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Gulf Keystone Petroleum Limited

GUKYF
52
Oil & Gas Exploration & Production · Energy
Price
$2.70
+0.26 (+10.66%)
Market Cap
$587.1M
Exchange
Other OTC
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Strong
Dividends
Mixed
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§Winston Score History

The full picture

Gulf Keystone Petroleum is an oil exploration and production company focused on the Kurdistan Region of Iraq. Its main asset is the Shaikan oil field, one of the largest oil discoveries in the region. The company produces crude oil and sells it primarily through the Kurdistan Regional Government's export pipeline system.

Gulf Keystone earns revenue by extracting and selling crude oil. It is a relatively small producer, with a market cap around $0.6 billion, but benefits from low operating costs at Shaikan due to the field's large reserves. The company's key risk is its heavy dependence on a single asset in a single region, where political uncertainty and payment delays from the Kurdish authorities have historically created challenges. Resumption and stability of oil exports through the Iraq-Turkey pipeline remains the critical factor for the company's near-term outlook.

Growth Profile

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

Revenue Growth

-0.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+278.6% 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

17.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~9 years

$61M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$61M cash & investments at current burn rate

Revenue declining

Gulf Keystone Petroleum Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

+0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 225.3M (2021) → 226.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
50.2%
Healthy — 50.2% gross margin
Profit after running costs
Operating Margin
14.6%
Healthy — 14.6% operating margin
Return on the money invested
ROCE
6.6%
Weak — 6.6% 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
+1.1%
Nearly flat sales (+1.1% 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

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Cash Flow

Profit that turns into cash
Cash Conversion
121%
Turns 121% of profit into real cash
Spare cash per sale
FCF Margin
1.4%
Thin free cash flow (1.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
31.01x
Comfortably covers interest (31.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
16.9x
Fair value — P/E 16.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+13.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (16.9 → 3.9)

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Dividends

Dividend
Dividend Yield
3.41%
Moderate income — 3.41% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-14.7%
Dividend cut (-14.7% YoY) — warning sign

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