W&T Offshore Inc key statistics and ratios

In fiscal 2025, W&T Offshore Inc had an operating margin of -10.5% and a current ratio of 1.02. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

W&T Offshore Inc: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Operating margin	−36.0%	23.6%	33.9%	19.4%	14.9%	6.5%	−225.9%	−82.6%	22.6%	42.5%	22.2%	0.2%	34.0%	49.3%	5.5%	−8.0%	−10.5%	5.0%
Net margin	−30.8%	16.7%	17.8%	8.2%	5.2%	−1.2%	−206.0%	−62.3%	16.4%	42.8%	13.9%	10.9%	−7.4%	25.1%	2.9%	−16.6%	−29.9%	−8.4%
Free-cash-flow margin	25.2%	32.3%	8.7%	20.5%	48.7%	42.4%	—	—	—	52.5%	8.3%	30.5%	23.8%	31.3%	16.5%	−4.0%	15.3%	16.4%
Return on equity	−52.4%	30.2%	35.8%	13.3%	9.5%	−2.2%	—	—	—	—	—	—	—	—	80.3%	—	—	—
Return on assets	—	8.3%	10.5%	3.4%	2.1%	−0.4%	−53.6%	−24.4%	9.2%	28.3%	8.0%	3.9%	−3.9%	17.6%	1.2%	−7.9%	−14.6%	−5.2%
Asset turnover	—	0.50	0.59	0.41	0.41	0.37	0.26	0.39	0.56	0.66	0.58	0.36	0.52	0.70	0.42	0.47	0.49	0.62
Current ratio	—	0.68	0.56	0.87	0.59	0.60	0.74	0.94	1.13	1.21	0.75	0.93	1.10	0.72	1.22	0.89	1.02	1.31
Debt to equity	0.0%	106.7%	131.7%	201.0%	223.0%	265.5%	—	—	—	—	—	—	—	>999%	>999%	—	—	—
Interest cover (operating income ÷ interest)	n/m	3.9x	6.3x	2.7x	—	—	—	—	2.4x	5.1x	2.0x	0.0x	2.7x	6.5x	0.7x	—	—	—
Effective tax rate	—	9.2%	34.6%	39.8%	35.9%	—	—	—	−18.7%	0.2%	—	—	—	18.8%	54.0%	—	—	—
Capital spending as % of revenue	0.4%	33.6%	45.0%	23.5%	8.4%	7.6%	—	—	—	2.9%	35.2%	0.8%	0.1%	5.6%	5.1%	15.4%	0.1%	0.0%
Free cash flow ÷ net income	—	193.3%	48.7%	249.5%	933.2%	—	—	—	—	122.6%	59.7%	279.4%	—	124.6%	563.8%	—	—	—
Dividends ÷ net income	—	50.6%	34.0%	115.1%	114.7%	—	—	—	—	—	—	—	—	—	9.4%	—	—	—
Dividends and buybacks ÷ free cash flow	6.0%	26.2%	69.8%	46.1%	12.3%	7.5%	—	—	—	—	—	—	—	—	1.7%	—	7.8%	6.3%

US$ thousands unless shown otherwise. Fiscal quarters.

W&T Offshore Inc: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	−14.1%	−6.3%	−10.5%	−9.9%	−15.7%	9.8%	13.9%	7.1%
Net margin	−19.4%	−23.5%	−17.1%	−56.1%	−22.3%	−15.0%	7.7%	−8.2%
Free-cash-flow margin	−3.6%	−2.8%	22.6%	20.8%	21.3%	—	20.5%	21.9%
Current ratio	0.89	1.18	1.19	1.10	1.02	0.99	1.17	1.31

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · September 30, 2026

What it owns · $991m

Short-term assets $314mLonger-term assets $677m

What it owes, and who funded it · $240m

Short-term liabilities $240mShareholders' equity $-190m

Short-term assets cover short-term liabilities $314m of assets due within a year against $240m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $191m of cash against $352m of debt.
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 $98m of operating cash flow against $352m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From W&T Offshore Inc'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.

Moat

51 /100

Moderate moat

How hard W&T Offshore'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.

Returns on capital 7 / 20

Net income has been a median 5.6% of total assets over 10 years.
Durability 3 / 20

Operating margin has been a median 12.2%; its worst year was -10.1%.
Cash conversion 16 / 20

Free cash flow was positive in 6 of 6 years, at a median 11.5% of revenue.
Discipline 15 / 20

The diluted share count rose 5.6% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

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Figures from W&T Offshore Inc's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to W&T Offshore Inc.