EGY

MKT CAP:$638M

VAALCO Energy, Inc.

Market Cap

$638M

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$6.10+$2.44 (+66.67%)

Apr 24, 2026

Company Details

VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas. The company holds Etame production sharing contract related to the Etame Marin block located offshore in the Repub...

CEO

George Walter-Mitchell Maxwell

IPO Date

Jan 29, 1993

Website

www.vaalco.com

Key Metrics TTM

Revenue

$416M

-16.1% YoY

Net Income

-$12M

EPS (Diluted)

-$0.12

Free Cash Flow

$45M

Revenue / Share

$3.99

Gross Margin

33.1%

Operating Margin

23.8%

Net Margin

-2.8%

FCF Margin

10.8%

P/S

1.5x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 16, 2026

$359MEPS -$0.40

Q4 2025

Mar 16, 2026

$59MEPS -$0.56

Q3 2024

Nov 12, 2024

$140M+20.7%EPS $0.10

Q2 2024

Aug 8, 2024

$117M-22.6%EPS $0.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$14M	$5M	-$4M
Q1 21	$46M	$19M	$14M
Q2 21	$53M	$25M	$19M
Q3 21	$64M	$24M	$20M
Q4 21	$65M	$29M	$26M
Q1 22	$78M	$46M	$40M
Q2 22	$128M	$77M	$73M
Q3 22	$90M	$46M	$34M
Q1 23	$80M	$28M	$22M
Q2 23	$151M	$33M	$21M
Q3 23	$116M	$76M	$36M
Q4 23	$149M	$101M	$81M
Q1 24	$100M	$68M	$32M
Q2 24	$117M	$31M	$20M
Q3 24	$140M	$51M	$44M
Q4 25	$59M	-$12M	$2M

Valuation

Quarter	P/S	P/E
Q4 20	1.4x	—
Q1 21	1.3x	8.8x
Q2 21	1.4x	9.7x
Q3 21	0.9x	3.6x
Q4 21	0.9x	2.4x
Q1 22	1.5x	4.6x
Q2 22	1.4x	4.9x
Q3 22	1.3x	7.0x
Q1 23	1.4x	14.3x
Q2 23	0.9x	12.6x
Q3 23	1.0x	18.8x
Q4 23	0.9x	7.8x
Q1 24	1.4x	11.6x
Q2 24	1.3x	7.5x
Q3 24	1.2x	6.6x
Q4 25	0.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$8M	$6M
Q1 21	$2M	-$17M
Q2 21	$11M	$4M
Q3 21	$34M	$29M
Q4 21	$3M	-$5M
Q1 22	-$758.0K	-$24M
Q2 22	$70M	$33M
Q3 22	$61M	$17M
Q1 23	$42M	$14M
Q2 23	$36M	$8M
Q3 23	$94M	$72M
Q4 23	$52M	$32M
Q1 24	$22M	$5M
Q2 24	-$438.0K	-$33M
Q3 24	$48M	$35M
Q4 25	$145M	$37M

Capital Expenditures

Quarter	CapEx
Q4 20	$2M
Q1 21	$19M
Q2 21	$8M
Q3 21	$4M
Q4 21	$8M
Q1 22	$23M
Q2 22	$37M
Q3 22	$44M
Q1 23	$28M
Q2 23	$27M
Q3 23	$23M
Q4 23	$20M
Q1 24	$17M
Q2 24	$32M
Q3 24	$12M
Q4 25	$108M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-42.8%	+7.8%
Q1 21	+148.3%	+116.7%
Q2 21	+195.6%	+80.9%
Q3 21	+205.1%	+169.8%
Q4 21	+354.6%	+111.1%
Q1 22	+70.0%	+20.1%
Q2 22	+140.0%	+58.7%
Q3 22	+40.8%	+27.8%
Q1 23	+23.3%	+49.4%
Q2 23	+94.3%	+246.5%
Q3 23	-8.8%	+48.5%
Q4 23	+65.7%	+21.5%
Q1 24	+24.6%	+15.6%
Q2 24	-22.6%	-26.0%
Q3 24	+20.7%	+19.2%
Q4 25	-60.3%	-16.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$2M	15.4%
Q1 21	$2M	3.4%
Q2 21	$514.0K	1.0%
Q3 21	$25.0K	0.0%
Q4 21	$361.0K	0.6%
Q1 22	$1M	1.8%
Q2 22	$842.0K	0.7%
Q3 22	$36.0K	0.0%
Q1 23	$649.0K	0.8%
Q2 23	$605.0K	0.4%
Q3 23	$1M	0.9%
Q4 23	$991.0K	0.7%
Q1 24	$898.0K	0.9%
Q2 24	$985.0K	0.8%
Q3 24	$1M	0.9%
Q4 25	$2M	2.6%

