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KOS, Kosmos Energy Ltd. Common Shares (DE)

Oil & Gas Producers capital-intensive Unprofitable

Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world's growing demand for energy.

We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America.

Strategy has evolved to focus on enhancing production through infill drilling and well work, infrastructure-led exploration, as well as value-accretive acquisitions.

Latest annual: FY2025 10-K

KOS · Kosmos Energy Ltd. Common Shares (DE)

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.3B

−23.1% YoY · 10% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.6B 5-yr avg $1.7B

Operating margin −28.3% 5-yr avg 0.9%

ROIC −11% 5-yr avg 1%

Next report Est. 11/2–11/5 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~35 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
What moves the needle: Operating margin has reached 23% at its best but run negative through the cycle (median −5.2%) — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Capital spending runs about 29% of sales, below what it charges for depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −1%, above 15% in 0 of 10 years). By owner earnings: roughly 12% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$310M	$578M	$887M	$1.5B	$804M	$1.3B	$2.3B	$1.7B	$1.7B	$1.3B	$1.6B	RevenueRevenue
28%	12%	11%	7%	9%	7%	4%	6%	6%	6%	5%	SG&A / revenueSG&A/rev
($370M)	($237M)	($67M)	$15M	($509M)	($38M)	$297M	$389M	$350M	($638M)	($447M)	Operating incomeOp. inc.
−119.1%	−40.9%	−7.5%	1.0%	−63.3%	−2.8%	13.2%	22.6%	20.9%	−49.5%	−28.3%	Operating marginOp. mgn
($295M)	($178M)	($51M)	$25M	($417M)	($43M)	$337M	$372M	$350M	($635M)	—	Pretax incomePretax
($284M)	($223M)	($94M)	($56M)	($412M)	($78M)	$227M	$214M	$190M	($700M)	($542M)	Net incomeNet inc.
—	—	—	—	—	—	33%	43%	46%	—	—	Effective tax rateTax rate
											Cash flow & returns
$52M	$237M	$260M	$628M	$196M	$374M	$1.1B	$765M	$678M	$134M	$289M	Operating cash flowOp. cash
$151M	$265M	$339M	$573M	$495M	$478M	$509M	$455M	$465M	$565M	$535M	Depreciation & amortizationD&A
$145M	$154M	($20M)	$78M	$80M	($57M)	$361M	$54M	($15M)	$241M	$271M	Working capital & otherWC & other
$645M	$57M	$385M	$441M	$274M	$924M	$612M	$0	$0	—	—	CapexCapex
207.7%	9.9%	43.5%	29.4%	34.1%	69.0%	27.1%	0.0%	0.0%	—	—	Capex / revenueCapex/rev
($592M)	$179M	($125M)	$187M	($78M)	($550M)	$519M	$765M	$678M	—	—	Owner earningsOwner earn.
−190.9%	31.0%	−14.1%	12.5%	−9.7%	−41.0%	23.0%	44.5%	40.5%	—	—	Owner earnings marginOE mgn
($592M)	$179M	($125M)	$187M	($78M)	($550M)	$519M	$765M	$678M	—	—	Free cash flowFCF
−190.9%	31.0%	−14.1%	12.5%	−9.7%	−41.0%	23.0%	44.5%	40.5%	—	—	Free cash flow marginFCF mgn
—	$0	$0	$73M	$19M	$512K	$655K	$166K	$0	$0	$0	Dividends paidDiv. paid
