Blue Dolphin Energy Company

BDCO

Oil & Gas Refining & Marketing · Energy

Price

$6.36

-0.64 (-9.14%)

Market Cap

$94.9M

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Track this stock — start free trial

Share count rising — dilution

+17.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.7M (2021) → 14.9M (2025)

Winston Score History

The full picture

Blue Dolphin Energy Company is a small oil and gas refining company based in Texas. It takes crude oil and processes it into finished petroleum products like jet fuel, diesel, and naphtha at its Nixon, Texas refinery. Its main customers are wholesale fuel buyers and industrial users across the Gulf Coast region.

The company earns money by buying crude oil, refining it, and selling the finished products at a markup — a model called a "crack spread," which means profits depend heavily on the difference between crude oil prices and fuel prices. Blue Dolphin operates a single refinery with a capacity of roughly 15,000 barrels per day, making it one of the smallest independent refiners in the United States. Its thin gross margin of around 8% highlights the main risk: when crude oil prices rise faster than fuel prices, profitability can shrink quickly, leaving little room for error given the company's limited scale and financial flexibility.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+154.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

89.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$31M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Blue Dolphin Energy Company grew revenue 155% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

17.4%

Thin — 17.4% gross margin

Profit after running costs

Operating Margin

16.4%

Healthy — 16.4% operating margin

Return on the money invested

ROCE

40.4%

Exceptional — 40.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+22.8%

Fast-growing sales (+22.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

158%

Turns 158% of profit into real cash

Spare cash per sale

FCF Margin

11.2%

Modest free cash flow (11.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.55

Conservative — low debt load (0.55)

Covers its interest

Interest Cover

15.03x

Comfortably covers interest (15.0x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

3.6x

Attractive valuation — P/E 3.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial