Battalion Oil Corporation

BATL

Oil & Gas Exploration & Production · Energy

Price

$1.74

+0.17 (+10.83%)

Market Cap

$29.1M

Exchange

New York Stock Exchange American

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+1.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 16.3M (2021) → 16.5M (2025)

Battalion Oil Corporation is a small oil and gas company that drills for crude oil and natural gas in the United States. Its main operations are in the Delaware Basin, which is part of the larger Permian Basin in West Texas — one of the most productive oil-producing regions in the country. The company sells the oil and gas it pulls from the ground to refiners, pipelines, and energy traders.

Battalion makes money by producing and selling crude oil, natural gas, and natural gas liquids at market prices, meaning its revenue rises and falls with commodity prices. It is a very small company with a market cap near zero, which limits its ability to raise cheap capital or absorb financial shocks. The negative operating margin signals the company is currently spending more than it earns, and its biggest risk is that low oil prices or high debt levels could threaten its ability to continue operating as a going concern.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-17.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-962.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

3.2%ownership

Relatively low insider ownership

Cash Runway

~8 years

$49M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$49M cash & investments at current burn rate

Revenue declining

Battalion Oil Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

74.2%

Premium pricing power — 74.2% gross margin

Operating Margin

-5.7%

Losing money on operations — -5.7%

ROCE

-1.2%

Weak — -1.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-17.7%

Shrinking sales (-17.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-42.2%

Burning cash (-42.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.15

Conservative — low debt load (0.15)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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