# Battalion Oil (BATL.US)

Canonical: https://gigainvestors.com/s/BATL

Analysis as of: 2026-10-16T07:26:47.448Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.03 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 2.12×

Chart: Operating margin; fiscal year observations.

- FY2019: -4.68×

- FY2020: -1.77×

- FY2021: 0.36×

- FY2022: 0.42×

- FY2023: 0.08×

- FY2024: -0.06×

- FY2025: -0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 30.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: -1.5%

- ROIC, second-lowest year: -81.5%

- Typical minus recent gross margin: 30.1 pp

- Typical gross margin (annual median): 40.9%

- Recent gross margin (lower of latest and 3-year median): 10.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 35.3%

- ROIC including acquisitions, ten-year median: -13.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -184.9%

- FY2020: -81.5%

- FY2021: 41.4%

- FY2022: 36.6%

- FY2023: 4.4%

- FY2024: -2.8%

- FY2025: -1.5%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$57M

- Net income, five-year total: -$33M

- Return on incremental invested capital: 718.7%

- Working capital / revenue, annual change: -2.3 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$28M

- FY2022: $19M

- FY2023: $7.1M

- FY2024: -$44M

- FY2025: -$11M

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -81.5% vs -1.5%

- Per-share earnings: -14.18 to -0.19 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.3%

- Per-share value change: $13.99

- Per-share value, starting three-year median: -$14.18

- Per-share value, ending three-year median: -$0.19

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.1%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -81.5%

- ROIC, last three-year median: -1.5%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$66.83

- FY2020: -$14.18

- FY2021: -$1.74

- FY2022: $1.12

- FY2023: -$0.19

- FY2024: -$1.94

- FY2025: $0.72

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.54×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -175.3%

- FY2020: -80.8%

- FY2021: -24.8%

- FY2022: -12.4%

- FY2023: -4.3%

- FY2024: -15.6%

- FY2025: -5.9%

## Holders

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 95% since Apr 2022 · sales -14.9%

Story as of 2026-10-16T09:58:22.241Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -14.9%; source https://www.sec.gov/Archives/edgar/data/1282648/000110465926033373/batl-20251231x10k.htm; observed 2026-03-23.

- FY2019: $225M 

- FY2020: $148M 

- FY2021: $285M 

- FY2022: $359M 

- FY2023: $221M 

- FY2024: $194M 

- FY2025: $165M 

### Gross margin · FY2025

gross margin 10.8%; source https://www.sec.gov/Archives/edgar/data/1282648/000110465926033373/batl-20251231x10k.htm; observed 2026-03-23.

- FY2019: 24.1% 

- FY2020: 27.3% 

- FY2021: 63.2% 

- FY2022: 65.1% 

- FY2023: 45.4% 

- FY2024: 40.9% 

- FY2025: 10.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas e&p; annual sales are USD 165 million.

- Source: https://www.sec.gov/Archives/edgar/data/1282648/000110465926033373/batl-20251231x10k.htm (filed 2026-03-23); FY2025: revenue 164962000; grossProfit 17818000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); BATL.US: Battalion Oil Corporation, an independent energy company, engages in the acquisition, production, exploration, and development of onshore oil and natural gas assets in the United States. The company holds interests in the Delaware Basin located in Pecos, Reeves, Ward, and Winkler counties in Texas. It also sells crude oil, natural gas, and natural gas liquids primarily to independent marketers, oil and natural gas companies, and gas pipeline companies. The company was formerly known as Halcón Resources Corporation and changed its name to Battalion Oil Corporation in January 2020. Battalion Oil Corporation was founded in 1987 and is headquartered in Houston, Texas.

### Why customers stay

Margins ranged from 10.8% to 45.4% during 2023–25; it lost 1.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2023: grossProfit / revenue = 45.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2024: grossProfit / revenue = 40.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1282648/000110465926033373/batl-20251231x10k.htm (filed 2026-03-23); FY2025: grossProfit / revenue = 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); 7-year return on capital observations [[2019,-1.848673280761659],[2020,-0.8146897363891656],[2021,0.4138585191078768],[2022,0.3662574028600318],[2023,0.044107001660786696],[2024,-0.02830457184170147],[2025,-0.014756900370665368]]; median -0.014756900370665368. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2022: growth capex 74710000; upkeep 51915000; owner earnings 18539000. Growth capex / owner earnings = 4.0298829494579.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); FY2023: growth capex 0; upkeep 46441000; owner earnings 7135000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,12047000],[2024,32219000],[2025,48706000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); BATL.US SharesStats.PercentInsiders = 3.116 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-23); Closing price 1.03 USD; reporting-to-trading FX 1; FY2025 annual sales per share 10.02381965121225; price multiple 0.10275524060086566. FY2025 cash earnings/share -0.6409430637418727. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-12: $13.45 per share

