New Concept Energy, Inc. is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$0.1
Residual income
Base case. Range ~$0.1–$0.3. Book value plus the present value of returns above the cost of equity, fading over ten years.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
New Concept Energy, Inc. 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.
New Concept Energy has little or no product revenue yet; it used $0m of cash in the twelve months to June 2026. It passes 1 of our 1 financial-health checks.
Source: 10-Q filed August 10, 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.
New Concept Energy, Inc.'s trailing-twelve-month revenue grew 4.0% year on year, with a free-cash-flow margin of -33.1%. Where it lags: operating margin of -187.3% ranks 40 of 42 oil & gas exploration & production companies we cover.
Current signal Operating margin compressing: TTM operating margin fell to -187.3%, down 20.4pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value New Concept Energy, Inc. as an oil and gas producer, with every model that fits that kind of business. Cost of equity 8.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.7 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 | — | Does not apply: latest tagged standardised measure is for 2019-12-31: out of date |
| 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. | ~$0.1 ~$0.1–$0.3 | Included |
| 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 |
| Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) 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. | ~$0.1 ~$0.1–$0.3 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare New Concept Energy, Inc. 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 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $1.08 | $2.16 | $1.56 | $1.40 | $1.23 | $1.94 | $2.38 | $1.09 | $1.00 | $1.16 | $0.75 | $0.64 |
| Market value | $2m | $4m | $3m | $3301 | $6m | $10m | $12m | $6m | $5m | $6m | $4m | $3m |
| + Net debt (− = net cash) | $3m | $319000 | −$60000 | −$101000 | $199000 | $165000 | −$252000 | −$436000 | −$447000 | −$363000 | −$383000 | −$304000 |
| Enterprise value | $5m | $5m | $3m | −$97699 | $7m | $10m | $12m | $5m | $5m | $6m | $3m | $3m |
| Multiples | ||||||||||||
| Price / sales | 2.6x | 5.5x | 3.8x | 0.0x | 64.4x | 98.6x | 120.9x | 26.4x | 33.8x | 40.8x | 24.8x | 20.9x |
| Price / earnings | 43.8x | — | — | — | — | 5.2x | 174.5x | 30.9x | — | — | — | — |
| Price / free cash flow | 3.9x | — | 15.0x | — | — | — | — | — | n/m | — | 192.4x | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — |
Weak moat
How hard New Concept Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -1.0% of total assets over 10 years.
Operating margin has been a median -171.7%; its worst year was -490.9%.
Free cash flow was positive in 2 of 10 years, at a median -17.0% of revenue.
The diluted share count rose 0.0% over five years.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
No analyst estimates are published for New Concept Energy, Inc.: too few analysts cover it.
Last 12 months −29.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $151000 | $157000 | +4.0% |
| P/S multiple | 30.9x | 20.9x | −32.4% |
