EPSN · Epsilon Energy Ltd.

Epsilon Energy Ltd., a North American onshore independent natural gas and oil company, engages in the acquisition, exploration, development, gathering, and production of natural oil and gas reserves. The company operates through Upstream and Gathering System segments. It has natural gas production in the Appalachian Basin in Pennsylvania; oil, natural gas liquids, and natural gas production in the Powder River Basin in Wyoming, the Permian Basin in Texas and New Mexico, and the Western Canadian Sedimentary Basin in Alberta. Epsilon Energy Ltd. was incorporated in 2005 and is based in Houston, Texas.

Cap structure and valuation

Cap structure
SP	$5.41
SO	30.2M
Options	0.0M
Warrants	0.0M
FD SO	30.2M
MC	$163.6M

Cash	$7.9M
Total debt	$45.5M ⚠
EV	$201.2M

TTM Multiples
EV / Revenue	3.3x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	83.6%
Insiders	28.5%
# Institutions	138
Analysts	0
Consensus	—
Avg target	—

Short % float	11.0%
Days to cover	6.82

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-11. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Debt figure uncertain — taken from the debt-footnote total (filer tags no balance-sheet debt line). Verify against the filing before relying on EV.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	25.60	14.82	8.98	11.62
Revenue YoY %	58.4%	65.7%	23.2%	59.1%
Gross Profit	14.18	—	3.07	2.29
Gross Profit YoY %	57.8%	—	81.9%	(13.4%)
Gross Margin %	55.4%	—	34.2%	19.7%

SG&A	3.38	1.42	2.47	1.46

Operating Income	10.81	(19.12)	0.61	0.83
Operating Income YoY %	50.8%	(3227.5%)	151.9%	(29.0%)
Operating Margin %	42.2%	(129.0%)	6.7%	7.1%

Interest Expense	0.94	0.58	0.01	0.02
Other Income / (Expense)	(8.87)	3.54	1.05	2.58
Pretax Income	1.00	(16.16)	1.65	3.39
Tax Provision	0.27	(3.72)	0.58	1.84
Net Income	0.73	(12.44)	1.07	1.55
Net Income to Common	0.73	—	1.07	1.55
Net Margin %	2.8%	(83.9%)	11.9%	13.3%

Diluted EPS	$0.02	-$0.55	$0.05	$0.07
Basic EPS	$0.02	-$0.55	$0.05	$0.07
Diluted Avg Shares	30.3	—	22.2	22.2
Basic Avg Shares	30.2	—	22.0	22.0

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	61.02	51.59	31.52	30.73	69.96
Revenue YoY %	18.3%	63.7%	2.6%	(56.1%)	—
Gross Profit	—	—	9.11	11.71	53.30
Gross Profit YoY %	—	—	(22.2%)	(78.0%)	—
Gross Margin %	—	—	28.9%	38.1%	76.2%

SG&A	8.73	7.17	5.69	6.29	6.33

Operating Income	(6.88)	(10.52)	3.42	5.42	46.97
Operating Income YoY %	34.6%	(407.1%)	(36.8%)	(88.5%)	—
Operating Margin %	(11.3%)	(20.4%)	10.9%	17.6%	67.1%

Interest Expense	1.55	0.62	0.05	0.08	0.05
Other Income / (Expense)	(1.69)	5.71	—	4.81	0.59
Pretax Income	(10.13)	(5.44)	3.56	10.15	47.51
Tax Provision	(1.04)	0.36	1.63	3.20	12.16
Net Income	(9.09)	(5.80)	1.93	6.95	35.35
Net Margin %	(14.9%)	(11.2%)	6.1%	22.6%	50.5%

Diluted EPS	-$0.41	-$0.25	$0.09	$0.31	$1.51
Basic EPS	-$0.41	-$0.25	$0.09	$0.31	$1.52
Diluted Avg Shares	30.3	23.0	21.9	22.5	23.4
Basic Avg Shares	30.2	23.0	21.9	22.5	23.3

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	7.91	8.96	12.77	9.91
Short-term Investments	—	—	0.00	0.00
Receivables	16.79	16.13	4.52	5.50
Other Current Assets	5.07	7.49	1.86	1.13
Total Current Assets	29.78	32.58	19.14	16.53

Net PPE	183.28	181.01	99.28	98.80
Operating Lease ROU	0.43	0.49	0.27	0.30
Other Assets	12.93	14.16	7.60	7.99
Total Assets	226.42	228.24	126.29	123.61

