Empire Petroleum Corporation
Empire Petroleum Corporation’s revenue for fiscal 2025 (year ended December 2025) was $34.2 million, down 21.6% from fiscal 2024. In the quarter to June 2026, revenue grew 8.58%, EPS grew 66.7%, free cash flow fell 43.3% and total debt was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Empire Petroleum Corporation (EP) Altman Z-score
Empire Petroleum Corporation's Altman Z-score for fiscal 2025 is −5.72, 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 | −5.72 | (6.95) |
| FY2024 | 1.23 | (0.33) |
| FY2023 | 1.56 | (1.86) |
| FY2022 | 3.42 | 1.91 |
| FY2021 | 1.51 | 11.27 |
| FY2020 | −9.76 | (5.49) |
| FY2019 | −4.26 | 8.58 |
| FY2018 | −12.85 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.25) | — | −0.29 | |
| Retained earnings / total assets | (2.32) | — | −3.25 | |
| EBIT / total assets | (1.08) | — | −3.57 | |
| Market value of equity / total liabilities | 1.47 | — | 0.88 | |
| Sales / total assets | 0.52 | — | 0.52 | |
| Altman Z-score | Distress zone | −5.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −16.52 | ||
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 |
|---|---|
| AMPY Amplify Energy Corp. compare | 1.8× |
| EPM Evolution Petroleum Corporation, Inc. compare | 1.3× |
| KGEI Kolibri Global Energy Inc. compare | 0.8× |
| EPSN Epsilon Energy Ltd. compare | 0.4× |
| PED Pedevco Corp. compare | −0.3× |
| ANNA AleAnna Inc. compare | −0.4× |
| EP Empire Petroleum Corporation | −5.7× |
| GLND Greenland Energy Company compare | — |
| SJT San Juan Basin 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