Spindletop Oil & Financials

SPND

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Spindletop Oil & (SPND) 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).

Rhea AI SPND FY2025 2026-05-20

Shrinking cash and a largely fixed overhead base are turning a once cash-buffered business into a balance-sheet-funded operation.

Across FY2023-FY2025, operating cash flow moved from positive to negative while cash nearly halved to $3.6M. With the current ratio now below 1.0x, the company is no longer covering its overhead internally, so the strain is reaching short-term liquidity rather than staying only an income-statement problem.

The core operating issue looks like fixed-cost absorption, not just soft revenue: selling and administrative expense was $3.5M against only $4.4M of revenue in FY2025. Over the last three fiscal years, revenue compressed while that cost line stayed in roughly the same band, which means small top-line moves now have an outsized effect on operating losses.

The balance sheet still shows more equity than liabilities, but that cushion is narrowing: equity ended FY2025 at $14.3M versus liabilities of $13.1M. Because total assets stayed near $27M across FY2023-FY2025, the weaker posture reflects liquidity being used up and obligations rising, not a business reinvesting heavily for growth.

Financial Health Signals

Financial Profile 30/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Spindletop Oil &'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.

Profitability

Spindletop Oil & has an operating margin of -73.9%, meaning the company retains $-74 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -41.7% the prior year.

Growth

Spindletop Oil &'s revenue grew a modest 4.4% year-over-year to $4.4M. This slow but positive growth earns a score of 22/100.

Leverage

Spindletop Oil & carries a low D/E ratio of 0.92, meaning only $0.92 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Spindletop Oil &'s current ratio of 0.94 is below the typical benchmark, resulting in a score of 14/100. However, the company holds substantial cash reserves (54% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

Spindletop Oil & generates a -13.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -3.8% the prior year.

Piotroski F-Score Weak

3/9

Spindletop Oil & passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.07x

For every $1 of reported earnings, Spindletop Oil & generates $0.07 in operating cash flow (-$135K OCF vs -$1.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$4.4M

YoY+4.4%

5Y CAGR+4.5%

10Y CAGR-2.9%

Spindletop Oil & generated $4.4M in revenue in fiscal year 2025. This represents an increase of 4.4% from the prior year.

EBITDA

-$2.9M

YoY-103.5%

Spindletop Oil &'s EBITDA was -$2.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 103.5% from the prior year.

Net Income

-$1.9M

YoY-199.2%

Spindletop Oil & reported -$1.9M in net income in fiscal year 2025. This represents a decrease of 199.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.6M

YoY-43.7%

5Y CAGR-13.4%

10Y CAGR-11.5%

Spindletop Oil & held $3.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY-2.1%

5Y CAGR-0.5%

10Y CAGR-0.5%

Spindletop Oil & had 7M shares outstanding in fiscal year 2025. This represents a decrease of 2.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-73.9%

YoY-32.1pp

5Y CAGR-21.8pp

Spindletop Oil &'s operating margin was -73.9% in fiscal year 2025, reflecting core business profitability. This is down 32.1 percentage points from the prior year.

Net Margin

-42.4%

YoY-27.6pp

5Y CAGR-17.3pp

10Y CAGR+54.8pp

Spindletop Oil &'s net profit margin was -42.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 27.6 percentage points from the prior year.

Return on Equity

-13.1%

YoY-9.3pp

5Y CAGR-7.4pp

10Y CAGR+18.1pp

Spindletop Oil &'s ROE was -13.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

