← All companies ← RELY Manual RES → ← PR Oil & Gas Producers RRC →

REPX, Riley Exploration Permian Inc.

Oil & Gas Producers capital-intensive Cyclical

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Latest annual: FY2025 10-K

REPX · Riley Exploration Permian Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$392M

−4.4% YoY · 38% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $403M 5-yr avg $330M

Operating margin 31.6% 5-yr avg 44.0%

ROIC 13% 5-yr avg 22%

Owner-earnings margin 51% 5-yr avg 54%

Free cash flow margin 51% 5-yr avg 54%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 9.5% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The margin is cyclical, swinging between −88% and 63% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 31% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$5M	$5M	$6M	$5M	$77M	$151M	$322M	$375M	$410M	$392M	$403M	RevenueRevenue
30%	25%	21%	27%	3%	—	—	—	—	—	1%	SG&A / revenueSG&A/rev
($4M)	($794K)	$240K	($505K)	$7M	$60M	$204M	$172M	$154M	$133M	$127M	Operating incomeOp. inc.
−87.7%	−17.0%	4.1%	−10.3%	9.5%	39.6%	63.3%	45.8%	37.5%	34.0%	31.6%	Operating marginOp. mgn
($4M)	($574K)	$2M	($436K)	$35M	($66M)	$118M	$112M	$89M	$161M	$62M	Net incomeNet inc.
—	—	-1%	—	2%	—	22%	24%	24%	23%	22%	Effective tax rateTax rate
											Cash flow & returns
($1M)	$154K	$1M	$226K	($2M)	$86M	$170M	$207M	$246M	$213M	$209M	Operating cash flowOp. cash
$1M	$862K	$795K	$716K	$21M	$26M	$32M	$65M	$75M	$93M	$100M	DepreciationDeprec.
$2M	($148K)	($1M)	($71K)	($58M)	$120M	$16M	$24M	$74M	($51M)	$38M	Working capital & otherWC & other
$47K	$169K	$1M	$437K	$4M	$445K	$0	$5M	$20M	$2M	$4M	CapexCapex
1.0%	3.6%	17.2%	8.9%	5.3%	0.3%	0.0%	1.5%	4.8%	0.6%	1.1%	Capex / revenueCapex/rev
($1M)	($15K)	$542K	($211K)	($6M)	$86M	$170M	$202M	$227M	$210M	$205M	Owner earningsOwner earn.
−22.7%	−0.3%	9.2%	−4.3%	−7.4%	56.7%	52.9%	53.8%	55.3%	53.7%	50.8%	Owner earnings marginOE mgn
($1M)	($15K)	$326K	($211K)	($6M)	$86M	$170M	$202M	$227M	$210M	$205M	Free cash flowFCF
−22.7%	−0.3%	5.6%	−4.3%	−7.4%	56.7%	52.9%	53.8%	55.3%	53.7%	50.8%	Free cash flow marginFCF mgn
—	—	—	—	—	—	$0	$325M	$0	$118M	$118M	AcquisitionsAcquis.
—	—	—	—	$15M	$18M	$25M	$28M	$31M	$33M	$34M	Dividends paidDiv. paid
-57%	-12%	6%	—	7%	—	42%	17%	15%	12%	13%	ROICROIC
-128%	-11%	23%	—	—	-28%	35%	26%	17%	25%	11%	Return on equityROE
—	—	—	—	—	−35%	28%	20%	11%	20%	5%	Retained to equityRetained/eq
											Balance sheet
$76K	$185K	$3M	$3M	$2M	$8M	$13M	$15M	$13M	$18M	$16M	Cash & investmentsCash+inv
$490K	$517K	$533K	$557K	$10M	$18M	$26M	$35M	$44M	$41M	$57M	ReceivablesReceiv.
$627K	$541K	$464K	$415K	$361K	$780K	$9M	$6M	$6M	$8M	$8M	InventoryInvent.
$303K	$181K	$132K	$269K	$5M	$8M	$4M	$4M	$14M	$5M	$23M	Accounts payablePayables
$814K	$877K	$865K	$703K	$6M	$11M	$30M	$37M	$36M	$44M	$42M	Operating working capitalOper. WC
$2M	$1M	$4M	$4M	$32M	$31M	$51M	$63M	$68M	$94M	$83M	Current assetsCur. assets
$791K	$611K	$548K	$610K	$19M	$64M	$76M	$94M	$123M	$157M	$264M	Current liabilitiesCur. liab.
2.0×	2.4×	7.9×	7.0×	1.7×	0.5×	0.7×	0.7×	0.6×	0.6×	0.3×	Current ratioCurr. ratio
$9M	$8M	$9M	$9M	$351M	$396M	$515M	$946M	$994M	$1.2B	$1.2B	Total assetsAssets
$3M	$90K	$124K	—	$101M	$65M	$56M	$356M	$269M	$248M	$241M	Total debtDebt
$2M	($95K)	($3M)	—	$99M	$57M	$43M	$341M	$256M	$230M	$225M	Net debt / (cash)Net debt
-40.2×	-15.0×	48.0×	-50.5×	1.4×	13.2×	186.7×	5.4×	4.5×	4.2×	4.1×	Interest coverageInt. cov.
$3M	$5M	$7M	$0	$0	$238M	$333M	$422M	$511M	$634M	$553M	Shareholders’ equityEquity
0.4%	0.3%	0.4%	0.3%	0.0%	4.0%	1.2%	1.9%	2.0%	2.3%	2.5%	Stock comp / revenueSBC/rev
											Per share
6.1M	10.1M	10.6M	888K	16.5M	16.0M	19.7M	20.0M	20.9M	21.2M	20.9M	Shares out (diluted)Shares
$0.77	$0.46	$0.55	$5.53	$4.66	$9.43	$16.34	$18.75	$19.65	$18.49	$19.33	Revenue / shareRev/sh
$-0.69	$-0.06	$0.15	$-0.49	$2.13	$-4.10	$5.99	$5.58	$4.26	$7.59	$2.96	EPS (diluted)EPS
$-0.17	$-0.00	$0.05	$-0.24	$-0.34	$5.34	$8.65	$10.09	$10.86	$9.93	$9.82	Owner earnings / shareOE/sh
$-0.17	$-0.00	$0.03	$-0.24	$-0.34	$5.34	$8.65	$10.09	$10.86	$9.93	$9.82	Free cash flow / shareFCF/sh
—	—	—	—	$0.93	$1.14	$1.27	$1.39	$1.48	$1.57	$1.61	Dividends / shareDiv/sh
$0.01	$0.02	$0.10	$0.49	$0.25	$0.03	$0.00	$0.27	$0.94	$0.10	$0.21	Cap. spending / shareCapex/sh
$0.54	$0.51	$0.64	$0.00	$0.00	$14.85	$16.94	$21.08	$24.46	$29.93	$26.52	Book value / shareBVPS