Accounts Payable	8.16	11.15	2.96	2.02
Current Lease Liabilities	0.27	0.27	0.12	0.12
Other Current Liabilities	19.20	13.54	6.84	5.26
Total Current Liabilities	27.63	24.96	9.92	7.40
Long-term Lease Liabilities	0.27	0.34	0.27	0.30
Other Liabilities	74.40	78.21	15.88	15.72
Total Liabilities	102.30	103.51	26.07	23.42

Retained Earnings	(54.46)	(53.30)	(39.00)	(38.69)
Total Equity	124.12	124.73	100.22	100.19

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	7.91	8.96	6.52	13.40	45.24
Short-term Investments	—	—	0.00	18.78	0.00
Receivables	16.79	16.13	5.84	6.02	7.20
Other Current Assets	5.07	7.49	1.77	2.93	3.03
Total Current Assets	29.78	32.58	14.13	41.13	55.46

Net PPE	183.28	181.01	96.96	72.06	58.77
Operating Lease ROU	0.43	0.49	0.34	0.44	0.00
Other Assets	12.93	14.16	9.02	10.41	9.63
Total Assets	226.42	228.24	120.45	124.04	123.86

Accounts Payable	8.16	11.15	2.33	3.15	1.70
Current Lease Liabilities	0.27	0.27	0.12	0.09	0.04
Other Current Liabilities	19.20	13.54	4.52	4.66	4.49
Total Current Liabilities	27.63	24.96	6.98	7.90	6.22
Long-term Lease Liabilities	0.27	0.34	0.36	0.48	0.00
Other Liabilities	74.40	78.21	16.39	15.06	13.40
Total Liabilities	102.30	103.51	23.73	23.43	19.62

Retained Earnings	(54.46)	(53.30)	(41.51)	(37.95)	(39.29)
Total Equity	124.12	124.73	96.73	100.61	104.25

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	0.73	(12.44)	1.07	1.55
Stock-Based Comp	0.55	0.60	0.38	0.39
Δ Working Cap & Other	8.83	11.57	2.52	6.41
Operating Cash Flow	10.10	(0.28)	3.97	8.35

Other Investing	(4.26)	(51.29)	—	(3.88)
Investing Cash Flow	(4.26)	(51.29)	0.31	(3.88)

Stock Buyback	—	0.00	0.00	0.00
Other Financing	(6.88)	47.81	(1.38)	(1.38)
Financing Cash Flow	(6.88)	47.81	(1.38)	(1.38)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(9.09)	(5.80)	1.93	6.95	35.35
Stock-Based Comp	1.91	1.74	1.24	1.02	1.02
Δ Working Cap & Other	29.32	24.67	13.66	10.22	1.63
Operating Cash Flow	22.14	20.62	16.83	18.19	38.01

Acquisitions	—	(49.75)	0.00	—	—
Other Investing	(59.12)	(11.89)	(16.66)	(38.38)	(7.87)
Investing Cash Flow	(59.12)	(61.64)	(16.66)	(38.38)	(7.87)

