MeritValue

CAMBER ENERGY, INC.

CEINdata completeness 100%16 fiscal years on file
The thesis, from the filings

CAMBER ENERGY, INC. earns about -73% on invested capital, but has diluted owners by 10995% over 5 years — worth asking whether the growth reaches owners. 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$401,2221$597,2551$32.1M2$28.6M3$6.23M3
Net income−$169.7M4−$17.4M5−$18.5M6−$68.1M7−$4.41M7
Operating cash flow−$3.41M8−$3.76M9−$5.34M10−$1.47M11−$2.33M11
Capital expenditure———$54,29612$16,13612
Free cash flow (derived)———−$1.52M11−$2.34M11
Total debt$55.4M13$5.49M14$79.9M15$87.5M16$93.1M16
Cash & equivalents$5.85M17$1.17M17$906,06018$114,64818$279,52518
Diluted shares2.5M9.7M119.3M196.9M275.3M

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
−$1.81
your share of equity
Profit it earned you last year
−$0.16
Free cash flow it threw off
−$0.09
Debt you’d be carrying
$3.38

10 shares is a claim on −$1.81 of net worth that earned you −$0.16 and generated −$0.09 of cash last year, against $3.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-73% avg · 5y
FY21 —FY22 -139%FY23 -18%FY24 -128%FY25 -6%

It earned an average -73% 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
+10995% shares · 5y

Share count is up 10995% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 68% over the same window.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 0001477932-23-001554 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001477932-25-003509 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001477932-26-001710 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001477932-23-001554 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-005266 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001477932-25-003509 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001477932-26-001710 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001477932-23-001554 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-005266 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001477932-25-003509 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001477932-26-001710 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-001710 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-001554 (LongTermDebtNoncurrent)
  14. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-005266 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001477932-25-003509 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001477932-26-001710 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001477932-23-001554 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001477932-26-001710 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)