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ZYBERNO

Stock Report

Updated Sep 1, 2026

BLUE DOLPHIN ENERGY CO (BDCO)

Energy • OTC

$7.40

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

46.0/100

WEAK BUSINESS

BLUE DOLPHIN ENERGY CO (BDCO) scores 46/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full BDCO quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+10.3%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full BDCO valuation analysis · → View full BDCO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):EXCELLENT (66.7%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):AVERAGE (10.5%)

Return on Capital (Capital Efficiency):EXCELLENT (103.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

BLUE DOLPHIN ENERGY CO (BDCO) stock report — Zyberno Score 46/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, BLUE DOLPHIN ENERGY CO (BDCO) shows a Brina Gap of +10.3%, which strengthens the case: based on the company's ROIC (103.1%) and reinvestment rate (-9.5%), the business can fundamentally grow at -9.8% — but the current enterprise value implies the market expects -20.0%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:7.40

Market Cap:$110.42M

Valuation Multiples (4)

P/E Ratio:

4.18x

📊 Click to view full BDCO P/E analysis →

P/B Ratio:1.85x

P/S Ratio:0.30x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$79.86M

Ev Ebitda Ratio:1.96x

Price Action & Momentum (3)

12-1 Momentum:

+302.5% (92th pctile)

📈 Click to view full BDCO Momentum analysis →

Momentum Percentile:92 / 100

% of 52-Week High:90.7%

B. Profitability Assessment

Return Metrics (7)

ROE:

66.7%

📊 Click to view full BDCO ROE analysis →

ROA:23.2%

Roic:

103.1%

📊 Click to view full BDCO ROIC analysis →

Reinvestment Rate:-9.5%

Fundamental Growth Rate (g):-9.8%

Market-Implied Growth Rate:-20.0%

Brina Gap:

10.3%

☷ Click to view full BDCO Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:10.5%

Net Margin Ttm:7.2%

Ebitda Margin:11.1%

TTM Performance (3)

Gross Margin Ttm:13.1%

Operating Margin Ttm:10.5%

Net Margin Ttm:7.2%

Yield Metrics (2)

Earnings Yield:$39.07

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+2.02

📊 Click to view full BDCO Earnings Surprise analysis →

EPS Surprise vs Expected:1,140.4%

Latest Earnings Filed:2026-08-14

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):9.6%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):2.6%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-26.9%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):33.1%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.24x

Quick Ratio:0.74x

Cash Ratio:0.47x

Leverage Analysis (3)

Debt To Equity Ttm:0.00x

Debt-to-Equity Ratio:0.00x

Debt To Ebitda:0.00x

Coverage Ratios (2)

Interest Coverage Ratio:-0.30x

Times Interest Earned:-0.30

Capital Structure (4)

Working Capital:15,870,000.00

Cash And Cash Equivalents:30,715,000.00

Long Term Debt:$74.00K

Net Debt:-$30.57M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $364.86M

Linear Growth: 9.6%

📊 Click to view full BDCO Revenue analysis & methodology →

Cost Of Revenue Ttm:$317.13M

Profitability Breakdown (2)

Gross profit TTM: $47.73M

Linear Growth: 13.0%

📊 Click to view full BDCO Gross Profit analysis & methodology →

Operating income TTM: $38.44M

Linear Growth: 33.1%

📊 Click to view full BDCO Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $26.34M

Linear Growth: 2.6%

📊 Click to view full BDCO Net Income analysis & methodology →

Income Before Tax:$33.56M

Ebitda Ttm:40,664,000.00

Operating Expenses (5)

Operating Expenses:326,420,000.00

R And D Expense:0.00

Sga Expense:5,289,000.00

Income Tax Expense:$7.22M

Interest Expense:5,023,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:3.7%

Ebitda Margin:11.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$130.32M

Current Assets:$81.16M

Ppe Net:48,755,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:70,487,000.00

Current Liabilities:65,291,000.00

Long Term Debt:$74.00K

Short Term Debt:$74.00K

Equity & Capital (3)

Equity:$59.83M

Retained Earnings:$19.92M

Common Stock:20,000,000.00

Working Capital Items (3)

Accounts Receivable:12,526,000.00

Inventory:33,055,000.00

Accounts Payable:15,606,000.00

Special Items (2)

Contract Liabilities:576,000.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $1.79M

Linear Growth: -26.9%

-$779.00K

Investment Activities (1)

Investing Cash Flow:-$11.00K

Financing Activities (3)

Financing Cash Flow:-$1.43M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$2.12M

Non-Cash Items (1)

Depreciation Amortization Ttm:2,229,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):1.77

Eps diluted TTM: $1.77

Linear Growth: 7.9%

📊 Click to view full BDCO EPS analysis & methodology →

Earnings Per Share Ttm:$1.77

Revenue & Cash Per Share (2)

Sales Per Share Ttm:24.45

Operating Cash Flow Per Share:-$0.05

Book Value & Capital (2)

Book Value Per Share:$4.01

Cash Per Share:2.06

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:3.22x

Working Capital Turnover Ttm:22.99x

Receivables Management (2)

Receivables Turnover Ttm:29.13x

Days Sales Outstanding Ttm:12.53

Inventory Management (2)

Inventory Turnover Ttm:9.59x

Days Inventory Outstanding Ttm:38.04

Payables & Cash Cycle (2)

Days Payable Outstanding:17.96

Cash Conversion Cycle:32.61

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:80.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-9.5%

Fundamental Growth Rate (g):-9.8%

Market-Implied Growth Rate:-20.0%

Brina Gap:

10.3%

☷ Click to view full BDCO Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):9.6%

Net Income Growth Rate (Linear):2.6%

Operating Income Growth Rate (Linear):33.1%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-26.9%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):13.0%

Book Value Growth Rate (Linear):61.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:BDCO

Company Name:BLUE DOLPHIN ENERGY CO

Sector:Energy

Industry:Oil & Gas

Exchange:OTC

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:14.92M

Shares Outstanding Basic:14.92M

Shares Outstanding Diluted:14.92M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 01:59:58 UTC

Data Timestamp:2026-08-20T08:28:34.155822