Battalion Oil Corp Financials
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).
Cash generation is masking a still-unprofitable core as working-capital release and leverage increasingly support an asset-heavy balance sheet.
The latest year's positive net income of$11.9M and operating cash flow of$39.1M do not mean the operating engine fully recovered, because operating income remained negative. The sharper clue is accounts receivable dropping to$12.1M from$26.3M year over year, which suggests cash was helped by collections and working-capital release rather than by a broad rebound in underlying profitability.
The balance-sheet posture has shifted from thinly capitalized to negative equity: liabilities exceeded assets in the latest year, leaving equity at
Management appears to be cutting overhead faster than revenue is stabilizing: SG&A fell to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Battalion Oil Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Battalion Oil Corp scores -0.48, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($41.6M) relative to total liabilities ($493.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Battalion Oil Corp passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
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.
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
Earnings & Revenue
Battalion Oil Corp generated $166.0M in revenue in fiscal year 2025. This represents a decrease of 14.4% from the prior year.
Battalion Oil Corp reported $11.9M in net income in fiscal year 2025. This represents an increase of 137.3% from the prior year.
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
Battalion Oil Corp held $28.0M in cash against $181.0M in long-term debt as of fiscal year 2025.
Battalion Oil Corp had 16M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
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.
Capital Allocation
BATL Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $39.2M+21.4% | $32.3M-25.8% | $43.5M+1.6% | $42.8M-9.8% | $47.5M-4.4% | $49.7M+9.7% | $45.3M-7.8% | $49.1M |
| 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 | $4.3M-6.5% | $4.6M+47.7% | $3.1M+20.2% | $2.6M-41.8% | $4.4M-37.8% | $7.1M+84.0% | $3.9M+15.4% | $3.3M |
| Operating Income | -$2.1M+80.1% | -$10.7M-1395.5% | $826K+639.9% | -$153K-104.5% | $3.4M+118.9% | -$17.9M-1802.3% | $1.1M-79.4% | $5.1M |
| Interest Expense | $5.8M-16.4% | $7.0M-4.5% | $7.3M-0.3% | $7.3M+2.1% | $7.2M+17.2% | $6.1M-10.7% | $6.9M-9.7% | $7.6M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$56.5M-3246.4% | $1.8M+344.2% | -$735K-115.3% | $4.8M-20.4% | $6.0M+127.1% | -$22.2M-202.7% | $21.6M+20698.1% | -$105K |
| EPS (Diluted) | $-3.72 | N/A | $-0.91-333.3% | $-0.21+40.0% | $-0.35 | N/A | $0.34+164.2% | $-0.53 |
BATL Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $412.4M-10.5% | $460.7M-6.3% | $491.7M-1.4% | $498.8M-1.5% | $506.2M+17.4% | $431.0M-5.9% | $458.0M-6.0% | $487.3M |
| Current Assets | $82.1M+43.6% | $57.2M-32.2% | $84.3M+1.0% | $83.5M-25.1% | $111.4M+106.2% | $54.1M-6.1% | $57.6M-33.1% | $86.1M |
| Cash & Equivalents | $46.4M+65.8% | $28.0M-44.6% | $50.5M+13.1% | $44.6M-39.3% | $73.6M+273.2% | $19.7M-33.9% | $29.8M-45.2% | $54.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $19.6M+62.3% | $12.1M-32.7% | $17.9M-26.6% | $24.5M+15.5% | $21.2M-19.5% | $26.3M+24.9% | $21.1M-15.4% | $24.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $255.2M-48.3% | $493.5M-3.6% | $511.9M+1.6% | $504.0M-0.8% | $508.0M+19.0% | $426.9M+0.9% | $423.0M-8.9% | $464.6M |
| Current Liabilities | $91.2M+43.3% | $63.6M-27.8% | $88.2M-2.1% | $90.0M-6.3% | $96.1M+23.7% | $77.7M-36.4% | $122.0M-21.4% | $155.3M |
| Long-Term Debt | $135.9M-24.9% | $181.0M-2.8% | $186.2M-2.7% | $191.5M-2.7% | $196.8M+35.2% | $145.5M+57.0% | $92.7M-8.4% | $101.2M |
| Total Equity | $157.1M+579.1% | -$32.8M-61.9% | -$20.3M-286.7% | -$5.2M-197.2% | -$1.8M-142.8% | $4.1M-88.2% | $35.0M+54.3% | $22.7M |
| Retained Earnings | -$329.5M-20.7% | -$273.0M+0.7% | -$274.8M-0.3% | -$274.1M+1.7% | -$278.9M+2.1% | -$284.9M-8.5% | -$262.7M+7.6% | -$284.3M |
BATL Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.1M+117.8% | -$11.8M-142.3% | $28.0M+174.1% | $10.2M-19.8% | $12.7M+90.4% | $6.7M+231.8% | -$5.1M-117.0% | $29.8M |
| 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 | $56.4M+1231.2% | -$5.0M+69.7% | -$16.5M+50.6% | -$33.4M-65.9% | -$20.1M-56.4% | -$12.9M-86.9% | -$6.9M+50.4% | -$13.9M |
| Financing Cash Flow | -$32.3M-467.9% | -$5.7M-0.5% | -$5.7M+2.4% | -$5.8M-109.5% | $61.2M+1649.9% | -$4.0M+68.8% | -$12.6M-20.7% | -$10.5M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -5.5%+27.7pp | -33.2%-35.1pp | 1.9%+2.3pp | -0.4%-7.5pp | 7.1%+43.3pp | -36.1%-38.5pp | 2.3%-8.1pp | 10.4% |
| Net Margin | -144.2%-149.7pp | 5.6%+7.2pp | -1.7%-12.9pp | 11.2%-1.5pp | 12.7%+57.4pp | -44.7%-92.5pp | 47.8%+48.0pp | -0.2% |
| Return on Equity | -35.9% | N/A | N/A | N/A | N/A | -538.9%-600.7pp | 61.8%+62.3pp | -0.5% |
| Return on Assets | -13.7%-14.1pp | 0.4%+0.5pp | -0.1%-1.1pp | 1.0%-0.2pp | 1.2%+6.3pp | -5.1%-9.9pp | 4.7%+4.7pp | -0.0% |
| Current Ratio | 0.900.0 | 0.90-0.1 | 0.96+0.0 | 0.93-0.2 | 1.16+0.5 | 0.70+0.2 | 0.47-0.1 | 0.55 |
| Debt-to-Equity | 0.86+6.4 | -5.52+3.7 | -9.20+27.4 | -36.57+75.1 | -111.71-147.0 | 35.32+32.7 | 2.65-1.8 | 4.46 |
| 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.
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 Altman Z-Score?
Battalion Oil Corp (BATL) has an Altman Z-Score of -0.48, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Battalion Oil Corp's Piotroski F-Score?
Battalion Oil Corp (BATL) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.
How financially healthy is Battalion Oil Corp?
Battalion Oil Corp (BATL) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.