| Share count | 5m | 5m | 0.0% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years −44.3%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $200000 | $157000 | −21.5% |
| P/S multiple | 29.5x | 20.9x | −29.1% |
| Share count | 5m | 5m | 0.0% |
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 | ||||||
| GBR | +23% | −54% | −8% | +16% | −35% | −15% |
| Industry peers (median) | +88% | +55% | −8% | +1% | −15% | +18% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| GBR | 33% | 42% | 42% | 50% | 25% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| GBR | −91% | −80% | −37% | −39% | −58% | −43% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 98% from January 28, 2021 to July 16, 2026. Getting back needed a 3932% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 12, 2026 | +2.8% | +0.9% | +8.5% | +7.0% |
| May 11, 2026 | −2.5% | +0.1% | −1.3% | +1.3% |
| April 7, 2026 | −6.0% | +2.6% | −9.6% | −8.4% |
| November 17, 2025 | −6.0% | −1.8% | −4.8% | +2.4% |
| August 15, 2025 | +23.5% | −0.3% | +5.9% | +40.0% |
| May 21, 2025 | −5.5% | −1.6% | 0.0% | +50.5% |
| March 27, 2025 | +2.4% | −2.3% | −14.3% | −15.5% |
| November 15, 2024 | +2.6% | −0.9% | +6.1% | −1.7% |
| August 20, 2024 | +1.5% | +0.2% | −4.5% | −10.6% |
| May 17, 2024 | −3.1% | +0.3% | 0.0% | +13.1% |
| April 5, 2024 | −3.3% | +1.1% | −0.8% | +5.8% |
| November 28, 2023 | +1.9% | 0.0% | +1.0% | −3.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $172K |
| FY23 Q4 | $152K |
| FY24 Q1 | $143K |
| FY24 Q2 | $145K |
| FY24 Q3 | $147K |
| FY24 Q4 | $146K |
| FY25 Q1 | $148K |
| FY25 Q2 | $151K |
| FY25 Q3 | $153K |
| FY25 Q4 | $155K |
| FY26 Q1 | $156K |
| FY26 Q2 | $157K |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -4.4% |
| FY23 Q4 | -28.3% |
| FY24 Q1 | -32.5% |
| FY24 Q2 | -27.5% |
| FY24 Q3 | -14.5% |
| FY24 Q4 | -3.9% |
| FY25 Q1 | 3.5% |
| FY25 Q2 | 4.1% |
| FY25 Q3 | 4.1% |
| FY25 Q4 | 6.2% |
| FY26 Q1 | 5.4% |
| FY26 Q2 | 4.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -109.3% |
| FY23 Q4 | -159.9% |
| FY24 Q1 | -183.9% |
| FY24 Q2 | -176.6% |
| FY24 Q3 | -178.2% |
| FY24 Q4 | -162.3% |
| FY25 Q1 | -165.5% |
| FY25 Q2 | -166.9% |
| FY25 Q3 | -169.3% |
| FY25 Q4 | -171.0% |
| FY26 Q1 | -162.2% |
| FY26 Q2 | -187.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 41.9% |
| FY23 Q4 | 14.5% |
| FY24 Q1 | -21.7% |
| FY24 Q2 | -3.4% |
| FY24 Q3 | -20.4% |
| FY24 Q4 | -43.8% |
| FY25 Q1 | -28.4% |
| FY25 Q2 | -26.5% |
| FY25 Q3 | -67.3% |
| FY25 Q4 | 12.9% |
| FY26 Q1 | -9.6% |
| FY26 Q2 | -33.1% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 4 | 4 | 4 | 3,944 | 4,222 | 1,489 | 820 | 764 | 791 | 123 | 98 | 101 | 101 | 212 | 152 | 146 | 155 | 157 |
| EBITDA | −2 | 0 | −1 | −1,043 | −79 | −455 | −3,581 | −105 | −2,950 | −252 | −363 | −355 | −323 | −150 | −230 | −224 | −251 | −280 |
| Operating income | −3 | −0 | −2 | −1,822 | −842 | −1,187 | −4,302 | −769 | −3,270 | −295 | −381 | −367 | −336 | −162 | −243 | −237 | −265 | −294 |
| Net income | −2 | −0 | −12 | 168 | 426 | −779 | 48 | −3,246 | −3,246 | −484 | −2,352 | 1,916 | 70 | 181 | −21 | −18 | −46 | −88 |
