What is Battalion Oil Corp's earnings per share (EPS)?

Battalion Oil Corp (BATL) reported diluted earnings per share of $-2.24 for fiscal year 2025. This represents a 42.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Battalion Oil Corp Financials

BATL

Source SEC Filings (10-K/10-Q) Updated Mar 23, 2026 Currency USD FYE March

This page shows Battalion Oil Corp (BATL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

5/9

Battalion Oil Corp passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

3.29x

For every $1 of reported earnings, Battalion Oil Corp generates $3.29 in operating cash flow ($39.1M OCF vs $11.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

-0.2x

Battalion Oil Corp earns $-0.2 in operating income for every $1 of interest expense (-$6.6M vs $28.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$166.0M

YoY-14.4%

5Y CAGR+2.3%

10Y CAGR-11.3%

Battalion Oil Corp generated $166.0M in revenue in fiscal year 2025. This represents a decrease of 14.4% from the prior year.

EBITDA

N/A

Net Income

$11.9M

YoY+137.3%

Battalion Oil Corp reported $11.9M in net income in fiscal year 2025. This represents an increase of 137.3% from the prior year.

EPS (Diluted)

$-2.24

YoY+42.6%

Battalion Oil Corp earned $-2.24 per diluted share (EPS) in fiscal year 2025. This represents an increase of 42.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$28.0M

YoY+41.9%

5Y CAGR+45.5%

10Y CAGR+13.3%

Battalion Oil Corp held $28.0M in cash against $181.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

18M

YoY+10.9%

5Y CAGR+2.4%

Battalion Oil Corp had 18M shares outstanding in fiscal year 2025. This represents an increase of 10.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-4.0%

YoY+2.1pp

5Y CAGR+172.6pp

10Y CAGR+494.8pp

Battalion Oil Corp's operating margin was -4.0% in fiscal year 2025, reflecting core business profitability. This is up 2.1 percentage points from the prior year.

Net Margin

7.1%

YoY+23.6pp

5Y CAGR+162.0pp

10Y CAGR+356.5pp

Battalion Oil Corp's net profit margin was 7.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 23.6 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BATL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$166.0M-14.4%	$193.9M-12.2%	$220.8M-38.5%	$359.1M+25.9%	$285.2M+92.3%	$148.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$14.6M-20.3%	$18.4M-3.5%	$19.0M+7.9%	$17.6M+6.8%	$16.5M-10.5%	$18.5M
Operating Income	-$6.6M+43.5%	-$11.7M-166.8%	$17.6M-88.4%	$152.1M+47.2%	$103.4M+139.5%	-$261.8M
Interest Expense	$28.8M-0.6%	$29.0M-20.5%	$36.5M+576.1%	$5.4M+1250.0%	$400K	N/A
Income Tax	N/A	$0	$0	$0	$0	$0
Net Income	$11.9M+137.3%	-$31.9M-946.0%	-$3.0M-116.4%	$18.5M+165.5%	-$28.3M+87.7%	-$229.7M
EPS (Diluted)	$-2.24+42.6%	$-3.90-323.9%	$-0.92-182.1%	$1.12+164.4%	$-1.74+87.7%	$-14.18

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$43.5M+1.6%	$42.8M-9.8%	$47.5M-4.4%	$49.7M+9.7%	$45.3M-7.8%	$49.1M-1.5%	$49.9M+5.6%	$47.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.1M+20.2%	$2.6M-41.8%	$4.4M-37.8%	$7.1M+84.0%	$3.9M+15.4%	$3.3M-18.0%	$4.1M-25.3%	$5.5M
Operating Income	$826K+639.9%	-$153K-104.5%	$3.4M+118.9%	-$17.9M-1802.3%	$1.1M-79.4%	$5.1M+22160.9%	$23K+103.4%	-$668K
Interest Expense	$7.3M-0.3%	$7.3M+2.1%	$7.2M+17.2%	$6.1M-10.7%	$6.9M-9.7%	$7.6M-9.3%	$8.4M	N/A
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$735K-115.3%	$4.8M-20.4%	$6.0M+127.1%	-$22.2M-202.7%	$21.6M+20698.1%	-$105K+99.7%	-$31.2M-195.5%	$32.7M
EPS (Diluted)	$-0.91-333.3%	$-0.21+40.0%	$-0.35	N/A	$0.34+164.2%	$-0.53+76.3%	$-2.24	N/A

