MeritValue

W&T OFFSHORE INC

WTIdata completeness 88%17 fiscal years on file
The thesis, from the filings

W&T OFFSHORE INC earns about 1% on invested capital, but has diluted owners by 4% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$558M1$921M2$532.7M3$525.3M3$501.5M3
Net income−$41.5M4$231.1M5$15.6M6−$87.1M6−$150.1M6
Operating cash flow$133.7M7$339.5M8$115.3M9$59.5M9$77.2M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.46B10$1.39B11$781.2M12$786.4M13$701.6M13
Cash & equivalents$245.8M14$461.4M15$173.3M16$109M16$140.6M16
Diluted shares142.3M145.1M148.3M147.1M148.2M

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
−$13.48
your share of equity
Profit it earned you last year
−$10.13
Free cash flow it threw off
—
Debt you’d be carrying
$47.34

10 shares is a claim on −$13.48 of net worth that earned you −$10.13 last year, against $47.34 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 2%FY22 31%FY23 6%FY24 -12%FY25 -22%

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
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 52% — 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
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
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-002610 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-002116 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-028315 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002610 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-002116 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-028315 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002610 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-002116 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-028315 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-23-003153 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-24-002610 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001558370-25-002116 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001104659-26-028315 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001558370-24-002610 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001558370-25-002116 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001104659-26-028315 (CashAndCashEquivalentsAtCarryingValue)