Zephyr Energy

ZPHR.L

Oil & Gas Exploration & Production · Energy

Price

3.00 GBp

+0.00 (+0.00%)

Market Cap

£63.0M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+19.0% over 4y

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

Diluted shares outstanding: 1.55B (2021) → 1.84B (2025)

Winston Score History

The full picture

Zephyr Energy is a small oil and gas company that drills for and produces crude oil and natural gas. Its main asset is in the Paradox Basin in Utah, USA, where it focuses on a rock formation called the State 16-2 well. The company sells the oil and gas it produces to energy buyers and traders in the United States.

Zephyr makes money by selling the hydrocarbons it extracts from its wells, earning revenue based on commodity prices and production volumes. It is listed on the London Stock Exchange but operates entirely in the US, making it a small-cap company with a market value of around $100 million. The negative operating margin shows the company is spending more than it earns right now, which is common for early-stage producers still building output. The key risk is that low oil prices or disappointing well results could make it very hard for Zephyr to reach profitability before it needs to raise more cash.

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

-13.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+111.6% 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

12.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Zephyr Energy has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

56.9%

Premium pricing power — 56.9% gross margin

Profit after running costs

Operating Margin

22.1%

Excellent — 22.1% operating margin

Return on the money invested

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-36.1%

Shrinking sales (-36.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-53.9%

Burning cash (-53.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.40

Conservative — low debt load (0.40)

Covers its interest

Interest Cover

1.30x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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