DAWSON GEOPHYSICAL CO
DWSNAbout the company
Dawson Geophysical Company engages in providing onshore seismic data acquisition and processing services in the United States and Canada. The company acquires and processes 2-D, 3-D, and multi-component seismic data for its clients, including oil and gas companies, and independent oil and gas operators, as well as providers of multi-client data libraries and carbon capture sequestration projects.
Investment snapshot
Positive
3
BUY / PASS
Neutral / negative
1 / 12
NEUTRAL / FAIL
Median fair value
$2.67
+58.0% vs price
Models with upside
2 / 17
Positive margin of safety
Strongest signal
DWSN undervalued: all 2 models price fair value above $1.69 (median $2.67)
Key risk
All 8 investors flag DWSN's efficiency
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #1985 (Top 64.1%) | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | PASS | FAIL | PASS | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | +23.2% | N/A | N/A | N/A | +46.2% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Qualitative assessment Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-14 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-08-14 Score computed: 2026-11-14 |
Where It Passes
- Valuation models100% pass✓ 2▾
DWSN undervalued: all 2 models price fair value above $1.69 (median $2.67)
Munger fair value$2.20✓Munger+23.2% margin vs $1.69Ackman fair value$3.14✓Ackman+46.2% margin vs $1.69 - Cash Flow60% pass✓ 8✗ 4▾
6 of 10 pass — Buffett, Ackman, Neff +1 more object
Free Cash Flow Proxy$-2.5M✗BuffettPositive and growingFCF Positive and Growing$7.1M✓LynchPositive and growingOperating Cash Flow$14.0M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=24.95%, ROA=-3.47%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)3.8x✓Dreman< 8xP/E or FCF YieldFCF Yield=13.6%✓PabraiP/E < 15 or FCF Yield > 10%FCF Positive9/17 years FCF positive✓MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-8.5%✗Ackman>= 4%Price / FCF per Share7.3x✓Ackman<= 25Positive Operating Cash Flow frequency16/20 years positive✓SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-4.5M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-8.48%; #3172/4519 (top 70.2%)✗OshaughnessyTop 10% of eligible cross-section
Where It Falls Short
- Efficiency0% pass✗ 11▾
All 8 investors flag DWSN's efficiency
Current Ratio0.87✗Graham>= 2.0ROIC (3-5 yr avg)-37.5%✗Buffett> 10%ROIC - WACC-47.5%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-8.0%✗Greenblatt> 25%Current Ratio Change YoY1.46 -> 0.81✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY2.40x -> 1.35x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities0.87✗Dreman> 1.5Return on Invested Capital10.1%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-30.3%; FY2024: ROIC=-18.1%; FY2025: ROIC=-3.9%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -3.9%)✗SleepROIC > 12% in a majority of years - Profitability6% pass✓ 11✗ 24▾
15 of 16 flag DWSN's profitability — Graham, Buffett, Lynch +12 more
Net income / market capitalization+6.93%; #1192/6340 (top 18.8%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive EPS (10 years)5/23 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)9/23 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-31.9%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-2.2% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-2.5M✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE18.2%✓Lynch> 15%EBIT / Enterprise Value-2.6%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-2.6%, ROC=-8.0%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-3.47%✗PiotroskiROA > 0ROA Change YoY-13.34% -> -3.47% (delta: +9.88%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=24.95%, ROA=-3.47%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY15.0% -> 17.2%✓PiotroskiImproved YoYPre-Tax Income / Revenue3.5%✗Dreman>= 8%Net Income / Shareholders' Equity18.2%✓Dreman> 12%Margin of SafetyP/B=3.3x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-24.9% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency9/22 years positive✓MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue4.6%✗Ackman>= 15%Net Income / Shareholders Equity18.2%✓Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-13.5% (2023) -> -2.2% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 10.5% -> 17.2%, operating margin -13.5% -> -2.2%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingGross profit / total assets+23.24%; #1833/3702 (top 49.5%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+18.15%; #907/5226 (top 17.4%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.1215; #3713/5884 (top 63.1%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR11.3% over 5 years✓Neff7%-20% annualizedPositive Diluted-EPS Years0/10 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation15% pass✓ 4✗ 24▾
11 of 13 flag DWSN's valuation — Graham, Lynch, Greenblatt +8 more
