Gulf Keystone Petroleum Limited

GKP.L

Oil & Gas Exploration & Production · Energy

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Gulf Keystone Petroleum is an oil company that finds and pumps crude oil in the Kurdistan Region of Iraq. Its main asset is the Shaikan oil field, one of the largest discovered in the region, which it operates and sells production primarily to the Kurdistan Regional Government (KRG) for export. The company is one of the few independent oil producers with a significant, long-running presence in Iraqi Kurdistan.

Gulf Keystone earns money by selling barrels of crude oil, so its revenue rises and falls with global oil prices and how much oil it can produce. It operates almost entirely within Iraqi Kurdistan, making it a geographically concentrated, single-asset business with a market cap of roughly $400 million. The biggest risk the company faces is payment delays from the KRG, which has a history of withholding or deferring payments to oil producers, creating unpredictable cash flows regardless of how well the underlying operations perform.

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

+2.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+246.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

17.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£162M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Gulf Keystone Petroleum Limited is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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Quality

Profit per sale

Gross Margin

11.2%

Thin — 11.2% gross margin

Profit after running costs

Operating Margin

23.5%

Excellent — 23.5% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+9.3%

Steady sales growth (+9.3% YoY)

Profit growth

EPS YoY

+116.9%

Earnings growing fast (+116.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

407%

Turns 407% of profit into real cash

Spare cash per sale

FCF Margin

17.5%

Converts sales into free cash efficiently (17.5%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

37.1x

no trend

Pricey — P/E 37.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+32.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (37.1 → 4.5)

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Dividends

Dividend

Dividend Yield

7.37%

no trend

Healthy income — 7.37% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-34.6%

no trend

Dividend cut (-34.6% YoY) — warning sign

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