Zion Oil Financials

ZNOGW

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Zion Oil (ZNOGW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 24 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 Weak

3/9

Zion Oil passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.85x

For every $1 of reported earnings, Zion Oil generates $0.85 in operating cash flow (-$6.2M OCF vs -$7.3M 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

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Earnings & Revenue

Revenue

N/A

EBITDA

-$6.6M

YoY+8.7%

Zion Oil's EBITDA was -$6.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.7% from the prior year.

Net Income

-$7.3M

YoY+7.7%

Zion Oil reported -$7.3M in net income in fiscal year 2024. This represents an increase of 7.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$2.3M

YoY+269.4%

5Y CAGR-14.1%

10Y CAGR-8.2%

Zion Oil held $2.3M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

965M

YoY+50.8%

5Y CAGR+50.8%

10Y CAGR+39.0%

Zion Oil had 965M shares outstanding in fiscal year 2024. This represents an increase of 50.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-25.9%

YoY+10.3pp

5Y CAGR+24.4pp

10Y CAGR+38.4pp

Zion Oil's ROE was -25.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 10.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

ZNOGW Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	$11.3M+41.2%	$8.0M+20.2%	$6.6M
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	$4.6M-10.6%	$5.2M-16.8%	$6.2M-17.8%	$7.6M+77.0%	$4.3M+3.3%	$4.2M
Operating Income	-$7.3M+7.7%	-$8.0M+85.5%	-$55.0M-405.0%	-$10.9M-74.0%	-$6.3M+4.1%	-$6.5M
Interest Expense	N/A	N/A	N/A	N/A	$61K	$0
Income Tax	$0	$0	N/A	N/A	N/A	N/A
Net Income	-$7.3M+7.7%	-$8.0M+85.6%	-$55.1M-413.7%	-$10.7M-53.2%	-$7.0M-4.5%	-$6.7M
EPS (Diluted)	N/A	$-0.01+88.3%	$-0.12-200.0%	$-0.04	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	N/A	N/A	N/A	$0	$0	$0	$0	$0
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	$1.1M+1.5%	$1.1M0.0%	$1.1M	N/A	$1.1M-4.8%	$1.2M+2.2%	$1.2M	N/A
Operating Income	-$1.7M+15.2%	-$2.0M-17.4%	-$1.7M	N/A	-$1.8M+14.8%	-$2.1M-17.4%	-$1.8M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	N/A	$0	$0	$0	N/A
Net Income	-$1.7M+10.0%	-$1.9M-14.1%	-$1.7M+4.1%	-$1.7M+2.5%	-$1.8M+13.2%	-$2.1M-17.1%	-$1.8M-1.2%	-$1.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	$0.00	$0.00	$0.00	N/A

ZNOGW Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$31.8M+26.3%	$25.2M-8.5%	$27.5M-56.6%	$63.4M+45.8%	$43.5M+133.2%	$18.7M
Current Assets	$3.9M+71.5%	$2.3M-50.3%	$4.6M-46.7%	$8.6M-55.4%	$19.4M+181.1%	$6.9M
Cash & Equivalents	$2.3M+269.4%	$615K-64.6%	$1.7M-63.0%	$4.7M-60.0%	$11.7M+141.7%	$4.8M
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	$3.4M+7.9%	$3.2M-28.4%	$4.4M-27.1%	$6.1M-27.9%	$8.4M+57.4%	$5.3M
Current Liabilities	$2.2M-15.6%	$2.6M-33.1%	$3.9M-26.1%	$5.3M-29.6%	$7.6M+301.8%	$1.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$28.4M+28.9%	$22.0M-4.7%	$23.1M-59.7%	$57.4M+63.4%	$35.1M+163.5%	$13.3M
Retained Earnings	-$293.9M-2.6%	-$286.6M-2.9%	-$278.6M-24.6%	-$223.5M-5.0%	-$212.8M-3.4%	-$205.8M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$44.7M+4.6%	$42.7M+18.8%	$36.0M+13.1%	$31.8M+6.5%	$29.9M+3.7%	$28.8M+7.5%	$26.8M+6.5%	$25.2M
Current Assets	$12.0M+16.6%	$10.3M+38.0%	$7.4M+89.3%	$3.9M+62.6%	$2.4M-46.2%	$4.5M+48.2%	$3.0M+32.4%	$2.3M
Cash & Equivalents	$10.4M+20.5%	$8.6M+70.1%	$5.1M+122.6%	$2.3M+191.7%	$779K-68.3%	$2.5M+120.7%	$1.1M+81.3%	$615K
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	$3.0M-26.8%	$4.1M+29.2%	$3.2M-6.2%	$3.4M+4.7%	$3.3M-11.3%	$3.7M-0.4%	$3.7M+16.6%	$3.2M
Current Liabilities	$1.8M-39.6%	$3.0M+44.3%	$2.0M-8.0%	$2.2M+7.1%	$2.1M-16.6%	$2.5M+0.8%	$2.5M-6.3%	$2.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$41.7M+8.0%	$38.6M+17.8%	$32.8M+15.4%	$28.4M+6.7%	$26.6M+5.8%	$25.1M+8.7%	$23.1M+5.0%	$22.0M
Retained Earnings	-$299.2M-0.6%	-$297.5M-0.6%	-$295.6M-0.6%	-$293.9M-0.6%	-$292.2M-0.6%	-$290.4M-0.7%	-$288.3M-0.6%	-$286.6M

