Share count
148Mpeak FY2023
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WTI, W&T Offshore Inc.
W&T Offshore Inc. is a publicly held Texas corporation.
The reservoirs in our offshore fields are generally characterized as having high porosity and permeability, with higher initial production rates relative to other domestic reservoirs.
A majority of our daily production is derived from wells we operate.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$501M
−4.5% YoY · 8% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $522M 5-yr avg $608M
Revenue $150M +15.5% vs yr-ago qtr
Operating margin 9.8% yr-ago −6.3%
Net income ($23M) yr-ago ($31M)
Net margin −15.0% yr-ago −23.5%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Oil (65%) and Natural gas (29%), with 2 more lines behind.
- 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 5.5% 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 −83% and 49% 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 customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 3%, above 15% in 3 of 8 years). By owner earnings: roughly 16% 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.
Where the money comes from
read the 10-K →Oil is 65% of revenue, with Natural gas the other meaningful line at 29%.
Revenue by product line, FY2025
- Oil65%$328M
- Natural gas29%$144M
- NGLs4%$20M
- Other2%$9M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
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 | |||||||||||
| $400M | $487M | $581M | $535M | $347M | $558M | $921M | $533M | $525M | $501M | $522M | RevenueRevenue |
| 15% | 12% | 10% | 10% | 12% | 9% | 8% | 14% | 16% | 16% | 16% | SG&A / revenueSG&A/rev |
| ($331M) | $110M | $247M | $119M | $801K | $190M | $454M | $29M | ($42M) | ($53M) | ($30M) | Operating incomeOp. inc. |
| −82.6% | 22.6% | 42.5% | 22.2% | 0.2% | 34.0% | 49.3% | 5.5% | −8.0% | −10.5% | −5.7% | Operating marginOp. mgn |
| ($249M) | $80M | $249M | $74M | $38M | ($41M) | $231M | $16M | ($87M) | ($150M) | ($142M) | Net incomeNet inc. |
| — | — | 0% | — | — | — | 19% | 54% | — | — | — | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| $14M | $159M | $322M | $232M | $109M | $134M | $340M | $115M | $60M | $77M | $83M | Operating cash flowOp. cash |
| $194M | $139M | $131M | $129M | $98M | $91M | $107M | $115M | $143M | $116M | $111M | DepreciationDeprec. |
| $58M | ($66M) | ($62M) | $25M | ($31M) | $81M | ($7M) | ($25M) | ($7M) | $99M | $97M | Working capital & otherWC & other |
| $84M | $106M | $17M | $188M | $3M | $661K | $51M | $27M | $81M | $711K | $711K | CapexCapex |
| 21.0% | 21.8% | 2.9% | 35.2% | 0.8% | 0.1% | 5.6% | 5.1% | 15.4% | 0.1% | 0.1% | Capex / revenueCapex/rev |
| ($70M) | $53M | $305M | $44M | $106M | $133M | $288M | $88M | ($21M) | $77M | $82M | Owner earningsOwner earn. |
| −17.4% | 10.9% | 52.5% | 8.3% | 30.5% | 23.8% | 31.3% | 16.5% | −4.0% | 15.3% | 15.8% | Owner earnings marginOE mgn |
| ($70M) | $53M | $305M | $44M | $106M | $133M | $288M | $88M | ($21M) | $77M | $82M | Free cash flowFCF |
| −17.4% | 10.9% | 52.5% | 8.3% | 30.5% | 23.8% | 31.3% | 16.5% | −4.0% | 15.3% | 15.8% | Free cash flow marginFCF mgn |
| — | — | — | — | — | — | — | $1M | $6M | $6M | $6M | Dividends paidDiv. paid |
| -90% | 34% | 89% | — | 0% | — | 154% | 6% | -14% | -397% | -4% | ROICROIC |
| Balance sheet | |||||||||||
| $70M | $99M | $33M | $32M | $44M | $246M | $461M | $173M | $109M | $141M | $131M | Cash & investmentsCash+inv |
| $43M | $45M | $48M | $57M | $39M | $55M | $66M | $52M | $64M | $60M | $72M | ReceivablesReceiv. |
| $81M | $80M | $82M | $102M | $41M | $67M | $65M | $79M | $84M | $98M | $91M | Accounts payablePayables |
| ($38M) | ($34M) | ($34M) | ($45M) | ($2M) | ($12M) | $988K | ($27M) | ($20M) | ($39M) | ($18M) | Operating working capitalOper. WC |
| $192M | $191M | $226M | $142M | $107M | $358M | $570M | $265M | $218M | $239M | $249M | Current assetsCur. assets |
| $203M | $168M | $186M | $190M | $115M | $324M | $792M | $217M | $246M | $234M | $251M | Current liabilitiesCur. liab. |
