Royale Energy, Inc.

ROYLdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$1.72M¹	$2.64M²	$2.16M³	$2.26M⁴	$1.95M⁴
Net income	−$3.6M⁵	−$145,594⁶	−$1.83M⁷	−$2.16M⁸	−$1.25M⁸
Operating cash flow	−$1.62M⁹	−$2.81M¹⁰	−$769,919¹¹	−$2.36M¹²	−$2.7M¹²
Capital expenditure	—	—	—	$0¹³	$1.5M¹³
Free cash flow (derived)	—	—	—	−$2.36M¹²	−$4.2M¹²
Total debt	—	—	—	—	—
Cash & equivalents	$220,304¹⁴	$1.65M¹⁵	$2.2M¹⁶	$1.88M¹⁷	$1.1M¹⁷
Diluted shares	55.9M	58.5M	65.8M	77.3M	96.6M

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

Net assets behind them

−$1.39

your share of equity

Profit it earned you last year

−$0.13

Free cash flow it threw off

−$0.43

Debt you’d be carrying

—

10 shares is a claim on −$1.39 of net worth that earned you −$0.13 and generated −$0.43 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →

Management signal · capital allocation

+73% shares · 5y

Share count is up 73% over 5 years — owners have been diluted. Worth asking what they got for it.

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 v0.5.0

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

10-K · period ending 2021-12-31 · accession 0001185185-23-000564 (Revenues)
10-K · period ending 2022-12-31 · accession 0001185185-24-000374 (Revenues)
10-K · period ending 2023-12-31 · accession 0001185185-25-000271 (Revenues)
10-K · period ending 2024-12-31 · accession 0001185185-26-002897 (Revenues)
10-K · period ending 2021-12-31 · accession 0001185185-23-000564 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001185185-24-000374 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001185185-25-000271 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001185185-26-002897 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001185185-23-000564 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001185185-24-000374 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001185185-25-000271 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001185185-26-002897 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001185185-26-002897 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001185185-23-000564 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001185185-24-000374 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001185185-25-000271 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001185185-26-002897 (CashAndCashEquivalentsAtCarryingValue)