- 2020-01: $11.02 per share

- 2020-02: $7.48 per share

- 2020-03: $4.68 per share

- 2020-04: $4.90 per share

- 2020-05: $5.79 per share

- 2020-06: $9.50 per share

- 2020-07: $8.63 per share

- 2020-08: $8.34 per share

- 2020-09: $7.90 per share

- 2020-10: $6.75 per share

- 2020-11: $7.66 per share

- 2020-12: $8.30 per share

- 2021-01: $7.35 per share

- 2021-02: $11.60 per share

- 2021-03: $10.88 per share

- 2021-04: $12.00 per share

- 2021-05: $12.40 per share

- 2021-06: $13.40 per share

- 2021-07: $12.91 per share

- 2021-08: $10.62 per share

- 2021-09: $9.73 per share

- 2021-10: $9.61 per share

- 2021-11: $11.45 per share

- 2021-12: $9.80 per share

- 2022-01: $15.05 per share

- 2022-02: $18.60 per share

- 2022-03: $18.58 per share

- 2022-04: $18.84 per share

- 2022-05: $16.03 per share

- 2022-06: $8.53 per share

- 2022-07: $10.59 per share

- 2022-08: $13.24 per share

- 2022-09: $11.90 per share

- 2022-10: $13.13 per share

- 2022-11: $11.32 per share

- 2022-12: $9.71 per share

- 2023-01: $10.32 per share

- 2023-02: $9.01 per share

- 2023-03: $6.57 per share

- 2023-04: $7.04 per share

- 2023-05: $6.15 per share

- 2023-06: $5.71 per share

- 2023-07: $8.38 per share

- 2023-08: $5.79 per share

- 2023-09: $6.18 per share

- 2023-10: $6.00 per share

- 2023-11: $5.03 per share

- 2023-12: $9.61 per share

- 2024-01: $6.85 per share

- 2024-02: $5.99 per share

- 2024-03: $5.66 per share

- 2024-04: $5.13 per share

- 2024-05: $5.83 per share

- 2024-06: $3.34 per share

- 2024-07: $3.42 per share

- 2024-08: $3.50 per share

- 2024-09: $6.67 per share

- 2024-10: $6.70 per share

- 2024-11: $3.46 per share

- 2024-12: $1.72 per share

- 2025-01: $1.85 per share

- 2025-02: $1.52 per share

- 2025-03: $1.30 per share

- 2025-04: $1.29 per share

- 2025-05: $1.36 per share

- 2025-06: $1.29 per share

- 2025-07: $1.29 per share

- 2025-08: $1.18 per share

- 2025-09: $1.21 per share

- 2025-10: $1.16 per share

- 2025-11: $1.11 per share

- 2025-12: $1.13 per share

- 2026-01: $3.81 per share

- 2026-02: $5.52 per share

- 2026-03: $3.90 per share

- 2026-04: $3.79 per share

- 2026-05: $1.45 per share

- 2026-06: $1.31 per share

- 2026-07: $1.45 per share

- 2026-08: $1.35 per share

- 2026-09: $1.05 per share

- 2026-10: $1.03 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1282648/000110465926033373/batl-20251231x10k.htm); period 2025-12-31, filed 2026-03-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Howard Marks](https://gigainvestors.com/oc): 3,009,912 BATL shares; USD 3,943,000 reported position value; 0.1% of portfolio; hold; quarter 2026 Q2.

# BATL — Battalion Oil Corp.

Held by 1 investor · USD 3,943,000 total · 2026 Q2 · reported price USD 1.31 (split-adjusted).
Page: https://gigainvestors.com/s/BATL

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Howard Marks (https://gigainvestors.com/oc) | USD 3,943,000 | 0.1% | hold |

## Total held by quarter

- 2020 Q1: USD 14,056,289 · 1 holder · USD 4.67
- 2020 Q2: USD 28,594,164 · 1 holder · USD 9.50
- 2020 Q3: USD 23,778,305 · 1 holder · USD 7.90
- 2020 Q4: USD 24,982,270 · 1 holder · USD 8.30
- 2021 Q1: USD 32,747,843 · 1 holder · USD 10.88
- 2021 Q2: USD 40,332,821 · 1 holder · USD 13.40
- 2021 Q3: USD 29,286,444 · 1 holder · USD 9.73
- 2021 Q4: USD 29,497,138 · 1 holder · USD 9.80
- 2022 Q1: USD 55,924,165 · 1 holder · USD 18.58
- 2022 Q2: USD 25,674,549 · 1 holder · USD 8.53
- 2022 Q3: USD 35,817,953 · 1 holder · USD 11.90
- 2022 Q4: USD 29,226,246 · 1 holder · USD 9.71
- 2023 Q1: USD 19,775,122 · 1 holder · USD 6.57
- 2023 Q2: USD 17,186,598 · 1 holder · USD 5.71
- 2023 Q3: USD 18,601,256 · 1 holder · USD 6.18
- 2023 Q4: USD 28,925,254 · 1 holder · USD 9.61
- 2024 Q1: USD 17,036,102 · 1 holder · USD 5.66
- 2024 Q2: USD 10,053,106 · 1 holder · USD 3.34
- 2024 Q3: USD 20,076,113 · 1 holder · USD 6.67
- 2024 Q4: USD 5,177,049 · 1 holder · USD 1.72
- 2025 Q1: USD 3,912,886 · 1 holder · USD 1.30
- 2025 Q2: USD 3,882,786 · 1 holder · USD 1.29
- 2025 Q3: USD 3,646,726 · 1 holder · USD 1.21
- 2025 Q4: USD 3,401,201 · 1 holder · USD 1.13
- 2026 Q1: USD 11,738,657 · 1 holder · USD 3.90
- 2026 Q2: USD 3,943,000 · 1 holder · USD 1.31