VAALCO Energy, Inc. Financial Ratios — EGY Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	20.09	0.34	20.58	-40.36	- -	- -	- -	- -	3.35	-90.02	116.17	38.38	34.63	28.42	-22.01
Return on Assets (%)	13.3	0.23	14.95	-27.84	-85.11	-25.9	12.01	79.88	1.36	-27.32	40.48	9.28	7.19	6.58	-4.43
Return on Capital (%)	15.91	-2.15	20.58	- -	- -	- -	-63.02	- -	2.75	- -	- -	28.53	23.82	20	- -
Return on Invested Capital (%)	20.02	2.64	19.4	- -	- -	- -	60.87	- -	-2.16	- -	- -	21.71	11.83	9.35	- -
Gross Margin (%)	75.13	76.12	68.37	59.44	9.14	22.12	34.85	49.1	41.07	26.46	48.6	54.62	41.01	36	25.36
EBITDA Margin (%)	79.63	59.27	57.59	55.24	18.01	7.63	30.74	47.68	29.12	18.2	50.75	64.43	61.85	58.36	43.59
Operating Margin (%)	67.47	49.07	47.59	39.26	-23.39	-4.46	23.03	42.67	21.55	5.85	40.17	50.84	36.51	28.5	12.98
Incremental Operating Margin (%)	84.07	304.64	58.76	73.14	- -	- -	120.21	98	130.59	84.31	62.01	64.52	-13.9	-123.92	75.08
Pretax Margin (%)	63.69	44.63	45.6	-40.15	-131.73	-13.06	23.31	46.22	21.74	-26.36	30.03	34.8	32.99	29.19	-7.4
Profit Margin (%)	16.23	0.32	25.44	-60.73	-197.22	-38.45	10.89	81.85	2.65	-62.24	41.11	14.64	13.26	12.21	-11.52
Net Income to Common Margin (%)	16.23	0.32	25.44	-60.73	-197.22	-38.45	10.89	81.85	2.65	-62.24	41.11	14.64	13.26	12.21	-11.52
Effective Tax Rate (%)	69.74	93.87	44.2	- -	- -	- -	50.26	- -	113.53	- -	- -	57.92	59.8	58.16	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.03	44.36	44.82	-63.98
Sustainable Growth Rate (%)	20.09	0.34	20.58	-40.36	- -	- -	- -	- -	3.35	-90.02	116.17	31.46	19.27	15.68	-36.08

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	15	15	14	9	- -	33	23	10	89	91	98	146
ST Debt	- -	- -	- -	- -	- -	8	7	- -	12	13	10	10	12	17	18
LT Debt	- -	- -	- -	15	15	7	2	- -	21	10	1	79	78	81	128
Total Debt/EBITDA	- -	- -	- -	0.21	1.04	2.74	0.33	- -	1.18	1.6	0.1	0.39	0.32	0.35	0.93
Net Debt/EBITDA	-0.82	-1.13	-1.34	-0.77	-0.71	-1.15	-0.39	-0.58	-1.63	-3.4	-0.48	-0.16	-0.43	-0.3	0.01
Total Debt/EBIT	- -	- -	- -	0.3	-0.8	-4.69	0.44	- -	1.6	4.98	0.13	0.49	0.55	0.72	3.14
Net Debt/EBIT	-0.97	-1.36	-1.62	-1.08	0.55	1.96	-0.52	-0.65	-2.2	-10.57	-0.61	-0.21	-0.73	-0.61	0.02
EBITDA to Interest Expense	- -	- -	- -	- -	14.19	3.69	25.88	255.46	- -	- -	- -	112.24	43.62	74.9	19
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	-52.48	-2.41	24.16	255.46	- -	- -	- -	112.24	43.62	74.9	18.63
EBIT to Interest Expense	- -	- -	- -	- -	-18.43	-2.16	19.39	228.62	- -	- -	- -	88.57	25.75	36.57	5.66
Interest Expense	- -	- -	- -	- -	1	1	1	- -	- -	- -	- -	2	6	4	8
Common Equity/Total Assets	67.99	70.04	74.91	61.65	-4.16	-40.35	-28.89	45.27	36.68	20.85	42.36	18.58	23.03	23.25	16.88
Long-Term Debt/Equity (%)	- -	- -	- -	8.31	57.52	- -	22.44	- -	19.48	15.74	0.41	16.93	16.36	16.2	28.96