BATL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$460.7M+6.9%	$431.0M-11.2%	$485.3M0.0%	$485.4M+24.4%	$390.3M+12.6%	$346.5M
Current Assets	$57.2M+5.8%	$54.1M-40.3%	$90.5M+2.7%	$88.2M+0.3%	$87.9M+83.8%	$47.8M
Cash & Equivalents	$28.0M+41.9%	$19.7M-65.7%	$57.5M+75.8%	$32.7M-30.2%	$46.9M+991.1%	$4.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$12.1M-54.1%	$26.3M+14.2%	$23.0M-39.4%	$38.0M+3.2%	$36.8M+14.2%	$32.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$493.5M+15.6%	$426.9M+2.3%	$417.3M+4.1%	$400.7M+22.7%	$326.6M+27.3%	$256.5M
Current Liabilities	$63.6M-18.1%	$77.7M-42.2%	$134.4M-18.5%	$165.0M+35.7%	$121.6M+46.2%	$83.2M
Long-Term Debt	$181.0M+24.3%	$145.5M+3.7%	$140.3M-23.2%	$182.7M+0.6%	$181.6M+14.6%	$158.5M
Total Equity	-$32.8M-895.9%	$4.1M-93.9%	$68.0M-19.6%	$84.6M+32.8%	$63.7M-29.2%	$90.0M
Retained Earnings	-$273.0M+4.2%	-$284.9M-12.6%	-$253.0M-1.2%	-$249.9M+6.9%	-$268.5M-11.8%	-$240.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$491.7M-1.4%	$498.8M-1.5%	$506.2M+17.4%	$431.0M-5.9%	$458.0M-6.0%	$487.3M-0.3%	$488.6M+0.7%	$485.3M
Current Assets	$84.3M+1.0%	$83.5M-25.1%	$111.4M+106.2%	$54.1M-6.1%	$57.6M-33.1%	$86.1M+3.0%	$83.6M-7.7%	$90.5M
Cash & Equivalents	$50.5M+13.1%	$44.6M-39.3%	$73.6M+273.2%	$19.7M-33.9%	$29.8M-45.2%	$54.4M+11.2%	$48.9M-14.9%	$57.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$17.9M-26.6%	$24.5M+15.5%	$21.2M-19.5%	$26.3M+24.9%	$21.1M-15.4%	$24.9M-4.2%	$26.0M+12.9%	$23.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$511.9M+1.6%	$504.0M-0.8%	$508.0M+19.0%	$426.9M+0.9%	$423.0M-8.9%	$464.6M+1.6%	$457.3M+9.6%	$417.3M
Current Liabilities	$88.2M-2.1%	$90.0M-6.3%	$96.1M+23.7%	$77.7M-36.4%	$122.0M-21.4%	$155.3M+5.2%	$147.6M+9.8%	$134.4M
Long-Term Debt	$186.2M-2.7%	$191.5M-2.7%	$196.8M+35.2%	$145.5M+57.0%	$92.7M-8.4%	$101.2M-20.2%	$126.8M-9.6%	$140.3M
Total Equity	-$20.3M-286.7%	-$5.2M-197.2%	-$1.8M-142.8%	$4.1M-88.2%	$35.0M+54.3%	$22.7M-27.6%	$31.3M-54.0%	$68.0M
Retained Earnings	-$274.8M-0.3%	-$274.1M+1.7%	-$278.9M+2.1%	-$284.9M-8.5%	-$262.7M+7.6%	-$284.3M0.0%	-$284.2M-12.3%	-$253.0M