ZNOGW Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$6.2M-21.4%	-$5.1M+10.0%	-$5.7M+1.9%	-$5.8M+41.4%	-$9.9M-70.8%	-$5.8M
Capital Expenditures	N/A	$1K-94.1%	$17K-63.0%	$46K-39.5%	$76K+850.0%	$8K
Free Cash Flow	N/A	-$5.1M+10.3%	-$5.7M+2.4%	-$5.9M+41.4%	-$10.0M-71.9%	-$5.8M
Investing Cash Flow	-$5.3M-124.0%	-$2.4M+85.5%	-$16.3M+43.9%	-$29.0M-198.6%	-$9.7M-47.1%	-$6.6M
Financing Cash Flow	$13.2M+119.8%	$6.0M-68.6%	$19.1M-26.8%	$26.1M-7.9%	$28.4M+99.4%	$14.2M
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	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$1.5M-115.2%	-$684K+72.2%	-$2.5M-65.5%	-$1.5M-26.9%	-$1.2M+25.6%	-$1.6M+21.5%	-$2.0M-63.6%	-$1.2M
Capital Expenditures	N/A	N/A	N/A	N/A	$16K-55.6%	$36K+414.3%	$7K	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	-$1.2M+26.2%	-$1.6M+20.0%	-$2.0M	N/A
Investing Cash Flow	-$1.4M+55.5%	-$3.2M-298.4%	-$798K+9.8%	-$885K+74.8%	-$3.5M-528.5%	-$558K-72.2%	-$324K-4.9%	-$309K
Financing Cash Flow	$4.7M-37.3%	$7.4M+22.9%	$6.0M+56.5%	$3.9M+28.7%	$3.0M-14.5%	$3.5M+23.6%	$2.8M+73.3%	$1.6M
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

ZNOGW Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-96.6%-18.2pp	-78.4%+19.9pp	-98.3%
Net Margin	N/A	N/A	N/A	-95.2%-7.5pp	-87.7%+13.1pp	-100.9%
Return on Equity	-25.9%+10.3pp	-36.1%+202.3pp	-238.4%-219.7pp	-18.7%+1.2pp	-19.9%+30.3pp	-50.2%
Return on Assets	-23.1%+8.5pp	-31.6%+168.6pp	-200.2%-183.3pp	-16.9%-0.8pp	-16.1%+19.8pp	-35.9%
Current Ratio	1.76+0.9	0.87-0.3	1.17-0.5	1.62-0.9	2.56-1.1	3.66
Debt-to-Equity	0.12-0.0	0.14-0.0	0.19+0.1	0.11-0.1	0.24-0.2	0.40
FCF Margin	N/A	N/A	N/A	-52.0%+73.3pp	-125.4%-37.7pp	-87.7%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-4.1%+0.8pp	-5.0%+0.2pp	-5.1%+1.0pp	-6.2%+0.6pp	-6.7%+1.5pp	-8.2%-0.6pp	-7.6%+0.3pp	-7.9%
Return on Assets	-3.9%+0.6pp	-4.5%+0.2pp	-4.7%+0.8pp	-5.5%+0.5pp	-6.0%+1.2pp	-7.2%-0.6pp	-6.6%+0.3pp	-6.9%
Current Ratio	6.70+3.2	3.47-0.2	3.63+1.9	1.76+0.6	1.16-0.6	1.80+0.6	1.23+0.4	0.87
Debt-to-Equity	0.07-0.0	0.110.0	0.10-0.0	0.120.0	0.12-0.0	0.15-0.0	0.16+0.0	0.14
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Zion Oil profitable?

No, Zion Oil (ZNOGW) reported a net income of -$7.3M in fiscal year 2024.

What is Zion Oil's EBITDA?

Zion Oil (ZNOGW) had EBITDA of -$6.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

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

Zion Oil (ZNOGW) has a return on equity of -25.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Zion Oil's operating cash flow?

Zion Oil (ZNOGW) generated -$6.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Zion Oil's total assets?

Zion Oil (ZNOGW) had $31.8M in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Zion Oil have outstanding?

Zion Oil (ZNOGW) had 965M shares outstanding as of fiscal year 2024.

What is Zion Oil's current ratio?

Zion Oil (ZNOGW) had a current ratio of 1.76 as of fiscal year 2024, which is generally considered healthy.

What is Zion Oil's debt-to-equity ratio?

Zion Oil (ZNOGW) had a debt-to-equity ratio of 0.12 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Zion Oil (ZNOGW) had a return on assets of -23.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Zion Oil's cash runway?

Based on fiscal year 2024 data, Zion Oil (ZNOGW) had $2.3M in cash against an annual operating cash burn of $6.2M. This gives an estimated cash runway of approximately 4 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 Zion Oil's Piotroski F-Score?

Zion Oil (ZNOGW) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Zion Oil's earnings high quality?

Zion Oil (ZNOGW) has an earnings quality ratio of 0.85x, 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.