TMD Energy Ltd is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in June.
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~$2.2
Price-to-sales vs peers
Base case. Range ~$2.2–$100. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
TMD Energy Ltd 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 was $545m. Free-cash-flow margin held at 1.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 6 financial-health checks. Our price-to-sales vs peers value is $2.75 a share, against a share price of $0.62.
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.
TMD Energy Ltd's trailing-twelve-month revenue grew 8.8% year on year, with a free-cash-flow margin of 1.4%. Where it stands out: long-term debt as % of assets of 0.4% ranks 1 of 26 oil & gas storage & transportation companies we cover. Where it lags: gross margin of 0.6% ranks 15 of 15 oil & gas storage & transportation companies we cover.
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.
No recent updates are available for TMDE from the sources we follow. See filings →
We value TMD Energy Ltd as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| 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 |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$2.2 ~$22–$100 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) 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. | ~$2.2 ~$2.2–$100 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare TMD Energy Ltd with Oil & Gas Storage & Transportation 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.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
No analyst estimates are published for TMD Energy Ltd: too few analysts cover it.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q2 | $702.1M |
| FY24 Q2 | $633.1M |
| FY25 Q2 | $688.6M |
| FY26 Q4 | $545M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q2 | 0.6% |
| FY24 Q2 | 0.4% |
| FY25 Q2 | 0.9% |
| FY26 Q4 | -2.4% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q2 | -0.9% |
| FY24 Q2 | -0.4% |
| FY25 Q2 | -4.1% |
| FY26 Q4 | 1.4% |
| Fiscal year | 2023 Dec 2022 | 2024 Dec 2023 | 2025 Dec 2024 | 2026 Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 702 | 633 | 689 | 545 |
| Gross profit | 13 | 12 | 16 | 3 |
| EBITDA | 7 | 7 | 11 | −8 |
| Operating income | 4 | 3 | 6 | −13 |
| Net income | 2 | 2 | 2 | −19 |
| Diluted EPS | $0.12 | $0.10 | $0.09 | −$0.79 |
| Growth (year on year) | ||||
| Revenue | — | −9.8% | +8.8% | −20.8% |
| Margins | ||||
| Gross margin | 1.9% | 1.9% | 2.3% | 0.6% |
| EBITDA margin | 1.1% | 1.1% | 1.6% | −1.5% |
| Operating margin | 0.6% | 0.4% | 0.9% | −2.4% |
| Net margin | 0.3% | 0.3% | 0.3% | −3.4% |
| Free-cash-flow margin | −0.9% | −0.4% | −4.1% | 1.4% |
| Cash flow | ||||
| Cash from operations | 1 | 1 | −24 | 11 |
| Capital spending | 7 | 3 | 4 | 3 |
| Free cash flow | −6 | −2 | −28 | 7 |
| Balance sheet | ||||
| Cash | — | — | — | 4 |
| Total debt | — | 28 | 81 | 87 |
| Net debt (negative = net cash) | — | — | — | 83 |
| Diluted shares | 20m | 20m | 20m | 24m |
| Last 12 months unless stated | TMDE | SMC | MMLP | DKL | AM | NFE | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $545m | $583m | $807m | $1.2bn | $1.3bn | $1.3bn | $2.0bn |
| Revenue growth, last 12 months | 8.8% | 20.9% | 13.2% | 30.3% | 7.3% | −37.3% | 8.8% |
| Revenue growth, 3-year average | — | — | −2.1% | 4.4% | 7.3% | −19.4% | 4.0% |
| Revenue growth, latest quarter | — | 10.6% | 37.3% | 56.2% | 10.9% | 2.8% | 10.7% |
| Gross margin | 0.6% | 71.5% | 50.6% | 17.6% | — | 35.5% | 42.6% |
| Operating margin | −2.4% | — | 6.2% | 15.3% | 81.3% | −86.3% | 27.3% |
| Operating margin, 3-year average | — | — | 7.2% | 19.2% | 67.2% | −20.5% | 20.8% |
| Net margin | −3.4% | 0.0% | −1.4% | 12.8% | 53.4% | −149.4% | 13.1% |
| Cash from operations / revenue | 1.9% | 22.5% | 2.0% | 28.3% | 106.6% | −41.5% | 29.5% |
| Free-cash-flow margin | 1.4% | 7.7% | −2.3% | 9.9% | 95.2% | −59.8% | 11.8% |
| Free-cash-flow margin, 3-year average | — | — | 0.7% | 7.9% | 76.8% | −72.8% | 8.8% |
| Stock pay / revenue | — | 1.4% | 0.1% | 0.3% | 3.4% | 1.6% | 0.5% |
| Change in share count | 0.0% | 13.7% | — | — | −1.2% | 12.5% | 0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 8.8% | 8.8% | 15 of 29 |
| Change in growth rate Growth | +18.6pp | +0.5pp | 3 of 29 |
| Gross margin Profitability | 0.6% | 35.5% | 15 of 15 |
| Operating margin Profitability | -2.4% | 28.1% | 25 of 27 |
| Net margin Profitability | -3.4% | 13.1% | 25 of 29 |
| Free-cash-flow margin Cash generation | 1.4% | 13.6% | 24 of 28 |
| Long-term debt as % of assets Balance sheet | 0.4% | 46.2% | 1 of 26 |
| Change in share count Balance sheet | 0.0% | 0.2% | 7 of 19 |
| Days sales outstanding Balance sheet | 20 days | 43 days | 3 of 18 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Xtx Topco Ltd | $63,036 | 82K | 76.6% | ▲ 251.4% |
| Morgan Stanley | $19,220 | 25K | 23.4% | 0.0% |
| Caitong International Asset Management Co., Ltd | $1 | 0K | 0.0% | ▼ 80.0% |
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 TMD Energy Ltd's complete shareholder register. Values are as reported by the filers .
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.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| 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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