returns.
• Leverage and capital allocation: Net debt rose to $8.7bn at 30 Jun 2026 while SLB maintained more than $4bn of planned 2026 shareholder returns; the company targets net debt to EBITDA of 1.5x or less through the cycle.
• Geopolitics and sanctions: Russia was about 4% of 2025 revenue with roughly $0.7bn of net assets at year-end 2025, and tariffs, currency controls and FX moves affect a business earning about 82% of revenue outside the US.
• Margin pressure: Pretax margins in Reservoir Performance and Well Construction fell 370 and 338 basis points year on year in Q2 2026, and ChampionX faces chemicals cost inflation.

11. Recent Developments

• 08 Oct 2026 — TotalEnergies software deal. SLB signed a 15-year agreement for TotalEnergies to use its DrillPlan well-planning software; Chevron joined the SLB and TotalEnergies digital subsurface collaboration on 06 Oct 2026.
• 29 Sep 2026 — Rovuma LNG subsea award. SLB OneSubsea won the subsea production systems contract for ExxonMobil Moçambique's Rovuma LNG Phase 1; value not disclosed.
• 24 Sep 2026 — Aramco well construction contracts. Four multi-year integrated contracts covering more than 450 wells over three years, with an optional extension of up to two years.
• 01 Sep 2026 — S&P Global software portfolio acquired. S&P Global completed the sale of its upstream geoscience and petroleum engineering software portfolio to SLB; terms not disclosed.
• 31 Aug 2026 — Kelvion acquisition agreed. SLB agreed to buy thermal-management specialist Kelvion from Apollo funds and Triton for about $3.4bn in cash plus about $0.7bn of assumed debt, expected to close in H1 2027 and to be accretive to EPS and FCF in the first 12 months.
• 24 Jul 2026 — Q2 2026 results. Revenue $8,972m (+5% YoY, including $870m from ChampionX), GAAP EPS $0.52, Adjusted EPS $0.55 and net income down 22% YoY; full-year capital investment guidance of about $2.5bn was maintained.

12. Key Dates & Catalysts

• 23 Oct 2026 — Q3 2026 results; press release 7:00 a.m. ET, conference call 9:30 a.m. ET (per SLB's 28 Sep 2026 announcement).
• Expected Oct 2026 — Next quarterly dividend declaration, normally made alongside quarterly results.
• Expected Jan 2027 — Q4 and full-year 2026 results, including the test of management's above-$10bn Q4 revenue outlook.
• Expected Apr 2027 — Annual general meeting (the 2026 AGM was held on 8 Apr 2026).
• Expected Jun 2027 — Kelvion acquisition closing, guided for the first half of 2027 subject to regulatory approvals.

Also worth watching: Middle East activity levels, the Data Center Solutions run rate against the $1bn year-end target and sector results from Halliburton (20 Oct) and Baker Hughes (27 Oct). Check our Economic Calendar for oil inventory and macro releases, and discuss the stock on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 12 Oct 2026

ExxonMobil (NYSE: XOM) is the largest US-listed integrated oil and gas company, spanning upstream production, refining and fuels marketing, chemicals and specialty lubricants. Since 1 July 2026 the listed parent has been ExxonMobil Holdings Corporation, a Texas corporation, after shareholders approved moving the company's domicile from New Jersey; the shares still trade on the NYSE as XOM. FY2025 sales and other operating revenue were $323.9 billion with net income of $28.8 billion ($6.70 diluted EPS). Q2 2026 was very different: higher crude prices pushed quarterly sales to $114.5 billion and net income to $14.5 billion ($3.48 per share), roughly double a year earlier, despite Middle East disruptions that temporarily took around 10% of production offline. Track the share price on our Live Charts.

1. Company Snapshot

Field	Value
Ticker / Exchange	NYSE: XOM
Legal entity	ExxonMobil Holdings Corporation (Texas), successor registrant from 1 Jul 2026; Exxon Mobil Corporation (New Jersey) is now a subsidiary
Headquarters	Spring, Texas, USA
Sector / Industry	Energy: Integrated Oil & Gas
CEO / Leadership	Darren W. Woods, Chairman and Chief Executive Officer
Employees	~58,000 regular employees (year-end 2025, FY2025 10-K; ~61,000 at year-end 2024)
Market cap	~$695bn (Oct 2026: $168.94 close on 9 Oct 2026 x ~4,112m shares at 30 Jun 2026)
FY2025 Revenue	$323.9bn sales and other operating revenue (-4.5% YoY); total revenues and other income $332.2bn
FY2025 net income (GAAP)	$28.8bn ($6.70 diluted EPS)
Latest quarter	Q2 2026: sales $114.5bn, net income $14.5bn, GAAP EPS $3.48, Adjusted EPS $3.52
Dividend	$1.03 per share quarterly ($4.12 annualised)

2. Bull & Bear Case

Bull Case

• Earnings leverage to higher prices: Q2 2026 net income of $14.5bn and cash flow from operations of $23.6bn show how much cash the asset base throws off when crude is high; H1 2026 operating cash flow was $32.3bn against $24.5bn a year earlier.
• Advantaged growth barrels: Permian output set a record above 1.8 million oil-equivalent barrels per day in Q2 2026, and the Stabroek block in Guyana passed one billion barrels produced in September 2026 with a fifth FPSO (Uaru) due to start up by year-end.
• Large, steady capital returns: $9.4bn was distributed in Q2 2026 ($4.3bn dividends, $5.1bn buybacks), and management's 2026 plan calls for $20bn of repurchases assuming reasonable market conditions.
• Conservative balance sheet: Total debt of ~$42.4bn against $10.6bn of cash at 30 Jun 2026, alongside $259bn of shareholders' equity, leaves room to keep investing and paying through a downturn.
• LNG adds a new earnings stream: Golden Pass LNG (30% XOM) shipped its first cargo in April 2026 with Train 2 targeted for the second half of 2026.

Bear Case

• Reported earnings are noisy: Q1 2026 GAAP EPS was $1.00 after $3.9bn of negative derivative timing effects, and Q2 2026 carried $2.6bn of identified items (impairments, $1.4bn of financial reserves, Middle East impacts), making the run-rate hard to read.
• Middle East exposure: Management said about 10% of oil and gas production was temporarily lost to regional disruption; Q2 2026 production fell to 4,514 koebd from 4,594 koebd in Q1.
• Guyana entitlement step-down: As cost recovery winds down, ExxonMobil has said it expects roughly 100,000 fewer barrels per day of booked Guyana entitlement from Q3 2026.
• Multiple has re-rated: At ~21.7x trailing GAAP EPS and ~$695bn market cap, the shares sit near the top of their 52-week range after a ~50% one-year gain, leaving less room for a commodity reversal.
• Sovereign and legal disputes: Bloomberg reported on 9 Oct 2026 that ExxonMobil blocked a proposed settlement of a ~$5bn environmental fine at Kazakhstan's Kashagan field, now in international arbitration.

3. Products & Segments

ExxonMobil reports four operating segments plus Corporate & Financing. Energy Products dominates revenue because refined fuels are sold to third parties at scale; Upstream is the main profit engine but much of its crude is sold to the company's own refineries, so its external revenue share is small.

Segment	% of revenue	What it is
Energy Products	~75.5% ($244.5bn FY2025)	Refining and marketing of gasoline, diesel, jet fuel and other fuels across the US, Europe and Asia-Pacific.
Upstream	~12.2% ($39.4bn FY2025)	Oil and gas exploration and production: Permian, Guyana (Stabroek), LNG (Golden Pass, PNG, Qatar) and other international assets.
Chemical Products	~6.9% ($22.2bn FY2025)	Olefins, polyolefins and aromatics such as polyethylene and polypropylene.
Specialty Products	~5.5% ($17.8bn FY2025)	Finished lubricants (Mobil brand), basestocks, waxes, synthetics and elastomers.

Segment figures are external sales and other operating revenue from the FY2025 10-K segment note; Corporate & Financing makes up the small remainder of the $323.9bn total.

4. Business Model & Moat

How it makes money. Upstream earnings are driven by oil and gas prices multiplied by production volumes. Energy Products earns refining margins and marketing spreads. Chemical and Specialty Products sell into industrial and consumer markets at steadier margins. In Q2 2026, adjusted segment earnings were Upstream $9.2bn, Energy Products $4.1bn, Chemical Products $1.2bn and Specialty Products $1.0bn.

Why scale matters. ExxonMobil's size lets it run multi-decade megaprojects (Guyana FPSOs, Golden Pass LNG, integrated refining and chemical complexes) that few companies can finance or execute. Integration means its own crude can feed its own refineries and crackers, which cushions some of the swings between upstream and downstream margins.

Where the moat lies and its limits. The advantages are low-cost resource positions (Permian, Guyana), scale in refining and chemicals, and a strong balance sheet. The limit is that the core product is a commodity: no amount of operating discipline removes exposure to crude prices, refining cracks or geopolitical supply shocks, as the 2026 Middle East disruption shows.

5. Financial Health

ExxonMobil reports on a calendar year. Revenue below is sales and other operating revenue (excluding equity-affiliate and other income). All figures are from the company's 10-K filings, earnings releases and SEC XBRL data.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$276,692m	+54.9%	$5.39	$5.38†	$3.49	$43,428m
FY2022	$398,675m	+44.1%	$13.26	$14.06†	$3.55	$40,559m
FY2023	$334,697m	-16.0%	$8.89	$9.52†	$3.68	$37,483m
FY2024	$339,247m	+1.4%	$7.84	$7.79†	$3.84	$36,755m
FY2025	$323,905m	-4.5%	$6.70	$6.99†	$4.00	$34,241m

† Annual figures are earnings excluding identified items per share, ExxonMobil's non-GAAP measure up to 2025. From 2026 the company's Adjusted EPS also strips out estimated derivative timing effects; on that new basis FY2025 is ~$6.81 (sum of restated quarters). Long-term debt is the balance-sheet long-term debt line, excluding notes and loans payable within one year.

Quarterly trend, most recent quarter first (Adjusted EPS on the 2026 definition, with 2025 quarters as restated by the company):

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (Jun-26)	$114,529m	$3.52	$3.48
Q1 2026 (Mar-26)	$83,161m	$2.09	$1.00
Q4 2025 (Dec-25)	$80,039m	$1.63	$1.53
Q3 2025 (Sep-25)	$83,331m	$1.84	$1.76
Q2 2025 (Jun-25)	$79,477m	$1.61	$1.64
Q1 2025 (Mar-25)	$81,058m	$1.73	$1.76
FY2025 total	$323,905m	~$6.81‡	$6.70

‡ Sum of the four restated 2025 quarters; ExxonMobil did not publish a single restated full-year figure.

Cash flow and balance sheet. FY2025 cash flow from operations was $51,970m and additions to property, plant and equipment were $28,358m, giving free cash flow of ~$23.6bn. Depreciation and depletion was $25,993m. In H1 2026 operating cash flow rose to $32,260m with PP&E additions of $12,997m. At 30 Jun 2026 the balance sheet showed long-term debt of $32,229m, notes and loans payable of $10,139m (total debt ~$42.4bn) and cash of $10,588m, against shareholders' equity of $259.4bn.

6. Valuation

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$695bn ($168.94 close on 9 Oct 2026 x ~4,112m shares outstanding at 30 Jun 2026)
Enterprise value	~$727bn (market cap ~$695bn + total debt ~$42.4bn [long-term $32.2bn + short-term $10.1bn] - cash ~$10.6bn, per 30 Jun 2026 balance sheet; excludes noncontrolling interests and leases)
Trailing P/E (GAAP)	~21.7x ($168.94 / TTM GAAP EPS $7.77, Q3 2025 to Q2 2026); on TTM Adjusted EPS of $9.08 the multiple is ~18.6x
P/E (forward)	~13.6x (MarketBeat, data to 9 Oct 2026)
P/S (TTM)	~1.92x (market cap ~$695bn / TTM sales ~$361.1bn)
EV/EBITDA (TTM)	~9.6x (EV ~$727bn / TTM EBITDA ~$75.8bn; EBITDA = pre-tax income $45.4bn + interest $0.8bn + depreciation and depletion $29.7bn, TTM to 30 Jun 2026. ExxonMobil does not report an operating income line, so EBIT is built from pre-tax income plus interest; the depreciation line includes impairments)
P/FCF	~22.7x (market cap ~$695bn / TTM FCF ~$30.6bn; FCF = operating CF $59.7bn - PP&E additions $29.2bn, TTM to 30 Jun 2026. On FY2025 alone FCF was $23.6bn)
52-week high	$176.41 (30 Mar 2026)
52-week low	$110.39 (16 Oct 2025)
Dividend yield	~2.4% ($4.12 annualised / $168.94)
Short interest (% of float)	~0.96% (39.7m shares, settlement 15 Sep 2026, MarketBeat)
Days to cover	~3.0 days (MarketBeat, 15 Sep 2026)

7. What Are They Building

Guyana: fifth FPSO. The Uaru development's FPSO sailed for Guyana in June 2026 and is on plan to start up in Q4 2026, adding about 250,000 barrels per day of gross capacity. The Stabroek block passed one billion barrels of cumulative production on 28 Sep 2026.

Permian scale. Following the Pioneer acquisition, Permian production reached a record above 1.8 million oil-equivalent barrels per day in Q2 2026. ExxonMobil is also tidying up the acquired debt, tendering for Pioneer's 2030 and 2031 notes in September 2026.

Golden Pass LNG. The Texas export terminal (ExxonMobil 30%, QatarEnergy 70%) shipped its first cargo on 22 Apr 2026, with Train 2 targeted for the second half of 2026.

Downstream and products. With Q2 2026 results the company took a final investment decision on expanding Proxxima blending capacity in Louisiana, part of a push into higher-value polymer and product lines.

Corporate structure. The 1 Jul 2026 redomiciliation to Texas created ExxonMobil Holdings Corporation as the listed parent, with a one-for-one share exchange and no change to the NYSE listing.

8. Peer Comparison

Peer	Market cap (Oct 2026)	Key 2025 metric
Chevron (CVX)	~$416bn (9 Oct 2026 close)	FY2025 earnings $12.3bn; adjusted EPS $7.29 (Chevron FY2025 release, 30 Jan 2026)
Shell (SHEL)	~$285bn (9 Oct 2026 close)	FY2025 adjusted earnings $18.5bn (Shell Q4 2025 results)
TotalEnergies (TTE)	~$190bn (9 Oct 2026 close)	FY2025 adjusted net income $15.6bn (TotalEnergies FY2025 release)
ConocoPhillips (COP)	~$161bn (9 Oct 2026 close)	FY2025 net income $8.0bn; diluted EPS $6.35 (ConocoPhillips FY2025 release)
BP (BP)	~$119bn (9 Oct 2026 close)	FY2025 underlying replacement-cost profit $7.5bn (BP Q4 2025 results)

9. Insider Activity

Form 4 filings for 2026 show only open-market sales by one officer and no open-market purchases. Chairman and CEO Darren Woods has filed no open-market transactions in 2026. Since the 1 Jul 2026 redomiciliation, filings move to the new ExxonMobil Holdings registrant; MarketBeat reports no insider buying or selling in the three months to early October 2026.

Name	Date	Type	Shares	Price	Value	Plan Type
Darrin L. Talley (VP Corporate Strategic Planning)	16 Mar 2026	Open-market sale	1,080	$155.50	~$0.17m	Not indicated
Darrin L. Talley	02 Mar 2026	Open-market sale	2,150	$157.82	~$0.34m	Not indicated
Darrin L. Talley	09 Feb 2026	Open-market sale	3,230	$149.18	~$0.48m	Not indicated
Darrin L. Talley	02 Feb 2026	Open-market sale (revocable trust)	5,000	$139.75	~$0.70m	Not a 10b5-1 plan (per Form 4)

10. Key Risks

• Commodity prices: Upstream and refining earnings move with Brent, WTI, Henry Hub and refining margins. Brent settled at $104.61 on 11 Sep 2026; a fall back toward pre-conflict levels would reverse much of the 2026 earnings uplift.
• Middle East disruption: Regional conflict temporarily cut about 10% of production and produced $0.9bn of identified Middle East impacts in H1 2026; prolonged disruption could hit LNG and upstream volumes further.
• Derivative timing effects: Unsettled derivatives produced -$3.9bn of timing effects in Q1 2026 and +$2.5bn in Q2 2026, so reported quarterly earnings can swing sharply away from underlying performance.
• Host-government and legal disputes: The Kashagan dispute in Kazakhstan (a ~$5bn environmental fine now in arbitration) and earlier public friction with the US administration over Venezuela show sovereign risk across the portfolio.
• Guyana fiscal terms: The end of cost recovery is expected to cut booked Guyana entitlement by around 100,000 barrels per day from Q3 2026, partly offsetting new FPSO volumes.
• Project execution: Uaru, Golden Pass Train 2 and further Permian and chemical expansions involve multi-billion-dollar capital; delays or overruns would weigh on the planned growth in cash flow.

11. Recent Developments

• 09 Oct 2026 — Kashagan settlement blocked. Bloomberg reported that ExxonMobil blocked a proposal for the Kashagan partners to settle a disputed ~$5bn environmental fine with Kazakhstan, and has tied any large new investment in the field to resolving the dispute.
• 28 Sep 2026 — Stabroek passes one billion barrels. ExxonMobil said cumulative production from the Guyana Stabroek block passed one billion barrels.
• 15 Sep 2026 — Debt clean-up. The company announced pricing and results of cash tender offers for Pioneer's 1.900% 2030 and 2.150% 2031 notes, following a 28 Aug 2026 call of XTO Energy's 2036 to 2038 notes for redemption.
• 31 Jul 2026 — Q2 2026 results. Net income of $14.5bn ($3.48 per share) and Adjusted EPS of $3.52 on sales of $114.5bn; operating cash flow $23.6bn; $9.4bn returned to shareholders; Q3 dividend of $1.03 declared and paid 10 Sep 2026.
• 01 Jul 2026 — Redomiciliation to Texas completed. ExxonMobil Holdings Corporation became the listed parent through a one-for-one share exchange, trading as XOM from 2 Jul 2026.