Long-Term Debt/Capital (%)	- -	- -	- -	8.91	152.44	-38.02	-16.45	- -	19.26	18.6	0.48	31.82	27.93	25.39	42.74
Long-Term Debt/Total Assets (%)	- -	- -	- -	6.03	12.1	8.56	2.9	- -	10.1	6.85	0.22	9.23	9.51	8.51	14.06
Total Debt/Equity (%)	- -	- -	- -	8.31	57.52	-4,033.52	87.23	- -	30.41	36.71	7.09	19.11	18.96	19.57	32.99
Total Debt/Capital (%)	- -	- -	- -	8.91	152.44	-79.11	-63.95	- -	30.07	43.38	8.41	35.91	32.38	30.66	48.69
Total Debt/Total Assets (%)	- -	- -	- -	6.03	12.1	17.82	11.27	- -	15.77	15.97	3.89	10.41	11.03	10.28	16.02
Net Debt to Equity	-58.84	-61.55	-52.03	-29.95	-39.72	1,685.47	-103.94	-30.38	-41.85	-77.86	-33.73	-7.98	-25.27	-16.48	0.25
Net Debt/Capital (%)	-255	-229.94	-130.11	-54.4	66.75	15.58	31.73	-79.55	-70.59	-1,153.08	-66.68	-17.65	-75.9	-34.8	0.46
EBITDA	168	116	97	71	14	5	27	57	28	14	101	228	281	280	157
EBITDA-CapEx	136	44	31	-19	-54	-3	25	57	28	10	79	228	281	280	154
Operating Income (Loss)	142	96	81	50	-19	-3	20	51	21	5	80	180	166	136	47

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	5.47	2.9	2.85	1.79	0.38	0.37	0.42	0.81	0.72	0.91	0.58	0.23	0.95	0.45	0.31
Current Ratio	6.49	3.31	3.65	2.93	0.96	0.69	0.78	1.43	1.09	1.22	1.05	1.23	1.79	1.31	0.69
Quick Ratio	6.31	3.19	3.32	2.67	0.76	0.55	0.57	1.16	1.01	1.06	0.97	1.1	1.69	1.18	0.57
CFO/Avg Current Liab	3.46	2.68	1.66	0.55	0.74	- -	0.18	0.85	0.51	0.47	0.73	1.05	1.54	0.74	1.14
Common Equity/Total Assets	67.99	70.04	74.91	61.65	-4.16	-40.35	-28.89	45.27	36.68	20.85	42.36	18.58	23.03	23.25	16.88
Long-Term Debt/Equity (%)	- -	- -	- -	8.31	57.52	- -	22.44	- -	19.48	15.74	0.41	16.93	16.36	16.2	28.96
Long-Term Debt/Capital (%)	- -	- -	- -	8.91	152.44	-38.02	-16.45	- -	19.26	18.6	0.48	31.82	27.93	25.39	42.74
Long-Term Debt/Total Assets (%)	- -	- -	- -	6.03	12.1	8.56	2.9	- -	10.1	6.85	0.22	9.23	9.51	8.51	14.06
Total Debt/Equity (%)	- -	- -	- -	8.31	57.52	-4,033.52	87.23	- -	30.41	36.71	7.09	19.11	18.96	19.57	32.99
Total Debt/Capital (%)	- -	- -	- -	8.91	152.44	-79.11	-63.95	- -	30.07	43.38	8.41	35.91	32.38	30.66	48.69
Total Debt/Total Assets (%)	- -	- -	- -	6.03	12.1	17.82	11.27	- -	15.77	15.97	3.89	10.41	11.03	10.28	16.02
CFO/Total Liabilities	213.56	169.5	131.6	34.2	39.72	-0.1	12.92	65.82	26	34.41	42.19	33.08	64.92	25.08	45.26
CFO/CapEx	2.8	1.31	1.13	0.26	0.57	-0.01	4.94	- -	- -	6.35	2.23	- -	- -	- -	70.09
Altman's Z-Score	8.92	8.72	7.04	4.65	0.56	0.24	1.64	3.37	2.06	1.74	3.28	1.89	2.5	1.95	1.19

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	10.43	21.64	13.58	7	6.47	11.41	17.19	15.52	7.38	10.8	17.72	9.5	9.38	6.86	5.33
Days Sales Outstanding	34.98	16.87	26.88	52.17	56.44	31.99	21.23	23.51	49.49	33.8	20.59	38.43	38.91	53.21	68.42