Stock Buyback	—	0.00	(1.83)	(6.06)	(6.23)
Other Financing	38.17	43.68	(5.49)	(5.68)	(5.11)
Financing Cash Flow	38.17	43.68	(7.32)	(11.73)	(11.35)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	1.08	1.31	1.93	2.23
Quick Ratio	—	—	—	—
Debt / Equity	0.82	0.83	0.26	0.23
EBITDA Margin %	—	—	—	—
Working Capital	2.15	7.62	9.21	9.13
Net Debt	—	—	—	—
ROE %	0.6%	(10.0%)	1.1%	1.5%
ROA %	0.3%	(5.4%)	0.8%	1.3%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	1.08	1.31	2.02	5.21	8.92
Quick Ratio	—	—	—	—	—
Debt / Equity	0.82	0.83	0.25	0.23	0.19
EBITDA Margin %	—	—	—	—	—
Working Capital	2.15	7.62	7.15	33.23	49.24
Net Debt	—	—	—	—	—
ROE %	(7.3%)	(4.6%)	2.0%	6.9%	33.9%
ROA %	(4.0%)	(2.5%)	1.6%	5.6%	28.5%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-06-25	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-06-24	P	200	$5.26	$1,053
2026-06-25	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-06-24	P	21,800	$5.27	$114,886
2026-06-25	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-06-22	P	9,400	$5.31	$49,914
2026-06-25	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-06-22	P	18,600	$5.34	$99,324
2026-04-06	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-04-01	A	6,097	—	$0
2026-04-06	Williamson Andrew	Officer (Chief Financial Officer)	2026-04-01	A	2,540	—	$0
2026-03-31	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-03-31	P	2,000	$6.17	$12,340
2026-03-31	Williamson Andrew	Officer (Chief Financial Officer)	2026-03-31	F	(10,000)	$6.46	-$64,600
2026-03-31	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-03-30	P	12,000	$6.22	$74,640
2026-03-31	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-03-27	P	6,000	$6.20	$37,200
2026-03-30	Solas Capital Management, LLC	10% Owner	2026-03-30	S	(26,135)	$6.25	-$163,344
2026-03-30	Solas Capital Management, LLC	10% Owner	2026-03-27	S	(26,000)	$6.21	-$161,460
2026-03-30	Maddox Nicola L	Director	2026-03-27	F	(4,170)	$6.16	-$25,687
2026-03-30	Solas Capital Management, LLC	10% Owner	2026-03-26	S	(22,290)	$6.17	-$137,529
2026-01-23	Williamson Andrew	Officer (Chief Financial Officer)	2026-01-22	A	71,130	—	$0
2026-01-23	Winn David W	Director	2026-01-22	A	13,598	—	$0
2026-01-23	Clanton Henry N.	Officer (Chief Operating Officer)	2026-01-22	A	49,582	—	$0
2026-01-23	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-01-22	A	166,736	—	$0
2026-01-23	Stankowski Jason	Director	2026-01-22	A	13,598	—	$0
2026-01-23	LOVOI JOHN	Director	2026-01-22	A	13,598	—	$0
2026-01-23	Maddox Nicola L	Director	2026-01-22	A	13,598	—	$0
2026-01-23	STEPHENS TRACY B	Director	2026-01-22	A	13,598	—	$0
2026-01-16	STEPHENS TRACY B	Director	2026-01-13	A	1,670	—	$0
2026-01-16	Maddox Nicola L	Director	2026-01-13	A	1,375	—	$0
2026-01-16	LOVOI JOHN	Director	2026-01-13	A	3,852	—	$0
2026-01-16	Stankowski Jason	Director	2026-01-13	A	1,670	—	$0
2026-01-16	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-01-13	A	6,098	—	$0
2026-01-16	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-01-13	A	36,155	—	$0
2026-01-16	Stabell Jason	Director, Officer (Chief Executive Officer)	2026-01-13	A	20,007	—	$0
2026-01-16	Clanton Henry N.	Officer (Chief Operating Officer)	2026-01-13	A	2,946	—	$0
2026-01-16	Winn David W	Director	2026-01-13	A	1,670	—	$0
2026-01-16	Williamson Andrew	Officer (Chief Financial Officer)	2026-01-13	A	2,541	—	$0
2026-01-16	Williamson Andrew	Officer (Chief Financial Officer)	2026-01-13	A	15,092	—	$0
2026-01-16	Williamson Andrew	Officer (Chief Financial Officer)	2026-01-13	A	8,315	—	$0
2025-12-22	Solas Capital Management, LLC	10% Owner	2025-12-22	S	(9,427)	$4.59	-$43,270
2025-12-22	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-12-22	P	19,100	$4.59	$87,669
2025-12-22	Solas Capital Management, LLC	10% Owner	2025-12-19	S	(40,000)	$4.63	-$185,200
2025-12-22	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-12-19	P	9,400	$4.62	$43,428
2025-12-22	Solas Capital Management, LLC	10% Owner	2025-12-18	S	(25,000)	$4.73	-$118,250
2025-11-25	Lawrence Bryan H.	Director	2025-11-21	A	2,234,847	—	$0
2025-11-24	Lawrence Bryan H.	Director	2025-11-14	A	1,181,124	—	$0
2025-11-24	Lawrence Bryan H.	Director	2025-11-14	A	2,656,705	—	$0