12. Key Dates & Catalysts

• Expected 30 Oct 2026 — Q3 2026 results, before the US open (date per MarketBeat; not yet confirmed by the company). Q4 dividend normally declared at the same time.
• Expected Dec 2026 — Uaru FPSO start-up in Guyana, on plan for Q4 2026.
• Expected Dec 2026 — Annual corporate plan update (the 2025 update was held on 9 Dec 2025).
• Expected Jan 2027 — Q4 and full-year 2026 results.

Also worth watching: Golden Pass Train 2 commissioning, any change in Middle East supply conditions, and the Kashagan arbitration. Check our Economic Calendar for oil inventory and macro releases, and discuss the stock on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

SolarEdge Technologies, Inc. (NASDAQ: SEDG) is an Israel-based smart-energy technology company supplying DC-optimised solar inverters, power optimisers, residential and commercial battery-storage solutions, EV chargers and the SolarEdge ONE energy-management platform with a cloud-based monitoring platform (per the FY2025 10-K, Item 1, filed 2026-02-25). For the year ended December 31, 2025 the Company reported revenue of $1,184.4 million (+31% YoY from FY2024 $901.5 million), gross profit of $196.3 million (gross margin 16.6%), an operating loss of -$301.7 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31; the yfinance annual figure is -$229.7 million) and a net loss of -$405.4 million (per the FY2025 10-K, Item 7, filed 2026-02-25). FY2025 free cash flow was +$80.8 million (per yfinance annual cashflow, FY2025). The stock last traded at $61.95 against a 52-week range of $13.73 to $65.16 (per yfinance, pulled 2026-05-26). SolarEdge employed 3,576 people as of the most recent disclosure (per yfinance, pulled 2026-05-26). The next scheduled earnings date is not disclosed in this report's source data; the most recent reported quarter ended 2026-03-31 (per yfinance quarterly financials, pulled 2026-05-26).

1. Company Snapshot

Field	Value
Name	SolarEdge Technologies, Inc. (per the FY2025 10-K, filed 2026-02-25)
Ticker / Exchange	SEDG / Nasdaq (NMS) (per yfinance, pulled 2026-05-26)
Sector / Industry	Technology / Solar (per yfinance, pulled 2026-05-26)
Market cap	$3.77bn (per yfinance, pulled 2026-05-26)
Enterprise value	$3.63bn (per yfinance, pulled 2026-05-26)
FY2025 revenue	$1,184.4M (+31% YoY; per the FY2025 10-K, Item 7, filed 2026-02-25)
FY2025 operating income (EDGAR XBRL)	-$301.7M (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31; the yfinance annual figure is -$229.7M)
FY2025 free cash flow	+$80.8M (per yfinance annual cashflow, FY2025; operating cash flow +$104.3M less capex $23.5M)
Gross margin (FY2025)	16.6% (gross profit $196.3M on revenue $1,184.4M; per the FY2025 10-K, Item 7, filed 2026-02-25)
Net margin (FY2025)	-34% (net loss -$405.4M on revenue $1,184.4M; per the FY2025 10-K, Item 7, filed 2026-02-25)
Employees	3,576 (per yfinance fullTimeEmployees, pulled 2026-05-26)
CEO	Yehoshua Nir, Chief Executive Officer (per insider transaction filings via yfinance, pulled 2026-05-26)
Headquarters	Herzliya Pituach, Israel (per yfinance business summary, pulled 2026-05-26)
Website	solaredge.com (per yfinance, pulled 2026-05-26)
Fiscal year-end	December 31 (per the FY2025 10-K, filed 2026-02-25)
Next earnings	Not disclosed in this report's source data (most recent reported quarter ended 2026-03-31, per yfinance)
Dividend yield	None, no dividend reported (per yfinance, pulled 2026-05-26)
52-week high	$65.16 (per yfinance, pulled 2026-05-26)
52-week low	$13.73 (per yfinance, pulled 2026-05-26)
Short interest	19.1% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)

2. Bull Case vs Bear Case

Bull Case

• Revenue grew 31% in FY2025 off the FY2024 demand trough. Per the FY2025 10-K (Item 7, filed 2026-02-25): revenue was $1,184.4 million for FY2025 versus $901.5 million for FY2024. The 10-K attributes the increase to "more normalized channel inventory in both the United States and in Europe" (Item 7, filed 2026-02-25).
• Gross margin returned to positive 16.6% from a deep FY2024 gross loss. Per the FY2025 10-K (Item 7, filed 2026-02-25): "our gross profit was 16.6% as compared to gross loss of 97.3% for the year ended December 31, 2024." The swing from a gross loss back to a positive gross margin is the central evidence of the FY2025 recovery.
• Free cash flow turned positive at +$80.8 million in FY2025. Per yfinance annual cashflow (FY2025): operating cash flow was +$104.3 million and free cash flow +$80.8 million, versus FY2024 free cash flow of -$431.5 million, a directional turn after the prior-year cash burn.
• Debt reduced from $757.7M to $415.9M during FY2025. Per the FY2025 10-K (balance sheet, filed 2026-02-25) and yfinance: total debt fell from $757.7 million (FY2024) to $415.9 million (FY2025), with $347.3 million of long-term debt repaid in the year (per yfinance annual cashflow, FY2025).
• US-centric, IRA/45X-aligned manufacturing footprint. Per the FY2025 10-K (Item 7, filed 2026-02-25): the Company manufactures the vast majority of its products in the United States (inverters in Texas, optimisers and inverters in Florida, batteries in Utah) and sold a significant part of the Section 45X advanced-manufacturing tax credits it generated in 2024 and 2025.

Bear Case

• Still deeply unprofitable with a -$405.4 million net loss in FY2025. Per the FY2025 10-K (Item 7, filed 2026-02-25): net loss was -$405.4 million on $1,184.4 million revenue (net margin -34%). The EDGAR XBRL operating loss was -$301.7 million (per EDGAR XBRL OperatingIncomeLoss, period ending 2025-12-31; the yfinance annual figure is -$229.7 million).
• Revenue remains well below the prior peak. Per yfinance annual financials: FY2025 revenue of $1,184.4 million compares to $2,976.5 million in FY2023 and $3,110.3 million in FY2022, the rebuild to prior peak revenue is not complete.
• Large book-equity destruction across the downturn. Per the FY2025 10-K (balance sheet, filed 2026-02-25) and yfinance: stockholders' equity fell from $2,411.9 million (FY2023) to $658.3 million (FY2024) and to $427.5 million (FY2025).
• Gross margin of 16.6% is well below pre-downturn levels. Per yfinance annual financials: FY2025 gross margin of 16.6% remains below FY2022 (27.2%) and FY2023 (23.6%); pricing and mix have not fully recovered.
• Sustained ~19% short interest signals persistent scepticism. Per yfinance shortPercentOfFloat (pulled 2026-05-26): 19.1% of float, short interest has remained elevated through the rebound.

3. What Does SolarEdge Actually Do?

Per the FY2025 10-K (Item 1, filed 2026-02-25), SolarEdge is a global smart-energy technology company whose DC-optimised inverter system maximises power generation while lowering the cost of energy produced by a photovoltaic (PV) system. A typical SolarEdge DC-optimised inverter system consists of inverters, Power Optimizers, a communication device that enables access to a cloud-based monitoring platform and, in many cases, a battery plus additional smart-energy management devices such as EV chargers and load controllers. The Company sells primarily indirectly to thousands of solar installers through distributors and electrical-equipment wholesalers, and directly to large solar installers and engineering, procurement and construction firms (EPCs).

Segment revenue breakdown is not disclosed in this report's source data: following the sale of Automation Machines and the discontinuation of the Energy Storage activity in 2024, the Company operates as one operating segment (per the FY2025 10-K, Item 7, filed 2026-02-25). The major product lines described in the filing are:

Product line	Description
Power optimisers + DC inverters	Module-level DC-optimised inverter system providing maximum power point tracking, design flexibility and module-level safety (per the FY2025 10-K, Item 1, filed 2026-02-25).
Storage solutions	Residential and commercial battery storage that DC-couples directly with SolarEdge inverters, including the CSS-OD 102.4 kWh commercial solution (per the FY2025 10-K, Item 1 and Item 7, filed 2026-02-25).
EV chargers	Residential and commercial EV chargers integrated with SolarEdge energy management (per the FY2025 10-K, Item 1, filed 2026-02-25).
SolarEdge ONE + cloud monitoring	A single platform to manage, monitor and optimise PV, battery storage, EV and smart-device assets, with cloud-based module-level monitoring (per the FY2025 10-K, Item 1, filed 2026-02-25).

In plain English, SolarEdge sells the hardware "brain" of a rooftop or commercial solar system, the inverter and the per-module power optimisers, plus the batteries, EV chargers and software that sit on top. Per the FY2025 10-K (Item 7, filed 2026-02-25), demand fell sharply from the third quarter of 2023 as European distributors cancelled and pushed out backlog, and FY2025 represents an early recovery as channel inventory normalised in the US and Europe.

4. The Business Model

Per the FY2025 10-K (Item 1, filed 2026-02-25): SolarEdge's model is hardware-led product sales, inverters, power optimisers, storage and EV chargers, sold primarily indirectly through distributors and electrical-equipment wholesalers and directly to large installers and EPCs, with energy-management software (SolarEdge ONE) and a cloud-based monitoring platform layered on top of the hardware. The stated technology moat is the DC-optimised architecture: per-module maximum-power-point tracking, enhanced design flexibility, reduced balance-of-system cost, and module-level safety features such as SafeDC (per the FY2025 10-K, Item 1, filed 2026-02-25).

On manufacturing, the FY2025 10-K (Item 7, filed 2026-02-25) states that, in light of the IRA, the Company manufactures the vast majority of its products in the United States, inverters in Texas, optimisers and inverters in Florida, and batteries in Utah, and has discontinued manufacturing in China, Mexico and Hungary. It continues to manufacture a minor portion in Israel (its Sella 1 facility) and maintains manufacturing capability in Vietnam via a third-party manufacturer. Revenue is concentrated: for the year ended December 31, 2025, one customer accounted for 18.6% of revenues and the top three customers together represented 35.8% (per the FY2025 10-K, Item 7, filed 2026-02-25).

5. Financial Health

5-year income trend (per yfinance annual financials; FY2025 operating income leads with EDGAR XBRL):

FY	Revenue	Gross profit	Operating income	Net income	Diluted EPS	Free cash flow
FY2025	$1,184.4M	$196.3M	-$301.7M (EDGAR XBRL; yfinance -$229.7M)	-$405.4M	-$6.88	+$80.8M
FY2024	$901.5M	-$877.2M	-$1,474.8M	-$1,806.4M	-$31.64	-$431.5M
FY2023	$2,976.5M	$703.8M	+$71.4M	+$34.3M	+$0.60	-$361.2M
FY2022	$3,110.3M	$844.6M	+$285.3M	+$93.8M	+$1.65	-$138.1M
FY2021	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

Per the FY2025 10-K (Item 7, filed 2026-02-25), the Company experienced a slowdown in demand beginning in the third quarter of 2023 and substantial cancellations and push-outs of backlog from European distributors, with the slowdown continuing through 2024; FY2025 saw an increase in sales due to more normalised channel inventory in the US and Europe. FY2025 operating income on the EDGAR XBRL basis was -$301.7M (per EDGAR XBRL OperatingIncomeLoss, period ending 2025-12-31), while the yfinance annual figure is -$229.7M; the two differ on classification of certain items.

Balance sheet (per the FY2025 10-K balance sheet, filed 2026-02-25, and yfinance annual balance sheet):

FY	Cash & equiv (+ ST inv)	Total debt	Stockholders' equity	Shares outstanding	Buybacks
FY2025	$493.2M	$415.9M	$427.5M	60.4M	$0
FY2024	$585.9M	$757.7M	$658.3M	58.0M	$50.2M
FY2023	$860.0M	$732.0M	$2,411.9M	57.1M	$0
FY2022	$1,024.2M	$735.5M	$2,176.4M	56.1M	$0

Quarterly trend (last 5 quarters, per yfinance quarterly financials, pulled 2026-05-26):

Quarter	Revenue	Gross margin	Operating income	Net income	Diluted EPS
Q1 2026 (2026-03-31)	$310.5M	22.0%	-$47.4M	-$57.4M	-$0.95
Q4 2025 (2025-12-31)	$335.4M	22.2%	-$24.0M	-$132.1M	-$2.21
Q3 2025 (2025-09-30)	$340.2M	21.2%	-$34.3M	-$50.1M	-$0.84
Q2 2025 (2025-06-30)	$289.4M	11.1%	-$69.2M	-$124.7M	-$2.13
Q1 2025 (2025-03-31)	$219.5M	8.0%	-$102.7M	-$98.5M	-$1.70

Per yfinance quarterly financials (pulled 2026-05-26): revenue rose year on year in each of the last five quarters and the operating loss narrowed from -$102.7M in Q1 2025 to -$47.4M in Q1 2026, while gross margin recovered from 8.0% to 22.0% over the same period. Quarterly free cash flow is not disclosed in this report's source data.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	$61.95 (per yfinance, pulled 2026-05-26)
Previous close	$63.00 (per yfinance, pulled 2026-05-26)
Day range	$58.50 – $63.28 (per yfinance, pulled 2026-05-26)
52-week high / low	$65.16 / $13.73 (per yfinance, pulled 2026-05-26)
Market cap	$3.77bn (per yfinance, pulled 2026-05-26)
Enterprise value	$3.63bn (per yfinance, pulled 2026-05-26)
Shares outstanding	60.8M (per yfinance, pulled 2026-05-26)
Float	60.1M (per yfinance, pulled 2026-05-26)
Avg daily volume (10d)	5.55M (per yfinance averageVolume10days, pulled 2026-05-26)
Volume (2026-05-26)	4.08M (per yfinance, pulled 2026-05-26)
Beta	1.18 (per yfinance, pulled 2026-05-26)
Trailing P/E (GAAP)	not disclosed in this report's source data, net loss in TTM (per yfinance, pulled 2026-05-26)
Forward P/E	39.58 (per yfinance, pulled 2026-05-26)
P/S (TTM)	2.95 (per yfinance, pulled 2026-05-26)
P/B	8.75 (per yfinance, pulled 2026-05-26)
EV / Revenue (TTM)	2.85 (per yfinance, pulled 2026-05-26)
EV / EBITDA	-21.32 (per yfinance enterpriseToEbitda, pulled 2026-05-26)
P / FCF	not disclosed in this report's source data (per yfinance, pulled 2026-05-26)
Gross margin (TTM)	18.30% (per yfinance, pulled 2026-05-26)
Operating margin (TTM GAAP)	-15.28% (per yfinance, pulled 2026-05-26)
Net margin (TTM)	-28.56% (per yfinance, pulled 2026-05-26)
ROE	-72.50% (per yfinance, pulled 2026-05-26)
ROA	-5.09% (per yfinance, pulled 2026-05-26)
Debt-to-equity	98.45% (per yfinance debtToEquity, pulled 2026-05-26)
Current ratio	2.03 (per yfinance, pulled 2026-05-26)
Dividend yield	None, no dividend reported (per yfinance, pulled 2026-05-26)
Short interest	19.1% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)
Put / call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per the FY2025 10-K (Item 1 and Item 7, filed 2026-02-25):

• SolarEdge Nexis next-generation residential portfolio. Per the FY2025 10-K (Item 7, filed 2026-02-25): the Company launched its next-generation residential product portfolio, SolarEdge Nexis, with initial units delivered toward the end of 2025.
• CSS-OD commercial energy storage. Per the FY2025 10-K (Item 7, filed 2026-02-25): the Company expanded its commercial energy-storage business with CSS-OD, a 102.4 kWh rated solution scalable up to megawatt-hour-size sites, suitable for outdoor or indoor installations.
• Single SKU software-defined inverter platform. Per the FY2025 10-K (Item 7, filed 2026-02-25): at the end of 2025 the Company transitioned its inverter products to a Single SKU concept, a software-defined platform that lets one inverter SKU be programmed to the desired kilowatt rating in the field, simplifying forecasting, manufacturing, inventory, logistics and service.
• SolarEdge ONE energy-management platform. Per the FY2025 10-K (Item 1, filed 2026-02-25): SolarEdge ONE is a single platform to manage, monitor and optimise PV, battery storage, EV and smart-device assets across residential and commercial sites, with advanced cyber capabilities.
• US manufacturing aligned to IRA / Section 45X. Per the FY2025 10-K (Item 7, filed 2026-02-25): the Company established US manufacturing capabilities starting in 2023 and expanded them in 2024 and 2025, and sold a significant part of the Section 45X advanced-manufacturing production tax credits it generated; specific future tax-credit benefits depend on customer election and Treasury guidance.

8. Competitive Landscape

Per the FY2025 10-K (Item 1A, filed 2026-02-25), SolarEdge identifies "the rapidly evolving and competitive nature of the solar industry" and "increased competition, including introductions of power optimizer, inverter, EV chargers, batteries and PV system monitoring products by our competitors" as principal risks, but the source 10-K extract does not name specific competitors. Named-peer identities and peer financial data are therefore not disclosed in this report's source data.

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
SolarEdge Technologies, Inc.	SEDG	$3.77bn	$1.28bn	18.30%	2.95
Peer 1	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data
Peer 2	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data
Peer 3	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data

The peer rows above are not in this report's source data at publish time. Qualitatively, per the FY2025 10-K (Item 1, filed 2026-02-25), SolarEdge positions its module-level DC-optimised architecture as its key advantage over a traditional string-inverter PV system, claiming maximised module power output, greater design flexibility, reduced balance-of-system cost and module-level safety, alongside an integrated platform spanning inverters, optimisers, storage, EV charging and software.