$2M	$2M	$206M	—	—	—	—	—	—	—	—	BuybacksBuybacks
($538M)	($153M)	($985M)	($364M)	($346M)	($973M)	($704M)	($995M)	($966M)	($401M)	—	Investing cash flowInv. cash
$448M	($52M)	$605M	($220M)	$70M	$624M	($415M)	$142M	$274M	$300M	—	Financing cash flowFin. cash
($38M)	$32M	($119M)	$44M	($80M)	$25M	$12M	($88M)	($13M)	$32M	—	Change in cashΔ cash
-13%	-10%	-2%	0%	-17%	-1%	7%	7%	5%	-14%	-11%	ROICROIC
-26%	-25%	-10%	-7%	-94%	-15%	29%	21%	16%	-132%	-77%	Return on equityROE
—	−25%	−10%	−15%	−98%	−15%	29%	21%	16%	−132%	−77%	Retained to equityRetained/eq
											Balance sheet
$194M	$233M	$174M	$225M	$149M	$132M	$183M	$95M	$85M	$92M	$102M	Cash & investmentsCash+inv
$54M	$0	$48M	$64M	$44M	$134M	$67M	$121M	$165M	$103M	$113M	ReceivablesReceiv.
$74M	$72M	$85M	$114M	$129M	$165M	$134M	$152M	$171M	$173M	$140M	InventoryInvent.
$221M	$142M	$177M	$149M	$221M	$184M	$212M	$249M	$350M	$203M	$162M	Accounts payablePayables
($92M)	($70M)	($44M)	$29M	($48M)	$115M	($11M)	$24M	($14M)	$74M	$91M	Operating working capitalOper. WC
$475M	$534M	$510M	$567M	$400M	$542M	$469M	$423M	$446M	$428M	$393M	Current assetsCur. assets
$370M	$429M	$384M	$539M	$460M	$531M	$574M	$555M	$595M	$572M	$663M	Current liabilitiesCur. liab.
1.3×	1.2×	1.3×	1.1×	0.9×	1.0×	0.8×	0.8×	0.7×	0.7×	0.6×	Current ratioCurr. ratio
$2.7B	$2.3B	$3.5B	$3.6B	$3.3B	$4.2B	$3.8B	$4.2B	$4.4B	$3.7B	—	Net PP&ENet PP&E
$3.3B	$3.2B	$4.1B	$4.3B	$3.9B	$4.9B	$4.6B	$4.9B	$5.3B	$4.7B	$4.3B	Total assetsAssets
$1.3B	$1.3B	$2.1B	$2.0B	$2.1B	$2.6B	$2.2B	$2.4B	$2.7B	$3.1B	$2.7B	Total debtDebt
$1.1B	$1.0B	$1.9B	$1.8B	$2.0B	$2.5B	$2.0B	$2.3B	$2.7B	$3.0B	$2.6B	Net debt / (cash)Net debt
$1.1B	$897M	$941M	$842M	$440M	$529M	$788M	$1.0B	$1.2B	$529M	$705M	Shareholders’ equityEquity
12.9%	6.9%	4.0%	2.2%	4.1%	2.4%	1.5%	2.5%	2.3%	2.2%	1.7%	Stock comp / revenueSBC/rev
											Per share
385M	388M	405M	401M	405M	417M	475M	481M	477M	478M	550M	Shares out (diluted)Shares
$0.81	$1.49	$2.19	$3.74	$1.98	$3.21	$4.76	$3.57	$3.51	$2.70	$2.88	Revenue / shareRev/sh
$-0.74	$-0.57	$-0.23	$-0.14	$-1.02	$-0.19	$0.48	$0.44	$0.40	$-1.47	$-0.99	EPS (diluted)EPS
$-1.54	$0.46	$-0.31	$0.47	$-0.19	$-1.32	$1.09	$1.59	$1.42	—	—	Owner earnings / shareOE/sh
$-1.54	$0.46	$-0.31	$0.47	$-0.19	$-1.32	$1.09	$1.59	$1.42	—	—	Free cash flow / shareFCF/sh
—	$0.00	$0.00	$0.18	$0.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	Dividends / shareDiv/sh
$1.67	$0.15	$0.95	$1.10	$0.68	$2.22	$1.29	$0.00	$0.00	—	—	Cap. spending / shareCapex/sh
$2.81	$2.31	$2.33	$2.10	$1.09	$1.27	$1.66	$2.15	$2.52	$1.11	$1.28	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+14.4%/yr	+6.3%/yr
Owner earnings / share	—	+25.0%/yr
Book value / share	−9.8%/yr	+0.4%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned $190M of profit into $678M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$190M