SPND Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.4M+4.4%	$4.3M-16.7%	$5.1M-38.9%	$8.4M+37.7%	$6.1M+70.4%	$3.6M
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	$3.5M+18.3%	$2.9M-0.9%	$3.0M-5.0%	$3.1M+16.4%	$2.7M+1.7%	$2.6M
Operating Income	-$3.3M-84.8%	-$1.8M-79.7%	-$988K-2252.4%	-$42K-110.4%	$403K+121.7%	-$1.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$574K-203.7%	-$189K-45.4%	-$130K-113.5%	$962K+1273.2%	-$82K+75.9%	-$340K
Net Income	-$1.9M-199.2%	-$629K-9085.7%	$7K-99.0%	$669K-35.5%	$1.0M+216.0%	-$894K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.3M+5.8%	$1.2M+30.4%	$958K-7.9%	$1.0M-13.0%	$1.2M-2.8%	$1.2M+38.5%	$888K-20.4%	$1.1M
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	$712K-53.2%	$1.5M+177.7%	$548K-20.8%	$692K-4.0%	$721K-40.9%	$1.2M+152.1%	$484K-16.0%	$576K
Operating Income	$121K+104.5%	-$2.7M-824.8%	-$290K-8.2%	-$268K-553.7%	-$41K+95.9%	-$991K-413.5%	-$193K+56.6%	-$445K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$31K+109.9%	-$314K-7.9%	-$291K-2178.6%	$14K-17.6%	$17K+140.5%	-$42K+52.3%	-$88K-41.9%	-$62K
Net Income	$258K+111.9%	-$2.2M-1138.8%	$209K+398.6%	-$70K-146.7%	$150K+121.0%	-$713K-588.4%	$146K+204.3%	-$140K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SPND Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$27.5M-0.4%	$27.6M-2.0%	$28.1M+1.2%	$27.8M+6.6%	$26.1M+15.1%	$22.7M
Current Assets	$6.3M-26.5%	$8.6M-7.5%	$9.3M-44.2%	$16.7M+14.4%	$14.6M+36.9%	$10.7M
Cash & Equivalents	$3.6M-43.7%	$6.5M-5.8%	$6.9M-49.5%	$13.6M+27.4%	$10.7M+42.7%	$7.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.1M+19.2%	$11.0M+0.5%	$11.0M+3.4%	$10.6M+11.2%	$9.5M+33.3%	$7.1M
Current Liabilities	$6.7M+0.6%	$6.7M+2.4%	$6.5M-4.6%	$6.9M-9.8%	$7.6M+33.0%	$5.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$14.3M-13.5%	$16.6M-3.7%	$17.2M-0.1%	$17.2M+3.9%	$16.6M+6.7%	$15.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$27.8M+1.4%	$27.5M-2.6%	$28.2M+4.0%	$27.1M-3.4%	$28.1M+1.8%	$27.6M-1.9%	$28.1M+0.5%	$28.0M
Current Assets	$7.9M+23.9%	$6.3M-10.5%	$7.1M-21.8%	$9.1M-9.5%	$10.0M+16.1%	$8.6M-9.9%	$9.6M+0.7%	$9.5M
Cash & Equivalents	$4.3M+16.9%	$3.6M-26.5%	$5.0M-30.9%	$7.2M-5.6%	$7.6M+17.3%	$6.5M-12.8%	$7.4M+0.9%	$7.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.3M+1.0%	$13.1M+12.3%	$11.7M+8.2%	$10.8M-4.8%	$11.3M+3.1%	$11.0M+1.6%	$10.8M-0.1%	$10.9M
Current Liabilities	$6.8M+1.4%	$6.7M-8.6%	$7.4M+13.7%	$6.5M-7.8%	$7.0M+5.0%	$6.7M+2.6%	$6.5M-0.2%	$6.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$14.6M+1.8%	$14.3M-13.2%	$16.5M+1.3%	$16.3M-2.5%	$16.7M+0.9%	$16.6M-4.1%	$17.3M+0.9%	$17.1M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SPND Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$135K-160.3%	$224K-73.7%	$853K-46.7%	$1.6M-34.5%	$2.4M+420.8%	-$761K
Capital Expenditures	N/A	N/A	$83K+1.2%	$82K+8100.0%	$1K	N/A
Free Cash Flow	N/A	N/A	$770K-49.3%	$1.5M-37.8%	$2.4M	N/A
Investing Cash Flow	-$2.3M-278.2%	-$620K+91.8%	-$7.6M-709.5%	$1.2M+192.2%	$424K+105.4%	-$7.8M
Financing Cash Flow	-$351K	N/A	-$30K-100.0%	-$15K-103.7%	$403K+20.3%	$335K
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	$68K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$367K+130.8%	-$1.2M-265.9%	$718K+987.9%	$66K-75.7%	$272K+186.9%	-$313K-372.2%	$115K+180.5%	$41K
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	$248K+306.7%	-$120K+95.9%	-$2.9M-1964.8%	-$142K-116.7%	$849K+233.1%	-$638K-1151.0%	-$51K-196.2%	$53K
Financing Cash Flow	N/A	$0	$0	N/A	N/A	N/A	N/A	N/A
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