Inventory Turnover	51.28	46.36	69.72	38.27	48.34	61.6	27.64	30.18	61.41	22.87	37.21	65.26	101.63	53.83	47.82
Days Inventory Outstanding	7.12	7.87	5.24	9.54	7.55	5.93	13.21	12.09	5.94	15.96	9.81	5.59	3.59	6.78	7.63
Accounts Payable Turnover	4.17	1.33	1.17	1.86	2.57	1.7	3.92	5.96	4.78	3.67	5.64	4.13	6.51	18.52	9.23
Accounts Payable Turnover Days	87.6	274.36	312.74	196.27	141.99	214.29	93.22	61.24	76.36	99.51	64.76	88.34	56.06	19.71	39.53
Cash Conversion Cycle	-45.5	-249.62	-280.63	-134.56	-77.99	-176.37	-58.78	-25.63	-20.93	-49.76	-34.36	-44.32	-13.55	40.29	36.53
Inventory to Cash Days	27.86	8.99	21.65	42.63	48.89	26.07	8.03	11.42	43.55	17.84	10.79	32.84	35.32	46.43	60.79
Inventories	1	1	1	2	1	1	3	1	1	4	2	3	2	9	2
Raw Materials	- -	- -	- -	- -	- -	1	3	1	1	4	2	3	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	1	1	- -	2	1	1	3	1	1	4	2	3	2	9	2
Other Inventory	- -	- -	- -	- -	- -	-1	-3	-1	-1	-4	-2	-3	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	345	499	395	261	93	61	41	87	131	102	187	317	478	453	379
- Cash & Cash Equivalents	137	131	131	69	25	20	20	33	46	48	49	37	121	83	59
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	15	15	14	9	- -	33	23	10	89	91	98	146
Enterprise Value	211	368	264	207	83	55	30	54	119	77	148	369	447	469	466
Total Capital	191	188	231	168	10	-18	-14	75	111	52	122	248	280	320	300
Total Debt/Capital (%)	- -	- -	- -	8.91	152.44	-79.11	-63.95	- -	30.07	43.38	8.41	35.91	32.38	30.66	48.69
Total Debt / EV	- -	- -	- -	0.07	0.18	0.26	0.3	- -	0.28	0.29	0.07	0.24	0.2	0.21	0.31
EV/Sales	1	1.88	1.56	1.62	1.03	0.79	0.34	0.45	1.23	0.99	0.75	1.04	0.98	0.98	1.3
EV/EBITDA	1.26	3.18	2.71	2.93	5.72	10.38	1.11	0.94	4.21	5.44	1.47	1.62	1.59	1.68	2.98
EV/EBIT	1.49	3.84	3.28	4.13	- -	- -	1.48	1.05	5.69	16.93	1.86	2.05	2.69	3.43	10
EV/Cash Flow to Firm	2.36	3.92	3.5	8.85	2.07	19.44	3.19	1.43	4.49	2.79	2.96	2.85	1.98	4.06	2.07
EV/Free Cash Flow to Firm	1.74	2.22	1.86	1.83	0.77	4.75	2.68	1.43	4.49	2.41	2.04	2.85	1.98	4.06	2.04
Diluted Market Cap	350	509	399	261	93	61	41	88	131	102	189	319	478	453	379
Diluted Enterprise Value	217	378	269	207	83	55	30	55	119	77	150	371	448	469	466
EV per Share	3.71	6.38	4.61	3.62	1.42	0.94	0.51	0.91	2.01	1.33	2.55	5.31	4.21	4.52	4.48
TTM Sales	210	195	169	128	80	69	89	120	97	77	199	354	455	479	359
TTM EBITDA	168	116	97	71	14	5	27	57	28	14	101	228	281	280	157
TTM Operating Income	142	96	81	50	-19	-3	20	51	21	5	80	180	166	136	47
TTM Cash Flow to Firm	90	94	75	23	40	3	9	38	26	27	50	130	226	115	226
TTM Free Cash Flow to Firm	122	166	142	113	108	12	11	38	26	32	73	130	226	115	229

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	2.88	3.07	2.81	2.31	0.87	7.04	3.8	2.37	4.96	3.21	2.6	2.48	2.14	3.99	1.76
EV/EBIT	1.49	3.84	3.28	4.13	- -	- -	1.48	1.05	5.69	16.93	1.86	2.05	2.69	3.43	10
