# Kolibri Global Energy Inc. Common stock (KGEI.US)

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

Analysis as of: 2026-10-15T06:35:21.615Z. Financial observations: FY2016–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: $6.62 per share; close as of 2026-10-15.

Estimated value: low $6.52 per share, central $7.42 per share, high $8.61 per share. Buy at or below the central value $7.42 per share. Valuation as of 2026-10-15T06:35:21.615Z; scenarios are not confidence intervals.

Expected annual return: 10.9% at the stated quote. About 10.9% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 0.89×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.38×

- FY2017: 0.06×

- FY2018: 0.30×

- FY2019: 0.55×

- FY2020: 0.41×

- FY2021: 0.30×

- FY2022: 0.44×

- FY2023: 0.38×

- FY2024: 0.37×

- FY2025: 0.41×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: 0.4%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 46.6%

- Recent gross margin (lower of latest and 3-year median): 46.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 71.9%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.9%

- FY2017: 0.4%

- FY2018: 4.4%

- FY2019: 5.1%

- FY2020: 4.1%

- FY2021: 3.9%

- FY2022: 8.3%

- FY2023: 10.4%

- FY2024: 9.6%

- FY2025: 7.1%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.69×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $97M

- Net income, five-year total: $141M

- Return on incremental invested capital: 14.9%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: -17.4%

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

- FY2021: 1.04×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: -1.94×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.4% vs 9.6%

- Per-share earnings: -0.07 to 0.50 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 9.3%

- Market cap gain: $138M

- Cumulative retained earnings: $74M

- Diluted shares, 5-year annual growth: 9.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.57

- Per-share value, starting three-year median: -$0.07

- Per-share value, ending three-year median: $0.50

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: $63M

- ROIC, first three-year median: 0.4%

- ROIC, last three-year median: 9.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.58

- FY2017: -$0.07

- FY2018: $0.20

- FY2019: -$0.01

- FY2020: -$3.02

- FY2021: $3.04

- FY2022: $0.46

- FY2023: $0.53

- FY2024: $0.50

- FY2025: $0.43

### accounting: pass

- Sloan accruals: -9.0%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -4.5%

- FY2018: -3.7%

- FY2019: -4.4%

- FY2020: -93.1%

- FY2021: 41.2%

- FY2022: -2.9%

- FY2023: -8.6%

- FY2024: -8.4%

- FY2025: -9.0%

## Holders

## Price story

Down 21% since Mar 2025 · sales -22.4%

Story as of 2026-10-16T09:59:00.926Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.5% a year for ten years

- 2026-04-17: Kolibri Global Energy Details Tishomingo Shale Plan, Targets $55M-$60M EBITDA at OTC Conference ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/kolibri-global-energy-details-tishomingo-000206647.html))

### Sales · FY2024–2025

sales -22.4%; source https://www.sec.gov/Archives/edgar/data/1477081/000149315226011486/form40-f.htm; observed 2026-03-19.

- FY2016: $8.5M 

- FY2017: $13M 

- FY2018: $23M 

- FY2019: $17M 

- FY2020: $9.6M 

- FY2021: $19M 

- FY2022: $48M 

- FY2023: $64M 

- FY2024: $75M 

- FY2025: $58M 

### Gross margin · FY2025

gross margin 53.6%; source https://www.sec.gov/Archives/edgar/data/1477081/000149315226011486/form40-f.htm; observed 2026-03-19.

- FY2016: 13.3% 

- FY2017: 36.8% 

- FY2018: 47.1% 

- FY2019: 78.4% 

- FY2020: 71.2% 

- FY2021: 44.0% 

- FY2022: 51.8% 

- FY2023: 46.1% 

- FY2024: 46.1% 

- FY2025: 53.6% 

## 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 57.9 million.

- Source: https://www.sec.gov/Archives/edgar/data/1477081/000149315226011486/form40-f.htm (filed 2026-03-19); FY2025: revenue 57851294; grossProfit 31001358; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 46.1% to 53.6% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: grossProfit / revenue = 46.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: grossProfit / revenue = 46.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1477081/000149315226011486/form40-f.htm (filed 2026-03-19); FY2025: grossProfit / revenue = 53.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); 10-year return on capital observations [[2016,-0.019380117852231434],[2017,0.004079687595329877],[2018,0.04398472787195806],[2019,0.05059282222148254],[2020,0.04125219945228677],[2021,0.03938993837512692],[2022,0.08279463980983061],[2023,0.10377232743579021],[2024,0.0957394257973351],[2025,0.0709719714882291]]; median 0.0472887750467203. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2018: growth capex 11087200; upkeep 7533184; owner earnings 5048695. Growth capex / owner earnings = 2.196052643306835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2019: growth capex 0; upkeep 2342219; owner earnings 3604781. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2021: growth capex 0; upkeep 696000; owner earnings 73900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2022: growth capex 29515000; upkeep 7582000; owner earnings 16643000. Growth capex / owner earnings = 1.7734182539205672.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: growth capex 38164000; upkeep 15009000; owner earnings 19280000. Growth capex / owner earnings = 1.9794605809128631.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: growth capex 15359000; upkeep 15892000; owner earnings 18115000. Growth capex / owner earnings = 0.8478608887662158.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1477081/000149315226011486/form40-f.htm (filed 2026-03-19); FY2025: cash repurchases 1953610 USD.