9. Leadership and Ownership

Per insider transaction filings via yfinance (pulled 2026-05-26): Yehoshua Nir is Chief Executive Officer; Asaf Alperovitz is Chief Financial Officer; Uri Bechor is Chief Operating Officer; Daniel Huber is an Officer; and Avery More is Chairman of the Board. Named directors in the source data include Yoram Tietz, Guy Gecht and Dana Rebecca Gross (per insider transaction filings via yfinance, pulled 2026-05-26). Detailed executive tenure and proxy-level biographical information is not disclosed in this report's source data.

Top institutional shareholders as of 2026-03-31 (per yfinance institutional_holders, pulled 2026-05-26):

Holder	% held	Shares	Value (USD)
BlackRock Inc.	13.88%	8,442,119	$523.0M
Menora Mivtachim Holdings Ltd.	4.56%	2,774,921	$171.9M
Invesco Ltd.	4.33%	2,631,913	$163.0M
UBS Group AG	4.29%	2,609,137	$161.6M
Vanguard Portfolio Management LLC	3.74%	2,273,932	$140.9M
Grantham, Mayo, Van Otterloo & Co. LLC	3.67%	2,234,200	$138.4M
Two Sigma Investments, LP	3.67%	2,231,899	$138.3M
State Street Corporation	2.88%	1,749,713	$108.4M
Artisan Partners Limited Partnership	2.69%	1,638,490	$101.5M
Morgan Stanley	2.50%	1,522,486	$94.3M

Per yfinance (pulled 2026-05-26): institutional ownership is reported at 107.83%, a figure above 100% reflects double-counting from shares lent out and re-reported, and insider ownership is 1.15%. Recent insider activity (per insider_transactions via yfinance, pulled 2026-05-26):

• 2026-05-07: Chairman of the Board Avery More sold 2,566 shares at $38.28-$39.20 (approximately $99k).
• 2026-01-02: Annual equity grants at $0.00 grant price, CEO Yehoshua Nir 90,880 shares; CFO Asaf Alperovitz 22,321 shares; COO Uri Bechor 22,321 shares; Officer Daniel Huber 17,538 shares.

10. Risks and Challenges

• History of losses and uncertain return to profitability (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "We incurred a net loss of $405.4 million for the year ended December 31, 2025 and net loss of $1,806.4 million for the year ended December 31, 2024." The filing lists "our ability to be profitable in the future" as a principal risk.
• Customer concentration (Concentration): Per the FY2025 10-K (Item 7, filed 2026-02-25): "one customer accounted for 18.6% of our revenues and our top three customers together represented 35.8% of our revenues" for the year ended December 31, 2025.
• Cyclical and uncertain demand for solar energy solutions (Market & Demand): Per the FY2025 10-K (Item 1A, filed 2026-02-25): principal risks include "fluctuations in demand for solar energy solutions, including if demand for solar energy solutions does not resume growth or grows at a slower rate than anticipated" and "the cyclicality of the solar industry."
• Competition across the product range (Competitive): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "increased competition, including introductions of power optimizer, inverter, EV chargers, batteries and PV system monitoring products by our competitors."
• Dependence on a small number of contract manufacturers and suppliers (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Our dependence on a small number of outside contract manufacturers" and "Our dependence on a limited number of suppliers for key components and raw materials in our products to adequately meet anticipated demand."
• Israel conflict and operating conditions (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Disruption to our business operations due to the evolving conflict in Israel and other conditions in Israel that affect our operations and may limit our ability to develop, produce and sell our products."
• Cybersecurity and unauthorised network access (Cyber & Physical): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Any unauthorized access to, disclosure, or theft of confidential or personal information we gather, store, or use" and "Attempts by third parties, our employees, or our vendors to gain unauthorized access to our network or seek to compromise our products and services." Cybersecurity is addressed in Item 1C of the filing.
• Tax-law and trade/tariff changes including the IRA and H.R.1 (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Changes in tax laws, tax treaties, and regulations or the interpretation of them, including the IRA and the H.R.1" and "Changes in the global trade environment, including the United States trade environment, such as the increase or imposition of import tariffs." Per Item 7 (filed 2026-02-25), H.R.1 (enacted July 4, 2025) shortens certain credit timelines, eliminates the Section 25D individual residential credit at the end of 2025, and introduces new domestic-content and FEOC thresholds.
• Net-metering and utility-regulation changes (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-25): "Changes to net metering policies" and "Existing electric utility industry regulations and changes to regulations, which may present technical regulatory, and economic barriers to the purchase and use of PV systems."
• Elevated short interest amplifies share-price volatility (Concentration): Per yfinance shortPercentOfFloat (pulled 2026-05-26): 19.1% of float, against 60.1M float shares; the FY2025 10-K (Item 1A, filed 2026-02-25) separately lists "Volatility of our stock price" as a principal risk.

11. Recent Developments

Most recent first.

• 2026-05-07, Chairman of the Board Avery More sold 2,566 shares at $38.28-$39.20: Approximately $99,000 of proceeds. Source: [insider_transactions via yfinance, pulled 2026-05-26].
• Quarter ended 2026-03-31, Q1 2026 results: revenue $310.5M (+41% YoY), operating loss -$47.4M: Revenue rose to $310.5 million from $219.5 million in Q1 2025; operating loss narrowed to -$47.4 million from -$102.7 million; net loss -$57.4 million; diluted EPS -$0.95. Source: [yfinance quarterly financials, pulled 2026-05-26].

No additional independently link-verifiable news or social-media items within the 30-day window are included in this report's source data (recent_news in the source data is empty).

12. Key Dates Coming Up

• Next earnings date, not disclosed in this report's source data: The most recent reported quarter ended 2026-03-31 (per yfinance quarterly financials, pulled 2026-05-26).
• 2026 Annual Meeting of Stockholders, not disclosed in this report's source data.
• H.R.1 transition milestones (Regulatory): Per the FY2025 10-K (Item 7, filed 2026-02-25): the Section 48E domestic-content threshold rose to 50% on January 1, 2026 and increases 5% annually until 2029, and new FEOC requirements began January 1, 2026; specific company-level dates are not disclosed in this report's source data.

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Risk Warning: This research is for information only and is not investment advice or a recommendation to buy or sell any security. CFD Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74–89% of retail investor accounts lose money when trading CFDs. Affiliate Disclosure: We may receive a commission from some links on this page at no extra cost to you. Data Disclaimer: All figures are sourced from company filings, earnings releases, and public market data as at the date above. Forward-looking statements are attributed to the company and may not be achieved. Always do your own research. Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice.

NuScale Power Corporation (NYSE: SMR) is a US small modular reactor (SMR) developer whose NuScale Power Module (NPM) is a light-water nuclear reactor that can generate 77 MWe (per the FY2025 10-K, Item 1, filed 2026-02-26). For the year ended December 31, 2025 the Company reported total revenue of $31.5 million (per yfinance annual financials, Total Revenue 2025-12-31), an operating loss of -$689.6 million (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31), a total net loss including noncontrolling interests of approximately -$664.5 million, and a net loss attributable to Class A (NuScale Power Corporation) shareholders of -$355.8 million (per yfinance annual financials, 2025-12-31). NuScale operates as an up-C holding company whose only material asset is its interest in NuScale LLC (per the FY2025 10-K, Item 1A, filed 2026-02-26), so a large share of the total loss — about $308.7 million in FY2025 — is allocated to noncontrolling interests rather than to Class A shareholders. The stock last traded at $11.40 against a 52-week range of $8.85 to $57.42 — down roughly 80% from the high (per yfinance, pulled 2026-05-26). NuScale employed 428 full-time people (per yfinance fullTimeEmployees, pulled 2026-05-26). The next earnings date is not disclosed in this report's source data.

1. Company Snapshot

Field	Value
Name	NuScale Power Corporation (per the FY2025 10-K, cover page, filed 2026-02-26)
Ticker / Exchange	SMR / NYSE (per the FY2025 10-K, Item 5, filed 2026-02-26)
Sector / Industry	Industrials / Specialty Industrial Machinery (per yfinance, pulled 2026-05-26)
Market cap	$3.95bn (per yfinance, pulled 2026-05-26)
Enterprise value	$3.00bn (per yfinance, pulled 2026-05-26) — EV below market cap because cash exceeds debt
FY2025 revenue	$31.5M (per yfinance annual financials, Total Revenue 2025-12-31)
FY2025 operating income (EDGAR XBRL)	-$689.6M (per EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31)
FY2025 free cash flow	-$162.0M (per yfinance freeCashflow, pulled 2026-05-26)
Gross margin (TTM)	23.84% (per yfinance, pulled 2026-05-26)
Net margin (FY2025)	not meaningful — Class A net loss -$355.8M on revenue $31.5M (per yfinance annual financials, 2025-12-31)
Employees	428 (per yfinance fullTimeEmployees, pulled 2026-05-26)
CEO	John Lawrence Hopkins (Chief Executive Officer, per insider transactions via yfinance, pulled 2026-05-26)
Headquarters	Corvallis, Oregon (per the FY2025 10-K, Item 2, filed 2026-02-26)
Website	nuscalepower.com (per yfinance, pulled 2026-05-26)
Fiscal year-end	December 31 (per the FY2025 10-K, filed 2026-02-26)
Next earnings	not disclosed in this report's source data
Dividend yield	None — Company has never declared or paid a dividend (per the FY2025 10-K, Item 5, filed 2026-02-26)
52-week high	$57.42 (per yfinance, pulled 2026-05-26)
52-week low	$8.85 (per yfinance, pulled 2026-05-26)
Short interest	21.5% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)

2. Bull Case vs Bear Case

Bull Case

• First and only SMR designs approved by the NRC. Per the FY2025 10-K (Item 1, filed 2026-02-26): in September 2020 the Company's 12-module design (approved at 50 MWe per NPM) "became the first and only SMR to receive an SDA from the Nuclear Regulatory Commission", and in May 2025 "the NRC finalized their review and approved the Company's second SDA application and the associated licensing topical reports for NuScale's 6-unit 77 MWe NPM design." This gives the Company a regulatory head-start, with two NRC-approved standard designs that US customers can reference for expedited licensing.
• Cash-rich, near-debt-free balance sheet. Per yfinance annual financials (2025-12-31) and yfinance (pulled 2026-05-26): cash, equivalents and short-term investments totalled $1,254.2 million at 2025-12-31 against total debt of approximately $5.7 million; enterprise value of $3.00 billion sits below the $3.95 billion market cap.
• Named customer and strategic-partner pipeline. Per the FY2025 10-K (Item 1 and Item 7, filed 2026-02-26): NuScale has one international customer, RoPower Nuclear S.A. (a joint venture of S.N. Nuclearelectrica S.A. and Nova Power & Gas S.A.) developing a 6-unit 77 MWe plant at the Doicesti Power Station site in Romania, and ENTRA1 Energy is its exclusive global commercialization partner; on September 2, 2025 the Tennessee Valley Authority announced a non-binding agreement under which ENTRA1 and TVA will collaborate to develop up to 6 gigawatts of new nuclear power generation using NuScale's SMR equipment.
• Federal policy tailwind for new nuclear. Per the FY2025 10-K (Item 7, filed 2026-02-26): "the United States government has identified nuclear technology as imperative to the country's national security objectives and ordered the expansion of American nuclear energy capacity to 400 gigawatts by 2050, or nearly 400% the current capacity." This is a demand-side tailwind rather than company-specific revenue.
• Substantial cumulative technology investment and IP base. Per the FY2025 10-K (Item 1, filed 2026-02-26): "Since 2007, over $1.8 billion has been invested in the development of NuScale technology, including more than $578.3 million from DOE under a series of cost-share programs, and we have received 513 patents globally, with an additional 268 patent applications currently pending."

Bear Case

• No binding customer contract to deliver NPMs. Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have not yet entered into a binding contract with a customer to deliver NPMs, and there is no guarantee that we will be able to do so", and the Company "has not yet delivered NPMs to customers." Revenue to date arises only from engineering and licensing fees.
• FY2025 operating loss widened sharply to -$689.6 million. Per EDGAR XBRL (OperatingIncomeLoss, period ending 2025-12-31) and yfinance annual financials: operating loss widened from -$138.7 million (FY2024) to -$689.6 million (FY2025), with much of the deterioration concentrated in Q3 2025 (operating loss of -$538.4 million that quarter, per yfinance quarterly financials).
• Severe historical dilution. Per yfinance annual balance sheet: shares outstanding rose from 69.4 million (FY2022) to 318.5 million (FY2025), reaching 346.1 million by the 2026-05-26 pull (per yfinance) — roughly a 5x increase in three years to fund the cash burn.
• Strategic-investor selling by Fluor Corp. Per insider transactions via yfinance (pulled 2026-05-26): Fluor Corp — a Director / former >10% holder — sold shares across 2026-04-09 ($9.30), 2026-04-15 ($11.63) and 2026-04-21 ($11.81) totalling approximately 39.9 million shares for proceeds of roughly $435 million. This is a material structural overhang.
• Significant ongoing funding need. Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability", and "We expect we will require additional future funding to fund operations and commercialization, and such financing may not be available on acceptable terms."

3. What Does NuScale Power Actually Do?

NuScale Power develops and licenses small modular nuclear reactor technology. Its core product is the NuScale Power Module (NPM), a light-water reactor that can generate 77 MWe (per the FY2025 10-K, Item 1, filed 2026-02-26). All revenue generated to date comes from engineering and licensing fees and services.

Service line	Description
NuScale Power Module (NPM)	Light-water SMR generating 77 MWe; per the FY2025 10-K (Item 1, filed 2026-02-26) the NPMs "allow for scalability from one to twelve modules in a single installation, with typical scales of 12-module (924 MWe), six-module (462 MWe) and four-module (308 MWe) versions."
Diversified services suite	Per the FY2025 10-K (Item 1, filed 2026-02-26): planned services "include licensing support, testing, training, fuel supply services and program management, among others", with service revenue expected "to begin approximately five years prior to a power plant's commercial operation date and to extend throughout the life of the power plant."
Engineering and licensing fees	Per the FY2025 10-K (Item 7, filed 2026-02-26): "All revenue that we have generated to date arises from engineering and licensing fees and services provided to potential customers, including those as a result of the FEED services."

In plain English, NuScale is at the late pre-commercial stage of the SMR industry. The NRC has approved two of its standard designs (the 50 MWe 12-module design in 2020 and the 6-unit 77 MWe design in May 2025), and the Company is now pursuing front-end engineering and project-development work with customers such as RoPower in Romania and the ENTRA1/TVA framework in the US. Revenue in this period is engineering- and licensing-fee revenue, not NPM product revenue; commercial revenue from a delivered NPM has not yet begun.

4. The Business Model

Per the FY2025 10-K (Item 1 and Item 7, filed 2026-02-26): NuScale's business model is to commercialize its NPM design and, in addition to the sale of NPMs, "offer a diversified suite of services throughout the development and operating life of the power plant." ENTRA1 Energy "holds the exclusive rights for the worldwide commercialization, distribution, sales and development of our products, services and power plants", and NuScale "collaborates on joint development initiatives and financially contributes alongside the partnership in joint activities which may be recoverable as part of its development costs." Today the model is entirely pre-commercial: cash is going into design work, long-lead-material manufacturing, regulatory licensing and front-end engineering.

The moat the Company describes rests on its regulatory and technology position (per the FY2025 10-K, Item 1, filed 2026-02-26): two NRC-approved standard designs that US customers can reference for expedited construction and operating licensing, an integrated, simplified NPM that "integrates the reactor core, steam generators and pressurizer in a single factory-built vessel and eliminates the need for reactor coolant circulating pumps, large bore piping and other components", and a substantial patent portfolio (513 patents granted, 268 applications pending). NuScale also notes it operates under an up-C structure: "NuScale Corp is a holding company with no material assets other than its ownership of NuScale LLC units" (per the FY2025 10-K, Item 1A, filed 2026-02-26), and is party to a Tax Receivable Agreement under which it pays certain Legacy NuScale Equityholders a share of realized tax benefits. The economics will only turn material once orders convert into construction starts and NPM units are delivered.

5. Financial Health

5-year income trend (per yfinance annual financials; operating income per EDGAR XBRL where noted; FY2021 partial data only):

FY	Revenue	Operating income	Net income (Class A)	Diluted EPS	Free cash flow
FY2025	$31.5M	-$689.6M (EDGAR XBRL)	-$355.8M	not disclosed in this report's source data	-$162.0M (per yfinance freeCashflow)
FY2024	$37.0M	-$138.7M	-$136.6M	-$1.47	-$108.7M
FY2023	$22.8M	-$275.6M	-$58.4M	-$0.80	-$185.0M
FY2022	$11.8M	-$230.0M	-$57.1M	-$0.51	-$150.9M
FY2021	not disclosed in this report's source data	not disclosed in this report's source data	not disclosed in this report's source data	-$2.35	not disclosed in this report's source data

Per yfinance annual financials (2025-12-31): because NuScale consolidates NuScale LLC under an up-C / noncontrolling-interest structure, the FY2025 total net loss including noncontrolling interests was approximately -$664.5 million, of which about $308.7 million was allocated to noncontrolling interests, leaving -$355.8 million attributable to Class A (NuScale Power Corporation) shareholders — the figure yfinance reports as Net Income. The operating loss widened to -$689.6 million, with the largest single-quarter deterioration in Q3 2025 (operating loss -$538.4 million that quarter); the specific composition of that Q3 charge is not disclosed in this report's source data.

