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ZYBERNO

Stock Report

Updated Sep 1, 2026

SPINDLETOP OIL & GAS CO. (SPND)

Energy • OTC

$4.00

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

21.0/100

POOR BUSINESS

SPINDLETOP OIL & GAS CO. (SPND) scores 21/100 — concerning metrics indicating significant structural or financial risks.

📊 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 SPND quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 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 SPND valuation analysis · → View full SPND 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):CRITICAL (-6.3%)

Debt-to-Equity (Solvency Risk):GOOD (0.41x)

Operating Margin (Operational Efficiency):CRITICAL (-38.8%)

Return on Capital (Capital Efficiency):CRITICAL (-10.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

SPINDLETOP OIL & GAS CO. (SPND) stock report — Zyberno Score 21/100 (POOR BUSINESS). Full financial analysis on Zyberno.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:4.00

Market Cap:$26.39M

Valuation Multiples (4)

P/E Ratio:

100.00x

📊 Click to view full SPND P/E analysis →

P/B Ratio:1.72x

P/S Ratio:4.82x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$27.49M

Price Action & Momentum (3)

12-1 Momentum:

+29.1% (53th pctile)

📈 Click to view full SPND Momentum analysis →

Momentum Percentile:53 / 100

% of 52-Week High:39.0%

B. Profitability Assessment

Return Metrics (5)

ROE:

-6.3%

📊 Click to view full SPND ROE analysis →

ROA:-3.4%

Roic:

-10.8%

📊 Click to view full SPND ROIC analysis →

Reinvestment Rate:22.3%

Fundamental Growth Rate (g):-2.4%

Margin Analysis (3)

Operating Margin Ttm:-38.8%

Net Margin Ttm:-17.5%

Ebitda Margin:-32.3%

TTM Performance (2)

Operating Margin Ttm:-38.8%

Net Margin Ttm:-17.5%

Yield Metrics (2)

Earnings Yield:$1.14

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.12

📊 Click to view full SPND Earnings Surprise analysis →

EPS Surprise vs Expected:-26.8%

Latest Earnings Filed:2021-11-22

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-4.6%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-11.9%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-31.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-14.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.36x

Quick Ratio:1.36x

Cash Ratio:0.82x

Leverage Analysis (3)

Debt To Equity Ttm:0.41x

Debt-to-Equity Ratio:0.41x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:2,214,000.00

Cash And Cash Equivalents:5,127,000.00

Long Term Debt:$0.00

Net Debt:$1.09M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $5.47M

Linear Growth: -4.6%

📊 Click to view full SPND Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: -$2.12M

Linear Growth: -14.7%

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

Bottom Line Performance (3)

Net income TTM: -$957.00K

Linear Growth: -11.9%

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

Income Before Tax:-$1.39M

Ebitda Ttm:-1,765,000.00

Operating Expenses (5)

Operating Expenses:7,594,000.00

R And D Expense:0.00

Sga Expense:3,380,000.00

Income Tax Expense:-$431.00K

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:173.9%

Ebitda Margin:-32.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$28.03M

Current Assets:$8.43M

Ppe Net:28,290,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:12,696,000.00

Current Liabilities:6,220,000.00

Long Term Debt:$0.00

Short Term Debt:$6.22M

Equity & Capital (3)

Equity:$15.33M

Retained Earnings:$0.00

Common Stock:100,000,000.00

Working Capital Items (3)

Accounts Receivable:2,231,000.00

Inventory:0.00

Accounts Payable:6,220,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$40.00K

Linear Growth: -31.0%

$0.00

Investment Activities (1)

Investing Cash Flow:$248.00K

Financing Activities (3)

Financing Cash Flow:$0.00

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:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:357,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.14

Eps diluted TTM: $0.04

Linear Growth: 4.1%

📊 Click to view full SPND EPS analysis & methodology →

Earnings Per Share Ttm:-$0.15

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.83

Operating Cash Flow Per Share:-$0.02

Book Value & Capital (2)

Book Value Per Share:$2.32

Cash Per Share:0.78

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.20x

Working Capital Turnover Ttm:2.47x

Receivables Management (2)

Receivables Turnover Ttm:2.45x

Days Sales Outstanding Ttm:148.81

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:414.89

Cash Conversion Cycle:-1,265.08

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 (2)

Reinvestment Rate:22.3%

Fundamental Growth Rate (g):-2.4%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-4.6%

Net Income Growth Rate (Linear):-11.9%

Operating Income Growth Rate (Linear):-14.7%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-31.0%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-5.4%

C. Company Profile & Context

Corporate Information (6)

Symbol:SPND

Company Name:SPINDLETOP OIL & GAS 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:6.60M

Shares Outstanding Basic:6.60M

Shares Outstanding Diluted:0

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 12:12:43 UTC

Data Timestamp:2026-08-21T05:08:10.257402