W&T Offshore, Inc.
WTI Energy Oil & Gas E&P
W&T Offshore, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $501.5 million, down 4.53% from fiscal 2024. In the quarter to June 2026, revenue grew 32.9%, EPS grew 157.1%, free cash flow grew 43.6% and total debt was flat, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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W&T Offshore, Inc. (WTI) Altman Z-score
W&T Offshore, Inc.'s Altman Z-score for fiscal 2025 is −0.67, 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 | −0.67 | (0.32) |
| FY2024 | −0.35 | (0.56) |
| FY2023 | 0.22 | (1.09) |
| FY2022 | 1.31 | 1.00 |
| FY2021 | 0.31 | 0.88 |
| FY2020 | −0.57 | (0.73) |
| FY2019 | 0.16 | (0.44) |
| FY2018 | 0.60 | 1.14 |
| FY2017 | −0.54 | 2.19 |
| FY2016 | −2.72 | 1.06 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | (0.82) | — | −1.14 | |
| EBIT / total assets | (0.06) | — | −0.18 | |
| Market value of equity / total liabilities | 0.21 | — | 0.13 | |
| Sales / total assets | 0.52 | — | 0.52 | |
| Altman Z-score | Distress zone | −0.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.18 | ||
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 |
|---|---|
| SD SandRidge Energy, Inc. compare | 2.1× |
| VTS Vitesse Energy, Inc. compare | 2.0× |
| GPRK Geopark Ltd compare | 1.4× |
| GRNT Granite Ridge Resources, Inc. compare | 1.2× |
| EGY Vaalco Energy Inc compare | 0.9× |
| OBE Obsidian Energy compare | 0.6× |
| INR Infinity Natural Resources Inc. compare | 0.5× |
| WTI W&T Offshore, Inc. | −0.7× |
| TXO TXO Partners LP 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