Enterprise Value	211	368	264	207	83	55	30	54	119	77	148	369	447	469	466
Low Price	4.57	5.61	5.03	4.02	1.22	0.7	0.68	0.7	1.38	0.7	1.75	3.16	3.51	4.03	3
EV/Sales	1	1.88	1.56	1.62	1.03	0.79	0.34	0.45	1.23	0.99	0.75	1.04	0.98	0.98	1.3
EV/EBITDA	1.26	3.18	2.71	2.93	5.72	10.38	1.11	0.94	4.21	5.44	1.47	1.62	1.59	1.68	2.98
Price/Earnings	10.09	790.6	9.17	- -	- -	- -	4.24	0.89	51.23	- -	2.28	6.11	7.91	7.75	- -
Price/Earnings Average	10.97	735.39	8.86	-5.33	-0.97	-2.28	5.55	1.08	44.96	-1.58	2.02	7.55	7.67	10.1	-9.55
Price/Earnings High	14.03	943.24	12.68	-7.14	-2.33	-3.74	8.58	2.04	63.46	-3.11	3.07	11.76	9.2	13.31	-12.12
Price/Earnings Low	7.64	512.75	6.69	-2.97	-0.45	-1.54	4.13	0.42	31.84	-0.84	1.25	4.24	6.19	7.14	-7.54
Price/Book Value	1.84	2.66	1.71	1.7	-18.07	-1.86	-1.78	1.16	1.69	3.46	1.68	2	2.52	2.04	2.46
Price/Book Value Average	2	2.47	1.65	2.7	-29.92	-1.85	-2.33	1.4	1.48	2.59	1.48	2.46	2.44	2.66	2.56
Price/Book Value High	2.56	3.17	2.37	3.61	-71.51	-3.04	-3.6	2.66	2.1	5.09	2.25	3.84	2.93	3.51	3.25
Price/Book Value Low	1.39	1.72	1.25	1.5	-13.78	-1.25	-1.73	0.55	1.05	1.37	0.91	1.38	1.97	1.88	2.02
Price/Tangible Book Value	1.48	2.35	1.57	1.45	3.58	-169.61	3.98	0.79	1.2	1.66	1.3	0.68	1	0.9	0.85
Price/Tangible Book Value Average	1.61	2.18	1.52	2.29	5.92	-168.88	5.2	0.96	1.05	1.24	1.15	0.84	0.97	1.18	0.89
Price/Tangible Book Value High	2.06	2.8	2.18	3.07	14.15	-277.24	8.05	1.82	1.48	2.44	1.74	1.31	1.16	1.55	1.13
Price/Tangible Book Value Low	1.12	1.52	1.15	1.27	2.73	-114.16	3.87	0.38	0.74	0.66	0.71	0.47	0.78	0.83	0.7
Price/Sales	1.64	2.55	2.33	2.04	1.16	0.88	0.46	0.73	1.36	1.32	0.94	0.9	1.05	0.95	1.05
Price/Sales Average	1.78	2.38	2.25	3.24	1.92	0.88	0.6	0.88	1.19	0.98	0.83	1.11	1.02	1.23	1.1
Price/Sales High	2.28	3.05	3.23	4.33	4.59	1.44	0.93	1.67	1.68	1.93	1.26	1.72	1.22	1.63	1.4
Price/Sales Low	1.24	1.66	1.7	1.8	0.88	0.59	0.45	0.35	0.84	0.52	0.51	0.62	0.82	0.87	0.87
Price/Cash Flow	3.85	5.31	5.24	11.16	2.4	-768.6	4.57	2.34	4.96	3.71	3.73	2.46	2.14	3.98	1.78
Price/Cash Flow Average	4.18	4.94	5.06	17.69	3.97	-765.29	5.98	2.84	4.35	2.78	3.3	3.04	2.07	5.19	1.86
Price/Cash Flow High	5.35	6.33	7.24	23.66	9.49	-1,256.36	9.24	5.39	6.14	5.46	5.01	4.74	2.48	6.85	2.36
Price/Cash Flow Low	2.91	3.44	3.82	9.84	1.83	-517.33	4.45	1.12	3.08	1.47	2.03	1.71	1.67	3.67	1.47
Price/Free Cash Flow Average	3.13	2.85	2.71	3.66	1.44	7.01	4.97	2.88	4.35	2.4	2.3	3.06	2.07	5.2	1.83
Price/Free Cash Flow High	4.01	3.66	3.88	4.9	3.45	11.51	7.69	5.45	6.14	4.71	3.49	4.76	2.49	6.85	2.33
Price/Free Cash Flow Low	2.18	1.99	2.05	2.04	0.66	4.74	3.7	1.13	3.08	1.27	1.42	1.72	1.67	3.68	1.45
EV/Sales Average	1.15	1.71	1.48	2.82	1.79	0.79	0.48	0.6	1.06	0.66	0.64	1.25	0.95	1.27	1.34