SPND 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	-73.9%-32.1pp	-41.7%-22.4pp	-19.4%-18.9pp	-0.5%-7.1pp	6.6%+58.7pp	-52.0%
Net Margin	-42.4%-27.6pp	-14.8%-14.9pp	0.1%-7.9pp	8.0%-9.1pp	17.1%+42.2pp	-25.1%
Return on Equity	-13.1%-9.3pp	-3.8%-3.8pp	0.0%-3.9pp	3.9%-2.4pp	6.3%+12.0pp	-5.8%
Return on Assets	-6.9%-4.6pp	-2.3%-2.3pp	0.0%-2.4pp	2.4%-1.6pp	4.0%+7.9pp	-3.9%
Current Ratio	0.94-0.3	1.29-0.1	1.42-1.0	2.43+0.5	1.92+0.1	1.87
Debt-to-Equity	0.92+0.3	0.67+0.0	0.64+0.0	0.62+0.0	0.58+0.1	0.46
FCF Margin	N/A	N/A	15.1%-3.1pp	18.2%-22.0pp	40.2%	N/A

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	9.2%+223.9pp	-214.7%-184.5pp	-30.3%-4.5pp	-25.8%-22.3pp	-3.4%+77.1pp	-80.6%-58.8pp	-21.7%+18.1pp	-39.9%
Net Margin	19.5%+193.3pp	-173.8%-195.6pp	21.8%+28.5pp	-6.7%-19.3pp	12.6%+70.5pp	-58.0%-74.4pp	16.4%+29.0pp	-12.5%
Return on Equity	1.8%+16.9pp	-15.2%-16.4pp	1.3%+1.7pp	-0.4%-1.3pp	0.9%+5.2pp	-4.3%-5.2pp	0.9%+1.7pp	-0.8%
Return on Assets	0.9%+8.8pp	-7.9%-8.7pp	0.7%+1.0pp	-0.3%-0.8pp	0.5%+3.1pp	-2.6%-3.1pp	0.5%+1.0pp	-0.5%
Current Ratio	1.15+0.2	0.94-0.0	0.96-0.4	1.40-0.0	1.42+0.1	1.29-0.2	1.47+0.0	1.45
Debt-to-Equity	0.910.0	0.92+0.2	0.71+0.0	0.66-0.0	0.68+0.0	0.67+0.0	0.630.0	0.63
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Spindletop Oil &'s annual revenue?

Spindletop Oil & (SPND) reported $4.4M in total revenue for fiscal year 2025. This represents a 4.4% 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 Spindletop Oil &'s revenue growing?

Spindletop Oil & (SPND) revenue grew by 4.4% year-over-year, from $4.3M to $4.4M in fiscal year 2025.

Is Spindletop Oil & profitable?

No, Spindletop Oil & (SPND) reported a net income of -$1.9M in fiscal year 2025, with a net profit margin of -42.4%.

What is Spindletop Oil &'s EBITDA?

Spindletop Oil & (SPND) had EBITDA of -$2.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Spindletop Oil &'s operating margin?

Spindletop Oil & (SPND) had an operating margin of -73.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Spindletop Oil &'s net profit margin?

Spindletop Oil & (SPND) had a net profit margin of -42.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Spindletop Oil &'s return on equity (ROE)?

Spindletop Oil & (SPND) has a return on equity of -13.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Spindletop Oil &'s operating cash flow?

Spindletop Oil & (SPND) generated -$135K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Spindletop Oil &'s total assets?

Spindletop Oil & (SPND) had $27.5M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Spindletop Oil & have outstanding?

Spindletop Oil & (SPND) had 7M shares outstanding as of fiscal year 2025.

What is Spindletop Oil &'s current ratio?

Spindletop Oil & (SPND) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Spindletop Oil &'s debt-to-equity ratio?

Spindletop Oil & (SPND) had a debt-to-equity ratio of 0.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Spindletop Oil &'s return on assets (ROA)?

Spindletop Oil & (SPND) had a return on assets of -6.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Spindletop Oil &'s cash runway?

Based on fiscal year 2025 data, Spindletop Oil & (SPND) had $3.6M in cash against an annual operating cash burn of $135K. This gives an estimated cash runway of approximately 324 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Spindletop Oil &'s Piotroski F-Score?

Spindletop Oil & (SPND) has a Piotroski F-Score of 3 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Spindletop Oil &'s earnings high quality?

Spindletop Oil & (SPND) has an earnings quality ratio of 0.07x, considered low quality (accrual-driven). 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.

How financially healthy is Spindletop Oil &?

Spindletop Oil & (SPND) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.