Balance sheet (per yfinance annual balance sheet):

FY	Cash & equiv (+ ST inv)	Total debt	Stockholders' equity	Shares outstanding	Buybacks
FY2025	$1,254.2M ($836.4M cash + $417.8M ST inv)	not disclosed in this report's source data (≈$5.7M total per yfinance, pulled 2026-05-26)	$1,168.8M	318.5M	$0
FY2024	$441.6M	not disclosed in this report's source data	$618.7M	122.8M	$0
FY2023	$120.3M	$1.5M	$93.5M	76.9M	$0
FY2022	$267.7M	$1.6M	$296.8M	69.4M	$0

Per yfinance (pulled 2026-05-26): total debt is approximately $5.7 million — effectively a debt-free balance sheet.

Quarterly trend, last 5 quarters (per yfinance quarterly financials; net income shown is the Class A figure):

Quarter	Revenue	Operating income	Net income (Class A)	Diluted EPS
Q1 2026 (2026-03-31)	$0.6M	-$57.5M	-$44.0M	-$0.14
Q4 2025 (2025-12-31)	$1.8M	-$72.7M	-$50.8M	not disclosed in this report's source data
Q3 2025 (2025-09-30)	$8.2M	-$538.4M	-$273.3M	-$1.85
Q2 2025 (2025-06-30)	$8.1M	-$43.1M	-$17.6M	-$0.13
Q1 2025 (2025-03-31)	$13.4M	-$35.3M	-$14.0M	-$0.11

Per yfinance quarterly financials: revenue declined from $13.4 million in Q1 2025 to $0.6 million in Q1 2026 (Total Revenue 2026-03-31 = $565k), a decline consistent with engineering/licensing-fee revenue being lumpy and project-phase dependent. Cash, equivalents and short-term investments stood at $890.1 million at 2026-03-31 (per yfinance quarterly balance sheet).

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	$11.40 (per yfinance, pulled 2026-05-26)
Previous close	$11.33 (per yfinance, pulled 2026-05-26)
Day range	$11.14 – $11.81 (per yfinance, pulled 2026-05-26)
52-week high / low	$57.42 / $8.85 (per yfinance, pulled 2026-05-26)
Market cap	$3.95bn (per yfinance, pulled 2026-05-26)
Enterprise value	$3.00bn (per yfinance, pulled 2026-05-26)
Shares outstanding	346.1M (per yfinance, pulled 2026-05-26; 318.5M reported at 2025-12-31 per yfinance annual balance sheet)
Float	339.3M (per yfinance, pulled 2026-05-26)
Avg daily volume (10d)	31.46M (per yfinance averageVolume10days, pulled 2026-05-26)
Volume (latest)	28.07M (per yfinance, pulled 2026-05-26)
Beta	2.25 (per yfinance, pulled 2026-05-26)
Trailing P/E (GAAP)	not disclosed in this report's source data — net loss in TTM (per yfinance, pulled 2026-05-26)
Forward P/E	-17.01 (per yfinance, pulled 2026-05-26)
P/S (TTM)	211.35 (per yfinance, pulled 2026-05-26)
P/B	3.11 (per yfinance, pulled 2026-05-26)
EV / Revenue (TTM)	160.92 (per yfinance enterpriseToRevenue, pulled 2026-05-26)
EV / EBITDA	-14.79 (per yfinance enterpriseToEbitda, pulled 2026-05-26)
P / FCF	not disclosed in this report's source data — FCF negative (per yfinance, pulled 2026-05-26)
Gross margin (TTM)	23.84% (per yfinance, pulled 2026-05-26)
Operating margin (TTM GAAP)	-10181.24% (per yfinance, pulled 2026-05-26 — distorted by near-zero TTM revenue)
Net margin (TTM)	not meaningful — net loss with near-zero revenue (per yfinance, pulled 2026-05-26)
ROE	-83.05% (per yfinance returnOnEquity, pulled 2026-05-26)
ROA	-14.46% (per yfinance returnOnAssets, pulled 2026-05-26)
Debt-to-equity	very low — total debt only ~$5.7M (per yfinance, pulled 2026-05-26)
Current ratio	29.36 (per yfinance, pulled 2026-05-26)
Dividend yield	None — Company has never paid a dividend (per the FY2025 10-K, Item 5, filed 2026-02-26)
Short interest	21.5% of float (per yfinance shortPercentOfFloat, pulled 2026-05-26)
Put / call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per the FY2025 10-K (Item 1 and Item 7, filed 2026-02-26):

• RoPower (Romania) — 6-unit 77 MWe plant at Doicesti. Per the FY2025 10-K (Item 7, filed 2026-02-26): "On February 12, 2026 the Romanian Government approved the investment decision for the Doicesti SMR plant project, allowing for the ability to seek secured financing to further feasibility studies, and site-specific design work prior to any construction moving forward." During the coming months "RoPower is authorized to advance the licensing and geotechnical work, finalize a pre-engineering, procurement and construction (EPC) contract, and begin negotiating contracts for long lead items", with pre-EPC activities of "an estimated duration of up to 15 months."
• ENTRA1 / TVA framework — up to 6 GW. Per the FY2025 10-K (Item 7, filed 2026-02-26): "On September 2, 2025, the Tennessee Valley Authority (TVA) announced the signing of a non-binding agreement under which ENTRA1 and TVA will collaborate to develop plants to provide TVA with up to 6 gigawatts of new nuclear power generation, with ENTRA1's immediate strategy being the utilization of NuScale's SMR equipment inside ENTRA1 Energy Plants."
• Partnership Milestones Agreement (PMA) with ENTRA1. Per the FY2025 10-K (Item 7, filed 2026-02-26): "On August 27, 2025, NuScale LLC and ENTRA1 executed a PMA. Under the PMA, NuScale is named the key supplier to future ENTRA1 Energy Projects ... The PMA also includes a negotiated maximum sale price for each NPM to be delivered and installed in an ENTRA1 Energy Project, subject to adjustments."
• Long-lead-material manufacturing. Per the FY2025 10-K (Item 7, filed 2026-02-26): "the Company has already begun manufacturing certain long-lead materials that will be used to build the NPMs, while also placing advance orders with many of our supply chain partners to expedite the build."
• Country-level and site-level regulatory approvals. Per the FY2025 10-K (Item 7, filed 2026-02-26): "country-level approvals of our NPM design" and customer site-approvals are described as "critical in maintaining our competitive advantage" and key to broader adoption.

8. Competitive Landscape

Peer market data was not pulled for competitors in this report's source data — at publish time the pipeline pulled only NuScale's yfinance data.

Company	Ticker	Market cap	Revenue (TTM)	Gross margin	P/S
NuScale Power Corporation	SMR	$3.95bn	$18.7M (per yfinance totalRevenue TTM, pulled 2026-05-26)	23.84%	211.35

Per the FY2025 10-K (Item 1A, filed 2026-02-26): NuScale states "We face competition from other nuclear reactor technologies and from competitors in China and Russia that currently operate commercial SMRs and may have advantages in marketing their SMRs to potential customers." Per the FY2025 10-K (Item 5, filed 2026-02-26): for its stock-performance peer group the Company lists "Ballard Power Systems Inc., Bloom Energy Corporation, BWX Technologies, Inc., Enphase Energy, Inc., Enovix Corporation, FuelCell Energy, Inc., Plug Power Inc., Oklo Inc. and SolarEdge Technologies, Inc." — a market-performance comparison group rather than a list of direct SMR product competitors. Specific competitor market-cap, revenue and margin data are not disclosed in this report's source data.

9. Leadership and Ownership

Per the FY2025 10-K (Item 1A, filed 2026-02-26) and insider transaction filings via yfinance (pulled 2026-05-26): NuScale identifies the following named officers in recent insider filings — John Lawrence Hopkins, Chief Executive Officer; Robert Ramsey Hamady, Chief Financial Officer; Carl M. Fisher, Chief Operating Officer; and Jose N. Reyes Jr., Chief Technology Officer. Further executive-team detail is not separately extracted in this report's source data.

Top institutional shareholders as of 2026-03-31 (per yfinance institutional_holders, pulled 2026-05-26):

Holder	% held	Shares	Value (USD)
Van Eck Associates Corporation	5.79%	20,032,960	$228.4M
BlackRock Inc.	3.71%	12,849,132	$146.5M
Mirae Asset Global ETFs Holdings Ltd.	3.31%	11,452,161	$130.6M
Vanguard Portfolio Management LLC	3.16%	10,948,169	$124.8M
Vanguard Capital Management LLC	3.10%	10,732,371	$122.3M
Marex Group Plc	2.63%	9,098,178	$103.7M
Morgan Stanley	2.04%	7,052,969	$80.4M
Renaissance Technologies, LLC	1.58%	5,455,800	$62.2M
Marshall Wace LLP	1.24%	4,307,637	$49.1M
Geode Capital Management, LLC	1.08%	3,728,930	$42.5M

Per yfinance (pulled 2026-05-26): institutional ownership totals 51.93% and insider ownership totals 1.97%. Recent insider activity (per insider transactions via yfinance, pulled 2026-05-26):

• 2026-04-21: Fluor Corp (Director) sold 13,500,000 shares at $11.81 (~$159.4M).
• 2026-04-15: Fluor Corp (Director) sold 12,936,472 shares at $11.63 (~$150.4M).
• 2026-04-09: Fluor Corp (Beneficial Owner of more than 10%) sold 13,500,000 shares at $9.30 (~$125.6M). The three April batches total approximately 39.9 million shares for roughly $435 million.
• 2026-03-04: Carl M. Fisher (Chief Operating Officer) sold 49,277 shares at $12.64 (~$623k).
• 2026-03-03: John Lawrence Hopkins (CEO) sold 82,667 shares at $12.22 (~$1.0M); Robert Ramsey Hamady (CFO) sold 18,570 shares at $12.22 (~$227k).

10. Risks and Challenges

• No binding NPM delivery contract yet (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have not yet entered into a binding contract with a customer to deliver NPMs, and there is no guarantee that we will be able to do so."
• History of significant losses and going-forward losses (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability."
• Ongoing need for additional funding (Financial): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We expect we will require additional future funding to fund operations and commercialization, and such financing may not be available on acceptable terms."
• Country-by-country approval required for overseas sales (Regulatory): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "Our design is only approved in the United States and we must obtain approvals on a country-by-country basis before we can complete the sale of our products abroad, which approvals may be delayed or denied or which may require modification to our design." Per the same item, "Our customers must obtain additional regulatory approvals before they construct power plants using our NPMs, and approvals may be denied or delayed."
• First-delivery and manufacturing execution risk (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We have not yet delivered NPMs to customers, and any setbacks we may experience during our first commercial delivery and other demonstration and commercial missions could have a material adverse effect on our business", and "Any issues or delays in the development and manufacture of NPMs and related technology may adversely affect our business and financial condition."
• Constrained supply base (Operational): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "Our supply base may not be able to scale to the production levels necessary to meet sales projections", and "Our supply base is constrained, and until we enter into a binding contract to deliver NPMs, our ability to secure commitments from our suppliers may be limited."
• Dependence on Fluor, ENTRA1 and other strategic partners (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "Our commercialization strategy relies on our relationships with Fluor and other strategic investors and partners, such as ENTRA1, who may have interests that diverge from ours and who may not be easily replaced if their relationships terminate", and "The PMA with ENTRA1 may result in significant cash outlays in the near term without guaranteeing revenue generating activities."
• Market for SMRs not yet established (Market & Demand): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "The market for SMRs generating nuclear power is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected", and "Loss of government incentives to use nuclear power may have an adverse impact on the market for SMRs."
• Public perception and political risk for nuclear (Market & Demand): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We and our customers operate in a politically sensitive environment, and the public perception of nuclear energy, including due to accidents involving nuclear power facilities, can affect our customers and us."
• Competition from other reactor technologies (Competitive): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We face competition from other nuclear reactor technologies and from competitors in China and Russia that currently operate commercial SMRs and may have advantages in marketing their SMRs to potential customers."
• Cybersecurity risk (Cyber & Physical): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "We are subject to cybersecurity risk."
• Strategic-investor share selling and share-price volatility (Concentration): Per the FY2025 10-K (Item 1A, filed 2026-02-26): "A significant portion of our outstanding shares may be sold into the market" and "The price of shares of Class A common stock may be volatile"; consistent with this, Fluor Corp sold approximately $435 million of stock across three April 2026 batches (per insider transactions via yfinance, pulled 2026-05-26), and short interest is 21.5% of float with a beta of 2.25 (per yfinance, pulled 2026-05-26).

11. Recent Developments

Most recent first.

• 2026-04-21 — Fluor Corp sells 13.5M shares at $11.81 (~$159.4M): The third of three April 2026 sales batches by NuScale's strategic shareholder, bringing total April proceeds to approximately $435 million. Source: [insider transactions via yfinance, pulled 2026-05-26].
• 2026-04-15 — Fluor Corp sells 12.94M shares at $11.63 (~$150.4M): Second of three April 2026 sales batches. Source: [insider transactions via yfinance, pulled 2026-05-26].
• 2026-04-09 — Fluor Corp sells 13.5M shares at $9.30 (~$125.6M): First of three April 2026 sales batches by the former >10% holder. Source: [insider transactions via yfinance, pulled 2026-05-26].

NuScale's official X (Twitter) handle is @NuScale_Power. No independently link-verifiable X items within the 30-day window are included in this report's source data (the recent_news block in the source data is empty).

12. Key Dates Coming Up

• Next earnings — date not disclosed in this report's source data: No quarterly report date is provided in this report's source data.
• RoPower (Romania) pre-EPC phase — up to ~15 months: Per the FY2025 10-K (Item 7, filed 2026-02-26): following the Romanian Government's February 12, 2026 investment-decision approval for the Doicesti SMR plant, RoPower is authorized to advance licensing and geotechnical work, finalize a pre-EPC contract and begin negotiating long-lead-item contracts; pre-EPC activities have "an estimated duration of up to 15 months." Specific construction-start dates are not disclosed in this report's source data.
• ENTRA1 / TVA up-to-6 GW framework: Per the FY2025 10-K (Item 7, filed 2026-02-26): the September 2, 2025 non-binding TVA agreement contemplates collaboration on up to 6 gigawatts of new nuclear generation; specific site-by-site licensing and construction-start timing is not disclosed in this report's source data.
• Country-level and customer site approvals: Per the FY2025 10-K (Item 7, filed 2026-02-26): country-level NPM design approvals and customer site-approvals are the gating items for moving from engineering to construction; timing is not disclosed in this report's source data.

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Risk Warning: This research is for information only and is not investment advice or a recommendation to buy or sell any security. CFD Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74–89% of retail investor accounts lose money when trading CFDs. Affiliate Disclosure: We may receive a commission from some links on this page at no extra cost to you. Data Disclaimer: All figures are sourced from company filings, earnings releases, and public market data as at the date above. Forward-looking statements are attributed to the company and may not be achieved. Always do your own research. Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice.

Last Updated: 23 September 2026

Gulf Keystone Petroleum is a single-asset oil producer: it operates the Shaikan field in the Kurdistan Region of Iraq. Its fortunes depend less on geology than on politics — whether Kurdish crude can flow through the Iraq–Türkiye pipeline to Ceyhan, and whether the Kurdistan Regional Government and Baghdad pay for it. 2026 has shown both sides of that. Shaikan was shut in twice because of the US–Iran conflict, taking first-half gross production down to 14,600 barrels a day, yet the company still reported a first-half profit of $12.9m on the back of higher export prices, kept its balance sheet debt-free and declared a $10m interim dividend. By mid-September production was back at full well capacity. This report sets out the figures from the company's own results announcements, with no analyst opinions and no price targets.

1. Company Snapshot

Field	Value
Legal name	Gulf Keystone Petroleum Ltd, incorporated in Bermuda
Exchange / ticker	London Stock Exchange Main Market, GKP (GKP.L). Also traded on Euronext Growth Oslo since 18 February 2026
Sector	Energy — upstream oil exploration and production
Core asset	Shaikan field, Kurdistan Region of Iraq (operator)
CEO / Leadership	Jon Harris, Chief Executive Officer. CFO Gabriel Papineau-Legris; COO John Hulme; Non-Executive Chair David Thomas
Employees	Almost 400 staff and contractors across Kurdistan and the UK, per the 2025 Annual Report
Revenue (FY2025)	$164.8m IFRS revenue (+9.0%); $193.1m on the company's non-IFRS invoiced basis
Net income (FY2025)	Profit after tax $15.1m; basic EPS 6.97 cents
Production (FY2025)	41,560 barrels of oil per day gross average (2024: 40,689 bopd)
Shares in issue	217,543,373 voting rights per the 1 April 2026 total voting rights RNS
Balance sheet	No debt. Cash $61.1m at 30 June 2026 and $63.5m at 24 August 2026
Reporting currency / year end	US dollars; 31 December. Half-yearly results with operational updates in between

Two reporting quirks matter throughout this report. First, Gulf Keystone reports in US dollars and US cents while its shares trade in pence. Second, it publishes two revenue lines: an IFRS figure and a larger non-IFRS "invoiced" figure, which records exports at full entitlement value before deducting the recovery of 2022–23 arrears. The tables below use IFRS revenue unless stated.

2. Bull Case and Bear Case

Bull Case

• Exports are flowing again at full capacity: Shaikan restarted on 16 August 2026 when the export agreement was renewed, and the 15 September operational update reported gross production of around 45,500 bopd month-to-date — above the FY2025 average of 41,560 bopd.
• Export pricing transformed unit economics: the realised export price was $83.5/bbl in H1 2026, against $27.6/bbl for local sales in January–September 2025. H1 2026 profit after tax was $12.9m despite average production of only 14,600 bopd.
• Debt-free with dividends intact: the company has had no borrowings since redeeming its $100m notes in August 2022. It paid $50m of dividends in 2025, $12.5m in April 2026, and declared a further $10m payable on 28 September 2026.
• Visible growth projects: the PF-2 water-handling project is on track for start-up in Q1 2027, adding an expected 4,000–8,000 bopd, and a revised field development plan targeting an 85,000 bopd Jurassic plateau is under discussion with the Kurdistan Ministry of Natural Resources.
• Receivables could convert to cash: a net $97.8m receivable for 2022–23 arrears and a $79.6m top-up receivable sat on the balance sheet at 30 June 2026, together worth roughly 30% of the market capitalisation if collected.

