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ZYBERNO

Stock Report

Updated Aug 31, 2026

DAWSON GEOPHYSICAL COMPANY (DWSN)

Energy • NASDAQ

$3.36

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

30.0/100

WEAK BUSINESS

DAWSON GEOPHYSICAL COMPANY (DWSN) scores 30/100 — 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 DWSN 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?

-18.1%

Market Overestimates

💰 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 DWSN valuation analysis · → View full DWSN 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):AVERAGE (12.3%)

Debt-to-Equity (Solvency Risk):POOR (1.17x)

Operating Margin (Operational Efficiency):POOR (3.3%)

Return on Capital (Capital Efficiency):POOR (8.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

DAWSON GEOPHYSICAL COMPANY (DWSN) stock report — Zyberno Score 30/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, DAWSON GEOPHYSICAL COMPANY (DWSN) shows a Brina Gap of -18.1%, which weakens the case: based on the company's ROIC (8.6%) and reinvestment rate (44.9%), the business can fundamentally grow at 3.9% — but the current enterprise value implies the market expects 22.0%.

Over the trailing twelve months, DWSN generated -$12.34M in Owner Earnings. Capital was deployed as follows: $14.66M paid as dividends, $7.89M invested in capital expenditures. Reinvestment rate: 44.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:3.36

Market Cap:$104.34M

Valuation Multiples (4)

P/E Ratio:

42.00x

📊 Click to view full DWSN P/E analysis →

P/B Ratio:5.21x

P/S Ratio:1.00x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$114.26M

Ev Ebitda Ratio:10.72x

Price Action & Momentum (3)

12-1 Momentum:

+203.4% (98th pctile)

📈 Click to view full DWSN Momentum analysis →

Momentum Percentile:98 / 100

% of 52-Week High:42.8%

B. Profitability Assessment

Return Metrics (7)

ROE:

12.3%

📊 Click to view full DWSN ROE analysis →

ROA:4.2%

Roic:

8.6%

📊 Click to view full DWSN ROIC analysis →

Reinvestment Rate:44.9%

Fundamental Growth Rate (g):3.9%

Market-Implied Growth Rate:22.0%

Brina Gap:

-18.1%

☷ Click to view full DWSN Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:3.3%

Net Margin Ttm:2.2%

Ebitda Margin:10.2%

TTM Performance (3)

Gross Margin Ttm:22.3%

Operating Margin Ttm:3.3%

Net Margin Ttm:2.2%

Yield Metrics (2)

Earnings Yield:$1.75

Dividend Yield:10.4%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-1.17

📊 Click to view full DWSN Earnings Surprise analysis →

EPS Surprise vs Expected:-2,833.3%

Latest Earnings Filed:2026-08-14

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):16.8%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-45.1%

Operating Cash Flow Growth Rate (Linear):-23.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.87x

Quick Ratio:0.87x

Cash Ratio:0.25x

Leverage Analysis (3)

Debt To Equity Ttm:1.17x

Debt-to-Equity Ratio:1.17x

Debt To Ebitda:1.47x

Coverage Ratios (2)

Interest Coverage Ratio:-1.25x

Times Interest Earned:-1.25

Capital Structure (4)

Working Capital:-2,941,000.00

Cash And Cash Equivalents:5,755,000.00

Long Term Debt:$14.70M

Net Debt:$9.93M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $104.31M

Linear Growth: 16.8%

📊 Click to view full DWSN Revenue analysis & methodology →

Cost Of Revenue Ttm:$81.04M

Profitability Breakdown (2)

Gross profit TTM: $23.27M

Linear Growth: -15.0%

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

$3.45M

Bottom Line Performance (3)

$2.28M

Income Before Tax:$2.31M

Ebitda Ttm:10,654,000.00

Operating Expenses (5)

Operating Expenses:99,523,000.00

R And D Expense:0.00

Sga Expense:11,278,000.00

Income Tax Expense:$35.00K

Interest Expense:1,329,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:63.0%

Ebitda Margin:10.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$55.32M

Current Assets:$20.52M

Ppe Net:0.00

Goodwill:0.00

Intangible Assets:$352.00K

Liability Structure (4)

Total Liabilities:35,287,000.00

Current Liabilities:23,460,000.00

Long Term Debt:$14.70M

Short Term Debt:$981.00K

Equity & Capital (3)

Equity:$20.04M

Retained Earnings:-$135.34M

Common Stock:35,000,000.00

Working Capital Items (3)

Accounts Receivable:7,308,000.00

Inventory:0.00

Accounts Payable:7,040,000.00

Special Items (2)

Contract Liabilities:5,341,000.00

Stock Based Compensation:47,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $3.35M

Linear Growth: -23.3%

Free cash flow TTM: -$4.54M

Linear Growth: -45.1%

📊 Click to view full DWSN Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$1.34M

Capital Expenditures Ttm:7,889,000.00

Financing Activities (3)

Financing Cash Flow:-$1.69M

Dividends Paid Ttm:14,660,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:7,207,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):0.08

$0.08

Earnings Per Share Ttm:$0.07

Revenue & Cash Per Share (2)

Sales Per Share Ttm:3.36

Operating Cash Flow Per Share:$0.45

Book Value & Capital (2)

Book Value Per Share:$0.65

Cash Per Share:0.19

Dividend Policy (1)

Dividend Payout Ratio:459.25x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.93x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:14.27x

Days Sales Outstanding Ttm:25.57

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:31.71

Cash Conversion Cycle:-1,005.14

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$12.34M

Damodaran Growth Analysis (4)

Reinvestment Rate:44.9%

Fundamental Growth Rate (g):3.9%

Market-Implied Growth Rate:22.0%

Brina Gap:

-18.1%

☷ Click to view full DWSN Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):16.8%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-45.1%

Operating Cash Flow Growth Rate (Linear):-23.3%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-15.0%

Book Value Growth Rate (Linear):-24.7%

C. Company Profile & Context

Corporate Information (6)

Symbol:DWSN

Company Name:DAWSON GEOPHYSICAL COMPANY

Sector:Energy

Industry:Oil & Gas Field Exploration Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:31.05M

Shares Outstanding Basic:31.05M

Shares Outstanding Diluted:31.05M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 14:16:19 UTC

Data Timestamp:2026-08-19T09:34:56.928533