Encore Energy Corp. is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
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~$1.1
Book value (net assets)
Base case. Range ~$1.1–$1.1. Net assets per share: the value if returns just equal the cost of equity.
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
Encore Energy Corp. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $55m. Free-cash-flow margin fell to -101.1% from -86.4% a year earlier. Operating margin widened to -91.2% from -162.5%. The diluted share count is up 2.1% on a year earlier, which dilutes existing holders. It passes 1 of our 6 financial-health checks. Our book value value is $1.14 a share.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Encore Energy Corp.'s trailing-twelve-month revenue grew 24.1% year on year, with a free-cash-flow margin of -101.1%.
Current signal Revenue growth accelerating: TTM revenue growth rose to 24.1% (+30.5pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Encore Energy Corp. as an oil and gas producer, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.27 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. | — | Does not apply: no standardised measure of proved reserves in the company's tagged filings |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Book value (net assets) Net assets per share: the value if returns just equal the cost of equity. | ~$1.1 | Primary model, counts double |
| Combined value Weighted average of the models that apply: the primary model (book value (net assets)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$1.1 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Encore Energy Corp. with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|
| Share price | $2.36 | $3.93 | $3.41 | $2.48 | $0.69 |
| Market value | $249m | $566m | $621m | $463m | $131m |
| + Net debt (− = net cash) | −$57m | $12m | −$20m | $58m | $89m |
| Enterprise value | $192m | $578m | $601m | $521m | $220m |
| Multiples | |||||
| Price / sales | 58.7x | 25.6x | 10.6x | 10.7x | 2.4x |
| Price / earnings | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 16, 2026, before the open. Analysts expect revenue of $18m and EPS of −$0.16 (range −$0.17 to −$0.15) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.59 | — | $95m | +58% |
| Next | −$0.29 | +50% | $108m | +14% |
The consensus EPS forecast for the current fiscal year is +60.0% on 90 days ago. In the last 30 days, 0 analysts raised Encore Energy Corp.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.37 | −$0.32 |
| 60 days ago | −$0.58 | −$0.23 |
| 30 days ago | −$0.58 | −$0.23 |
| 7 days ago | −$0.58 | −$0.23 |
| Now | −$0.59 | −$0.29 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.14 | −$0.29 | −105.9% |
| Mar 2026 | −$0.08 | −$0.21 | −151.0% |
| Dec 2025 | −$0.08 | −$0.12 | −43.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −77.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $45m | $55m | +24.1% |
| P/S multiple | 12.9x | 2.4x | −81.6% |
| Share count | 186m | 190m | −2.1% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| EU | +74% | −39% | +67% | −13% | −27% | −72% |
| Industry peers (median) | +88% | +55% | −8% | +2% | −15% | +18% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| EU | 67% | 42% | 67% | 42% | 33% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| EU | −41% | −52% | −34% | −37% | −69% | −81% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 87% from September 15, 2021 to November 2, 2026. Getting back needed a 639% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | −12.3% | +0.5% | −23.9% | −32.6% |
