Tamboran Resources Corp

TBN
About the company

Tamboran Resources Corporation, a natural gas company, engages in developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin.

Country: AustraliaPrice: $29.25Market Cap: $1.0B

Investment snapshot

0%positive consensus
Scored 1d ago

Positive

0

BUY / PASS

Neutral / negative

2 / 14

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Buffett and Marks object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

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

VerdictFAILFAILFAILNot rankedFAILFAILFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking 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/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2025-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2025-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2025-09-25

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2025-09-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage83% pass✓ 13✗ 2▾

    10 of 12 pass — Buffett and Marks object

    LT Debt vs Net Current AssetsLT Debt $67.5M vs NCA $97.1M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.09
    ✓Lynch< 0.33
    Cash - Long-term Debt$92.6M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities2.03
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.09
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.09
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.09
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0906; #1233/4210 (top 29.3%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 2✗ 33▾

    No clean pass — all 16 investors flag at least one profitability criterion

    Positive EPS (10 years)0/4 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/4 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-11.3%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-3.7%
    ✗Lynch> 15%
    EBIT / Enterprise Value-3.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-3.9%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-8.27%
    ✗PiotroskiROA > 0
    ROA Change YoY-8.27% -> -8.27% (delta: +0.00%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-6.64%, ROA=-8.27%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-3.7%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.8x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-11.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-3.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-2.93%; #3669/6340 (top 57.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-3.75%; #3145/5226 (top 60.2%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0102; #834/5884 (top 14.2%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation0% pass✓ 1✗ 27▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.8x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-3.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-3.9%, ROC=N/A (invested capital <= 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)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share1.8x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-7.1%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.8x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low147% of trailing low ($19.85)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-2.93%; #3669/6340 (top 57.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.7826; #1974/6449 (top 30.6%)
    ✗AsnessTop 30% of eligible cross-section
    Price / 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 Share1.81x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0000; #5080/5247 (top 96.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-12.97%; #3595/6202 (top 58.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    FCF Positive and Growing
    ✗LynchPositive and growing
    Operating Cash Flow$-29.6M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-6.64%, ROA=-8.27%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/3 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/3 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts0% pass✗ 14▾

    Split decision: 14 FAIL · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)✗TempletonFAIL (2/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 2✗ 9▾

    6 of 8 flag TBN's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio2.03
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-9.5%
    ✗Buffett> 10%
    ROIC - WACC-19.5%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.55 -> 1.55
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.00x -> 0.00x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities2.03
    ✓Dreman> 1.5
    Return on Invested Capital-3.3%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-5.6%; FY2024: ROIC=-9.9%; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/2 years above 12% (latest -9.9%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Petroleum and Natural Gas
SIC Sector: Oil & Gas Extraction
Size: Small Cap($1.0B)
Revenue: $0.00
Net Income: $36.9M+0.0% YoY

Financial Snapshot

Operating Margin--
Return on Equity-12.8%
Debt / Equity--
Current Ratio1.55
EPS (Diluted)$-2.52
Shares Retired−6.6% / −28.1% 2y

Similar Companies

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COPCONOCOPHILLIPS
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BPBP PLC
$117.7B
SUSUNCOR ENERGY INC
$80.5B

Shareholder Return

Fiscal 2025

Issued 6.6% of shares last year, 28.1% 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.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, revenue, net income, operating income, ebit, depreciation amortization.

Q1 FY 2027

2026-07-01 – 2026-09-30

Sources
FY 2025
Sources
  • 10-K · 2025-09-25
FY 2024
Sources
  • 10-K · 2025-09-25
FY 2023
Sources
  • 10-K · 2025-09-25
FY 2022
Sources
  • 10-K · 2025-09-25
Market Cap$1.0Bcurrent--$533.6Mest.$401.2Mest.$313.1Mest.--
Revenue$0$0$0$0$0--
Operating Income-$36.3M↑10%-$11.9M↓44%-$39.3M-$39.3M↓92%-$20.5M--
Net Income-$30.0M↑23%-$12.1M↓48%-$36.9M-$36.9M↓68%-$21.9M--
EPS (Diluted)--$-0.35↑26%$-2.52$-2.52↓9%$-2.32--
Gross Margin——————
Operating Margin——————
ROE-3.7%↑72%—-12.8%-12.8%↓54%-8.3%—
Total Debt$72.5M↑240%$72.5M↑240%--$24.8M↓8%$26.9M--
Shareholders' Equity$800.2M↑171%$800.2M↑171%$287.7M$287.7M↑10%$262.7M↑64%$160.6M
Current Ratio2.03↑120%2.03↑120%1.551.55↓55%3.48—
Debt / Equity0.09↑25%0.09↑25%—0.09↓16%0.10—
Operating Cash Flow-$31.0M↑21%-$10.2M↑26%-$29.6M-$29.6M↓160%-$11.4M--
Free Cash Flow------------

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Petroleum and Natural Gas

TBN vs Peers — Financial Grading

Revenue$0.00Bottom 25%
Net Income$36.9MBottom 25%
ROE-12.8%Bottom 25%
D/E—
Op. Margin—
Curr. Ratio1.55Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
TotalEnergies SETTE$199.0B$90.74$201.2B$13.1B11.4%0.49—0.974/94/91/70/3F-Score 46/11
CONOCOPHILLIPSCOP$168.2B$142.28$58.9B$8.0B12.4%0.36—1.302/93/93/70/3F-Score 76/11
BP PLCBP$117.7B$45.70$192.5B$55.0M0.1%1.096.6%1.261/93/91/70/3F-Score 52/11
SUNCOR ENERGY INCSU$80.5B$69.92$38.2B$4.3B13.1%0.22—1.392/92/92/70/3F-Score 46/11
CENOVUS ENERGY INC.CVE$52.6B$29.08$36.3B$2.9B12.4%0.35—1.571/91/93/70/3F-Score 55/11
WOODSIDE ENERGY GROUP LTDWDS$40.1B$21.08$13.0B$2.7B7.6%0.3330.0%1.593/94/90/70/3F-Score 47/11
EXPAND ENERGY CorpEXE$20.4B$88.53$12.1B$1.8B9.8%0.2720.4%1.012/95/93/71/3F-Score 77/11
YPF SOCIEDAD ANONIMAYPF$14.9B$37.90$18.4B$826.0M-7.6%0.989.4%0.872/91/91/70/3F-Score 43/11