SPINDLETOP OIL & GAS CO
SPNDdata completeness 75%15 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'
SPINDLETOP OIL & GAS CO earns about -6% on equity, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $4.59 and $4.94 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 | $6.07M1 | $8.35M2 | $5.11M3 | $4.26M3 | $4.44M3 |
| Net income | — | — | $7,0004 | −$629,0004 | −$1.88M4 |
| Operating cash flow | $2.44M5 | $1.6M6 | $853,0006 | $224,0007 | −$135,0007 |
| Capital expenditure | $1,0008 | $82,0009 | $83,0009 | — | — |
| Free cash flow (derived) | $2.44M5 | $1.52M6 | $770,0006 | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $10.7M10 | $13.6M11 | $6.87M12 | $6.47M13 | $3.64M13 |
| Diluted shares | 6.8M | 6.8M | 6.7M | 6.7M | 6.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $21.52 of net worth that earned you −$2.83 last year.
It earned about -6% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $4.59 and $4.94 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$1.52M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.52M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.81 |
| Base | 5.0% | $4.59 |
| Bull | 10.0% | $5.54 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 10-K · period ending 2021-12-31 · accession 0001017386-24-000085 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001017386-25-000053 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001017386-26-000048 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001017386-26-000048 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001017386-24-000085 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001017386-25-000053 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001017386-26-000048 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001017386-24-000085 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2022-12-31 · accession 0001017386-25-000053 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2021-12-31 · accession 0001017386-23-000155 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001017386-24-000085 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001017386-25-000053 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001017386-26-000048 (CashAndCashEquivalentsAtCarryingValue)