# Gulfport Energy Operating (GPOR.US)

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

Analysis as of: 2026-10-16T07:28:52.494Z. Financial observations: FY1998–FY2026.

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: $163.75 per share; close as of 2026-10-15.

Estimated value: low $199.38 per share, central $226.45 per share, high $262.49 per share. Buy at or below the central value $226.45 per share. Valuation as of 2026-10-16T07:28:52.494Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## 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: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 95.00×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.30×

- FY2018: 0.35×

- FY2019: -1.26×

- FY2020: -1.70×

- FY2021: 0.50×

- FY2022: 0.23×

- FY2023: 0.93×

- FY2024: -0.25×

- FY2025: 0.38×

- LTM to Jun 2026: 0.43×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.1%

- ROIC, second-lowest year: -40.2%

- Typical minus recent gross margin: -7.4 pp

- Typical gross margin (annual median): 55.6%

- Recent gross margin (lower of latest and 3-year median): 63.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 50.0%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.7%

- FY2017: 6.7%

- FY2018: 9.6%

- FY2019: -40.2%

- FY2020: -57.6%

- FY2021: 60.0%

- FY2022: 31.8%

- FY2023: 34.3%

- FY2024: -7.7%

- FY2025: 15.3%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.9B

- Net income, five-year total: $2.3B

- Return on incremental invested capital: 11.8%

- Working capital / revenue, annual change: 2.1 pp

- Working capital / revenue, change between three-year averages: 17.8 pp

- Working capital / revenue, final three-year average: 4.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.85×

- FY2024: 1.49×

- FY2025: 1.00×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.7% vs 15.3%

- Per-share earnings: -7.97 to 23.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -15.5%

- Ordinary dilution, 5-year annual growth: -16.8%

- Diluted shares, 10-year annual growth: -15.5%

- Diluted shares, 5-year annual growth: -16.8%

- Per-share value change: $31.17

- Per-share value, starting three-year median: -$7.97

- Per-share value, ending three-year median: $23.20

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 9.5%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $280M

- Cumulative net income, 10 years: -$1.5B

- ROIC, first three-year median: 6.7%

- ROIC, last three-year median: 15.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$7.97

- FY2017: $6.06

- FY2018: $6.00

- FY2019: -$43.35

- FY2020: -$35.19

- FY2021: $6.67

- FY2022: $24.31

- FY2023: $77.82

- FY2024: -$14.48

- FY2025: $23.20

### accounting: pass

- Sloan accruals: -12.4%

- Receivables to sales index (DSRI): 0.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -31.2%

- FY2017: -4.2%

- FY2018: -5.3%

- FY2019: -70.2%

- FY2020: -67.7%

- FY2021: -15.1%

- FY2022: -9.6%

- FY2023: 22.9%

- FY2024: -31.8%

- FY2025: -12.4%

## Holders

## Price story

Down 26% since Nov 2025 · sales +13.1%

Story as of 2026-10-16T09:58:50.613Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.2% a year for ten years

- 2025-11-06: Gulfport signals 15-year inventory runway and $125M Q4 buyback with expanded Marcellus development ([seekingalpha.com](https://seekingalpha.com/news/4516892-gulfport-signals-15-year-inventory-runway-and-125m-q4-buyback-with-expanded-marcellus?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-25: Gulfport Energy forecasts 5% Q4 2026 production growth while advancing $140M repurchase plan ([seekingalpha.com](https://seekingalpha.com/news/4557023-gulfport-energy-forecasts-5-percent-q4-2026-production-growth-while-advancing-140m-repurchase?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +13.1%; source https://www.sec.gov/Archives/edgar/data/874499/000162828026011487/gpor-20251231.htm; observed 2026-02-25.