| May 14, 2026 | −4.4% | −0.4% | −7.5% | −3.1% |
| March 9, 2026 | +6.8% | +0.7% | +1.6% | −5.2% |
| November 12, 2025 | −3.8% | −1.6% | −1.1% | +0.4% |
| August 11, 2025 | +5.2% | +0.9% | +6.7% | −12.4% |
| May 12, 2025 | +0.6% | +4.0% | −5.9% | +24.1% |
| March 3, 2025 | −32.9% | −2.9% | −42.5% | −47.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q4 | $58.3M |
| FY25 Q1 | $46.2M |
| FY25 Q2 | $44.5M |
| FY25 Q3 | $44.1M |
| FY25 Q4 | $43.2M |
| FY26 Q1 | $43.2M |
| FY26 Q2 | $55.2M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q4 | -124.6% |
| FY25 Q1 | -164.7% |
| FY25 Q2 | -162.5% |
| FY25 Q3 | -156.4% |
| FY25 Q4 | -152.4% |
| FY26 Q1 | -93.0% |
| FY26 Q2 | -91.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q4 | -96.9% |
| FY25 Q1 | -137.8% |
| FY25 Q2 | -86.4% |
| FY25 Q3 | -131.1% |
| FY25 Q4 | -104.3% |
| FY26 Q1 | -102.1% |
| FY26 Q2 | -101.1% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 4 | 22 | 58 | 43 | 55 |
| Gross profit | 2 | 3 | −7 | 10 | 6 |
| EBITDA | −25 | −35 | −69 | −60 | −44 |
| Operating income | −26 | −41 | −72 | −66 | −50 |
| Net income | −23 | −26 | −61 | −57 | −62 |
| Diluted EPS | −$0.22 | −$0.18 | −$0.34 | −$0.30 | −$0.33 |
| Growth (year on year) | |||||
| Revenue | — | +421.7% | +163.4% | −26.0% | +24.1% |
| Margins | |||||
| Gross margin | 37.4% | 11.6% | −12.4% | 22.5% | 10.8% |
| EBITDA margin | −593.1% | −158.3% | −118.1% | −139.9% | −80.4% |
| Operating margin | −610.4% | −183.9% | −123.7% | −152.4% | −91.2% |
| Net margin | −545.5% | −115.6% | −105.2% | −131.7% | −112.8% |
| Free-cash-flow margin | −501.5% | −138.7% | −96.9% | −104.2% | −90.3% |
| Cash flow | |||||
| Cash from operations | −20 | −23 | −45 | −25 | −50 |
| Capital spending | 1 | 8 | 11 | 20 | 0 |
| Free cash flow | −21 | −31 | −57 | −45 | −50 |
| Stock-based pay | 4 | 3 | 5 | 4 | 7 |
| Free cash flow after stock pay | −26 | −34 | −61 | −49 | −57 |
| Balance sheet | |||||
| Cash | 57 | 7 | 40 | 52 | 22 |
| Total debt | 0 | 19 | 20 | 110 | 110 |
| Net debt (negative = net cash) | −57 | 12 | −20 | 58 | 89 |
| Diluted shares | 106m | 144m | 182m | 187m | 190m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 9 | 13 | 18 | 4 | 9 | 12 | 18 | 16 |
| Gross profit | −1 | −0 | −0 | 1 | 4 | 5 | −0 | −3 |
| EBITDA | −17 | −19 | −14 | −18 | −13 | −15 | 11 | −28 |
| Operating income | −17 | −20 | −16 | −19 | −14 | −17 | 10 | −29 |
| Net income | −16 | −17 | −24 | −6 | −5 | −22 | 5 | −41 |
| Diluted EPS | −$0.09 | −$0.09 | −$0.13 | −$0.03 | −$0.03 | −$0.11 | $0.03 | −$0.21 |
| Growth (year on year) | ||||||||
| Revenue | — | — | −40.0% | −31.1% | −4.1% | −7.4% | +0.3% | +328.4% |
| Margins | ||||||||
| Gross margin | −14.5% | −2.2% | −0.1% | 30.8% | 43.8% | 37.9% | −0.3% | −16.4% |
| EBITDA margin | −178.9% | −143.2% | −79.4% | −494.1% | −144.1% | −121.4% | 61.1% | −177.1% |
| Operating margin | −187.5% | −150.3% | −85.7% | −526.1% | −158.2% | −135.9% | 54.4% | −187.9% |
| Net margin | −171.2% | −128.0% | −132.9% | −172.7% | −53.7% | −173.9% | 29.5% | −264.1% |
| Free-cash-flow margin | −74.9% | −42.9% | −64.1% | −385.2% | −296.6% | 57.8% | — | −134.3% |
| Cash flow | ||||||||
| Cash from operations | −5 | 0 | −8 | −10 | −20 | 13 | −21 | −21 |
