Prairie Operating Co. (PROP) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PROP SEC filings page.
Prairie Operating Co. (PROP) reported $342.2M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Prairie Operating shifted from development-stage losses to reported profitability, but rapid expansion left near-term obligations above current assets.
Cash conversion improved sharply: FY2025 operating cash flow reached$153.9M versus net income of$32.1M , yet current assets of$79.7M remained below current liabilities of$125.8M . The business therefore converted reported earnings into cash, while still carrying a tight short-term funding structure.
The revenue surge from
Profitability emerged alongside heavy investment rather than simple overhead reduction: R&D was
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 Prairie Operating Co.'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.
Prairie Operating Co. has an operating margin of 27.1%, meaning the company retains $27 of operating profit per $100 of revenue. Among its peers this margin ranks in the lower range, for a profitability score of 10/100. This is up from -334.0% the prior year.
Prairie Operating Co.'s revenue surged 2943.8% year-over-year to $241.6M, reflecting rapid business expansion. This strong growth earns a score of 99/100.
Prairie Operating Co.'s current ratio of 0.63 is below the typical benchmark, resulting in a score of 12/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Prairie Operating Co. generates a 24.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is up from -77.5% the prior year.
Prairie Operating Co. scores 0.34, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $87.7M against total assets of $944.5M. 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.
Prairie Operating Co. passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, Prairie Operating Co. generates $4.80 in operating cash flow ($153.9M OCF vs $32.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Prairie Operating Co. earns $2.30 in operating income for every $1 of interest expense ($65.6M vs $28.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Prairie Operating Co. generated $98.9M in revenue in Q2 2026. This represents an increase of 45.2% from the same quarter a year earlier. Against the prior quarter it is up 18.5%.
Prairie Operating Co. reported $109.0M in net income in Q2 2026. This represents an increase of 205.5% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
Prairie Operating Co. held $21K in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Prairie Operating Co.'s quarterly ROE was 48.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 11.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 38217.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Prairie Operating Co. spent $59K on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 28.0% from the same quarter a year earlier. Against the prior quarter it is down 95.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
PROP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $98.9M+45.2% | $83.4M+513.8% | $82.2M | $77.7Mn/m | $68.1M | $13.6M | N/A | $0-100.0% |
| SG&A Expenses | $12.0M-27.3% | $16.9M+204.2% | $16.3M+188.8% | $12.3M+39.6% | $16.4M+93.2% | $5.6M-27.0% | $5.7M | $8.8M+39.2% |
| Operating Income | N/A | N/A | $17.8Mn/m | $27.0Mn/m | $18.9Mn/m | $1.8Mn/m | -$1.1M | -$8.8Mn/m |
| EBITDA | N/A | N/A | $36.3M | $43.1Mn/m | $31.2M | $3.9M | N/A | -$8.8Mn/m |
| Interest Expense | $10.0M+10.0% | $8.2M+494.8% | N/A | N/A | $9.1M | $1.4M | N/A | N/A |
| Income Tax | $19.8Mn/m | -$38.4Mn/m | $21.7M | $0n/m | $0 | $0 | N/A | $0 |
| Net Income | $109.0M+205.5% | -$152.7Mn/m | -$2.3Mn/m | $1.3Mn/m | $35.7Mn/m | -$2.6Mn/m | -$11.9M | -$11.4Mn/m |
| EPS (Basic) | $1.75 | -$2.16 | $0.31 | -$0.44 | $1.04 | -$3.49 | -$0.41 | -$0.68 |
| EPS (Diluted) | $0.23 | -$2.16 | $0.31 | -$0.44 | $0.18 | -$3.49 | -$0.41 | -$0.68 |
| Diluted Shares (Avg) | 186M | 81M | N/A | 51M | 198M | 27M | N/A | 17M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
PROP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.0B+17.1% | $958.8M+23.6% | $944.5M+503.3% | $939.8M+776.9% | $858.5M+1680.0% | $775.4M+1566.5% | $156.6M+242.7% | $107.2M+167.3% |
| Current Assets | $41.9M-57.0% | $58.3M-18.8% | $79.7M+335.6% | $121.0M+112.0% | $97.4M+2015.4% | $71.9M+1060.6% | $18.3M+35.3% | $57.1M+649.9% |
| Cash & Equivalents | $21K-99.8% | $263K-98.2% | $20K-99.6% | $10.6M-73.4% | $10.7M+378.5% | $15.0M+269.9% | $5.2M-60.2% | $40.1M+453.1% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $4.2M+23.6% | $2.7M+107.1% | $3.6M+71980.0% | $4.9M | $3.4M | $1.3M | $5K | N/A |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $739.0M+23.2% | $836.3M+12.8% | $678.2M+553.5% | $679.3M+1380.3% | $599.8M+4629.4% | $741.4M+8260.9% | $103.8M+1783.6% | $45.9M-55.9% |
| Current Liabilities | $167.4M+3.6% | $239.4M+89.0% | $125.8M+99.6% | $145.0M+222.2% | $161.6M+1192.4% | $126.6M+1364.1% | $63.0M+1063.4% | $45.0M+288.0% |
| Non-Current Liabilities | $571.6M+30.5% | $596.9M+40.0% | $552.5M+1254.8% | $534.3M+60950.3% | $438.1M+249539.0% | $426.5M+195474.8% | $40.8M+43279.8% | $875K-98.3% |
| Long-Term Debt | N/A | N/A | N/A | N/A | $387.0M | $377.0M | $28.0M+1300.0% | N/A |
| Total Equity | $223.0M+136.8% | $400K-98.8% | $130.2M+146.7% | $101.8M+66.2% | $94.2M+164.9% | $34.0M-9.6% | $52.8M+31.4% | $61.3Mn/m |
| Retained Earnings | -$131.4Mn/m | -$240.4Mn/m | -$87.7Mn/m | -$85.4Mn/m | -$86.7Mn/m | -$122.4Mn/m | -$119.8Mn/m | -$107.8Mn/m |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.