Net income / market capitalization+6.93%; #1192/6340 (top 18.8%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPrice / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio3.3x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-2.6%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-2.6%, ROC=-8.0%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)3.8x✓Dreman< 8xPrice / Book Value per Share3.3x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-5.9%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=13.6%✓PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=3.3x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share7.3x✓Ackman<= 25Price vs. Trailing Low137% of trailing low ($1.23)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Positive book equity / market capitalization+0.3818; #3347/6449 (top 51.9%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share3.40x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change-86.9%✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+1.9874; #1093/5247 (top 20.8%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-8.48%; #3172/4519 (top 70.2%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-34.75%; #4614/6202 (top 74.4%)✗OshaughnessyTop 10% of eligible cross-section - Verdicts19% pass✓ 3✗ 13▾
Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL
Overall verdict✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #1985✓PiotroskiPASS (F-Score 5)✗DremanFAIL (3/11)✗MungerFAIL (0/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1009/2370 (Top 42.6%))✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked) - Growth25% pass✓ 5✗ 8▾
6 of 8 flag DWSN's growth — Graham, Lynch, Dreman +3 more
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$0.47 (2006) -> $-0.06 (2025)✗DremanPositive over recent yearsEPS CAGR8.1% CAGR over 6 years✓Dreman> 5% annualizedPositive Net Income Frequency9/22 years positive✓MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth2.0%✗Ackman>= 5%Positive EPS Growth Frequency4/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 10.5% -> 17.2%, operating margin -13.5% -> -2.2%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR-2.6%✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR11.3% over 5 years✓Neff7%-20% annualized - Debt & Leverage33% pass✓ 5✗ 10▾
8 of 12 flag DWSN's debt & leverage — Graham, Buffett, Lynch +5 more
Total Debt / Shareholders' Equity0.87✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xLT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.87, IC: 3.6x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.87✗Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities0.87✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Debt Levels0.87✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=3.6x, D/EBITDA=1.5x✓MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.87✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.8679; #3060/4210 (top 72.7%)✗AsnessTop 30% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 0.2% of shares last year, 0.8% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-06-30 2025-07-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, revenue, net income, operating income, ebit, pre tax income, interest expense, depreciation amortization. | Q2 FY 2026 2026-04-01 – 2026-06-30 | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|
| Market Cap | $52.5Mcurrent | -- | -- | $64.3Mest. | $43.4Mest. | $45.8Mest. | $32.5Mest. | $47.2Mest. |
| Revenue | $104.3M↑151% | $17.9M↑82% | $36.7M↑128% | $75.6M↑2% | $74.2M↓23% | $96.8M↑88% | $51.6M↑109% | $24.7M |
| Operating Income | $4.8M↑161% | -$3.0M↓28% | $8.1M↑687% | -$1.7M↑63% | -$4.5M↑65% | -$13.1M↑41% | -$22.2M↑24% | -$29.2M |
| Net Income | $3.6M↑147% | -$3.4M↓46% | $7.7M↑672% | -$1.9M↑53% | -$4.1M↑66% | -$12.1M↑35% | -$18.6M↑36% | -$29.1M |
| EPS (Diluted) | -- | $-0.11↓38% | $0.25↑733% | $-0.06↑54% | $-0.13↑71% | $-0.45↑48% | $-0.86↑30% | $-1.23 |
| Gross Margin | — | — | — | 17.2%↑15% | 15.0%↑43% | 10.5%↓60% | 26.6%↑252% | -17.5% |
| Operating Margin | 4.6%↑124% | -16.9%↑30% | 22.2%↑245% | -2.2%↑64% | -6.1%↑55% | -13.5%↑69% | -43.0%↑64% | -118.4% |
| ROE | 18.2%↑138% | — | — | -12.3%↑48% | -23.8%↑38% | -38.6%↓1% | -38.2%↑18% | -46.6% |
| Total Debt | $17.4M↑510% | $17.4M↑510% | $19.0M↑424% | $17.6M↑596% | $2.5M↓6% | $2.7M↑454% | $482.0K↑55% | $310.0K |
| Shareholders' Equity | $20.0M↑22% | $20.0M↑22% | $23.3M↑28% | $15.8M↓9% | $17.3M↓45% | $31.4M↓36% | $48.8M↓22% | $62.5M |
| Current Ratio | 0.87↓26% | 0.87↓26% | 1.01↓35% | 0.81↓44% | 1.46↓12% | 1.67↓38% | 2.71↓52% | 5.65 |
| Debt / Equity | 0.87↑400% | 0.87↑400% | 0.82↑310% | 1.11↑661% | 0.15↑72% | 0.08↑760% | 0.01↑99% | 0.00 |
| Operating Cash Flow | $3.3M↓52% | $6.5M↓57% | -$465.0K↓127% | $14.0M↑849% | -$1.9M↓329% | $814.0K↑125% | -$3.3M↑80% | -$16.1M |
| Free Cash Flow | -$4.5M | $6.2M | -$1.9M | $7.1M↑292% | -$3.7M↓28% | -$2.9M↑38% | -$4.7M↑72% | -$16.6M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Petroleum and Natural Gas
DWSN vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TotalEnergies SETTE | $199.0B | $90.74 | $201.2B | $13.1B | 11.4% | 0.49 | — | 0.97 | 4/9 | 4/9 | 1/7 | 0/3 | F-Score 4 | 6/11 |
| CONOCOPHILLIPSCOP | $168.2B | $142.28 | $58.9B | $8.0B | 12.4% | 0.36 | — | 1.30 | 2/9 | 3/9 | 3/7 | 0/3 | F-Score 7 | 6/11 |
| BP PLCBP | $117.7B | $45.70 | $192.5B | $55.0M | 0.1% | 1.09 | 6.6% | 1.26 | 1/9 | 3/9 | 1/7 | 0/3 | F-Score 5 | 2/11 |
| SUNCOR ENERGY INCSU | $80.5B | $69.92 | $38.2B | $4.3B | 13.1% | 0.22 | — | 1.39 | 2/9 | 2/9 | 2/7 | 0/3 | F-Score 4 | 6/11 |
| CENOVUS ENERGY INC.CVE | $52.6B | $29.08 | $36.3B | $2.9B | 12.4% | 0.35 | — | 1.57 | 1/9 | 1/9 | 3/7 | 0/3 | F-Score 5 | 5/11 |
| WOODSIDE ENERGY GROUP LTDWDS | $40.1B | $21.08 | $13.0B | $2.7B | 7.6% | 0.33 | 30.0% | 1.59 | 3/9 | 4/9 | 0/7 | 0/3 | F-Score 4 | 7/11 |
| EXPAND ENERGY CorpEXE | $20.4B | $88.53 | $12.1B | $1.8B | 9.8% | 0.27 | 20.4% | 1.01 | 2/9 | 5/9 | 3/7 | 1/3 | F-Score 7 | 7/11 |
| YPF SOCIEDAD ANONIMAYPF | $14.9B | $37.90 | $18.4B | $826.0M | -7.6% | 0.98 | 9.4% | 0.87 | 2/9 | 1/9 | 1/7 | 0/3 | F-Score 4 | 3/11 |