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) Beneish M-score
Battalion Oil Corporation's Beneish M-score for fiscal 2025 is −3.00; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.00 | 0.27 |
| FY2024 | −3.27 | (1.11) |
| FY2023 | −2.16 | 0.71 |
| FY2022 | −2.87 | 0.64 |
| FY2021 | −3.51 | 2.00 |
| FY2020 | −5.51 | (3.36) |
| FY2017 | −2.15 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.54 | — | 0.49 | |
| Gross margin index | 1.09 | — | 0.58 | |
| Asset quality index | 1.59 | — | 0.64 | |
| Sales growth index | 0.86 | — | 0.76 | |
| Depreciation index | 1.15 | — | 0.13 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.06) | — | −0.28 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.00 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EP Empire Petroleum Corporation compare | −7.7× |
| BSIN Big Sky Industrial Inc. compare | −3.7× |
| BATL Battalion Oil Corporation | −3.0× |
| PROP Prairie Operating Co. compare | 22.8× |
| NRT North European Oil Royality Trust compare | — |
| INDO Indonesia Energy Corporation Limited compare | — |
| CRT Cross Timbers Royalty Trust compare | — |
| VOC VOC Energy Trust compare | — |
| PVL PERMIANVILLE ROYALTY TRUST compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI