2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $32.7M to $85.8M, increasing; diluted EPS -0.50 to 0.03, increasing.
74
Median gross margin 49.3% over 5y, stable.
53
Median ROIC 13.1%, above the 12% hurdle in 50% of years.
28
Net debt/EBITDA n/ax, interest coverage 1x.
11
Owner earnings changed -26.9%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
190% above value if growth stopped today
$4.1M
$1.32
$1.32
$3.83
190% above value if growth stopped today
What today’s price assumes: owner earnings growing ~24%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
17 years of fundamentals
The business, in plain English
EVOLUTION PETROLEUM CORP booked $85.8M of revenue in FY2025 in the Materials sector and kept 42.5% of it as gross profit — a solid-margin business by that measure. After every other cost, 1.7% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $5M (FY2010) to $85.8M (FY2025) — about 20.8% a year compounded over 15 years.
It earned 4.7% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was 15.4%. Over the v3 recent window (10 measurable filed years), median ROIC was 13.1%. The Returns on Capital filter above scores it 53/100.
EPM's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Pricing Power is the strongest of the five filters (74/100) and Capital Allocation the weakest (11/100), which is how EPM lands at 47/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2009–FY2025 · 17 fiscal years, normalized from EPM’s SEC filings
Sales, as filed$85.8M FY2025Revenue kept after cost of goods42.5% FY2025Standard ROIC or separately labeled Operating ROICROIC 4.7% FY2025Cash an owner could take out$1.5M FY2025
Gaps in a line mean that item isn’t in EPM’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How EVOLUTION PETROLEUM CORP makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Records still being gathered — partial as of retrieval Aug 11, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
15 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale47.0 / 100
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Aug 11, 2026.
3 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for EPM; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Materials context
#109 of 309 scored Materials companies, ranked by Moat Score.
Does EVOLUTION PETROLEUM CORP have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores EVOLUTION PETROLEUM CORP (EPM) 47.0 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 70, pricing power 74, returns on capital 53, balance-sheet safety 28, capital allocation 11.
Is EPM trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $1.32 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $3.83, that is 190% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has EPM's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 47.0 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell EPM. See the disclaimer.