The diluted share count moved ×1.66 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1/11.97 into 2019 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×18.6 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+42.4%/yr	+31.7%/yr
EPS	—	+28.9%/yr
Dividends / share	+11.2%/yr (5-yr)	+11.2%/yr
Capital spending / share	+33.2%/yr	−16.4%/yr
Book value / share	+56.3%/yr	—

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

21Mpeak FY2025

ROIC

12%low FY2016

Net debt ÷ owner earnings

1.1×peak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$210Mowner earningsvs.$161Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $161M of profit into $210M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$161M

Owner earnings$210M · 54% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$161M	$89M	$112M	$118M	($66M)
Depreciation & amortizationnon-cash charge added back	+$93M	+$75M	+$65M	+$32M	+$26M
Stock-based compensationreal costnon-cash, but a real cost	+$9M	+$8M	+$7M	+$4M	+$6M
Working capital & othertiming of cash in and out, other non-cash items	−$51M	+$74M	+$24M	+$16M	+$120M
Cash from operations	$213M	$246M	$207M	$170M	$86M
Capital expenditurecash put back in to keep running and to grow	−$2M	−$20M	−$5M	—	−$445K
Owner earnings	$210M	$227M	$202M	$170M	$86M
Owner-earnings marginowner earnings ÷ revenue	54%	55%	54%	53%	57%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $9M), owner earnings is nearer $201M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 4.2×

Adequate

Operating income $133M ÷ interest expense $31M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $230M · 1.7× operating profit

Modest net debt

Cash $18M − debt $248M

What this means
Netting $18M of cash and short-term investments against $248M of debt leaves $230M owed, about 1.7× a year's operating profit (1.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 7%

Below average through the cycle

8-yr median, range -57%–42%; 12% latest = NOPAT $103M ÷ invested capital $864M

Industry peers: median 4%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 12% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 9%

Solid through the cycle

10-yr median margin, range -23%–57%; latest $210M = operating cash $213M − maintenance capex $2M