| 0.9× | 1.1× | 1.2× | 0.7× | 0.9× | 1.1× | 0.7× | 1.2× | 0.9× | 1.0× | 1.0× | Current ratioCurr. ratio |
| $830M | $908M | $849M | $1.0B | $941M | $1.2B | $1.4B | $1.1B | $1.1B | $956M | $959M | Total assetsAssets |
| $1.0B | $992M | $634M | $720M | $625M | $731M | $693M | $391M | $393M | $351M | $900M | Total debtDebt |
| $950M | $893M | $600M | $687M | $582M | $485M | $232M | $217M | $284M | $210M | $769M | Net debt / (cash)Net debt |
| — | 2.4× | 5.1× | 2.0× | 0.0× | 2.7× | 6.5× | 0.7× | — | — | -0.7× | Interest coverageInt. cov. |
| ($659M) | ($574M) | ($325M) | ($249M) | ($208M) | ($247M) | $8M | $31M | ($53M) | ($200M) | ($222M) | Shareholders’ equityEquity |
| 2.8% | 1.5% | 0.6% | 0.7% | 1.1% | 0.6% | 0.9% | 1.9% | 1.9% | 2.4% | 3.4% | Stock comp / revenueSBC/rev |
| Per share | |||||||||||
| 143M | 138M | 139M | 144M | 143M | 142M | 145M | 148M | 147M | 148M | 149M | Shares out (diluted)Shares |
| $2.79 | $3.54 | $4.18 | $3.72 | $2.42 | $3.92 | $6.35 | $3.59 | $3.57 | $3.38 | $3.51 | Revenue / shareRev/sh |
| $-1.74 | $0.58 | $1.79 | $0.52 | $0.26 | $-0.29 | $1.59 | $0.11 | $-0.59 | $-1.01 | $-0.95 | EPS (diluted)EPS |
| $-0.49 | $0.39 | $2.19 | $0.31 | $0.74 | $0.93 | $1.99 | $0.59 | $-0.14 | $0.52 | $0.55 | Owner earnings / shareOE/sh |
| $-0.49 | $0.39 | $2.19 | $0.31 | $0.74 | $0.93 | $1.99 | $0.59 | $-0.14 | $0.52 | $0.55 | Free cash flow / shareFCF/sh |
| — | — | — | — | — | — | — | $0.01 | $0.04 | $0.04 | $0.04 | Dividends / shareDiv/sh |
| $0.58 | $0.77 | $0.12 | $1.31 | $0.02 | $0.00 | $0.35 | $0.18 | $0.55 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $-4.59 | $-4.17 | $-2.34 | $-1.74 | $-1.45 | $-1.74 | $0.05 | $0.21 | $-0.36 | $-1.35 | $-1.49 | Book value / shareBVPS |
Share counts before 2017 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +2.2%/yr | +6.9%/yr |
| Owner earnings / share | — | −6.9%/yr |
| Dividends / share | +102.5%/yr (2-yr) | +102.5%/yr (2-yr) |
| Capital spending / share | −41.3%/yr | −25.1%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
ROIC
−397%low FY2025
Net debt ÷ owner earnings
2.7×peak FY2017
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$77Mowner earningsvs.($150M)net incomelow FY2016
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2016FY2025
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 a $150M loss into $77M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($150M) | ($87M) | $16M | $231M | ($41M) |
| Depreciation & amortizationnon-cash charge added back | +$116M | +$143M | +$115M | +$107M | +$91M |
| Stock-based compensationreal costnon-cash, but a real cost | +$12M | +$10M | +$10M | +$8M | +$3M |
| Working capital & othertiming of cash in and out, other non-cash items | +$99M | −$7M | −$25M | −$7M | +$81M |
| Cash from operations | $77M | $60M | $115M | $340M | $134M |
| Capital expenditurecash put back in to keep running and to grow | −$711K | −$81M | −$27M | −$51M | −$661K |
| Owner earnings | $77M | ($21M) | $88M | $288M | $133M |
| Owner-earnings marginowner earnings ÷ revenue | 15% | -4% | 17% | 31% | 24% |
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 $12M), owner earnings is nearer $64M.
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.
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? -1.2×Does not cover its interestOperating income ($53M) ÷ interest expense $45M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net debt against an operating lossCash $141M − debt $900M
What this means
Netting $141M of cash and short-term investments against $900M of debt leaves $759M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle8-yr median, range -397%–154%; -7% latest = NOPAT ($42M) ÷ invested capital $560MIndustry peers: median 9%
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 -7% 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.
- High through the cycle10-yr median margin, range -17%–53%; latest $77M = operating cash $77M − maintenance capex $711KIndustry 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 15% of revenue this year, a 15% median across 10 years. Treating stock comp as the real expense it is (less $12M of SBC) leaves $64M.