PROP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $52.0Mn/m | $42.3M+149.6% | $86.5Mn/m | $57.7M+1966.7% | -$7.2Mn/m | $16.9Mn/m | -$3.7Mn/m | $2.8Mn/m |
| Depreciation & Amortization | $17.1M+39.2% | $15.8M+646.3% | $18.6M+4247.3% | $16.0Mn/m | $12.3M | $2.1M | $427K+0.4% | $0-100.0% |
| Stock-Based Compensation | N/A | $5.7M+333.0% | N/A | N/A | N/A | $1.3M-35.9% | N/A | N/A |
| Investing Cash Flow | -$107.6M-1851.3% | -$36.3Mn/m | -$47.4Mn/m | -$86.2Mn/m | $6.1Mn/m | -$528.4Mn/m | -$69.4Mn/m | -$2.1Mn/m |
| Financing Cash Flow | $55.3Mn/m | -$5.7M-101.1% | -$49.8M-230.1% | $28.6M-23.1% | -$3.3M-164.8% | $521.3M+11582.6% | $38.3M+220.7% | $37.2M+88.9% |
| Share Buybacks | $59K-28.0% | $1.2M+253.6% | $89Kn/m | $24K | $82K | $336K | $0 | N/A |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.
PROP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | 21.7% | 34.8% | 27.8% | 12.9% | N/A | N/A |
| Net Margin | 110.3% | -183.0% | -2.8% | 1.7% | 52.4% | -19.3% | N/A | N/A |
| Return on Equity | 48.9%+11.0pp | -38168.3%-38160.6pp | -1.8%+20.9pp | 1.3%+19.9pp | 37.9%+61.8pp | -7.7%+16.3pp | -22.6% | -18.6% |
| Return on Assets | 10.8%+6.7pp | -15.9%-15.6pp | -0.2%+7.4pp | 0.1%+10.8pp | 4.2%+21.8pp | -0.3%+19.1pp | -7.6% | -10.7%+75.2pp |
| Current Ratio | 0.25-0.4x | 0.24-0.3x | 0.63+0.3x | 0.83-0.4x | 0.60+0.2x | 0.57-0.1x | 0.29-2.2x | 1.27+0.6x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 4.11 | 11.07 | 0.53+0.5x | N/A |
| Liabilities-to-Equity | 3.31-3.1x | 2090.74+2069.0x | 5.21+3.2x | 6.67+5.9x | 6.37+6.0x | 21.78+21.5x | 1.97+1.8x | 0.75 |
| Asset Turnover | 0.100.0x | 0.09+0.1x | 0.09 | 0.08+0.1x | 0.08 | 0.02 | N/A | 0.000.0x |
Not reported in any period shown, so not listed: Gross Margin, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Note: The current ratio is below 1.0 (0.63), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Prairie Operating Co. PROP | FY2025 | $241.6M | $32.1M | 13.3% | $46.0M | 23/100 |
| Battalion Oil Corporation BATL | FY2025 | $166.0M | $11.9M | 7.1% | $47.6M | 14/100 |
| Empire Petroleum Corporation EP | FY2025 | $34.2M | -$72.1M | N/A | $85.7M | 24/100 |
Where Prairie Operating Co. Ranks
Frequently Asked Questions
Prairie Operating Co. (PROP) reported $241.6M in total revenue for fiscal year 2025. This represents a 2943.8% 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.
Prairie Operating Co. (PROP) revenue grew by 2943.8% year-over-year, from $7.9M to $241.6M in fiscal year 2025.
No, Prairie Operating Co. (PROP) reported a net loss of $44.7M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $32.1M, with a net profit margin of 13.3%.
Prairie Operating Co. (PROP) had EBITDA of $114.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Prairie Operating Co. (PROP) had an operating margin of 27.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Prairie Operating Co. (PROP) had a net profit margin of 13.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Prairie Operating Co. (PROP) has a return on equity of 24.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Prairie Operating Co. (PROP) generated $153.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Prairie Operating Co. (PROP) had $944.5M in total assets as of fiscal year 2025, including both current and long-term assets.
Prairie Operating Co. (PROP) invested $152.9M in research and development during fiscal year 2025.
Prairie Operating Co. (PROP) had a current ratio of 0.63 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Prairie Operating Co. (PROP) had a liabilities-to-equity ratio of 5.21 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Prairie Operating Co. (PROP) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Prairie Operating Co. (PROP) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $46.0M as of Nov 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Prairie Operating Co. (PROP) trades at 0.1x sales, its market capitalization divided by $342.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $46.0M as of Nov 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Prairie Operating Co. (PROP) has an Altman Z-Score of 0.34, 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.
Prairie Operating Co. (PROP) has a Piotroski F-Score of 6 out of 7 computable signals; 2 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.
Prairie Operating Co. (PROP) has an earnings quality ratio of 4.80x, 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.
Prairie Operating Co. (PROP) has an interest coverage ratio of 2.30x, meaning it can adequately 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.
Prairie Operating Co. (PROP) scores 23 out of 100 on our Financial Health Score, indicating weak standing within its energy companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.