- FY2017: $1.1B 

- FY2018: $1.5B 

- FY2019: $1.4B 

- FY2020: $801M 

- FY2021: $1.5B 

- FY2022: $2.3B 

- FY2023: $1.1B 

- FY2024: $929M 

- FY2025: $1.3B 

- FY2026: $1.5B 

### Gross margin · FY2025

gross margin 70.7%; source https://www.sec.gov/Archives/edgar/data/874499/000162828026011487/gpor-20251231.htm; observed 2026-02-25.

- FY2016: 14.0% 

- FY2017: 35.2% 

- FY2018: 38.7% 

- FY2019: 16.4% 

- FY2020: 63.3% 

- FY2021: 53.9% 

- FY2022: 85.7% 

- FY2023: 63.1% 

- FY2024: 57.4% 

- FY2025: 70.7% 

## 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 1.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/874499/000162828026011487/gpor-20251231.htm (filed 2026-02-25); FY2025: revenue 1323527000; grossProfit 935123000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 57.4% to 70.7% during 2023–25; it earns 8.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 63.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 57.4%.

- Source: https://www.sec.gov/Archives/edgar/data/874499/000162828026011487/gpor-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 70.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.006899694311345174],[2017,0.06659065805238347],[2018,0.09617935265091358],[2019,-0.40241255137727117],[2020,-0.5760769420545103],[2021,0.6000169910582571],[2022,0.3176522467804378],[2023,0.34308299477165033],[2024,-0.07732435643662594],[2025,0.15322661252549818]]; median 0.08138500535164853. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 52.2% of cash earnings on expansion; earns 11.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 2066467000; upkeep 366240000; owner earnings 435152000. Growth capex / owner earnings = 4.748839485972717.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 382387000; upkeep 490783000; owner earnings 430560000. Growth capex / owner earnings = 0.8881154775176514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 83323000; upkeep 226120000; owner earnings 138165000. Growth capex / owner earnings = 0.6030687945572323.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 193019000; upkeep 267761000; owner earnings 494701000. Growth capex / owner earnings = 0.39017305402657365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 537360000; owner earnings 1256053000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/874499/000162828026011487/gpor-20251231.htm (filed 2026-02-25); FY2025: growth capex 223407000; upkeep 304162000; owner earnings 427810000. Growth capex / owner earnings = 0.5222107945115823.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.11779647813407676, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,1503000],[2020,1503000],[2021,1503000],[2022,5444000],[2023,4840000],[2024,4230000],[2025,1666000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/874499/000162828026011487/gpor-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 322837000 USD.

### Are managers owners

Insiders own 2.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GPOR.US SharesStats.PercentInsiders = 2.1399999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate -0.05837372711143046. Price 163.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -24.84228232969362 → FY2025 23.20010845986985. Closing-price date 2026-10-15.

