TXO Partners, L.P.
TXOdata completeness 75%5 fiscal years on fileData notes: no data for concept 'capex'; no data for concept 'stockholdersEquity'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
i. The business — what you’d actually own
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $219.4M1 | $449.6M2 | $357.5M3 | $285.4M3 | $363.1M3 |
| Net income | $52.5M4 | −$7.67M5 | −$104M6 | $23.5M6 | −$21.6M6 |
| Operating cash flow | $73.7M7 | $136.4M8 | $77.2M9 | $109.3M9 | $118.2M9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | $120.1M10 | $28.1M11 | $157.1M12 | $291.1M12 |
| Cash & equivalents | $7.55M13 | $9.2M14 | $4.51M15 | $7.31M16 | $9.37M16 |
| Diluted shares | 25.0M | 25.0M | 30.3M | 36.1M | 49.8M |
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
—
your share of equity
Profit it earned you last year
−$4.34
Free cash flow it threw off
—
Debt you’d be carrying
$58.49
10 shares of this business that earned you −$4.34 last year, against $58.49 of debt.
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
+99% shares · 5y
Share count is up 99% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 142% 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 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
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 0001559432-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001559432-25-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A · period ending 2023-12-31 · accession 0001559432-26-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001559432-24-000011 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001559432-25-000035 (NetIncomeLoss)
- 10-K/A · period ending 2023-12-31 · accession 0001559432-26-000005 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001559432-24-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001559432-25-000035 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2023-12-31 · accession 0001559432-26-000005 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001559432-24-000011 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001559432-25-000035 (LongTermDebt)
- 10-K/A · period ending 2024-12-31 · accession 0001559432-26-000005 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001559432-25-000035 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001559432-24-000011 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001559432-25-000035 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A · period ending 2024-12-31 · accession 0001559432-26-000005 (CashAndCashEquivalentsAtCarryingValue)