Bear Case

• One pipeline, one field, one region: all revenue comes from Shaikan and, in H1 2026, 100% came from a single counterparty, the KRG. The field has been shut in three times since March 2023 for reasons outside the company's control.
• Short-dated export framework: the tripartite interim export agreement with Baghdad and the KRG now runs only to 27 January 2027, and the Iraq–Türkiye pipeline treaty was extended by one year from July 2026. Each renewal is a cliff edge.
• Cash received is far below invoiced price: Gulf Keystone receives about $30/bbl in cash against a realised price of $83.5/bbl; the difference accrues as a receivable whose timing is uncertain. H1 2026 free cash flow was negative $2.0m.
• Revenue has shrunk sharply over five years: IFRS revenue of $164.8m in FY2025 compares with $460.1m in FY2022 and $301.4m in FY2021, a compound decline of about 14% a year across the table in Section 5. 2026 guidance remains suspended.

3. Revenue Segments

Gulf Keystone reports a single operating segment — oil production in Kurdistan. The disclosed revenue categories for FY2025 are below. Exports via the pipeline only resumed on 27 September 2025, so FY2025 was dominated by lower-priced local sales; H1 2026 revenue was 100% exports plus a $24.6m embedded-derivative gain.

Segment / category	% of revenue	What it is
Local (domestic) crude sales — $113.9m	~69%	Sales to local Kurdistan buyers at discounted prices, which averaged $27.6/bbl between January and 26 September 2025 while the pipeline was closed
Export pipeline sales — $54.9m	~33%	Crude delivered to the KRG for export through the Iraq–Türkiye pipeline from 27 September 2025, realised at $50.5/bbl in Q4 2025; shown before $0.4m of marketing fees
Embedded-derivative adjustment — ($3.6m)	~(2)%	Fair-value movement on the pricing mechanism embedded in the export sales arrangements

Customer concentration is extreme. In FY2025 the KRG accounted for 31% of revenue and three local buyers for 45%, 12% and 12%. In H1 2026 the KRG was 100%.

4. Business Model & Moat

How it makes money. Gulf Keystone operates Shaikan under a production sharing contract with the Kurdistan Regional Government. It pays field operating costs and capital expenditure and is entitled to a share of the oil produced to recover those costs plus a profit share. When the pipeline is open, crude is delivered to the KRG for export via Ceyhan and payment arrives within 30 days of each lifting; when it is closed, the company sells to local buyers at steep discounts. Cash that is not reinvested in the field is returned as dividends.

What protects it. Shaikan is a large onshore field with established production facilities, and Gulf Keystone is its operator, which gives it control over development pacing and costs. Its 2026 guidance, before being suspended, pointed to operating costs of $55–60m on 37,000–41,000 bopd. The company has no debt to service, which lets it weather shut-ins without refinancing risk.

Where the model is weakest. The moat is geological, not commercial. Gulf Keystone has no control over the export route, the payment mechanism or the counterparty. The H1 2026 figures illustrate the gap: the realised price was $83.5/bbl, but only about $30/bbl arrived in cash, with the rest booked as a top-up receivable to be settled through additional liftings or payments the company is still negotiating.

Capital allocation. Cash not needed for the field has been returned to shareholders. Gulf Keystone paid $100m of dividends in 2021, $215m in 2022, $25m in 2023, $35m plus $10m of buybacks in 2024, and $50m in 2025, with the pattern tracking the pipeline status almost exactly.

5. Financial Health

All figures below come from Gulf Keystone's own full-year and half-year results announcements. Revenue is IFRS revenue in US dollars; EPS and dividends are in US cents.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	301.4	+178.0%	77.14c	77.14c†	47.16c	$99.1m
FY2022	460.1	+52.7%	123.52c	123.52c†	99.95c	Nil
FY2023	123.5	-73.2%	(5.28)c	(5.28)c†	11.56c	Nil
FY2024	151.2	+22.4%	3.26c	3.26c†	16.05c	Nil
FY2025	164.8	+9.0%	6.97c	6.97c†	23.04c	Nil

† Gulf Keystone does not report an adjusted EPS figure; the Adjusted EPS column repeats basic IFRS EPS. EPS is basic. The FY2021 YoY figure is against FY2020 revenue of $108.4m. Dividend/share is dividends paid in the calendar year. FY2021 long-term debt is the carrying value of the $100m notes, which were redeemed in August 2022. Invoiced (non-IFRS) revenue for FY2025 was $193.1m.

Gulf Keystone reports half-yearly. The table below runs most recent period first, with the FY2025 total in bold.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
H1 2026 (to 30 Jun 2026)	$57.8m (invoiced $82.8m)	5.93c†	5.93c
H2 2025 (derived)‡	$81.7m (invoiced $110.0m)	~10.30c†	~10.30c
H1 2025 (to 30 Jun 2025)	$83.1m	(3.32)c†	(3.32)c
H2 2024 (derived)‡	$80.0m	~3.06c†	~3.06c
FY2025 total	$164.8m (invoiced $193.1m)	6.97c†	6.97c

† No adjusted EPS is reported; basic EPS is repeated. ‡ Second-half figures are derived by subtracting the reported first half from the full year and are shown for shape only.

Cash flow, FY2025. Net cash from operating activities was $63.1m. Cash purchases of property, plant and equipment were $33.3m, giving free cash flow of about $29.8m on that basis (the company's own measure, after other items, was $29.1m). Depreciation, depletion and amortisation totalled $79.4m, of which $77.3m related to oil and gas assets. Operating profit was $15.0m and adjusted EBITDA was $83.1m on IFRS revenue, or $111.4m on invoiced revenue.

Cash flow, H1 2026. Operating cash flow was $19.3m and cash capex $21.1m, so free cash flow was negative $2.0m. DD&A fell to $15.9m because production was shut in for most of the half. Adjusted EBITDA was $26.6m on IFRS revenue and $51.7m on invoiced revenue.

Balance sheet. There are no borrowings. Cash was $78.2m at 31 December 2025, $61.1m at 30 June 2026 and $63.5m at 24 August 2026. Net assets were $478.6m at 30 June 2026. Total liabilities of $157.2m consisted mainly of payables to the KRG that the company does not expect to settle in cash, plus a $36.3m decommissioning provision. The company also discloses a $27.3m contingent liability.

Guidance. 2026 guidance — originally 37,000–41,000 bopd, net capex of $40–50m and operating costs of $55–60m — was suspended after the February shut-in and had not been reinstated as at the H1 results on 25 August 2026.

6. Valuation Metrics

Share prices, and figures worked out from them, are not shown for London-listed companies on ChartsView.

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Short interest (% of float)	0.60% of issued share capital, FCA aggregated net short position at 17 September 2026 (up from 0.20% on 5 August 2026). The FCA reports against issued share capital, not free float
Dividends in 2026	$12.5m paid in April plus $10m ($0.046 per share, 3.44p) payable 28 September, together about 3.9% of market cap

7. What Are They Building

PF-2 water handling. The near-term project is water-handling capacity at production facility 2, on track for start-up in Q1 2027. Management expects it to add 4,000–8,000 bopd of gross production by allowing wells currently constrained by water cut to flow.

Revised field development plan. Gulf Keystone is discussing a new Field Development Plan for Shaikan with the Kurdistan Ministry of Natural Resources. The outline covers an 85,000 bopd plateau from the Jurassic reservoir, a test of the deeper Triassic, and a gas management plan to reduce flaring. The company has indicated drilling could resume in 2027 once the plan and commercial terms are settled.

Commercial settlement. Equally important is the commercial work: the independent consultant's review of Q4 2025 invoices completed in July 2026, and the company is seeking full production-sharing-contract entitlement, additional liftings and top-up payments from SOMO and the KRG starting in Q3 2026 to recover the gap between realised and cash prices.

Capital markets. The February 2026 secondary listing on Euronext Growth Oslo broadens the shareholder base towards Nordic E&P investors; the company has said it intends to move to the Oslo main market in due course.

8. Peer Comparison

Peer	Key 2025 metric
Gulf Keystone (GKP.L)	FY2025 gross production 41,560 bopd; IFRS revenue $164.8m; no debt
Genel Energy (GENL.L)	FY2025 working-interest production 17,520 bopd; revenue $68.7m; net cash $133.7m (FY2025 results RNS)
DNO ASA (DNO.OL)	FY2025 revenue $1,474.0m; net production 110,667 boepd, of which Kurdistan 52,600; net debt $885.9m (company results release, 5 Feb 2026)
ShaMaran Petroleum (SNM)	FY2025 revenue $154.9m; net production 20,900 bopd; net debt $101.6m (Q4 2025 results)

All four share the same Kurdistan export exposure. Corporate activity in the peer group is live: DNO stated on 4 September 2026 that it did not intend to make an offer for Genel after a proposal at 69p a share, and Genel has agreed a recommended cash acquisition of Capricorn Energy. Gulf Keystone is the only one of the four that is both debt-free and an operator of its main asset.

9. Insider Activity

CEO Jon Harris and the executive team dealt in March and April 2026, almost entirely through the vesting of long-term incentive plan and deferred bonus awards, with shares sold to cover tax. The only open-market purchases were small ISA purchases by the Chief Legal Officer and his spouse. Figures are from the company's Director/PDMR Shareholding RNS announcements.

Name	Date	Type	Shares	Plan Type
Jon Harris (CEO)	31 Mar 2026	Exercise + sale	264,428 exercised; 124,718 sold	2023 LTIP vesting, sale to cover tax
Jon Harris (CEO)	31 Mar 2026	Vest + sale	77,539 vested; 36,572 sold	Deferred bonus plan
Gabriel Papineau-Legris (CFO)	30 Mar 2026	Exercise + sale	72,701 exercised; 34,290 sold	LTIP vesting
John Hulme (COO)	31 Mar 2026	Exercise + sale	87,557	LTIP vesting
Clare Kinahan (CHRO)	23 Mar 2026	Sell	50,000	Market sale
Alasdair Robinson (CLO)	23 Mar 2026	Sell	50,000	Market sale
Alasdair Robinson (CLO)	24 Mar 2026	Buy	6,536	ISA purchase
Jon Harris (CEO)	01 Apr 2026	Award	495,861	2026 LTIP award
Gabriel Papineau-Legris (CFO)	01 Apr 2026	Award	284,781	2026 LTIP award

After the March and April transactions Jon Harris held 532,401 shares (about 0.24% of the company) and Gabriel Papineau-Legris 519,334. No PDMR dealings were announced between the April awards and 23 September 2026.

10. Key Risks

• Export route (Political): Shaikan's revenue depends on the Iraq–Türkiye pipeline and on a tripartite export agreement with Baghdad and the KRG that now runs only to 27 January 2027. The pipeline was closed from March 2023 to September 2025, and the field was shut in twice more in 2026.
• Payment mechanism (Financial): cash received per barrel (about $30) is far below the realised price ($83.5 in H1 2026), with the balance held as a $79.6m top-up receivable plus a net $97.8m receivable for 2022–23 arrears. Recovery timing depends on negotiations with the KRG and SOMO.
• Counterparty concentration (Commercial): the KRG accounted for 100% of revenue in H1 2026. Any dispute over entitlement, arrears or the production sharing contract affects the whole business.
• Regional security (Geopolitical): both 2026 shut-ins followed the US–Iran conflict. The company lists security, political instability and sanctions among its principal risks.
• Single-asset reserves and delivery (Operational): all value sits in one field. Water cut, reservoir performance and the delivery of PF-2 and any new drilling programme drive future production.
• Oil price (Macro): export realisations are linked to Dated Brent less a discount ($8.8/bbl in H1 2026), so a fall in crude prices flows directly into revenue.

11. Recent Developments

• 23 Sep 2026 — Interim dividend FX rates set. The $0.046 per share interim dividend converts to 3.44p for London holders and NOK 0.4339 for Oslo holders, payable on 28 September 2026.
• 15 Sep 2026 — Production back at full well capacity. Gross Shaikan production averaged around 45,500 bopd month-to-date to 13 September, and the CEO presented at the Pareto energy conference in Oslo on 16 September.
• 25 Aug 2026 — H1 2026 results and $10m interim dividend. Profit after tax $12.9m and basic EPS 5.93 cents, against a loss a year earlier, despite average gross production of only 14,600 bopd. Adjusted EBITDA $51.7m on invoiced revenue. Cash $63.5m at 24 August and no debt. 2026 guidance remains suspended.
• 21 Aug 2026 — Kurdistan export agreement renewed. The interim export arrangement between the international oil companies, Baghdad and the KRG was extended by six months to 27 January 2027, as reported by MEES.
• 16 Aug 2026 — Shaikan restarts. Production and exports resumed following the signing of the export agreement extension, after a shut-in that began on 19 July.
• 01 Aug 2026 — Iraq–Türkiye pipeline deal extended. The two governments agreed a one-year extension of the pipeline arrangement after the previous treaty expired on 27 July, with a minimum capacity of 750,000 bpd.
• 19 Jul 2026 — Second shut-in of 2026. Shaikan was shut in again, less than four weeks after restarting on 24 June, following the first shut-in from 28 February.
• 19 Mar 2026 — FY2025 results. Gross production 41,560 bopd, IFRS revenue $164.8m, profit after tax $15.1m and $50m of dividends paid during the year.
• 18 Feb 2026 — Oslo listing. Shares began trading on Euronext Growth Oslo alongside the London listing.

For the macro backdrop to oil prices and Middle East risk, see the ChartsView Economic Calendar.

12. Key Dates to Watch

• 28 Sep 2026 — payment date for the $0.046 per share interim dividend (ex-dividend date 10 September has passed)
• Expected Dec 2026 — operational update; the company typically issues production updates in December or January, June and around its results. No date has been published
• 27 Jan 2027 — expiry of the renewed interim export agreement between the oil companies, Baghdad and the KRG
• Expected Q1 2027 — start-up of PF-2 water handling, guided to add 4,000–8,000 bopd gross
• Expected Mar 2027 — FY2026 results. FY2025 results were published on 19 March 2026; no FY2026 date has been announced
• Expected Jun 2027 — Annual General Meeting; the 2026 AGM was held on 19 June 2026
• Expected Jul 2027 — end of the one-year extension of the Iraq–Türkiye pipeline arrangement agreed in August 2026

The company's financial calendar listed no scheduled events after the September 2026 Pareto conference as at 23 September 2026. Discuss this research with other investors in the ChartsView Forum.

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Last Updated: 1 September 2026

Diamondback Energy is the largest pure-play operator in the Permian Basin, and 2026 has handed it one of the most extreme earnings sequences in its history. A collapse in commodity prices through 2025 forced a $3.65bn non-cash ceiling-test write-down in the fourth quarter, turning that quarter into a $5.11 per-share loss; a further $1.40bn impairment followed in the first quarter of 2026, leaving GAAP earnings of just $0.08 per share. Then, in the second quarter, the disruption of oil flows through the Strait of Hormuz produced what management called the largest supply shock in the history of the global oil market, Diamondback's realised oil price jumped to $96.82 a barrel, production crossed one million barrels of oil equivalent per day for the first time, and diluted earnings came in at $6.65. This report sets out the audited figures behind that swing, the balance sheet left over from the Endeavor acquisition, and the structural issues, negative Waha gas pricing and Permian water disposal among them, that persist regardless of where oil trades next quarter.

1. Company Snapshot

Field	Value
Ticker / Exchange	FANG, Nasdaq Global Select Market
Headquarters	Midland, Texas, United States
Sector / Industry	Energy, oil and natural gas exploration and production
CEO / Leadership	Kaes Van't Hof, Chief Executive Officer and Director (succeeded Travis Stice at the 2025 annual meeting). Jere W. Thompson III, EVP and Chief Financial Officer. Daniel N. Wesson, EVP and Chief Operating Officer. Travis D. Stice became non-executive Chairman on 20 May 2026.
Employees	1,762 full-time at 31 December 2025, none unionised
Revenue (FY2025)	$15,026m, up 35.8% on FY2024
Net income (FY2025)	$1,547m consolidated, including a $3,652m non-cash impairment
GAAP diluted EPS (FY2025)	$5.73, against adjusted EPS of $13.37
Market capitalisation	~$57.3bn (280.0m shares at the $204.66 close, 1 September 2026)
Production (Q2 2026)	1,017,659 BOE/d, of which 525,176 barrels of oil per day (51.6% oil)
Proved reserves	3,618 MMBOE at 31 December 2025, 49% oil
Acreage	~869,036 net Permian acres at 31 December 2025 (Midland 774,645, Delaware 94,391)
Incorporation	Delaware, IPO October 2012

Diamondback's operating scale is now a direct product of consolidation: the $26bn Endeavor Energy Resources acquisition closed on 10 September 2024 and the Double Eagle transaction closed on 1 April 2025. Both are the reason revenue grew 36% in 2025 while the wider large-cap exploration and production peer group shrank. You can follow the price action on our Live Charts page.