| Capital spending | 1 | 6 | 4 | 4 | 6 | 6 | — | 0 |
| Free cash flow | −7 | −6 | −12 | −14 | −26 | 7 | — | −21 |
| Stock-based pay | 2 | 1 | 1 | 1 | 0 | 2 | 2 | 2 |
| Free cash flow after stock pay | −9 | −7 | −13 | −15 | −27 | 5 | — | −23 |
| Last 12 months unless stated | EU | KGEI | EPSN | EPM | EP | BATL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $55m | $57m | $68m | $86m | $31m | $163m | $1.3bn |
| Revenue growth, last 12 months | 24.1% | −2.1% | 53.7% | 0.6% | −20.8% | −12.0% | 11.0% |
| Revenue growth, 3-year average | — | — | 8.9% | −12.4% | −11.3% | −18.0% | 1.4% |
| Revenue growth, latest quarter | 328.4% | — | 57.1% | 14.7% | 8.6% | 12.4% | 31.9% |
| Gross margin | 10.8% | — | — | 41.7% | — | — | 74.2% |
| Operating margin | −91.2% | — | 1.0% | 4.0% | −224.1% | −3.2% | 19.9% |
| Operating margin, 3-year average | — | — | 12.6% | 6.0% | −99.0% | −1.6% | 16.5% |
| Net margin | −112.8% | 27.0% | −5.2% | −2.8% | −229.6% | −24.5% | 9.9% |
| Cash from operations / revenue | −90.3% | 72.3% | 38.5% | 27.2% | −19.8% | 16.6% | 42.1% |
| Free-cash-flow margin | −101.1% | −36.8% | — | 0.6% | −20.2% | −2.7% | 18.9% |
| Free-cash-flow margin, 3-year average | — | — | — | 13.0% | −36.5% | −49.3% | 19.1% |
| Stock pay / revenue | 12.9% | 3.0% | 3.1% | 2.7% | 2.6% | −0.1% | 1.5% |
| Change in share count | 2.1% | 0.4% | 23.2% | 2.8% | 24.7% | 45.1% | 0.5% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Van Eck Associates Corp | $19.9M | 15.2M | 16.2% | ▲ 8.5% |
| Mirae Asset Global Etfs Holdings Ltd. | $17.3M | 13.3M | 14.1% | ▲ 1.3% |
| Blackrock, Inc. | $14.9M | 11.4M | 12.1% | ▲ 9.6% |
| Vanguard Capital Management LLC | $8M | 6.1M | 6.5% | New |
| Azarias Capital Management, L.P. | $5.4M | 4.1M | 4.4% | ▼ 19.3% |
| Vident Advisory, LLC | $5.1M | 3.9M | 4.1% | ▲ 10.4% |
| State Street Corp | $4.4M | 3.4M | 3.6% | ▲ 0.6% |
| Geode Capital Management, LLC | $3.7M | 2.8M | 3.0% | ▲ 16.9% |
| UBS Group AG | $3.5M | 2.7M | 2.8% | ▲ 2.2% |
| Morgan Stanley | $3.2M | 2.4M | 2.6% | ▼ 43.0% |
| Defiance Etfs, LLC | $2.9M | 2.1M | 2.3% | New |
| Tidal Investments LLC | $2.8M | 2.1M | 2.2% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Encore Energy Corp.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Hoxie-Key Susan Director | October 12, 2026 | Sell pre-set plan | 30,648 | $0.94 | $28,809 |
| Little Richard H Chief Executive Officer | September 21, 2026 | Buy | 10,000 | $1.06 | $10,600 |
| Sheriff William M Executive Chairman | September 18, 2026 | Buy | 25,000 | $0.81 | $20,250 |
| Sheriff William M Executive Chairman | September 18, 2026 | Buy | 100,000 | $0.81 | $81,000 |
| Sheriff William M Executive Chairman | September 15, 2026 | Buy | 50,000 | $0.89 | $44,500 |
| Sheriff William M Executive Chairman | September 14, 2026 | Buy | 100,000 | $0.84 | $84,000 |
| Sheriff William M Executive Chairman | September 14, 2026 | Buy | 25,000 | $0.87 | $21,750 |
| Pelizza Mark S Director | June 12, 2026 | Buy | 723 | $1.39 | $1,005 |
| Heili Wayne W. Director | June 12, 2026 | Buy | 35,000 | $1.44 | $50,400 |
| Pelizza Mark S Director | June 11, 2026 | Buy | 99,182 | $1.37 | $135,879 |
| Little Richard H Chief Executive Officer | June 9, 2026 | Buy | 50,000 | $1.28 | $64,000 |
| Sheriff William M Executive Chairman | May 19, 2026 | Buy pre-set plan | 25,000 | $1.39 | $34,750 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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