Industry peers: median 50%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 54% of revenue this year, a 9% median across 10 years. Treating stock comp as the real expense it is (less $9M of SBC) leaves $201M.
Are earnings backed by cash? 1.32×

Cash-backed

Cash from ops $213M ÷ net income $161M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 16%

Reinvests most of it

Dividends + buybacks $33M ÷ Owner Earnings $210M

What this means
Of $210M Owner Earnings, $33M (16%) went back to shareholders, $33M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.02×

Harvesting

Capex $2M ÷ depreciation $93M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $392M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.60×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $248M vs ($63M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 6 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $5.55/share (latest year $7.41), the averaged base the calculator's gate runs on, and book value is $29.20/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 10

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 4 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −34% → 39% (3-yr avg ends)

In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.

What this means
Through the cycle the operating margin widened — about −34% early to 39% lately, median 9% — pricing power intact or improving.
Reinvestment, incremental ROIC 15%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Worst year 2016 · −87.7% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$83M

Cash & short-term investments$16M
Receivables$57M
Inventory$8M
Other current assets$3M

Current liabilities$264M

Debt due within a year$20M
Accounts payable$23M
Other current liabilities$221M

Current ratio0.32×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.29×stricter: inventory excluded

Cash ratio0.06×strictest: cash alone against what's due

Working capital($181M)the cushion left after near-term bills

Debt due this year vs. cash$20M due · $16M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+11.2%the freshest read on whether the business is still growing

Current ratio, recent quarters0.6× → 0.3×

Deeper floors

Tangible book value$553Mequity stripped of goodwill & intangibles

Net current asset value($544M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$244M$3M of it operating leases

Deferred revenue$57Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $922M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$33M · 4%
Dividends$151M · 16%
Retained (debt / cash)$738M · 80%

Returned to owners$151M
17% of the owner earnings the business produced over the span, $151M as dividends and $0 as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $238M and cash and short-term investments rose $16M.
Net change in share count242.6%
The diluted count rose from 6M to 21M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$1.57/sh
Paid in 6 of the years on record, the per-share dividend growing about 11% a year. It was never cut over the span.
Return on what it retained72%
Of the earnings it kept rather than paid out ($295M over the span), annual owner earnings (first three years vs last three) grew $213M, so each retained $1 added about 0.72 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Bobby D. Riley	$3.2M	$4.5M	$86M
2022	Bobby D. Riley	$2.0M	$3.5M	$170M
2023	Bobby D. Riley	$2.8M	$2.7M	$202M
2024	Bobby D. Riley	$3.5M	$3.9M	$227M
2025	Bobby D. Riley	$5.8M	$4.9M	$210M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership4.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio30:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$9M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Riley Exploration Permian Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 6 tests turned up something to look into; the other 5 came back clean.

Look hereDid the share count rise anyway?242.6%
Diluted shares grew 242.6% over 2016–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Oil & Gas Producers

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
WTIW&T Offshore Inc.	$501M	—	13.8%	3%	16%
GRNTGranite Ridge Resources Inc.	$450M	—	19.3%	9%	56%
BSMBlack Stone Minerals L.P. Common	$422M	—	50.6%	—	65%
REPXRiley Exploration Permian Inc.	$392M	—	21.7%	10%	31%
TXOTXO Partners L.P. Common	$363M	—	-5.7%	—	25%
EGYVAALCO Energy Inc.	$359M	—	27.2%	18%	23%
INRInfinity Natural Resources Inc.	$350M	—	33.0%	3%	69%
VTSVitesse Energy Inc.	$274M	—	15.9%	4%	50%
Group median	—	—	20.5%	6%	41%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Riley Exploration Permian Inc. has delivered.

Riley Exploration Permian Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Riley Exploration Permian Inc. earns about $122M on its 31.1% median owner-earnings margin. This year’s 53.7% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($122M) Net of stock comp (−$10M) Steady-state · maintenance capex ($207M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+14%/yr

Owner-earnings growth · since FY2021+25%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $205M on 22M shares outstanding, the balance-sheet count at 2025-12-31; net debt $225M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($4M) runs well above depreciation ($100M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $207M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh REPX against another business →

The owners of REPX: the meeting and the votes →

Cite: Owner Scorecard, "Riley Exploration Permian Inc. (REPX), the owner's record," https://ownerscorecard.com/c/REPX, data as of 2026-07-09.

Manual order: ← RELY its page in the Manual RES →

Industry order: ← PR the Oil & Gas Producers chapter RRC →