2. Bull Case and Bear Case

Bull Case

• Lowest-cost position in the best basin: Diamondback carries 8,854 gross drilling locations it states are economic at roughly $50 per barrel WTI, proved-developed finding and development costs have fallen from $10.87 per BOE in 2019 to $8.52 in 2025, and Midland Basin well costs are budgeted at $550 per lateral foot in 2026, down 2% year on year.
• Cash generation at scale: trailing twelve-month operating cash flow was $10.1bn against cash capital expenditure of $3.6bn, and management projects roughly $7.8bn of free cash flow for full-year 2026 at strip pricing, equal to more than $27 per share.
• Deleveraging is real and rapid: consolidated total debt has fallen from a peak of $16.4bn at 30 September 2025 to $12.8bn at 30 June 2026, a $1.3bn reduction in the second quarter alone, with net debt at 0.8 times annualised second-quarter adjusted EBITDA and a weighted-average maturity of about twelve years.
• Operational execution is improving measurably: completion pace has risen from about 1,500 lateral feet per day in 2021 to 4,600 feet per day in 2026 on the shift to simul-frac, the company drilled its longest well ever at 31,465 feet, and the post-impairment depletion rate cut second-quarter DD&A by $89m.
• Gas takeaway is being structurally fixed: management expects secured long-haul capacity to more than double by the end of 2026, shifting price exposure away from the Waha hub toward Gulf Coast demand centres, and is separately pursuing gigawatt-scale power projects on its own surface acreage for data-centre demand.

Bear Case

• The second quarter is not a run rate: the $6.65 of GAAP earnings rested on a realised oil price of $96.82 per barrel driven by a geopolitical supply shock, against $63.23 in the same quarter of 2025. The company itself is buying downside insurance, holding long puts struck at $50 to $55 on 305,000 barrels per day for the third quarter.
• Two impairments in three quarters: $3,652m was written off in the fourth quarter of 2025 and $1,400m more in the first quarter of 2026, both driven purely by the trailing-average price test. Full-cost accounting means further sustained price weakness mechanically produces further write-downs.
• Negative gas realisations: Diamondback received minus $2.15 per Mcf for its natural gas in the second quarter of 2026, and still carries Waha basis swaps accepting a discount of about $1.80 per MMBtu through the fourth quarter of 2026.
• The variable dividend has stopped: no variable dividend was declared in either the first or second quarter of 2026, the board removed its formulaic commitment to return at least half of adjusted free cash flow, and the second-quarter payout ratio fell to roughly 19% against 54% for full-year 2025.
• A large, visibly exiting holder: SGF FANG Holdings, the Endeavor family vehicle, sold roughly $4.7bn of stock between February and June 2026, cutting its position from about 99.7m to 74.0m shares, and still holds around 26% of the company.

3. Business Segments

Diamondback reports as a single operating segment. The disaggregation below is the revenue breakdown given in the FY2025 Form 10-K.

Segment / category	% of revenue	What it is
Oil sales	77.3% ($11,621m)	Crude oil produced from Midland and Delaware Basin horizontal wells. By basin, Midland contributed $10,729m, Delaware $850m and other $42m.
Natural gas liquid sales	9.5% ($1,432m)	Ethane, propane, butanes and natural gasoline extracted from the associated gas stream and sold at the plant tailgate.
Sales of purchased oil	9.8% ($1,476m)	Third-party barrels bought and resold to fill transportation commitments. Essentially a pass-through, with purchased oil expense of $1,474m against it, leaving roughly $2m of margin.
Natural gas sales	2.7% ($400m)	Associated gas, the smallest and most volatile line. Realisations have at times been negative because of Permian takeaway constraints.
Other operating income	0.6% ($97m)	Midstream and service income, including $65m of other service revenues. Diamondback does not caption a separate midstream services revenue line.

Diamondback also consolidates Viper Energy, its minerals and royalties affiliate, despite owning only about 39% of Viper's combined Class A and Class B shares on a fully diluted basis at 30 June 2026. Viper contributes a $6,085m non-controlling interest on the balance sheet and $1,695m of the group's consolidated debt.

4. Business Model and Moat

How it makes money. Diamondback leases acreage, drills long horizontal wells into stacked Permian shale intervals, and sells the resulting oil, gas and natural gas liquids at prevailing market prices less transport and processing. There is no refining, chemicals, offshore or international exposure to smooth the cycle. Revenue is therefore almost a pure function of barrels produced multiplied by the realised price, and 77.3% of it came from oil alone in 2025. Profitability is decided by two things the company can control, cost per barrel and capital efficiency, and one it cannot, the price of crude.

Where the advantage comes from. Scale within a single basin is the entire thesis. With roughly 869,000 net Permian acres and 6,677 producing horizontal wells, Diamondback can drill contiguous multi-well pads, run simul-frac operations continuously, and spread fixed infrastructure across a dense footprint. That shows up directly in unit costs: cash operating expense was $10.96 per BOE in the second quarter of 2026, and the unhedged cash margin was $35.88 per BOE year to date, about 75% of the realised price, against $15.91 per BOE in 2019. Average lateral length has been pushed to 12,900 feet, and the company completed its first six U-turn wells, three-mile laterals drilled a mile and a half out and back, in the second quarter.

Why the moat is narrower than it looks. Low-cost shale acreage is a depleting asset, not a franchise. Every barrel produced must be replaced, management conceded on the second-quarter call that simply holding production flat consumes roughly $1bn of capital per quarter, and the inventory count itself is price-dependent because locations economic at $50 WTI cease to be economic below it. The move into the Barnett and Woodford at roughly $1,000 per lateral foot, close to double core Midland cost, is a visible sign that the very best rock is being drawn down.

How consolidation changed the company. Endeavor added about 361,927 net acres and roughly 117.3m shares, Double Eagle added a further 40,000 net acres for $3.1bn of cash plus stock, and Viper bought Sitio Royalties in August 2025. The result is a business with materially more scale but also materially more debt and a concentrated register, and management has spent 2026 selling non-core assets, the EPIC Crude stake for about $504m and the Environmental Disposal Systems water business for $694m among them, to pay that debt down.

5. Financial Health

All figures below are taken from Diamondback's Form 10-K filings, quarterly earnings press releases and SEC XBRL company facts. Note that the FY2025 GAAP result is depressed by a non-cash impairment; the adjusted column is the company's own measure.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$6,797m	+141.6%	$12.24	~$11.27†	$1.75	$6,642m
FY2022	$9,643m	+41.9%	$24.61	~$24.04†	$8.96	$6,238m
FY2023	$8,412m	−12.8%	$17.34	~$18.01†	$7.99	$6,641m
FY2024	$11,066m	+31.6%	$15.53	$16.57	$8.29	$12,075m
FY2025	$15,026m	+35.8%	$5.73	$13.37	$4.00	$13,726m

† Diamondback did not publish a full-year adjusted earnings per share figure before FY2024; the FY2021 to FY2023 entries are the sum of the four quarters it did report and are approximate, because weighted-average share counts moved within each year. As a calibration, summing the four 2024 quarters gives $16.04 against the company's reported $16.57. Dividend per share is cash dividends paid per share, which is available on a consistent basis for all five years; it combines the base and variable components. Long-term debt is the non-current balance-sheet figure and excludes the current portion, which was $763m at 31 December 2025 and nil at 31 December 2023.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	$5,562m	$6.48	$6.65
Q1 2026	$4,240m	$4.23	$0.08
Q4 2025	$3,376m	$1.74	−$5.11
Q3 2025	$3,924m	~$4.42‡	$3.51
Q2 2025	$3,678m	$2.67	$2.38
FY2025 total	$15,026m	$13.37	$5.73

‡ The Q3 2025 adjusted figure is derived as the reported full-year $13.37 less the three other reported quarters. Q4 2025 revenue is derived as the reported full year less the three reported quarters.

The shape of this table is the whole story. Revenue has compounded at roughly 22% a year since 2021, but almost entirely through acquisition rather than price. GAAP earnings per share fell 63% in 2025 on a 36% revenue increase purely because of the ceiling test. Long-term debt more than doubled in 2024 to fund Endeavor and has since begun to reverse: total debt including the current portion stood at $12,614m at 30 June 2026, down from $14,667m at the end of 2025, against cash of $462m.

On the cash flow statement, FY2025 operating cash flow was $8,758m against cash capital expenditure of $3,523m and depreciation, depletion and amortisation of $5,038m. On a trailing twelve-month basis to 30 June 2026, operating cash flow was $10,143m, cash capital expenditure $3,646m, DD&A $5,240m and GAAP operating income $1,082m, the last of which absorbs $5,052m of impairment charges booked in the fourth quarter of 2025 and the first quarter of 2026.

6. Valuation Metrics

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$57.3bn (280.0m shares at the $204.66 close, 1 September 2026)
Enterprise value	~$69.5bn (market cap $57.3bn plus total debt $12.6bn less cash $0.5bn, per the 30 June 2026 balance sheet; total debt is $11,066m long-term plus $1,548m current)
Trailing P/E (GAAP)	~39x on trailing twelve-month GAAP diluted EPS of $5.25. This figure is distorted by $5,052m of non-cash ceiling-test impairments in the period; on the company's trailing adjusted earnings of roughly $16.87 per share the same price is about 12x.
P/E (forward)	~11x on market-consensus forward earnings of about $18.12 per share. Diamondback issues production and capital guidance but does not guide to earnings, so this is a consensus input rather than a company figure.
P/S (TTM)	~3.4x (market cap $57.3bn / trailing twelve-month revenue $17,102m)
EV/EBITDA (TTM)	~6.1x. EBITDA is built as trailing operating income $1,082m plus DD&A $5,240m plus the $5,052m of ceiling-test impairments booked in Q4 2025 and Q1 2026, giving $11,374m. Including the impairments in the cost base instead would give roughly 11x, which is not meaningful for a non-cash price-test write-down. The wider DepreciationDepletionAndAmortization tag was used for DD&A.
P/FCF	~8.8x (market cap $57.3bn / free cash flow $6,497m; free cash flow = trailing operating cash flow $10,143m less cash capital expenditure $3,646m). Against management's own projection of about $7.8bn of full-year 2026 free cash flow the multiple would be roughly 7.3x.
52-week high	$216.90
52-week low	$134.30
Short interest (% of float)	~3.7% (7,605,686 shares short at the 14 August 2026 settlement against a free float of 204.2m shares). Measured against all 280.0m shares outstanding it is 2.7%; the gap is the SGF FANG Holdings block, so the basis matters when comparing sources.
Days to cover	~4.2 days at the 14 August 2026 settlement, down from 5.4 at the 29 May 2026 reading
Dividend	$1.10 per share per quarter, $4.40 annualised, a yield of about 2.1%. No variable dividend was declared in Q1 or Q2 2026.

7. What Are They Building

The 2026 capital programme. Diamondback plans roughly $3.90bn of cash capital expenditure in 2026, of which about $3,310m is operated drilling and completion. It expects to run fifteen to eighteen rigs and around five completion crews on average, drilling 6.1m to 6.5m net lateral feet at an average lateral of about 12,900 feet. Guidance has been raised twice this year, from an original 500,000 to 510,000 barrels of oil per day issued in February, to 520,000 or more in May, to 522,000 or more with total production above 1,000,000 BOE/d in August, while the capital number stayed at about $3.90bn.

Gas takeaway and the Waha problem. The single most important structural project is escaping West Texas gas pricing. Management states it has committed to multiple long-haul pipelines to the Gulf Coast and expects secured takeaway capacity to more than double by the end of 2026, shifting exposure toward larger demand hubs. This matters because Diamondback realised minus $2.15 per Mcf on gas in the second quarter, with Waha reaching roughly minus $10 per Mcf at its worst during spring pipeline maintenance.

Power and data centres. The company is working on what the chief executive describes as gigawatt-scale power opportunities on its own surface acreage in West Texas, arguing that data centres should be built where gas and land are abundant. As of the second-quarter letter this remains uncontracted: management says it has a large shovel-ready project and will provide detail once it has a signed long-term contract with a credible counterparty. Trade press has reported a specific Ward County project, but that detail does not appear in company filings and should be treated as unconfirmed.

Chemical enhanced oil recovery. A fifty-well pilot was completed in the second half of 2025 and a second batch of tests flowed back in the second quarter of 2026 with what the company calls encouraging results. Management frames the prize as potentially rivalling the value created by the drill bit without adding a single new location to inventory. Between 3% and 4% of the 2026 budget is allocated to advancing the Barnett and Woodford exploratory play alongside these recovery tests.

Balance sheet repair. Debt reduction is now the explicit priority, and management has said that removing the prior formulaic return-of-capital framework is precisely what allowed it to accelerate absolute debt reduction. Consolidated total debt is down about $2.6bn over the last twelve months. In June 2026 the revolving credit facility was upsized from $2.5bn to $3.0bn and extended to 12 June 2031, and in April the company tendered $777m of long-dated notes for $632m of cash, 81.1% of par, booking a $134m gain.

8. Competitive Position

Diamondback is the only pure-play in this peer group; it operates exclusively in the Midland and Delaware Basins with no international, offshore, refining or chemicals exposure. Note that the peer set itself is consolidating: Devon Energy and Coterra Energy completed an all-stock merger on 7 May 2026, with each Coterra share converting into 0.70 Devon shares, so the Coterra ticker has been retired and Devon's market capitalisation below reflects the enlarged company while its FY2025 revenue does not.

Peer	Market cap (September 2026)	Key 2025 metric
ConocoPhillips (COP)	~$159.2bn	FY2025 revenue $58,944m, up from $54,745m in FY2024. The largest independent in the group and globally diversified rather than Permian-focused.
EOG Resources (EOG)	~$76.0bn	FY2025 revenue $22,582m, down from $23,378m in FY2024, one of two peers here whose revenue contracted in 2025.
Occidental Petroleum (OXY)	~$60.2bn	FY2025 revenue $21,593m, down from $22,019m in FY2024. Carries OxyChem and Gulf of Mexico operations alongside its Permian position.
Diamondback Energy (FANG)	~$57.3bn	FY2025 revenue $15,026m, up 35.8%, the fastest growth in the group and almost entirely acquisition-driven.
Devon Energy (DVN)	~$53.4bn	FY2025 revenue $17,188m on a standalone pre-merger basis, up from $15,940m in FY2024. Completed its merger with Coterra Energy on 7 May 2026.

Trade press describes Diamondback as the third-largest producer in the Permian Basin and the largest pure-play, behind ExxonMobil at roughly 1.7m BOE/d and Chevron at just over 1m BOE/d; that ranking comes from secondary sources rather than a filing. Against Permian crude output of roughly 6.5m to 6.7m barrels per day, Diamondback's 525,000 barrels per day of oil is on our own arithmetic close to 8% of the basin. For sector-wide context and scheduled data releases, see our Economic Calendar.

9. Insider Activity

Chief Executive Kaes Van't Hof, who took the role at the 2025 annual meeting, has been a seller rather than a buyer in 2026, disposing of roughly 30,000 shares for about $7.1m across March, June and August while holding 115,940 shares. Across every Form 4 filed for Diamondback in 2026 the transaction codes present are A (grant), C (conversion), F (tax withholding), G (gift) and S (sale). Transaction code P, an open-market purchase, does not appear once. Selected sales are set out below; note that several aggregators report the code-A annual equity awards as insider buying, which they are not.

Name	Date	Type	Shares	Price	Value	Plan Type
SGF FANG Holdings, LP	12 Mar 2026	Sale (registered secondary)	12,650,000	$170.19	~$2,152.9m	Underwritten offering
SGF FANG Holdings, LP	4 Jun 2026	Sale	10,000,000	$204.25	~$2,042.5m	Open market
Travis D. Stice	6 Mar 2026	Sale (four tranches)	99,000	$181.06–$181.68	~$18.1m	Open market
Charles Alvin Meloy	16 Jun 2026	Sale (three tranches)	83,334	$186.37–$187.68	~$15.6m	10b5-1
Kaes Van't Hof	3 Jun 2026	Sale (two tranches)	15,000	$205.00–$210.00	~$3.1m	Open market
Matt Zmigrosky	13 Mar 2026	Sale	20,899	$180.00	~$3.8m	Open market
Daniel N. Wesson	20 Aug 2026	Sale	7,500	$215.21	~$1.6m	Open market
Jere W. Thompson III	14 Aug 2026	Sale	500	$204.14	~$0.1m	Open market

The dominant flow by an order of magnitude is SGF FANG Holdings, the Endeavor equityholder vehicle, which sold roughly $4.7bn of stock across five transactions between February and June 2026, taking its holding from about 99.7m shares to 74,036,722. That remains roughly a quarter of the company and represents a visible, persistent overhang. Diamondback also repurchased $509m of shares directly from SGF during the first half of 2026, on top of a $305m related-party repurchase in the fourth quarter of 2025.

10. Key Risks

• Commodity price exposure is the entire business: oil was 77.3% of FY2025 revenue. A price decline in 2025 produced a $3,652m write-down and a $5.11 quarterly loss per share; a geopolitical supply shock then took realised oil from $63.23 to $96.82 a barrel and quarterly earnings from $2.38 to $6.65. The company is paying deferred premiums of roughly $1.30 to $1.60 per barrel for long puts struck at $50 to $55, which is a fair indication of how it views the downside.
• Full-cost accounting converts price weakness into write-downs: Diamondback must run a quarterly ceiling test against trailing twelve-month average SEC prices. That mechanism has already produced $5,052m of impairments across two of the last three reported quarters, and would produce more on any sustained decline. These charges are non-cash but they reduce reported equity and earnings.
• Waha basis and gas takeaway: realised gas pricing was negative $2.15 per Mcf in the second quarter of 2026, with cash Waha reported negative for a long run of consecutive days earlier in the year. Pricing turned positive from mid-June as new pipeline capacity came online, but Diamondback still holds basis swaps on 650,000 MMBtu per day accepting a discount of about $1.87 for the third quarter and $1.75 for the fourth.
• Leverage inherited from Endeavor: total debt of $12,614m at 30 June 2026 sits against just $462m of cash, and includes $1,695m of Viper debt that Diamondback consolidates but does not wholly own. Deleveraging in the first half of 2026 was funded partly by $657m of asset-sale proceeds and a $589m sale of Viper stock rather than purely from operations.
• Decline rates and finite inventory: management stated that holding production flat consumes roughly $1bn of capital per quarter. The 8,854 gross locations are economic at about $50 WTI, a count that shrinks if prices fall, and 10,902 net undeveloped acres expire during 2026 unless drilled or extended. The push into the Barnett at roughly $1,000 per lateral foot signals that core inventory is being consumed.
• Water disposal and induced seismicity: Diamondback's own risk disclosure cites a moratorium on new produced-water disposal well permits imposed by the Texas Railroad Commission to control induced seismicity in the Permian. Deep disposal permits were suspended in the Northern Culberson-Reeves seismic response area after a magnitude 5.4 earthquake in May 2025, and permitting across Districts 7C, 8 and 8A was tightened from 1 June 2025.
• Capital-return policy has been rewritten: the board removed its formulaic commitment to return at least half of adjusted free cash flow, and no variable dividend was declared in the first or second quarter of 2026. Total return of capital in the second quarter was $452m against $2,331m of adjusted free cash flow, a payout of roughly 19% against 54% for FY2025.
• Cost inflation and antitrust litigation: management expects inflation on fixed costs such as casing through the rest of 2026 and into 2027 as Permian activity grows. Separately, Diamondback is a named defendant in In re Shale Oil Antitrust Litigation, MDL No. 3119 in the District of New Mexico, alleging that producers conspired to constrain output. The company acknowledges only generic claims alleging violations of antitrust laws in its filings, names no matter and discloses no accrual, and we could not source a ruling on the motion to dismiss argued in May 2025.

