Imperial Petroleum Inc./Marshall Islands
IMPPdata completeness 88%7 fiscal years on fileData notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
Imperial Petroleum Inc./Marshall Islands earns about 10% on equity, barely covering its ~9% cost of capital, but has diluted owners by 11281% over 5 years — worth asking whether the growth reaches owners. The estimate methods put fair value between $14.29 and $84.75 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $17.4M1 | $97M2 | $183.7M3 | $147.5M3 | $161M3 |
| Net income | −$3.64M4 | $29.5M5 | $71.1M6 | $50.2M6 | $50M6 |
| Operating cash flow | $5.24M7 | $40.9M8 | $79.5M9 | $77.7M9 | $80.8M9 |
| Capital expenditure | $142,60010 | $118.7M11 | $28.1M12 | $74.7M12 | $1.71M12 |
| Free cash flow (derived) | $5.1M7 | −$77.8M8 | $51.4M9 | $3.02M9 | $79.1M9 |
| Total debt | $55.8M13 | $140.4M14 | $014 | — | — |
| Cash & equivalents | $3.39M15 | $50.9M16 | $91.9M16 | $67.8M17 | $5.77M17 |
| Diluted shares | 318,351 | 8.6M | 22.9M | 33.0M | 36.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $146.51 of net worth that earned you $13.79 and generated $21.83 of cash last year.
It earned about 10% on equity against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is up 11281% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $14.29 and $84.75 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$51.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$51.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$50M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $20.42 |
| Base | 20.0% | $46.4 |
| Bull | 20.0% | $46.4 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001193125-24-094635 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-104005 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-192203 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-094635 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-104005 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-192203 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-094635 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-104005 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-192203 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-094635 (PaymentsForCapitalImprovements)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-104005 (PaymentsForCapitalImprovements)
- 20-F · period ending 2023-12-31 · accession 0001193125-26-192203 (PaymentsForCapitalImprovements)
- 20-F · period ending 2021-12-31 · accession 0001193125-23-089710 (LongTermDebtNoncurrent)
- 20-F · period ending 2022-12-31 · accession 0001193125-24-094635 (LongTermDebtNoncurrent)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-094635 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-104005 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001193125-26-192203 (CashAndCashEquivalentsAtCarryingValue)