Owner earnings$678M · 40% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	$190M	$214M	$227M	($78M)	($412M)
Depreciation & amortizationnon-cash charge added back	+$465M	+$455M	+$509M	+$478M	+$495M
Stock-based compensationreal costnon-cash, but a real cost	+$38M	+$43M	+$35M	+$32M	+$33M
Working capital & othertiming of cash in and out, other non-cash items	−$15M	+$54M	+$361M	−$57M	+$80M
Cash from operations	$678M	$765M	$1.1B	$374M	$196M
Capital expenditurecash put back in to keep running and to grow	—	—	−$612M	−$924M	−$274M
Owner earnings	$678M	$765M	$519M	($550M)	($78M)
Owner-earnings marginowner earnings ÷ revenue	40%	45%	23%	-41%	-10%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $38M), owner earnings is nearer $640M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $3.0B

Net debt against an operating loss

Cash $92M − debt $3.1B

What this means
Netting $92M of cash and short-term investments against $3.1B of debt leaves $3.0B owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -1%

Below average through the cycle

10-yr median, range -17%–7%; -14% latest = NOPAT ($504M) ÷ invested capital $3.5B

Industry peers: median 12%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -14% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin —

Not enough data

Industry peers: median 23%

What this means
The filing data didn't include the inputs for this check.
Are earnings backed by cash? $134M

Loss, but cash-generative

Net income ($700M) · cash from operations $134M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 2.2%

The count is flat

Stock compensation $28M (fiscal 2025), 2.2% of revenue · no repurchases · diluted shares +0.6% since 2022

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.75×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $3.1B vs ($144M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 5 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.17/share (latest year $-1.18), the averaged base the calculator's gate runs on, and book value is $0.89/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −56% → −2% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −56% early to −2% lately, median −8% — pricing power intact or improving.
Reinvestment, incremental ROIC 12%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Worst year 2016 · −119.1% op. margin

What this means
Operations went underwater in 2016, understand why before trusting the good years.
Share count +2.4%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record paid

What this means
Paid a dividend in 5 of the years on record.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$393M

Cash & short-term investments$102M
Receivables$113M
Inventory$140M
Other current assets$38M

Current liabilities$663M

Debt due within a year$145M
Accounts payable$162M
Other current liabilities$356M

Current ratio0.59×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.38×stricter: inventory excluded

Cash ratio0.15×strictest: cash alone against what's due

Working capital($270M)the cushion left after near-term bills

Debt due this year vs. cash$145M due · $102M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+54.7%the freshest read on whether the business is still growing

Current ratio, recent quarters0.7× → 0.6×

Deeper floors

Tangible book value$705Mequity stripped of goodwill & intangibles

Debt incl. operating leases$2.7B$11M of it operating leases

Deferred revenue$19Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2024

Over the record, the business generated $4.3B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$3.3B · 77%
Dividends$93M · 2%
Buybacks$210M · 5%
Retained (debt / cash)$680M · 16%

Returned to owners$303M
31% of the owner earnings the business produced over the span, $93M as dividends and $210M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $1.4B and cash and short-term investments fell $92M.
Average price paid for buybacks—
Buybacks ran $210M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count42.7%
The diluted count rose from 385M to 550M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.00/sh
Paid in 5 of the years on record. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Inglis	$6.2M	$7.8M	($550M)
2022	Mr. Inglis	$7.9M	$17.0M	$519M
2023	Mr. Inglis	$9.7M	$11.4M	$765M
2024	Mr. Inglis	$8.6M	−$5.4M	$678M
2025	Mr. Inglis	$5.0M	−$2.1M	—

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$28M
The slice of the business handed to employees in shares in fiscal 2025, 2.2% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Who stands behind the reserve estimates?
Ryder Scott — the filing’s word: “prepared”
“Supplemental Oil and Gas Data (Unaudited) Net proved oil and gas reserve estimates presented were prepared by Ryder Scott Company, L.P. ("RSC") for the years ended December 31, 2025, 2024 and 2023.”verify →
Which reported numbers are a judgment call?
Management names Oil & gas reserve estimates, Depletion & DD&A, Asset retirement obligations, Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Oil & Gas Producers

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
DECDiversified Energy Company	$1.8B	—	29.2%	5%2y	15%
TALOTalos Energy Inc.	$1.8B	—	12.7%	6%	5%
VISTVista Energy S.A.B. de C.V.	$1.6B	—	31.6%	19%	32%
GPORGulfport Energy	$1.4B	69%	0.5%	7%	23%
MGYMagnolia Oil & Gas	$1.3B	—	41.2%	19%	32%
KOSKosmos Energy Ltd. Common Shares (DE)	$1.3B	—	-5.2%	-1%	12%
MNRMach Natural Resources LP Common	$1.2B	—	39.6%	12%	41%
BKVBKV Corporation	$894M	—	19.8%	7%	-2%
Group median	—	—	24.5%	7%	19%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Kosmos Energy Ltd. Common Shares (DE) has delivered.

Kosmos Energy Ltd. Common Shares (DE)’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle ($228M) Net of stock comp (−$26M TTM)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.65% 10-year Treasury (Aug 19, 2026) + 4.35 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2022+14%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.65%, as of Aug 19, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings — on 595M shares outstanding, per the 10-Q cover, as of 2026-07-30; net debt $2.6B. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh KOS against another business →

Cite: Owner Scorecard, "Kosmos Energy Ltd. Common Shares (DE) (KOS), the owner's record," https://ownerscorecard.com/c/KOS, data as of 2026-08-17.

Manual order: ← KOPN its page in the Manual KR →

Industry order: ← INR the Oil & Gas Producers chapter MGY →