11. Recent Developments

• 10 March 2026 — SGF FANG Holdings launches a secondary offering. An underwritten offering of 11,000,000 shares by the Endeavor equityholder vehicle, with a 30-day option over a further 1,650,000. Diamondback received no proceeds.
• 12 March 2026 — The secondary prices at $170.19. 12,650,000 shares sold for roughly $2.15bn with the over-allotment fully exercised, cutting SGF's stake to 84,036,722 shares.
• 6 April 2026 — Cash tender offers launched for long-dated notes. Any-and-all offers for the 4.400% notes due 2051 and 4.250% notes due 2052, a liability-management exercise aimed at paper trading well below par.
• 13 April 2026 — Tender results and Q1 realised prices disclosed. Across the second quarter Diamondback tendered $777m of principal for $632m of cash, 81.1% of par, booking a $134m gain, and separately repaid the remaining $550m term loan. Q1 realised prices were oil $73.47 per barrel, gas $0.18 per Mcf and natural gas liquids $16.68 per barrel.
• 4 May 2026 — First-quarter results and a guidance raise. GAAP diluted EPS of $0.08 after a $1.4bn ceiling-test impairment, adjusted EPS $4.23, free cash flow $1.7bn, 3.3m shares repurchased for about $548m. The base dividend was raised 5% to $1.10 and production guidance lifted to 520,000 or more barrels of oil per day.
• 20 May 2026 — Annual meeting and completion of the leadership transition. Travis D. Stice stepped down as Executive Chairman and became non-executive Chairman, completing the plan announced in February 2025. Each non-employee director received a 982-share annual award.
• 4 June 2026 — SGF sells a further 10,000,000 shares at $204.25. Roughly $2.04bn, taking the vehicle's holding to 74,036,722 shares and cumulative 2026 sales to about $4.7bn.
• 12 June 2026 — Revolving credit facility upsized and extended. The seventeenth amendment raised total commitments from $2.5bn to $3.0bn, pushed maturity from 2030 to 12 June 2031, and reduced applicable rates and certain fees.
• 13 July 2026 — Second-quarter realised prices pre-released. Oil $96.82 per barrel, natural gas negative $2.15 per Mcf, natural gas liquids $18.56 per barrel. The negative gas print was public three weeks ahead of full results.
• 30 July 2026 — Buyback authorisation doubled to $16.0bn. Raised from $8.0bn excluding excise tax, with about $9.9bn remaining as at 31 July 2026. No time limit, and all repurchased shares are retired.
• 3 August 2026 — Second-quarter results. Revenue $5,562m, GAAP diluted EPS $6.65, adjusted EPS $6.48, free cash flow $2.33bn, production above 1.0m BOE/d for the first time and total debt cut $1.3bn to $12.8bn. Guidance was raised again and the chief executive attributed the quarter to the Strait of Hormuz supply shock.
• 4 August 2026 — Shares fall despite the beat. The stock closed down 3.75% at $191.30 after management flagged the roughly $1bn per quarter maintenance capital requirement and casing cost inflation into the second half of 2026 and 2027. Full-year 2026 free cash flow was guided to about $7.8bn.
• 20 August 2026 — Second-quarter base dividend of $1.10 paid. The same day saw the heaviest single day of officer selling in the second half, with the chief executive and chief operating officer selling at $214.64 to $215.21, the highest prices of the year.

12. Key Dates

• Expected November 2026 — third-quarter 2026 results. Diamondback had not announced the date as at 1 September 2026; its practice is to pre-announce roughly three weeks ahead via a Form 8-K, and the third-quarter 2025 results were released on 3 November 2025.
• Expected October 2026 — declaration of the third-quarter 2026 base dividend, on the pattern of the 3 August and 4 May declarations. No date has been announced.
• 20 August 2026 — second-quarter 2026 base dividend of $1.10 per share paid, record date 13 August 2026.
• 3 August 2026 — second-quarter 2026 results released and the current guidance of 522,000-plus barrels of oil per day set.
• 30 July 2026 — share repurchase authorisation doubled to $16.0bn, with about $9.9bn remaining.
• 20 May 2026 — 2026 annual meeting held in Midland, Texas; the 2027 meeting date has not been announced.
• 12 June 2031 — maturity of the $3.0bn revolving credit facility as extended in June 2026.

Diamondback does not publish an investor-day calendar, and no ruling date has been set publicly in the shale antitrust multidistrict litigation. Readers tracking the oil price backdrop that drives this company's results may find our Forum and Economic Calendar useful.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 30 August 2026

Chevron Corporation is one of the world's largest integrated energy companies, producing crude oil and natural gas, refining and marketing fuels and lubricants, and increasingly building natural-gas-fired power for data centres. The July 2025 acquisition of Hess Corporation reshaped the company, adding a 30% interest in Guyana's Stabroek Block and lifting production to record levels. This report sets out what Chevron actually reported through its second quarter of 2026, published 31 July 2026, using only company filings and primary sources. No analyst opinions, no price targets.

1. Company Snapshot

Field	Value
Exchange and ticker	New York Stock Exchange, CVX (SEC CIK 0000093410)
Sector	Energy — integrated oil and gas (SIC 2911, Petroleum Refining)
Headquarters	1400 Smith Street, Houston, Texas, USA (relocated from San Ramon, California, announced 2 Aug 2024)
Founded	1879 (Pacific Coast Oil Company, incorporated 10 September 1879)
Employees	43,039 at 31 December 2025 (37,860 non-service-station plus 5,179 service-station), per the FY2025 Form 10-K
CEO / Leadership	Michael K. Wirth, Chairman of the Board and Chief Executive Officer; Eimear P. Bonner, Vice President and Chief Financial Officer; Mark A. Nelson, Vice Chairman
Revenue (FY2025)	$184,432m sales and other operating revenues; $189,031m total revenues and other income
Net income (FY2025)	$12,299m attributable to Chevron; GAAP diluted EPS $6.63
Most recent quarter	Q2 2026, reported 31 July 2026: revenue $67,199m, GAAP diluted EPS $6.11
Market cap	$395.97bn (30 August 2026, on the 28 August 2026 close)
Share price	$201.86 (close, 28 August 2026)
Shares outstanding	1,962 million at 30 June 2026, excluding 14 million held by the Benefit Plan Trust
Dividend	$1.78 per share quarterly ($7.12 annualised), declared 31 July 2026, payable 10 September 2026

Chevron is the only energy constituent of the Dow Jones Industrial Average, and is also a member of the S&P 500 and S&P 100. It remains incorporated in Delaware. No stock split has occurred in 2024, 2025 or 2026.

2. Bull and Bear Case

Bull Case

• Record production with the Hess assets now consolidated: FY2025 output reached a record 3,723 MBOED, up 12%, and Q2 2026 reached 4,070 MBOED, up 20% year-on-year, with US production of 2,077 MBOED setting a quarterly record and exceeding two million boe/d for a fifth consecutive quarter.
• Cost programme delivered ahead of schedule: the $3 billion structural cost reduction run-rate versus 2024 was reached in Q2 2026, six months early, against a $3–4 billion target for end-2026; separately $1.5 billion of Hess run-rate synergies were delivered within a year of closing, 50% above the initial $1 billion target.
• Low breakeven and a stated growth framework: at the 12 November 2025 Investor Day Chevron guided to a capex-and-dividend breakeven below $50/bbl Brent sustained through 2030, adjusted free cash flow and EPS growth of more than 10% a year at $70 Brent, and production growth of 2–3% a year.
• Balance sheet repaired fast when prices cooperate: total debt was cut by a record $8.4 billion in Q2 2026 alone, taking the net debt ratio from 15.6% at 31 December 2025 to 13.1% at 30 June 2026, with debt-to-cash-flow of 0.8x.
• A genuinely new revenue line with a signed 20-year contract: Chevron signed a 20-year power purchase agreement with Microsoft for approximately 2.67 GW of behind-the-meter capacity at Project Kilby in West Texas, built with GE Vernova and Engine No. 1, with first power expected in 2028.

Bear Case

• Current earnings are price-inflated, not run-rate: Q2 2026 net income of $12.1 billion was earned with Brent averaging $104/bbl. Q1 2026 at $81 Brent produced $2.2 billion and Q4 2025 at $64 Brent produced $2.8 billion. That is roughly a five-fold earnings swing in four quarters driven almost entirely by price and timing.
• Cash returns have exceeded free cash flow: FY2025 returned $27.1 billion against $16.6 billion of free cash flow, and total debt rose from $24.5 billion to $40.8 billion during the year. In Q1 2026 free cash flow was negative $1.5 billion while $6.0 billion was still returned.
• Concentrated geopolitical exposure: substantially all Tengiz crude exports run through the Caspian Pipeline Consortium to Russia's Black Sea coast, which suspended loadings in July 2026 after drone strikes on four tankers in four days. Venezuela operates only under specific OFAC authorisations that have been withdrawn and restored repeatedly.
• The Guyana position is large and non-operated: the $48 billion Hess purchase concentrates value in a 30% non-operated interest in Stabroek, where ExxonMobil is the operator and publicly disagreed with the July 2025 arbitration ruling that cleared the deal.
• Insiders are selling, not buying: across every Chevron Form 4 filed in 2026 there is not a single Code P open-market purchase; roughly $360 million of gross insider sale proceeds were recorded, and every acquisition is a Code A grant or a Code M option exercise.

3. Business Segments

Chevron reports three operating segments. Because Downstream sells large volumes of third-party-sourced product at low margin, it dominates reported revenue while contributing only about a fifth of positive segment earnings. Percentages below use total revenues and other income of $189,031m for FY2025.

Segment	% of revenue	What it is
Downstream	69.7% ($131,837m; US $65,913m, international $65,924m). FY2025 segment earnings after tax $3,022m	Refines crude into transportation fuels, markets fuels and lubricants, manufactures additives and renewable fuels, and trades and transports crude and product. Includes the 50%-owned Chevron Phillips Chemical and GS Caltex affiliates.
Upstream	29.9% ($56,550m; US $20,005m, international $36,545m). FY2025 segment earnings after tax $12,822m	Explores for, develops, produces and transports crude oil and natural gas and runs the LNG and gas-marketing business. Core positions: Permian Basin, Gulf of America, Kazakhstan, Guyana, Australia, the Eastern Mediterranean, the Bakken, West Africa and Venezuela.
All Other	0.3% ($644m, of which only $104m is operating revenue). FY2025 net charges after tax $(3,545)m	Worldwide cash management and debt financing, corporate administration, insurance operations, real estate and technology companies. Unallocated corporate costs sit here.

Chevron measures segment performance after tax, excluding debt-financing interest expense and investment interest income. FY2025 income from equity affiliates was $3,000m, the largest contributors being Tengizchevroil and the Caspian Pipeline Consortium in Kazakhstan, Angola LNG, Chevron Phillips Chemical and GS Caltex.

4. Business Model and Moat

How it makes money. Upstream generates the great majority of earnings by producing and selling crude, natural gas liquids and natural gas at market realisations — $12,822m of FY2025's $15,844m of positive segment earnings. Downstream converts crude into fuels, lubricants, additives and petrochemicals and captures refining and marketing margins. The integration matters because the two halves are imperfectly correlated: weak crude usually widens refining margins and vice versa.

Scale in the assets that matter. Chevron holds more than 1,750,000 net acres in the Delaware and Midland basins, where FY2025 production reached the stated one million boe/d plateau target with more than 10% growth and lower capital spending than 2024. It owns 50% of Tengizchevroil in Kazakhstan, whose Future Growth Project started up in 2025 and added 260,000 b/d, taking gross output to approximately one million boe/d. After the Hess deal it is the largest acreage holder in the Gulf of America.

Refining footprint. The network could process 1.8 million barrels per day at end-2025: five consolidated US refineries totalling 1,099 thousand b/d (Pascagoula 369, El Segundo 290, Richmond 257, Pasadena 125, Salt Lake City 58) plus Map Ta Phut in Thailand at 175 kb/d, and affiliate capacity at GS Caltex Yeosu, Singapore Refining Company and Star Petroleum Refining. Q2 2026 set a record US crude unit throughput of 1.07 million b/d at more than 97% utilisation.

Reserves and replacement. Year-end 2025 proved reserves stood at approximately 10.6 billion boe, 8% higher than 2024, on a one-year reserve replacement ratio of 158%. Around 43% of proved reserves sit in the United States, 15% in Australia and 11% in Kazakhstan. Exploration acreage has been expanded by more than 50% versus 2023 through blocks in Brazil, Egypt, Guinea-Bissau, the Gulf of America, Namibia, Peru and Suriname.

Capital discipline and shareholder returns. The 2026 organic capital budget is $18–19 billion, at the low end of the $18–21 billion long-term range, with roughly $10.5 billion to the United States and $17.0 billion to upstream. FY2025 returned $27.1 billion to shareholders: $12.8 billion of dividends, $12.1 billion of buybacks and $2.2 billion of Hess share purchases. The $75 billion buyback authorisation of January 2023 had $36.5 billion remaining at 31 December 2025; cumulative repurchases through 30 June 2026 were 281 million shares for $44.0 billion. Guidance for Q3 2026 is $2.5–3.0 billion of repurchases, explicitly non-binding.

5. Financial Health

All figures below come from Chevron's own quarterly earnings releases (Form 8-K Exhibit 99.1), the FY2025 Form 10-K and SEC XBRL company facts. The revenue column is sales and other operating revenues, which is the line most commonly used for like-for-like comparison. Chevron's headline "total revenues and other income" is higher because it adds equity affiliate income and other income — $189,031m for FY2025 against $184,432m of operating revenue.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$155,606m	+64.7%	$8.14	$8.13	$5.31‡	$31,113m
FY2022	$235,717m	+51.5%	$18.28	$18.83	$5.68	$21,375m
FY2023	$196,913m	−16.5%	$11.36	$13.13	$6.04	$20,307m
FY2024	$193,414m	−1.8%	$9.72	$10.05	$6.52	$20,135m
FY2025	$184,432m	−4.6%	$6.63	$7.29	$6.84	$39,781m

‡ Chevron's XBRL "dividends declared per share" tag begins only in FY2022. The FY2021 figure of $5.31 is the dividends-per-share cash-paid tag, the only per-share dividend figure Chevron tagged for that year.

The long-term debt jump in FY2025 is the Hess acquisition, which closed 18 July 2025 and brought roughly $10.0 billion of assumed long-term debt into a $48.0 billion purchase. Total debt rose from $24,541m at 31 December 2024 to $40,758m at 31 December 2025, then fell to $37,075m at 30 June 2026 after a record $8.4 billion of repayment in the second quarter. Total Chevron stockholders' equity was $186,450m at year-end 2025 and $189,883m at 30 June 2026.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (reported 31 Jul 2026)	$67,199m	$6.06	$6.11
Q1 2026 (reported 1 May 2026)	$47,556m	$1.41	$1.11
Q4 2025 (reported 30 Jan 2026)	$45,787m	$1.52	$1.39
Q3 2025	$48,169m	$1.85	$1.82
Q2 2025	$44,375m	$1.77	$1.45
Q1 2025	$46,101m	$2.18	$2.00
FY2025 total	$184,432m	$7.29	$6.63

The quarterly pattern is worth reading carefully. Brent averaged $76, $68, $69, $64, $81 and $104 per barrel across those six quarters in order. Q2 2026 also carried a 20% year-on-year production increase and $22.6 billion of operating cash flow against $18.1 billion of free cash flow. Q1 2026, by contrast, absorbed roughly $2.9 billion of unfavourable derivative and LIFO timing effects, a $360 million after-tax legal reserve and $223 million of adverse currency movement, producing negative free cash flow of $1.5 billion.

