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Trio Petroleum Corp (TPET) stock

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NYSE: TPET NYSE Oil & Gas Exploration & Production

Trio Petroleum Corp is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in October.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$6.8

Book value (net assets)

Base case. Range ~$6.8–$6.8. Net assets per share: the value if returns just equal the cost of equity.

Price vs value

No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Trio Petroleum Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 15 sales by directors and officers, last 12 monthsInsider trades

Value diary

Our note on each quarter Trio Petroleum files

Where Trio Petroleum stands after its latest 10-Q

Trio Petroleum has little or no product revenue yet. It passes 2 of our 3 financial-health checks. Our book value value is $7.22 a share, against a share price of $1.82.

Source: 10-Q filed September 9, 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.

The Fundamentalytics view

Current signal Revenue growth decelerating: TTM revenue growth slowed to 180.3% (-118.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 180.3% over the last 12 months.
  • Margins widening. Operating margin is up 537.2 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Growth slowing. The growth rate is 118.3 points lower than a quarter earlier.
  • Loss-making. Operating margin is -802.5%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 388.4% of revenue: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 235% and a beta of -3.3 against the S&P 500.
  • Gross margin slipping. Gross margin is down 45.7 points on a year ago.
  • Heavily shorted. 10.6% of the shares available to trade are sold short (2.0 days of average volume to cover).

Latest results: FY2026 Q3

Filed September 9, 2026
Revenue
$0m, up 81.2% on a year earlier

Trio Petroleum's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-12.9%
  • 1 week+7.0%
  • 1 month+5.0%
  • This year-76.4%
  • 1 year-81.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$851,280
Operating margin
-802.5%
Net margin
-817.9%
EPS (TTM, diluted)
$-11.01

Growth

Revenue growth
+180.3%
Change in growth rate
−118.3 pts

Cash

Stock pay % of revenue
388.4%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Trio Petroleum Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Valuation models

We value Trio Petroleum Corp as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.48 times a 4.5% equity risk premium.

Value per share by model
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. ~$6.8 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. ~$6.8 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Trio Petroleum 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025
Share price$23.04$9.27
Market value$205m$85m
+ Net debt (− = net cash)−$285945−$414983
Enterprise value$205m$84m
Multiples
Price / sales n/mn/m
Price / earnings ——
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Trio Petroleum Corp: too few analysts cover it.

Positioning

Short interest
10.6%
of tradable shares
Days to cover
2.05
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
4%
of shares
Held by insiders
2.9%
of shares
Employees
1
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 202420252026 to date
Return
TPET−81%−34%−76%
Industry peers (median)+2%−15%+18%
S&P 500+25%+18%+11%
Months that ended higher
TPET25%17%18%
S&P 50075%75%46%
Largest fall from a high during the year
TPET−94%−72%−92%
S&P 500−8%−19%−9%

Worst fall since April 18, 2023: 100% from April 21, 2023 to October 21, 2026. Getting back needed a 29489% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.46 – $17.55
From 52-week high
−90.4%
vs 50-day average
−2.0%
vs 200-day average
−58.6%
Volatility (1 year)
235%
Beta vs S&P 500
-3.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Fundamentals

Revenue (TTM) Trio Petroleum Corp
$0 $500K $1M FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 Revenue (TTM), FY25 Q1: $224K Revenue (TTM), FY25 Q2: $174.4K Revenue (TTM), FY25 Q3: $303.7K Revenue (TTM), FY25 Q4: $398.7K Revenue (TTM), FY26 Q1: $510.1K Revenue (TTM), FY26 Q2: $695.1K Revenue (TTM), FY26 Q3: $851.3K $851.3K

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY25 Q1 $224K
FY25 Q2 $174.4K
FY25 Q3 $303.7K
FY25 Q4 $398.7K
FY26 Q1 $510.1K
FY26 Q2 $695.1K
FY26 Q3 $851.3K
Operating margin (TTM) Trio Petroleum Corp
-3000% -2000% -1000% 0% FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 Operating margin (TTM), FY25 Q1: -2671.0% Operating margin (TTM), FY25 Q2: -2812.4% Operating margin (TTM), FY25 Q3: -1339.7% Operating margin (TTM), FY25 Q4: -1322.2% Operating margin (TTM), FY26 Q1: -952.7% Operating margin (TTM), FY26 Q2: -776.3% Operating margin (TTM), FY26 Q3: -802.5% -802.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY25 Q1 -2671.0%
FY25 Q2 -2812.4%
FY25 Q3 -1339.7%
FY25 Q4 -1322.2%
FY26 Q1 -952.7%
FY26 Q2 -776.3%
FY26 Q3 -802.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2024 Oct 2024 2025 Oct 2025 LTM Jul 2026
Income
Revenue 0 0 1
Gross profit 0 0 0
Operating income −6 −5 −7
Net income −10 −7 −7
Diluted EPS −$1.08 −$0.80 —
Growth (year on year)
Revenue — +87.0% +180.3%
Margins
Gross margin 100.0% 55.9% 18.8%
Operating margin <−999% <−999% −802.5%
Net margin <−999% <−999% −817.9%
Cash flow
Cash from operations −4 −3 −3
Stock-based pay 2 3 3
Balance sheet
Cash 0 1 23
Total debt 0 0 0
Net debt (negative = net cash) −0 −0 −23
Diluted shares 9m 9m —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · July 31, 2026
What it owns · $38m
Short-term assets $25mLonger-term assets $13m
What it owes, and who funded it · $38m
Short-term liabilities $1mLonger-term liabilities $0mShareholders' equity $36m
  • Short-term assets cover short-term liabilities $25m of assets due within a year against $1m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $25m short-term assets against $210,602 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$7m against $270,681 of interest.