| Diluted EPS | −$1.14 | −$0.01 | −$6.06 | $0.09 | $0.22 | −$0.40 | −$1.35 | $0.02 | −$1.59 | −$0.21 | −$0.46 | $0.37 | $0.01 | $0.04 | −$0.01 | −$0.01 | −$0.01 | −$0.02 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | +2.8% | −7.4% | +>999% | +7.0% | −64.7% | −44.9% | −6.8% | +3.5% | −84.5% | −20.3% | +3.1% | 0.0% | +109.9% | −28.3% | −3.9% | +6.2% | +4.0% |
| EBITDA | — | — | −553.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net income | — | — | — | — | +153.6% | −282.9% | — | <−999% | — | — | — | — | −96.3% | +158.6% | −111.6% | — | — | — |
| Diluted EPS | — | — | — | — | +144.4% | −281.8% | — | — | — | — | — | — | −97.3% | +300.0% | −125.0% | — | — | — |
| Margins | ||||||||||||||||||
| EBITDA margin | −57.8% | 7.6% | −37.0% | −26.4% | −1.9% | −30.6% | −436.7% | −13.7% | −372.9% | −204.9% | −370.4% | −351.5% | −319.8% | −70.8% | −151.3% | −153.4% | −161.9% | −178.3% |
| Operating margin | −66.6% | −1.0% | −47.7% | −46.2% | −19.9% | −79.7% | −524.6% | −100.7% | −413.4% | −239.8% | −388.8% | −363.4% | −332.7% | −76.4% | −159.9% | −162.3% | −171.0% | −187.3% |
| Net margin | −53.9% | −0.3% | −302.3% | 4.3% | 10.1% | −52.3% | 5.9% | −424.9% | −410.4% | −393.5% | <−999% | >999% | 69.3% | 85.4% | −13.8% | −12.3% | −29.7% | −56.1% |
| Free-cash-flow margin | 20.6% | 3.6% | 21.2% | 15.4% | 41.8% | −7.2% | 65.2% | −47.9% | 25.5% | — | −313.3% | — | — | — | 7.2% | −57.5% | 12.9% | −33.1% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 1 | 0 | 1 | 501 | 1,602 | −282 | 566 | −314 | 202 | −637 | −239 | −535 | 123 | 184 | 22 | −64 | 20 | −52 |
| Capital spending | −0 | −0 | −0 | −106 | −161 | −175 | 31 | 52 | 0 | — | 68 | — | — | — | 11 | 20 | 0 | 0 |
| Free cash flow | 1 | 0 | 1 | 607 | 1,763 | −107 | 535 | −366 | 202 | — | −307 | — | — | — | 11 | −84 | 20 | −52 |
| Balance sheet | ||||||||||||||||||
| Cash | 0 | 0 | 109 | 398 | 1,621 | 300 | 473 | 113 | 419 | 361 | 22 | 27 | 252 | 436 | 447 | 363 | 383 | 304 |
| Total debt | 0 | 1 | 2 | 5 | — | 2,309 | 3,253 | 432 | 359 | 260 | 221 | 192 | — | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −0 | 1 | −107 | −393 | −1,621 | 2,009 | 2,780 | 319 | −60 | −101 | 199 | 165 | −252 | −436 | −447 | −363 | −383 | −304 |
| Diluted shares | — | 2m | 2m | 2m | 2m | 2m | 2m | 2m | 2m | — | 5m | 5m | 5m | 5m | 5m | 5m | 5m | 5m |
| 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 | 37 | 36 | 38 | 40 | 39 | 38 | 39 | 41 |
| EBITDA | −53 | −70 | −60 | −56 | −60 | −75 | −48 | −97 |
| Operating income | −56 | −73 | −63 | −60 | −63 | −79 | −51 | −101 |
| Net income | −4 | −19 | −20 | −18 | −20 | 12 | −14 | −66 |
| Diluted EPS | −$0.01 | −$0.02 | −$0.01 | $0.00 | −$0.01 | $0.00 | −$0.01 | −$0.01 |
| Growth (year on year) | ||||||||
| Revenue | +5.7% | −2.7% | +5.6% | +8.1% | +5.4% | +5.6% | +2.6% | +2.5% |
| Net income | −157.1% | — | <−999% | −700.0% | — | — | — | — |
| Diluted EPS | −200.0% | — | −200.0% | — | — | — | — | — |
| Margins | ||||||||
| EBITDA margin | −143.2% | −194.4% | −157.9% | −140.0% | −153.8% | −197.4% | −123.1% | −236.6% |
| Operating margin | −151.4% | −202.8% | −165.8% | −150.0% | −161.5% | −207.9% | −130.8% | −246.3% |
| Net margin | −10.8% | −52.8% | −52.6% | −45.0% | −51.3% | 31.6% | −35.9% | −161.0% |
| Free-cash-flow margin | 37.8% | −130.6% | −78.9% | 57.5% | −125.6% | 200.0% | −166.7% | −34.1% |