Cash flow and balance sheet inputs. FY2025 operating cash flow was $33,939m against capital expenditure of $17,347m, giving free cash flow of $16.6 billion on Chevron's own definition (its separately reported "adjusted free cash flow" was $20.2 billion). Depreciation, depletion and amortisation was $20,132m. On a trailing twelve-month basis to 30 June 2026, operating cash flow was $45,321m, capital expenditure $18,309m, free cash flow approximately $27,012m and DD&A $23,555m. Chevron does not report an operating income line and does not tag us-gaap:OperatingIncomeLoss; the nearest disclosed measure is income before income tax expense of $19,743m for FY2025.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$395.97bn at $201.86 per share, close of 28 August 2026, on 1,962 million shares outstanding
Trailing P/E (GAAP)	19.4x on trailing twelve-month GAAP diluted EPS of $10.43 ($1.82 + $1.39 + $1.11 + $6.11). On trailing adjusted EPS of $10.84 the multiple is 18.6x. Both are heavily flattered by Q2 2026, which alone contributed $6.11 at $104/bbl Brent
P/E (forward)	15.2x on consensus forward EPS of $13.24. Chevron publishes no EPS guidance range, only a quarterly sensitivities document; its Investor Day framework targets EPS growth above 10% a year at $70 Brent
P/S (TTM)	1.90x (market cap $395.97bn / trailing twelve-month sales and other operating revenues of $208.7bn)
Enterprise value	~$424.5bn (market cap $395.97bn + total debt $37.075bn − cash and time deposits $8.530bn, per the 30 June 2026 balance sheet). Adding $5.675bn of non-controlling interests gives $430.2bn on an NCI-inclusive basis
EV/EBITDA (TTM)	~8.4x (EV ~$424.5bn / trailing twelve-month EBITDA ~$50.7bn). Chevron reports no operating income line, so EBITDA here is built as income before income tax plus interest plus DD&A; on the disclosed FY2025 basis that arithmetic is pre-tax income $19,743m + DD&A $20,132m + interest, giving roughly $41.4bn. Trailing DD&A alone is $23,555m (FY2025 $20,132m − H1 2025 $8,467m + H1 2026 $11,890m). The trailing figure is distorted upward by the Q2 2026 price windfall
P/FCF	~14.7x (market cap $395.97bn / free cash flow ~$27.0bn; FCF = trailing operating cash flow $45,321m − trailing capex $18,309m). On FY2025 free cash flow of $16.6bn the multiple would be 23.9x
Price/book	2.09x on book value per share of $96.78 (Chevron stockholders' equity $189,883m / 1,962m shares at 30 June 2026)
Dividend yield	3.53% on the $7.12 annualised rate ($1.78 quarterly)
52-week high	$214.71, reached 30 March 2026
52-week low	$146.49, reached 16 December 2025
Short interest (% of float)	0.84% — 15,741,465 shares short against a float of 1,868,466,351, settlement date 14 August 2026. MarketBeat reported 18,660,000 shares, or 1.1% of shares outstanding, at the 31 July 2026 settlement
Days to cover	2.05 days at the 14 August 2026 settlement; MarketBeat put it at 1.9 days on average daily volume of 9,940,000 shares at the 31 July 2026 settlement

You can track the live chart and levels on ChartsView Live Charts, and the macro releases that move crude on the Economic Calendar.

7. What Are They Building

Permian at plateau. FY2025 Permian production reached the one million net boe/d target — 435,000 b/d of crude, 280,000 b/d of NGLs and 1.8 Bcf/d of natural gas — with more than 10% growth on lower capital than 2024. The 2026 budget allocates nearly $6.0 billion to US shale and tight across the Permian, DJ and Bakken. Both Q1 and Q2 2026 note Permian spending falling year-on-year as the asset is held flat and cash flow is prioritised.

Tengiz and Karachaganak. The Future Growth Project started up in 2025, adding 260,000 b/d and taking Tengizchevroil's gross output to roughly one million boe/d. The asset had downtime in Q1 2026; by Q2 2026 cash flow was benefiting from increased distributions from the venture. The Karachaganak Expansion Project Stage 1A completed in 2025. The Tengiz concession runs to 2033 and the Karachaganak production sharing agreement to 2038.

Gulf of America. Anchor, 62.9%-owned and operated in Green Canyon using 20,000 psi subsea technology, completed its first full year of production in 2025 with a further well online. Production ramped at Ballymore, Stampede and Whale during 2025. On 9 April 2026 Chevron confirmed an oil discovery at the Bandit prospect in Green Canyon Block 680, on a non-operated joint venture with Occidental as operator.

Guyana Stabroek. The 30% non-operated interest acquired with Hess covers roughly 6.6 million acres with more than 11 billion boe of discovered recoverable resource. The One Guyana FPSO, at approximately 250,000 gross b/d, achieved first production in August 2025 as the fourth producing vessel; Yellowtail also achieved first oil in 2025 and a final investment decision was taken on Hammerhead. Eight FPSOs are expected in production by 2030.

Data-centre power. Project Kilby near Pecos in West Texas is being developed with GE Vernova and Engine No. 1 on a phased modular basis, adjacent to a planned Microsoft data-centre campus on a 7,000-acre site. A 20-year power purchase agreement for approximately 2.67 GW of behind-the-meter dedicated capacity was signed with Microsoft and disclosed with the Q2 2026 results. Final investment decision is expected by the end of 2026 and first power in 2028.

Eastern Mediterranean and new acreage. A final investment decision was reached in 2025 on the Leviathan Gas Expansion in Israel, taking capacity to 2.1 Bcf/d, with Tamar and Leviathan expansions starting up in Q1 2026. On 16 February 2026 Chevron and HELLENiQ ENERGY signed lease agreements with the Hellenic Republic for four offshore blocks in Greece. Chevron also entered Libya's Sirte Basin in February 2026, signed heads of agreement with the Government of Iraq on West Qurna 2 and Nasiriyah in Q2 2026, farmed into the OFF-7 block in Uruguay, closed Block 4B in Guinea-Bissau on 13 August 2026, and confirmed a discovery at the 105-4X well in Block 0 offshore Angola on 17 August 2026.

New Energies. The Geismar, Louisiana renewable diesel plant started production after an expansion lifting capacity from 7,000 to 22,000 barrels per day. Chevron acquired approximately 135,000 net acres in the Smackover Formation across northeast Texas and southwest Arkansas for direct lithium extraction. Gorgon in Australia includes a carbon capture and storage facility, and Chevron holds renewable natural gas investments through CalBioGas.

8. Peer Comparison

Peer	Market cap (August 2026)	Key 2025 metric
ExxonMobil (NYSE: XOM)	$644.38bn	FY2025 earnings of $28.8bn on production of 4,736 MBOED, the largest of the US majors (ExxonMobil FY2025 results, 30 January 2026)
Shell plc (NYSE: SHEL)	$250.23bn	FY2025 net income $17.8bn, up 11% on FY2024; adjusted earnings $18.5bn (Shell Q4 2025 results, February 2026)
TotalEnergies SE (NYSE: TTE)	$191.06bn	FY2025 adjusted net income $15.6bn, down 15% year-on-year; hydrocarbon production approximately 2,530 kboe/d (TotalEnergies FY2025 results)
ConocoPhillips (NYSE: COP)	$156.59bn	FY2025 production of 2,375 MBOED, third among the US majors behind ExxonMobil and Chevron
BP p.l.c. (NYSE: BP)	—	FY2025 net income of $7.5bn, achieved in a weaker price environment (BP Q4 2025 results)

All market capitalisations were pulled live on 30 August 2026 on the 28 August 2026 close. Chevron sits second by market value among this group at $395.97bn, behind ExxonMobil and ahead of Shell.

9. Insider Activity

Michael K. Wirth is Chairman and Chief Executive Officer and remains in post as of the Q2 2026 results published 31 July 2026. Eimear P. Bonner has been Chief Financial Officer since 1 March 2024. The clearest signal in Chevron's 2026 Form 4 record is what is absent: across every filing this year there is not a single Code P open-market purchase. Every acquisition is either a Code A director grant or a Code M option exercise, and the cash direction is uniformly outward, at roughly $360 million of gross sale proceeds year to date.

Name	Date	Type	Shares	Price	Value	Plan Type
R. Hewitt Pate, General Counsel	18 Aug 2026	Sell (Code S)	2,470	$205.11	$506,619	Open market; 10b5-1 status unverified
Andrew B. Walz, President Downstream	17 Aug 2026	Option exercise then sell	16,800	$121.83 / $201.06	$3,377,833	Code M exercise, Code S sale
Michael K. Wirth, Chairman and CEO	14 Aug 2026	Option exercise then sell	317,100	$88.20 / $200.46	$63,566,861	Code M exercise, Code S sale
Jeff B. Gustavson, President New Energies	11 Aug 2026	Option exercise then sell	14,044	$118.54 / $194.95	$2,737,867	Code M exercise, Code S sale
John B. Hess, Director	3 Aug 2026	Option exercise then sell	810,665	$194.12	$157,368,733	Largest single 2026 disposition; 6,334,917 shares held after
John B. Hess, Director	20 May 2026	Sell (Code S)	380,000	$193.20	$73,414,765	Open market
Eleven directors (annual grant)	27 May 2026	Grant (Code A)	13,992 total (1,272 each)	$0.00	$0	Annual director equity award — a grant, not a purchase

Chevron's FY2025 Form 10-K discloses Rule 10b5-1 trading arrangements for Michael K. Wirth, Eimear P. Bonner and R. Hewitt Pate covering the fourth quarter of 2025. The recurring pattern of exercise-and-sell on similar calendar dates each quarter for Wirth, Bonner, Pate and Walz is consistent with such plans, but the 10b5-1 checkbox on individual 2026 Form 4 filings was not independently confirmed for this report and the plan-type column should be treated as unverified.

10. Key Risks

• Oil price sensitivity dominates everything else: Q2 2026 earnings of $12.1 billion were earned at $104/bbl Brent, against $2.2 billion at $81 Brent in Q1 2026 and $2.8 billion at $64 Brent in Q4 2025. Chevron's own planning framework is built around $70 Brent. Any normalisation toward that level removes the large majority of the recent earnings uplift.
• Kazakhstan export infrastructure is under physical attack: substantially all Tengiz crude exports run through the Caspian Pipeline Consortium to Novorossiysk on Russia's Black Sea coast, a route carrying roughly 80% of Kazakhstan's exports. In July 2026 four tankers loading at the CPC terminal were struck by drones over four days and loadings were suspended, with Kazakh output falling to about one million b/d from a June average of 2.16 million. Attacks have recurred since November 2025.
• Venezuela operates entirely at the discretion of US policy: Chevron produces roughly 150,000 b/d there under specific OFAC authorisations that have been withdrawn, restored, narrowed and re-broadened repeatedly. Licences were granted again in February 2026 following the change of government in Caracas, with royalty payments directed to US Treasury-designated accounts. A policy reversal could strand the position with no notice.
• Capital returns have run ahead of free cash flow: FY2025 returned $27.1 billion against $16.6 billion of free cash flow, funded by debt rising from $24.5 billion to $40.8 billion. In Q1 2026 free cash flow was negative $1.5 billion while $6.0 billion was returned. Chevron's own 10-Q states it may need to reduce buybacks, sell assets or increase borrowings to keep paying the dividend.
• Louisiana coastal-erosion litigation remains an unresolved liability: a state jury ordered Chevron to pay upward of $740 million for coastline damage. The US Supreme Court ruled unanimously on 17 April 2026 in Chevron USA Inc. v. Plaquemines Parish that such suits belong in federal court, which is a procedural win that does not extinguish the exposure. Multiple parallel parish actions remain live, as does City and County of Honolulu v. Sunoco. Q1 2026 carried a $360 million after-tax legal reserve charge.
• Refining margins swing violently: international downstream moved from $333m of earnings in Q2 2025 to a $1,013m loss in Q1 2026 and back to $2,457m of earnings in Q2 2026 — a $3.5 billion swing in two quarters. Q2 2026 international refinery crude inputs fell 10% and refined product sales 13% on Middle East supply disruption, with curtailments in the Saudi-Kuwait Partitioned Zone.
• Hess integration and operator relations carry residual risk: the $48 billion acquisition concentrates value in a non-operated 30% Stabroek interest where ExxonMobil operates and publicly disagreed with the arbitration ruling that permitted the deal. Integration remains an explicit forward-looking risk factor in every 2026 filing.
• Methane regulation is diverging by jurisdiction: US rules loosened in April 2026 when the EPA revised its 2024 standards, and Congress barred collection of the Waste Emissions Charge until 2034 — but that creates whiplash risk on any change of administration. From January 2027 EU importers must demonstrate upstream measurement and verification equivalent to EU standards, directly relevant to Gorgon, Wheatstone, Angola LNG and Leviathan export volumes.
• The power business is unsanctioned and outside Chevron's track record: Project Kilby is now a headline pillar of the story with a signed 20-year Microsoft PPA, but final investment decision is only expected by end-2026, first power not until 2028, and Chevron has no operating history as a merchant power developer.

11. Recent Developments

• 17 Aug 2026 — Oil and gas condensate discovery confirmed offshore Angola. Chevron, through subsidiary Cabinda Gulf Oil Company Limited, confirmed a discovery at the 105-4X exploration well in Block 0, presented as evidence for its Sub-Saharan Africa exploration programme.
• 12 Aug 2026 — New Treasurer appointed. Uriel "Ose" Oseguera was elected Treasurer effective 1 November 2026, succeeding Navin Mahajan, who retires after nearly 30 years with the company.
• 31 Jul 2026 — Q2 2026 results deliver $12.1 billion of earnings. Net income attributable to Chevron was $12,072 million, or $6.11 diluted, with adjusted earnings of $11,977 million on revenue of $67,199 million and return on capital employed of 21.4%. Brent averaged $104/bbl. Production rose 20% year-on-year to 4,070 MBOED with a record 2,077 MBOED in the United States. Operating cash flow was $22.6 billion and free cash flow $18.1 billion, and total debt was cut by a record $8.4 billion.
• 31 Jul 2026 — Twenty-year Microsoft power purchase agreement disclosed. Chevron signed a 20-year PPA with Microsoft for approximately 2.67 GW of behind-the-meter dedicated capacity at Project Kilby in West Texas, developed with GE Vernova and Engine No. 1. Final investment decision is expected by end-2026 and first power in 2028.
• 31 Jul 2026 — Asian downstream retrenchment and Iraq entry announced with results. Chevron completed the sale of its Hong Kong downstream fuels and lubricants businesses and agreed to sell its 50% interest in Singapore Refining Company plus downstream assets in Vietnam, Australia, Indonesia, the Philippines and Malaysia, expected to close in 2027. Separately it signed heads of agreement with the Government of Iraq covering West Qurna 2, Nasiriyah and an export pipeline.
• 08 Jul 2026 — Surfactant technology licensing agreement signed. Chevron Technical Center and ZL Chemicals agreed to commercialise Chevron's Vantis chemical surfactant technology, designed to improve recovery from shale and tight reservoirs.
• 01 May 2026 — Q1 2026 results hit by timing effects. Net income was $2,210 million, or $1.11 diluted, on revenue of $47,556 million, against $3,500 million a year earlier. The quarter absorbed roughly $2.9 billion of unfavourable derivative and LIFO timing, a $360 million after-tax legal reserve and $223 million of adverse currency. Free cash flow was negative $1.5 billion while $6.0 billion was returned to shareholders, the sixteenth consecutive quarter above $5 billion.
• 13 Apr 2026 — Venezuela heavy-oil position consolidated in a PDVSA asset swap. Chevron expanded its interest in the Petroindependencia joint venture and added rights to develop the adjacent Ayacucho 8 area at Petropiar in the Orinoco Oil Belt.
• 16 Feb 2026 — Four offshore exploration leases awarded in Greece. Chevron, through four Dutch subsidiaries and alongside HELLENiQ ENERGY, signed lease agreements with the Hellenic Republic, extending its Eastern Mediterranean position.
• 30 Jan 2026 — FY2025 results and a 4% dividend increase. Full-year earnings were $12,299 million, or $6.63 diluted, on revenue of $184,432 million, with operating cash flow of $33.9 billion and free cash flow of $16.6 billion. Production rose 12% to a record 3,723 MBOED and the reserve replacement ratio was 158%. The quarterly dividend was raised 4% to $1.78, setting up a thirty-ninth consecutive year of dividend payout growth per share. $27.1 billion was returned to shareholders during 2025.

12. Key Dates to Watch

• Expected Oct 2026 — Q3 2026 results. Chevron has not published a date. Its pattern is the last Friday of October or the first Friday of November, before market open, with an advisory press release about four weeks ahead; 30 October 2026 is the most likely single date.
• 10 Sep 2026 — Payment date for the declared quarterly dividend of $1.78 per share. The record and ex-dividend date of 19 August 2026 has already passed.
• Expected Dec 2026 — Q4 2026 dividend payment, based on the 2026 pattern of a record date roughly three weeks after declaration and payment on the tenth of the following month. Not yet announced.
• Expected Dec 2026 — 2027 capital budget announcement. The 2026 budget of $18–19 billion was announced on 3 December 2025.
• 31 Dec 2026 — Target date for completing the $3–4 billion structural cost reduction programme versus 2024. The $3 billion run-rate was already achieved in Q2 2026.
• 31 Dec 2026 — Expected final investment decision on Project Kilby, the West Texas data-centre power project carrying the 2.67 GW Microsoft agreement. First power is expected in 2028.
• Expected Jan 2027 — FY2026 results and the annual dividend review. A further increase would be the fortieth consecutive year of dividend payout growth per share.
• 01 Jan 2027 — EU methane import rules take effect, requiring importers to demonstrate upstream measurement, reporting and verification equivalent to EU standards for contracts concluded or renewed on or after 4 August 2024.
• Expected May 2027 — Annual Meeting of Stockholders. The 2026 annual director equity grants were dated 27 May 2026, Chevron's customary meeting date.
• 31 Dec 2033 — Tengizchevroil concession expiry covering the Tengiz and Korolev fields in Kazakhstan. The Karachaganak production sharing agreement expires in 2038.

Two items carry no fixed date. The Louisiana coastal-erosion cases, including the roughly $740 million Plaquemines Parish verdict, return to federal court following the Supreme Court's 17 April 2026 ruling, and no retrial date has been set. The sale of Chevron's 50% interest in Singapore Refining Company and associated Asian downstream assets is expected to close during 2027 without a stated day. Discuss these with other readers in the ChartsView Forum.

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