From Trio Petroleum Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Days sales outstanding
67 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated TPET INDO GBR MXC BSIN EP Median
Revenue, last 12 months $851280 $2m $157000 $7m $7m $31m $1.3bn
Revenue growth, last 12 months 180.3% −24.6% 4.0% −6.1% −48.7% −20.8% 11.0%
Revenue growth, 3-year average — — −7.8% −8.7% −43.7% −11.3% 1.4%
Revenue growth, latest quarter 81.2% — 2.5% 12.9% 5.2% 8.6% 31.9%
Operating margin −802.5% −227.5% −187.3% 22.4% −153.7% −224.1% 19.9%
Operating margin, 3-year average — −172.7% −176.9% 23.4% −162.7% −99.0% 16.5%
Net margin −817.9% −253.2% −56.1% 23.3% −155.3% −229.6% 9.9%
Cash from operations / revenue −368.8% −270.0% −33.1% 57.5% −62.1% −19.8% 42.1%
Free-cash-flow margin — −272.3% −33.1% −10.3% −63.4% −20.2% 19.3%
Free-cash-flow margin, 3-year average — — −21.0% 5.4% −28.9% −36.5% 19.1%
Stock pay / revenue 388.4% 46.0% — 2.4% 28.4% 2.6% 1.5%
Change in share count — 27.5% 0.0% −0.5% 33.7% 24.7% 0.4%

Median of all 58 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Who owns it

13F filings for June 30, 2026
Reported value
$321,179
Institutions reporting
15
Shares held vs prior quarter
▲ 108.4%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $72,435 234K 22.6% ▲ 195.4%
Geode Capital Management, LLC $60,107 194K 18.7% ▲ 69.4%
Vanguard Fiduciary Trust Co $59,965 193K 18.7% ▲ 945.8%
State Street Corp $34,089 110K 10.6% ▲ 94.3%
UBS Group AG $24,739 80K 7.7% ▼ 15.6%
Stonex Group Inc. $18,213 41K 5.7% New
Northern Trust Corp $17,271 56K 5.4% ▲ 154.4%
Xtx Topco Ltd $17,120 55K 5.3% New
Susquehanna International Group, LLP $5,846 19K 1.8% New
Two Sigma Securities, LLC $4,036 13K 1.3% ▼ 27.2%
Tower Research Capital LLC (TRC) $2,882 9K 0.9% ▲ 96.1%
L1 Global Manager Pty Ltd $2,002 6K 0.6% 0.0%

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 Trio Petroleum Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $24,650 15 trades by 3 insiders · 100% under pre-set plans
Net ▼ $24,650 net selling
Insider Date Trade Shares Price Value
Randall John W. Director July 31, 2026 Sell pre-set plan 15,000 $0.28 $4,200
Pernice Thomas J Director June 11, 2026 Sell pre-set plan 25,000 — $0
Ross Robin A. Chief Executive Officer June 3, 2026 Sell pre-set plan 25,000 — $0
Pernice Thomas J Director May 7, 2026 Sell pre-set plan 25,000 — $0
Ross Robin A. Chief Executive Officer May 6, 2026 Sell pre-set plan 12,500 — $0
Randall John W. Director May 1, 2026 Sell pre-set plan 15,000 $0.51 $7,650
Pernice Thomas J Director April 14, 2026 Sell pre-set plan 25,000 — $0
Ross Robin A. Chief Executive Officer April 8, 2026 Sell pre-set plan 25,000 — $0
Pernice Thomas J Director March 12, 2026 Sell pre-set plan 25,000 — $0
Ross Robin A. Chief Executive Officer March 11, 2026 Sell pre-set plan 25,000 — $0
Pernice Thomas J Director February 12, 2026 Sell pre-set plan 25,000 — $0
Ross Robin A. Chief Executive Officer February 11, 2026 Sell pre-set plan 25,000 — $0

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.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Trio Petroleum Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Trio Petroleum Corp in brief

What does Trio Petroleum Corp do?
Trio Petroleum Corp is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in October.
What is Trio Petroleum Corp's stock ticker?
Trio Petroleum Corp trades under the ticker TPET on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Trio Petroleum Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Trio Petroleum Corp reported revenue of $851,280, 180.3% higher than a year earlier, according to its SEC filings.
Who are Trio Petroleum Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Geode Capital Management, LLC and Vanguard Fiduciary Trust Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Trio Petroleum Corp's market cap?
On October 31, 2025, Trio Petroleum Corp's market capitalisation was about $84.5M and net debt of -$414,983. Market figures come from third-party market data and may be delayed.
Who are Trio Petroleum Corp's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Trio Petroleum Corp are Indonesia Energy Corp Ltd, New Concept Energy, Inc., Mexco Energy Corp, BIG SKY Industrial Inc. and Empire Petroleum Corp. The side-by-side comparison below sets their revenue, margins and growth against Trio Petroleum Corp's.
Are insiders buying or selling Trio Petroleum Corp stock?
Over the last 12 months, Trio Petroleum Corp's directors and officers reported 0 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.