### Are managers owners

Insiders own 3.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); KGEI.US SharesStats.PercentInsiders = 3.4979999999999998 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 0.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Ten-year compound average after fade. Initial solved rate -0.020197823883886412. Price 6.62; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: $0.15 per share

- 2016-11: $0.16 per share

- 2016-12: $0.23 per share

- 2017-01: $0.22 per share

- 2017-02: $0.20 per share

- 2017-03: $0.15 per share

- 2017-04: $0.16 per share

- 2017-05: $0.15 per share

- 2017-06: $0.13 per share

- 2017-07: $0.21 per share

- 2017-08: $0.21 per share

- 2017-09: $0.24 per share

- 2017-10: $0.29 per share

- 2017-11: $0.34 per share

- 2017-12: $0.36 per share

- 2018-01: $0.41 per share

- 2018-02: $0.36 per share

- 2018-03: $0.45 per share

- 2018-04: $0.45 per share

- 2018-05: $0.47 per share

- 2018-06: $0.39 per share

- 2018-07: $0.32 per share

- 2018-08: $0.31 per share

- 2018-09: $0.31 per share

- 2018-10: $0.29 per share

- 2018-11: $0.26 per share

- 2018-12: $0.23 per share

- 2019-01: $0.20 per share

- 2019-02: $0.20 per share

- 2019-03: $0.20 per share

- 2019-04: $0.19 per share

- 2019-05: $0.18 per share

- 2019-06: $0.17 per share

- 2019-07: $0.16 per share

- 2019-08: $0.12 per share

- 2019-09: $0.11 per share

- 2019-10: $0.07 per share

- 2019-11: $0.08 per share

- 2019-12: $0.08 per share

- 2020-01: $0.07 per share

- 2020-02: $0.05 per share

- 2020-03: $0.03 per share

- 2020-04: $0.04 per share

- 2020-05: $0.05 per share

- 2020-06: $0.07 per share

- 2020-07: $0.06 per share

- 2020-08: $0.05 per share

- 2020-09: $0.04 per share

- 2020-10: $0.03 per share

- 2020-11: $0.05 per share

- 2020-12: $0.04 per share

- 2021-01: $0.04 per share

- 2021-02: $0.07 per share

- 2021-03: $0.08 per share

- 2021-04: $0.07 per share

- 2021-05: $0.06 per share

- 2021-06: $0.08 per share

- 2021-07: $0.06 per share

- 2021-08: $0.07 per share

- 2021-09: $0.07 per share

- 2021-10: $0.07 per share

- 2021-11: $0.07 per share

- 2021-12: $0.06 per share

- 2022-01: $0.08 per share

- 2022-02: $0.06 per share

- 2022-03: $0.17 per share

- 2022-04: $0.19 per share

- 2022-05: $1.99 per share

- 2022-06: $1.48 per share

- 2022-07: $1.45 per share

- 2022-08: $1.66 per share

- 2022-09: $1.46 per share

- 2022-10: $2.16 per share

- 2022-11: $2.72 per share

- 2022-12: $2.95 per share

- 2023-01: $5.55 per share

- 2023-02: $4.05 per share

- 2023-03: $4.22 per share

- 2023-04: $3.60 per share

- 2023-05: $3.54 per share

- 2023-06: $4.20 per share

- 2023-07: $4.64 per share

- 2023-08: $4.15 per share

- 2023-09: $4.04 per share

- 2023-10: $4.28 per share

- 2023-11: $4.30 per share

- 2023-12: $3.75 per share

- 2024-01: $3.19 per share

- 2024-02: $3.35 per share

- 2024-03: $3.13 per share

- 2024-04: $3.18 per share

- 2024-05: $3.55 per share

- 2024-06: $3.57 per share

- 2024-07: $3.30 per share

- 2024-08: $3.05 per share

- 2024-09: $3.20 per share

- 2024-10: $3.25 per share

- 2024-11: $4.25 per share

- 2024-12: $5.32 per share

- 2025-01: $7.52 per share

- 2025-02: $7.60 per share

- 2025-03: $8.39 per share

- 2025-04: $6.84 per share

- 2025-05: $7.28 per share

- 2025-06: $6.85 per share

- 2025-07: $6.14 per share

- 2025-08: $5.64 per share

- 2025-09: $5.55 per share

- 2025-10: $4.37 per share

- 2025-11: $4.02 per share

- 2025-12: $3.93 per share

- 2026-01: $4.03 per share

- 2026-02: $3.82 per share

- 2026-03: $5.49 per share

- 2026-04: $5.74 per share

- 2026-05: $5.12 per share

- 2026-06: $4.98 per share

- 2026-07: $5.19 per share

- 2026-08: $6.03 per share

- 2026-09: $6.18 per share

- 2026-10: $6.45 per share

## Annual estimated value (USD per share)

- FY2021: low $2.15 per share, central $2.41 per share, high $2.75 per share

- FY2022: low $3.28 per share, central $3.73 per share, high $4.33 per share

- FY2023: low $5.78 per share, central $6.58 per share, high $7.64 per share

- FY2024: low $6.85 per share, central $7.78 per share, high $9.01 per share

- FY2025: low $5.26 per share, central $5.98 per share, high $6.93 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 40-F filing](https://www.sec.gov/Archives/edgar/data/1477081/000149315226011486/form40-f.htm); period 2025-12-31, filed 2026-03-19.

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.