2025-11-24	Lawrence Bryan H.	Director	2025-11-14	A	634,713	—	$0
2025-11-21	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-11-20	P	9,700	$4.77	$46,269
2025-11-21	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-11-19	P	11,500	$4.82	$55,453
2025-11-20	Vaughn Jack E.	Director	2025-11-14	A	29,886	—	$0
2025-11-20	Vaughn Jack E.	Director	2025-11-14	A	2,148	—	$0
2025-10-03	Williamson Andrew	Officer (Chief Financial Officer)	2025-10-01	A	2,541	—	$0
2025-10-03	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-10-01	A	6,098	—	$0
2025-10-02	Williamson Andrew	Officer (Chief Financial Officer)	2025-09-30	P	12,500	$4.94	$61,750
2025-09-29	Solas Capital Management, LLC	10% Owner	2025-09-29	S	(25,000)	$5.03	-$125,750
2025-09-29	Solas Capital Management, LLC	10% Owner	2025-09-26	S	(25,000)	$5.17	-$129,250
2025-09-29	Solas Capital Management, LLC	10% Owner	2025-09-25	S	(24,427)	$5.22	-$127,509
2025-08-20	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-08-19	P	6,000	$5.71	$34,260
2025-08-20	Williamson Andrew	Officer (Chief Financial Officer)	2025-08-18	P	10,000	$5.64	$56,400
2025-08-20	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-08-18	P	9,000	$5.65	$50,850
2025-07-03	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-07-01	A	6,098	—	$0
2025-07-03	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-07-01	A	18,727	—	$0
2025-07-03	Williamson Andrew	Officer (Chief Financial Officer)	2025-07-01	A	2,541	—	$0
2025-07-03	Williamson Andrew	Officer (Chief Financial Officer)	2025-07-01	A	7,803	—	$0
2025-07-01	Solas Capital Management, LLC	10% Owner	2025-06-27	S	(74,427)	$7.48	-$556,714
2025-04-03	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-04-01	A	6,098	—	$0
2025-04-03	Williamson Andrew	Officer (Chief Financial Officer)	2025-04-01	A	2,541	—	$0
2025-02-06	Stankowski Jason	Director	2025-02-03	A	10,467	—	$0
2025-02-06	STEPHENS TRACY B	Director	2025-02-03	A	10,467	—	$0
2025-02-06	Maddox Nicola L	Director	2025-02-03	A	10,467	—	$0
2025-02-06	LOVOI JOHN	Director	2025-02-03	A	10,467	—	$0
2025-02-06	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-02-03	A	88,889	—	$0
2025-02-06	Clanton Henry N.	Officer (Chief Operating Officer)	2025-02-03	A	26,409	—	$0
2025-02-06	Winn David W	Director	2025-02-03	A	10,467	—	$0
2025-02-06	Williamson Andrew	Officer (Chief Financial Officer)	2025-02-03	A	35,588	—	$0
2025-02-06	Stankowski Jason	Director	2024-12-31	A	12,796	—	$0
2025-02-06	STEPHENS TRACY B	Director	2024-12-31	A	12,796	—	$0
2025-02-06	Maddox Nicola L	Director	2024-12-31	A	12,796	—	$0
2025-02-06	LOVOI JOHN	Director	2024-12-31	A	12,796	—	$0
2025-02-06	Clanton Henry N.	Officer (Chief Operating Officer)	2024-12-31	A	18,111	—	$0
2025-02-06	Winn David W	Director	2024-12-31	A	12,796	—	$0
2025-01-17	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-01-06	A	6,098	—	$0
2025-01-17	Stabell Jason	Director, Officer (Chief Executive Officer)	2025-01-06	A	36,155	—	$0
2025-01-17	Williamson Andrew	Officer (Chief Financial Officer)	2025-01-06	A	2,541	—	$0
2025-01-17	Williamson Andrew	Officer (Chief Financial Officer)	2025-01-06	A	15,092	—	$0
2024-10-10	Williamson Andrew	Officer (Chief Financial Officer)	2024-10-01	A	2,541	—	$0
2024-10-10	Stabell Jason	Director, Officer (Chief Executive Officer)	2024-10-01	A	6,098	—	$0
2024-09-19	Stabell Jason	Director, Officer (Chief Executive Officer)	2024-09-18	P	74,000	$5.05	$373,700
2024-09-19	Williamson Andrew	Officer (Chief Financial Officer)	2024-09-18	P	50,000	$5.05	$252,500
2024-09-19	Williamson Andrew	Officer (Chief Financial Officer)	2024-07-12	A	2,541	—	$0
2024-09-19	Williamson Andrew	Officer (Chief Financial Officer)	2024-07-12	A	7,803	—	$0
2024-08-21	Stabell Jason	Director, Officer (Chief Executive Officer)	2024-08-16	P	9,139	$5.28	$48,254
2024-07-18	Williamson Andrew	Officer (Chief Financial Officer)	2024-07-12	A	2,541	—	$0
2024-07-18	Williamson Andrew	Officer (Chief Financial Officer)	2024-07-12	A	7,803	—	$0
2024-07-18	Stabell Jason	Director, Officer (Chief Executive Officer)	2024-07-12	A	6,098	—	$0
2024-07-18	Stabell Jason	Director, Officer (Chief Executive Officer)	2024-07-12	A	18,727	—	$0