- Loss, but cash-generativeNet income ($150M) · cash from operations $77M
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Reinvests most of itDividends + buybacks $6M ÷ Owner Earnings $77M
What this means
Of $77M Owner Earnings, $6M (8%) went back to shareholders, $6M 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? 0.01×HarvestingCapex $711K ÷ depreciation $116M
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 6 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 MissRevenue ≥ $2B · $501M
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 MissCurrent ratio ≥ 2× · 1.02×
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 MissDebt ≤ working capital · $900M vs $5M 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 MissA 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 MissUninterrupted dividends · 3 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 MissEarnings +33% over the record · −379%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- 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 $-0.50/share (latest year $-1.01), the averaged base the calculator's gate runs on, and book value is $-1.34/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% 5 of 10 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 −6% → −4% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about −6% early to −4% lately, median 6% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2016 · −82.6% op. margin
What this means
Operations went underwater in 2016, understand why before trusting the good years.
- Share count +5.0%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe 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, 2026Can 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$249M
- Cash & short-term investments$131M
- Receivables$72M
- Other current assets$46M
Current liabilities$251M
- Debt due within a year$8M
- Accounts payable$91M
- Other current liabilities$152M
Current ratio0.99×all current assets ÷ what's due · Graham looked for 2×
Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio
Cash ratio0.52×strictest: cash alone against what's due
Working capital($1M)the cushion left after near-term bills
Debt due this year vs. cash$8M due · $131M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+15.5%the freshest read on whether the business is still growing
Current ratio, recent quarters1.1× → 1.0×
Deeper floors
Tangible book value($222M)equity stripped of goodwill & intangibles
Debt incl. operating leases$364M$13M of it operating leases
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year.
Due in the next 12 months$9Mthe first rung: what must be repaid or rolled over within the year
Within two years$9Mthe near wall, the part most exposed to today’s credit conditions
Biggest single year$350Min 2029the lumpiest maturity, where a refinancing, if needed, is largest
Due over the next five years$359Mthe near slice; the balance sheet carries $900M of debt in all
Against what the business has and earns
Cash & short-term investments, Mar 31, 2026$131M
One year of owner earnings (FY2025)$77M
Together, against $9M due next year23.6×
Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $207M against the $9M due in the twelve months after the Dec 31, 2025 schedule: 24 times it.
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.
How the cash was used, 2016–2025
Over the record, the business generated $1.6B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$559M · 36%
- Dividends$13M · 1%
- Retained (debt / cash)$989M · 63%
- Returned to owners$13M
1% of the owner earnings the business produced over the span, $13M as dividends and $0 as buybacks.
- Net change in share count3.7%
The diluted count rose from 143M to 149M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record$0.04/sh
Paid in 3 of the years on record, the per-share dividend growing about 102% a year. It was never cut over the span.
- Return on what it retained−33%
Of the earnings it kept rather than paid out ($146M over the span), annual owner earnings (first three years vs last three) fell $48M, so each retained $1 gave back about 0.33 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 | Tracy W Krohn | $5.5M | $4.9M | $133M |
| 2022 | Tracy W Krohn | $12.1M | $11.6M | $288M |
| 2023 | Tracy W Krohn | $5.9M | $324k | $88M |
| 2024 | Tracy W Krohn | $4.2M | $575k | ($21M) |
| 2025 | Tracy W Krohn | $6.2M | $6.7M | $77M |
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 ownership35.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio46:1
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$12M
The slice of the business handed to employees in shares this year, 2% of revenue. 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 W&T Offshore 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.
2 of the 5 tests turned up something to look into; the other 3 came back clean.
- Look hereDid the share count rise anyway?3.7%
Diluted shares grew 3.7% 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.
- Look hereDid receivables and inventory outpace sales?11% → 14% of sales
Receivables and inventory grew from $43M to $72M while revenue grew 30%: working capital is climbing faster than sales (11% of revenue then, 14% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
And these came back clean
- Is it less profitable than it was?
- Did debt outgrow the business?
- Did reported profit become cash?
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.
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 |
|---|---|---|---|---|---|
| TTITetra Technologies Inc. | $631M | 28% | 8.6% | 13% | -1% |
| 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% |
| INRInfinity Natural Resources Inc. | $350M | — | 33.0% | 3% | 69% |
| VTSVitesse Energy Inc. | $274M | — | 15.9% | 4% | 50% |
| Group median | — | — | 17.6% | 6% | 41% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what W&T Offshore Inc. has delivered.
$
Through the cycle, W&T Offshore Inc. earns about $80M on its 15.9% median owner-earnings margin. This year’s 15.3% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
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.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25−40%/yr
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
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.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $82M on 149M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $769M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "W&T Offshore Inc. (WTI), the owner's record," https://ownerscorecard.com/c/WTI, data as of 2026-07-09.
Manual order: ← WTFCN its page in the Manual WTM →
Industry order: ← WDS the Oil & Gas Producers chapter