| Cash flow | ||||||||
| Cash from operations | 14 | −47 | −30 | 23 | −49 | 76 | −65 | −14 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 14 | −47 | −30 | 23 | −49 | 76 | −65 | −14 |
| Last 12 months unless stated | GBR | INDO | MXC | BSIN | EP | KGEI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $157000 | $2m | $7m | $7m | $31m | $57m | $1.4bn |
| Revenue growth, last 12 months | 4.0% | −24.6% | −6.1% | −48.7% | −20.8% | −2.1% | 10.6% |
| Revenue growth, 3-year average | −7.8% | — | −8.7% | −43.7% | −11.3% | — | 1.4% |
| Revenue growth, latest quarter | 2.5% | — | 12.9% | 5.2% | 8.6% | — | 31.5% |
| Operating margin | −187.3% | −227.5% | 22.4% | −153.7% | −224.1% | — | 21.1% |
| Operating margin, 3-year average | −176.9% | −172.7% | 23.4% | −162.7% | −99.0% | — | 16.5% |
| Net margin | −56.1% | −253.2% | 23.3% | −155.3% | −229.6% | 27.0% | 10.1% |
| Cash from operations / revenue | −33.1% | −270.0% | 57.5% | −62.1% | −19.8% | 72.3% | 42.4% |
| Free-cash-flow margin | −33.1% | −272.3% | −10.3% | −63.4% | −20.2% | −36.8% | 19.3% |
| Free-cash-flow margin, 3-year average | −21.0% | — | 5.4% | −28.9% | −36.5% | — | 19.1% |
| Stock pay / revenue | — | 46.0% | 2.4% | 28.4% | 2.6% | 3.0% | 1.5% |
| Change in share count | 0.0% | 27.5% | −0.5% | 33.7% | 24.7% | 0.4% | 0.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 4.0% | 10.6% | 35 of 57 |
| Change in growth rate Growth | -1.4pp | +4.9pp | 41 of 57 |
| Operating margin Profitability | -187.3% | 19.9% | 40 of 42 |
| Net margin Profitability | -56.1% | 10.1% | 53 of 57 |
| Free-cash-flow margin Cash generation | -33.1% | 23.2% | 47 of 51 |
| Change in share count Balance sheet | 0.0% | 0.4% | 22 of 48 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Current Operations | $155,000 | ▲ 6.2% |
| Total Operations | $155,000 | ▲ 6.2% |
These categories overlap or exclude eliminations, so shares aren't shown.
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Rent | $103,000 | 66.5% | ▲ 2.0% |
| Management Fee | $52,000 | 33.5% | ▲ 15.6% |
From New Concept Energy, Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Two Sigma Securities, LLC | $23,699 | 34K | 15.4% | New |
| Vanguard Capital Management LLC | $22,818 | 33K | 14.8% | 0.0% |
| Geode Capital Management, LLC | $22,767 | 33K | 14.8% | ▼ 13.5% |
| Two Sigma Investments, LP | $16,594 | 24K | 10.8% | New |
| State Street Corp | $16,264 | 24K | 10.5% | 0.0% |
| Virtu Financial LLC | $16,000 | 23K | 10.4% | ▼ 5.0% |
| UBS Group AG | $13,612 | 20K | 8.8% | ▼ 7.6% |
| Vanguard Fiduciary Trust Co | $10,397 | 15K | 6.7% | 0.0% |
| Susquehanna International Group, LLP | $9,269 | 13K | 6.0% | New |
| Tower Research Capital LLC (TRC) | $2,830 | 4K | 1.8% | 0.0% |
| Ifg Advisory, LLC | $1 | 0K | 0.0% | New |
| Citigroup Inc | $1 | 0K | 0.0% | 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 New Concept Energy, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Realty Advisors Inc 10% owner | September 29, 2026 | Buy | 2,000,000 | $1.00 | $2M |
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 16, 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 |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