BATL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$39.1M+10.6%	$35.4M+101.0%	$17.6M-77.7%	$78.8M+14.9%	$68.6M+36.6%	$50.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$75.0M-14.5%	-$65.4M-26.2%	-$51.8M+58.9%	-$126.1M-143.0%	-$51.9M+28.3%	-$72.4M
Financing Cash Flow	$44.1M+670.8%	-$7.7M-113.1%	$59.1M+85.8%	$31.8M+16.0%	$27.4M+69.4%	$16.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$28.0M+174.1%	$10.2M-19.8%	$12.7M+90.4%	$6.7M+231.8%	-$5.1M-117.0%	$29.8M+661.6%	$3.9M-40.0%	$6.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$16.5M+50.6%	-$33.4M-65.9%	-$20.1M-56.4%	-$12.9M-86.9%	-$6.9M+50.4%	-$13.9M+56.5%	-$31.8M-116.1%	-$14.7M
Financing Cash Flow	-$5.7M+2.4%	-$5.8M-109.5%	$61.2M+1649.9%	-$4.0M+68.8%	-$12.6M-20.7%	-$10.5M-154.2%	$19.3M-16.5%	$23.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BATL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-4.0%+2.1pp	-6.1%-14.0pp	8.0%-34.4pp	42.4%+6.1pp	36.3%+212.8pp	-176.6%
Net Margin	7.1%+23.6pp	-16.4%-15.1pp	-1.4%-6.5pp	5.2%+15.1pp	-9.9%+145.0pp	-154.9%
Return on Equity	N/A	-773.8%-769.4pp	-4.5%-26.4pp	21.9%+66.4pp	-44.5%+210.9pp	-255.4%
Return on Assets	2.6%+10.0pp	-7.4%-6.8pp	-0.6%-4.5pp	3.8%+11.1pp	-7.3%+59.0pp	-66.3%
Current Ratio	0.90+0.2	0.70+0.0	0.67+0.1	0.53-0.2	0.72+0.1	0.58
Debt-to-Equity	-5.52-40.8	35.32+33.3	2.06-0.1	2.16-0.7	2.85+1.1	1.76
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	1.9%+2.3pp	-0.4%-7.5pp	7.1%+43.3pp	-36.1%-38.5pp	2.3%-8.1pp	10.4%+10.4pp	0.1%+1.5pp	-1.4%
Net Margin	-1.7%-12.9pp	11.2%-1.5pp	12.7%+57.4pp	-44.7%-92.5pp	47.8%+48.0pp	-0.2%+62.4pp	-62.6%-131.8pp	69.2%
Return on Equity	N/A	N/A	N/A	-538.9%-600.7pp	61.8%+62.3pp	-0.5%+99.2pp	-99.7%-147.7pp	48.1%
Return on Assets	-0.1%-1.1pp	1.0%-0.2pp	1.2%+6.3pp	-5.1%-9.9pp	4.7%+4.7pp	-0.0%+6.4pp	-6.4%-13.1pp	6.7%
Current Ratio	0.96+0.0	0.93-0.2	1.16+0.5	0.70+0.2	0.47-0.1	0.55-0.0	0.57-0.1	0.67
Debt-to-Equity	-9.20+27.4	-36.57+75.1	-111.71-147.0	35.32+32.7	2.65-1.8	4.46+0.4	4.05+2.0	2.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$32.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.90), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Battalion Oil Corp's annual revenue?

Battalion Oil Corp (BATL) reported $166.0M in total revenue for fiscal year 2025. This represents a -14.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Battalion Oil Corp's revenue growing?

Battalion Oil Corp (BATL) revenue declined by 14.4% year-over-year, from $193.9M to $166.0M in fiscal year 2025.

Is Battalion Oil Corp profitable?

Yes, Battalion Oil Corp (BATL) reported a net income of $11.9M in fiscal year 2025, with a net profit margin of 7.1%.

How much debt does Battalion Oil Corp have?

As of fiscal year 2025, Battalion Oil Corp (BATL) had $28.0M in cash and equivalents against $181.0M in long-term debt.

What is Battalion Oil Corp's operating margin?

Battalion Oil Corp (BATL) had an operating margin of -4.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Battalion Oil Corp's net profit margin?

Battalion Oil Corp (BATL) had a net profit margin of 7.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Battalion Oil Corp's operating cash flow?

Battalion Oil Corp (BATL) generated $39.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Battalion Oil Corp's total assets?

Battalion Oil Corp (BATL) had $460.7M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Battalion Oil Corp have outstanding?

Battalion Oil Corp (BATL) had 18M shares outstanding as of fiscal year 2025.

What is Battalion Oil Corp's current ratio?

Battalion Oil Corp (BATL) had a current ratio of 0.90 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Battalion Oil Corp's debt-to-equity ratio?

Battalion Oil Corp (BATL) had a debt-to-equity ratio of -5.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Battalion Oil Corp's return on assets (ROA)?

Battalion Oil Corp (BATL) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Battalion Oil Corp's debt-to-equity ratio negative or unusual?

Battalion Oil Corp (BATL) has negative shareholder equity of -$32.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Battalion Oil Corp's Piotroski F-Score?

Battalion Oil Corp (BATL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Battalion Oil Corp's earnings high quality?

Battalion Oil Corp (BATL) has an earnings quality ratio of 3.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Battalion Oil Corp cover its interest payments?

Battalion Oil Corp (BATL) has an interest coverage ratio of -0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.