EV/Sales High	1.64	2.38	2.45	3.91	4.46	1.35	0.81	1.39	1.55	1.61	1.07	1.87	1.15	1.66	1.64
EV/Sales Low	0.61	0.99	0.93	1.38	0.76	0.5	0.33	0.07	0.71	0.19	0.32	0.77	0.75	0.9	1.11
EV/EBITDA Average	1.44	2.88	2.57	5.1	9.94	10.33	1.57	1.26	3.64	3.61	1.26	1.94	1.54	2.17	3.08
EV/EBITDA High	2.06	4.01	4.26	7.08	24.76	17.69	2.65	2.92	5.33	8.83	2.1	2.9	1.87	2.84	3.76
EV/EBITDA Low	0.76	1.67	1.62	2.5	4.19	6.61	1.07	0.14	2.45	1.07	0.63	1.19	1.22	1.55	2.55
EV/EBIT Average	1.7	3.48	3.12	7.17	-7.65	-17.66	2.1	1.41	4.92	11.25	1.59	2.46	2.6	4.44	10.35
EV/EBIT High	2.44	4.85	5.16	9.96	-19.06	-30.26	3.53	3.26	7.2	27.49	2.66	3.67	3.16	5.82	12.63
EV/EBIT Low	0.9	2.01	1.96	3.51	-3.23	-11.31	1.43	0.16	3.31	3.32	0.79	1.51	2.07	3.17	8.57
Last Price	6.04	8.65	6.89	4.56	1.6	1.04	0.7	1.47	2.22	1.77	3.21	4.56	4.49	4.37	3.64
High Price	8.4	10.32	9.53	9.67	6.33	1.7	1.41	3.38	2.75	2.6	4.31	8.77	5.22	7.51	4.82
Enterprise Value Average	241	333	251	360	144	54	43	72	103	51	127	444	432	606	483
Enterprise Value High	346	464	416	499	359	93	72	167	150	124	213	662	525	794	589
Enterprise Value Low	128	193	158	176	61	35	29	8	69	15	63	272	343	433	400

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	57	58	57	58	59	59	59	60	58	58	59	108	104	104	104
Diluted Weighted Avg Shares	58	59	58	57	58	58	59	60	59	58	59	70	107	104	104
Basic Weighted Avg Shares	57	58	57	57	58	58	59	59	59	58	58	70	106	104	104
Revenue per Share	3.69	3.39	2.95	2.23	1.38	1.18	1.51	2.03	1.64	1.34	3.42	5.09	4.28	4.62	3.45
EBITDA per Share	2.94	2.01	1.7	1.23	0.25	0.09	0.46	0.97	0.48	0.24	1.74	3.28	2.65	2.7	1.5
Operating Income per Share	2.49	1.66	1.41	0.88	-0.32	-0.05	0.35	0.86	0.35	0.08	1.37	2.59	1.56	1.32	0.45
Basic EPS, GAAP	0.6	0.01	0.75	-1.36	-2.72	-0.45	0.16	1.66	0.04	-0.84	1.41	0.75	0.57	0.56	-0.4
Basic EPS from Cont Ops	0.71	0.09	0.75	-1.29	-2.07	-0.31	0.17	1.67	-0.05	-0.83	1.41	0.75	0.57	0.56	-0.4
Diluted EPS, GAAP	0.59	0.01	0.74	-1.36	-2.72	-0.45	0.16	1.64	0.04	-0.84	1.39	0.74	0.57	0.56	-0.4
Diluted EPS from Cont Ops	0.7	0.09	0.74	-1.29	-2.07	-0.31	0.17	1.65	-0.05	-0.83	1.39	0.74	0.57	0.56	-0.4
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.13	0.25	0.25	0.25
Cash Flow per Share	1.57	1.63	1.32	0.41	0.67	- -	0.15	0.63	0.45	0.48	0.86	1.85	2.1	1.1	2.04
Free Cash Flow per Basic Share	1.01	0.38	0.15	-1.16	-0.5	-0.15	0.12	0.63	0.45	0.4	0.47	1.85	2.1	1.1	2.01
Cash & Equivalents per Share	2.4	2.27	2.28	1.21	0.44	0.35	0.33	0.56	0.78	0.83	0.84	0.53	1.14	0.8	0.57
Book Value per Share	3.28	3.25	4.03	2.68	-0.09	-0.56	-0.39	1.27	1.31	0.51	1.91	2.29	1.78	2.14	1.48
Tangible Book Value per Share	4.09	3.68	4.38	3.15	0.45	-0.01	0.18	1.85	1.86	1.07	2.48	6.7	4.5	4.84	4.26

VAALCO Energy, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)