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

- 2021-05: $62.50 per share

- 2021-06: $64.70 per share

- 2021-07: $68.30 per share

- 2021-08: $66.86 per share

- 2021-09: $82.21 per share

- 2021-10: $82.04 per share

- 2021-11: $72.99 per share

- 2021-12: $72.03 per share

- 2022-01: $65.45 per share

- 2022-02: $68.98 per share

- 2022-03: $89.82 per share

- 2022-04: $93.98 per share

- 2022-05: $96.75 per share

- 2022-06: $79.51 per share

- 2022-07: $92.04 per share

- 2022-08: $97.76 per share

- 2022-09: $88.29 per share

- 2022-10: $89.51 per share

- 2022-11: $81.09 per share

- 2022-12: $73.64 per share

- 2023-01: $68.15 per share

- 2023-02: $66.12 per share

- 2023-03: $80.00 per share

- 2023-04: $90.46 per share

- 2023-05: $97.02 per share

- 2023-06: $105.07 per share

- 2023-07: $102.45 per share

- 2023-08: $118.00 per share

- 2023-09: $118.66 per share

- 2023-10: $123.61 per share

- 2023-11: $137.04 per share

- 2023-12: $133.20 per share

- 2024-01: $126.90 per share

- 2024-02: $141.99 per share

- 2024-03: $160.12 per share

- 2024-04: $158.71 per share

- 2024-05: $161.81 per share

- 2024-06: $151.00 per share

- 2024-07: $147.21 per share

- 2024-08: $145.06 per share

- 2024-09: $151.35 per share

- 2024-10: $138.44 per share

- 2024-11: $175.80 per share

- 2024-12: $184.20 per share

- 2025-01: $178.51 per share

- 2025-02: $169.80 per share

- 2025-03: $184.14 per share

- 2025-04: $172.50 per share

- 2025-05: $191.50 per share

- 2025-06: $201.17 per share

- 2025-07: $174.13 per share

- 2025-08: $174.03 per share

- 2025-09: $180.98 per share

- 2025-10: $186.01 per share

- 2025-11: $222.49 per share

- 2025-12: $207.99 per share

- 2026-01: $204.17 per share

- 2026-02: $208.66 per share

- 2026-03: $211.57 per share

- 2026-04: $192.54 per share

- 2026-05: $168.59 per share

- 2026-06: $169.70 per share

- 2026-07: $161.37 per share

- 2026-08: $179.45 per share

- 2026-09: $150.48 per share

- 2026-10: $163.75 per share

## Annual estimated value (USD per share)

- FY2018: low $81.87 per share, central $116.81 per share, high $137.16 per share

- FY2021: low $90.67 per share, central $129.53 per share, high $152.16 per share

- FY2022: low $143.18 per share, central $204.53 per share, high $240.26 per share

- FY2023: low $69.52 per share, central $99.31 per share, high $116.66 per share

- FY2024: low $51.70 per share, central $58.82 per share, high $68.31 per share

- FY2025: low $167.62 per share, central $190.57 per share, high $221.14 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/874499/000162828026011487/gpor-20251231.htm); period 2025-12-31, filed 2026-02-25.

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



# GPOR — Gulfport Energy Corp.

Held by 1 investor · USD 26,504,998 total · 2025 Q4 · reported price USD 207.99 (split-adjusted).
Page: https://gigainvestors.com/s/GPOR

## Holders (2025 Q4)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Steven Romick (https://gigainvestors.com/FPA) | USD 26,504,998 | 0.4% | reduce -25.83% |

## Total held by quarter

- 2020 Q1: USD 315,000 · 1 holder · USD 0.45
- 2020 Q2: USD 1,425,614 · 1 holder · USD 1.09
- 2020 Q3: USD 346,594 · 1 holder · USD 0.53
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 8,312,730 · 1 holder · USD 64.69
- 2021 Q3: USD 8,717,639 · 1 holder · USD 82.20
- 2021 Q4: USD 7,638,009 · 1 holder · USD 72.02
- 2022 Q1: USD 10,161,876 · 1 holder · USD 89.82
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 9,241,820 · 1 holder · USD 73.64
- 2023 Q1: USD 22,640,000 · 1 holder · USD 80.00
- 2023 Q2: USD 22,610,013 · 1 holder · USD 105.07
- 2023 Q3: USD 24,980,303 · 1 holder · USD 118.66
- 2023 Q4: USD 29,699,604 · 1 holder · USD 133.20
- 2024 Q1: USD 87,569,148 · 1 holder · USD 160.12
- 2024 Q2: USD 72,379,132 · 1 holder · USD 151.00
- 2024 Q3: USD 57,908,629 · 1 holder · USD 151.35
- 2024 Q4: USD 63,423,744 · 1 holder · USD 184.20
- 2025 Q1: USD 54,685,713 · 1 holder · USD 184.14
- 2025 Q2: USD 34,563,420 · 1 holder · USD 201.17
- 2025 Q3: USD 31,094,536 · 1 holder · USD 180.98
- 2025 Q4: USD 26,504,998 · 1 holder · USD 207.99
- 2026 Q1: USD 0 · 0 holders