MeritValue

BATTALION OIL CORP

BATLdata completeness 88%15 fiscal years on file
The thesis, from the filings

BATTALION OIL CORP earns about 3% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$284.2M1$357.4M2$218.5M3$193.2M4$165M4
Net income−$28.3M5$18.5M6−$3.05M7−$31.9M8$11.9M8
Operating cash flow$68.6M9$78.8M10$17.6M11$35.4M12$39.1M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$381.7M13$452.9M14$390.6M15$319.9M16$411.6M16
Cash & equivalents$46.9M17$32.7M18$57.5M19$19.7M20$28M20
Diluted shares16.3M16.5M16.4M16.5M16.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$19.93
your share of equity
Profit it earned you last year
$7.22
Free cash flow it threw off
—
Debt you’d be carrying
$250.11

10 shares is a claim on −$19.93 of net worth that earned you $7.22 last year, against $250.11 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 -6%FY22 5%FY23 7%FY24 -1%FY25 12%

It earned an average 3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-005138 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004422 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-004183 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-033373 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-005138 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004422 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004183 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-033373 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-005138 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004422 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004183 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-033373 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-005138 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004422 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-004183 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-033373 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-005138 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-004422 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-004183 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-033373 (CashAndCashEquivalentsAtCarryingValue)