OpEx Breakdown

Quarter	G&A	S&M
Q4 20	$5M	—
Q1 21	$5M	—
Q2 21	$5M	—
Q3 21	$3M	—
Q4 21	$3M	—
Q1 22	$5M	—
Q2 22	$4M	—
Q3 22	$2M	—
Q1 23	$5M	—
Q2 23	$5M	—
Q3 23	$6M	$2M
Q4 23	$7M	—
Q1 24	$8M	$2M
Q2 24	$8M	$3M
Q3 24	$7M	—
Q4 25	$7M	—

Revenue Segments

Quarter	Crude Oil Sales And Purchase Agreements	Gabonese Government Share Of Profit Oil	Crude Oil Sales and Purchase Agreements	Oil and Gas	Carried Interest Recoupment
Q2 21	$51M	—	—	—	—
Q3 21	$42M	$20M	—	—	—
Q4 21	$64M	—	—	—	—
Q1 22	$76M	—	—	—	—
Q2 22	—	—	$125M	$2M	—
Q3 22	—	—	$88M	—	$2M

Revenue by Geography

Quarter	Canada	Egypt
Q4 25	$4M	$55M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$23M	$0	$23M
Q2 22	$53M	$0	$53M
Q3 22	$69M	$0	$69M
Q4 22	$37M	$0	$37M
Q1 23	$52M	$0	$52M
Q2 23	$46M	$0	$46M
Q3 23	$103M	$0	$103M
Q4 23	$121M	$0	$121M
Q1 24	$113M	$0	$113M
Q2 24	$63M	$0	$63M
Q3 24	$89M	$0	$89M
Q4 24	$83M	$0	$83M
Q1 25	$41M	$0	$41M
Q2 25	$68M	$0	$68M
Q3 25	$24M	$0	$24M
Q4 25	$59M	$0	$59M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	57M	-0.4%	-2.8%
Q1 21	58M	+1.7%	+0.8%
Q2 21	59M	+0.2%	+1.7%
Q3 21	59M	+0.6%	+2.0%
Q4 21	59M	+0.1%	+2.6%
Q1 22	59M	+0.3%	+1.2%
Q2 22	59M	+0.3%	+1.3%
Q3 22	59M	+0.1%	+0.9%
Q1 23	109M	+82.9%	+84.3%
Q2 23	108M	-1.0%	+81.8%
Q3 23	106M	-1.1%	+79.3%
Q4 23	105M	-1.3%	+76.7%
Q1 24	105M	-0.5%	-3.9%
Q2 24	104M	-0.8%	-3.7%
Q3 24	104M	+0.2%	-2.4%
Q4 25	104M	+0.4%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$140.6K	102
Q1 21	$447.6K	102
Q2 21	$521.0K	102
Q3 21	$627.0K	102
Q4 21	$557.2K	117
Q1 22	$663.2K	117
Q2 22	$1M	117
Q3 22	$769.4K	117
Q1 23	$434.6K	185
Q2 23	$815.2K	185
Q3 23	$628.5K	185
Q4 23	$789.2K	189
Q1 24	$529.9K	189
Q2 24	$617.9K	189
Q3 24	$742.5K	189
Q4 25	$59.2K	1K

Revenue / Employee