Battalion Oil Corporation
BATL Energy Oil & Gas E&P
Battalion Oil Corporation’s revenue for fiscal 2025 (year ended December 2025) was $166.0 million, down 14.4% from fiscal 2024. In the quarter to June 2026, revenue grew 12.4%, EPS grew 261.9%, free cash flow grew 119.8% and total debt fell 26.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Battalion Oil Corporation (BATL) Altman Z-score
Battalion Oil Corporation's Altman Z-score for fiscal 2025 is −0.51, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.51 | 0.08 |
| FY2024 | −0.59 | (0.55) |
| FY2023 | −0.04 | (1.14) |
| FY2022 | 1.10 | 0.27 |
| FY2021 | 0.83 | 3.67 |
| FY2020 | −2.84 | 2.32 |
| FY2019 | −5.16 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.01) | — | −0.02 | |
| Retained earnings / total assets | (0.59) | — | −0.83 | |
| EBIT / total assets | (0.01) | — | −0.05 | |
| Market value of equity / total liabilities | 0.04 | — | 0.02 | |
| Sales / total assets | 0.36 | — | 0.36 | |
| Altman Z-score | Distress zone | −0.51 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.19 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NRT North European Oil Royality Trust compare | 21.1× |
| INDO Indonesia Energy Corporation Limited compare | 4.9× |
| PROP Prairie Operating Co. compare | 0.4× |
| BATL Battalion Oil Corporation | −0.5× |
| EP Empire Petroleum Corporation compare | −5.7× |
| BSIN Big Sky Industrial Inc. compare | −7.3× |
| CRT Cross Timbers Royalty Trust compare | — |
| VOC VOC Energy Trust compare | — |
| PVL PERMIANVILLE ROYALTY TRUST compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets