MeritValue

GULFPORT ENERGY CORP

GPORdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

GULFPORT ENERGY CORP earns about 1% on invested capital, and has bought back 88% of its shares over 5 years. The applicable estimate puts fair value near $240.42 a share.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 2020FY 2022FY 2023FY 2024FY 2025
Revenue$866.5M1$1.33B2$1.79B3$958.1M3$1.42B3
Net income−$1.63B4$494.7M5$1.47B6−$261.4M6$427.8M6
Operating cash flow$95.3M7$739.1M8$723.2M9$650M9$803.2M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$2.51B10$1.39B11$1.33B12$1.41B13$1.58B13
Cash & equivalents$89.9M14$7.26M15$1.93M16$1.47M17$1.81M17
Diluted shares160.2M20.3M18.9M18.1M18.4M

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
$994.97
your share of equity
Profit it earned you last year
$232
Free cash flow it threw off
—
Debt you’d be carrying
$854.87

10 shares is a claim on $994.97 of net worth that earned you $232 last year, against $854.87 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY20 -56%FY22 25%FY23 29%FY24 -7%FY25 14%

It earned an average 1% 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
−88% shares · 5y

Share count is down 88% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 37% — deleveraging.

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
$240.42
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$427.8M
  • growthAssumed0.0%
Graham Number
$219.29
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2020-12-31 · accession 0001628280-23-005790 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-008043 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-011487 (Revenues)
  4. 10-K · period ending 2020-12-31 · accession 0001628280-23-005790 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-008043 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-011487 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001628280-23-005790 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-008043 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-011487 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001628280-22-004445 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-24-007527 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-25-008043 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001628280-26-011487 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2020-12-31 · accession 0001628280-22-004445 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001628280-24-007527 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001628280-25-008043 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001628280-26-011487 (CashAndCashEquivalentsAtCarryingValue)