# VAALCO Energy, Inc. (EGY)

> Source: Nexqual · https://nexqual.com/EGY · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, VAALCO Energy, Inc. (EGY), nexqual.com/EGY" · informational, not investment advice.

**Price:** USD 6.34 (-1.40% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 6.43 · day 6.28–6.44 · 52w 3.37–6.72 · market cap $667M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $350M, net income -$109M (-31.1% margin) (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 10.2 (range 9.9–10.5).
- Total return with dividends: 1Y +76.8% vs S&P 500 +14.8%; 5Y +155.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.12, revenue estimate $131M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: USD 0.25 a year (yield 3.89%), paid quarterly; latest ex-dividend date 2026-08-21; annual dividends grew 24.1% a year 2022–2025.
- Short interest: 7.52% of float (as of 2026-10-15), 5.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $199M | $354M | $455M | $479M | $359M | $350M |
| Operating income | $79.1M | $171M | $159M | $136M | -$20.6M | -$36.5M |
| Net income | $81.8M | $51.9M | $60.4M | $58.5M | -$41.4M | -$109M |
| EPS (diluted) | $1.37 | $0.73 | $0.56 | $0.56 | -$0.40 | — |
| Operating margin | 39.7% | 48.3% | 34.9% | 28.5% | -5.7% | -10.4% |
| Net margin | 41.1% | 14.6% | 13.3% | 12.2% | -11.5% | -31.1% |
| Revenue growth | +196.3% | +78.0% | +28.4% | +5.3% | -25.0% | — |
| Cash + short-term investments | $48.7M | $37.2M | $121M | $82.7M | $58.9M | — |
| Total debt | $0K | $0K | $0K | $0K | $60.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.9x · EV/EBITDA 12.1x · EV/Sales 2.3x · P/B 1.8x · Earnings yield -16.32% · Dividend yield (paid, TTM) 4.02% · Buyback yield (TTM) 0.30% · Net debt $147M · EV $814M
P/E at fiscal year-ends: Dec 2024 7.8x, Dec 2023 7.9x.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 10.2 (low 9.9, high 10.5).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +76.8% | +155.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +77.4% | +20.6% |
| Volatility (annualized) | 45.1% | 56.3% |
| Max drawdown | -25.3% (May 2026→Jun 2026) | -56.6% (May 2022→May 2025) |

## Dividends
Annual dividend rate USD 0.25 per share, yield 3.89% at the current price. Paid over the last 12 months: USD 0.252 in 4 payments (quarterly).
Most recent ex-dividend date: Aug 21, 2026; payment date: Sep 22, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: raised 90.9% to USD 0.063 per payment from USD 0.033, starting with the Mar 23, 2023 ex-dividend date.
Payout ratio 93% of earnings · 5-year average yield 2.69% · annual dividends grew 24.1% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-08-21 | USD 0.063 |
| 2026-05-22 | USD 0.063 |
| 2026-02-27 | USD 0.063 |
| 2025-11-21 | USD 0.063 |
| 2025-08-22 | USD 0.063 |
| 2025-05-23 | USD 0.063 |
| 2025-02-28 | USD 0.063 |
| 2024-11-22 | USD 0.063 |
Total by calendar year: 2022 USD 0.132 · 2023 USD 0.252 · 2024 USD 0.252 · 2025 USD 0.252.

## Short interest
7,698,072 shares sold short, 7.52% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 8,119,459 shares (-5.2%). Days to cover: 5.7 (short shares ÷ average daily volume).

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.8 -0.40% · BTE (Baytex Energy Corp) USD 5.37 -1.65% · CRK (Comstock Resources, Inc.) USD 14.59 -1.88% · CRC (California Resources Corporatio) USD 54.67 -0.09% · CRGY (Crescent Energy Company) USD 13.75 +0.00% · CNX (CNX Resources Corporation) USD 36.79 -3.31%

## More
Full page: https://nexqual.com/EGY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Gabon | $91.8M | 67.9% | +56.7% | $39.4M | 42.9% |
| Egypt | $43.4M | 32.1% | +30.4% | $19.1M | 44.1% |
| Corporate costs (not allocated) | — | — | — | -$9.5M | — |
| Total revenue | $135.2M | 100% | — | $43.6M | 32.3% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Crude Oil Sales & Purchase Agreements | $101.1M | 74.8% | +53.3% |
| Total revenue | $135.2M | 100% | — |
The lines above cover 74.8% of total revenue.

## Customer concentration

Period ended 2026-06-30: 47%, 16%, 14% of revenue from unnamed direct customers (10-Q, filed 2026-08-10).

## Company outlook (8-K filed 2026-10-07)

- "We expect to have the first new producer online near the end of the year, with meaningful production increases expected in 2027."
- "Our continued success and organic project pipeline support Vaalco's strategic focus on growing production, reserves and value for our shareholders." 1 About Vaalco Vaalco Energy Inc. is an African-focused independent energy company with a diversified portfolio of production, development and exploration assets in Gabon, Egypt, Côte d'Ivoire and Equatorial Guinea."
- "(v) expectations of future balance sheet strength; and (vi) expectations of future equity and enterprise value. 2 Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.06 | +100.0% | $131.0M | 1 |
| Next quarter (ends 2026-12-31) | $0.06 | $0.07 | -14.3% | $126.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.50 | $0.21 | −$0.71 | $446.6M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.13 | $0.34 | -63.2% | $511.9M | 3 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.00 | $0.06 | Miss −$0.06 | — |
| — | Quarter ended Mar 31, 2026 | −$0.45 | $0.05 | Miss −$0.50 | — |
| — | Quarter ended Dec 31, 2025 | −$0.02 | $0.02 | Miss −$0.04 | — |
| — | Quarter ended Sep 30, 2025 | −$0.10 | −$0.04 | Miss −$0.06 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).