UNIT CORP

UNTCW

Unit Corporation, together with its subsidiaries, develops, acquires, and produces oil and natural gas properties in the United States. The company operates through Oil and Natural Gas and Contract Drilling segments. The Oil and Natural Gas segment explores for, acquires, develops, and produces oil and natural gas properties.

About the company

Country: United StatesPrice: $2.36Market Cap: $22.7M

Investment snapshot

41%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

5 / 4

NEUTRAL / FAIL

Median fair value

$99.83

+4130.1% vs price

Models with upside

5 / 17

Positive margin of safety

Strongest signal

All 12 investors pass UNTCW's debt & leverage

Key risk

Split decision: 5 PASS · 5 NEUTRAL · 4 FAIL · 2 BUY

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	PASS	FAIL	FAIL	Not ranked	BUY	NEUTRAL	BUY	NEUTRAL	PASS	FAIL	PASS	PASS	PASS	NEUTRAL	FAIL	NEUTRAL	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
Margin of Safety	+97.6%	+98.3%	N/A	N/A	N/A	N/A	+98.5%	N/A	+92.3%	N/A	+97.3%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 · Market data at 2026-10-01 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 · Market data at 2026-10-01 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2026-08-01–2026-10-01 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 · Qualitative assessment Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2026-08-01–2026-10-01 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 Latest source filing: 2023-03-17 Score computed: 2026-11-14	Annual history · FY 2022 · Price history 2026-08-01–2026-10-01 Latest source filing: 2023-03-17 Score computed: 2026-11-14

Where It Passes

Debt & Leverage100% pass✓ 15▾
All 12 investors pass UNTCW's debt & leverage
LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $207.2M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.00, IC: 545.8x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0
✓Lynch< 0.33
Cash - Long-term Debt$214.0M
✓LynchPositive preferred
LT Debt / Total Assets Change3.05% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities4.04
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=545.8x, D/EBITDA=0.0x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
✓AsnessTop 30% of eligible cross-section
Valuation models100% pass✓ 5▾
UNTCW undervalued: all 5 models price fair value above $2.36 (median $99.83)
Graham fair value$99.83
✓Graham+97.6% margin vs $2.36
Buffett fair value$138.80
✓Buffett+98.3% margin vs $2.36
Munger fair value$154.79
✓Munger+98.5% margin vs $2.36
Akre fair value$30.58
✓Akre+92.3% margin vs $2.36
Ackman fair value$88.17
✓Ackman+97.3% margin vs $2.36
Efficiency75% pass✓ 9✗ 2▾
6 of 8 pass — Akre and Sleep object
Current Ratio4.04
✓Graham>= 2.0
ROIC (3-5 yr avg)39.4%
✓Buffett> 10%
ROIC - WACC+29.4%
✓BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)144.7%
✓Greenblatt> 25%
Current Ratio Change YoY1.04 -> 4.04
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY1.01x -> 1.16x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities4.04
✓Dreman> 1.5
Return on Invested Capital53.2%
✓Munger> 15%
ROIC (high and growing)FY2020: ROIC=unavailable; FY2021: ROIC=66.6%; FY2022: ROIC=53.2%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC53.2% (RR=100% x ROIC=53.2%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)2/4 years above 12% (latest 53.2%)
✗SleepROIC > 12% in a majority of years
Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Buffett, Lynch and Marks object
Free Cash Flow Proxy$142.1M
✗BuffettPositive and growing
FCF Positive and Growing$129.0M
✗LynchPositive and growing
Operating Cash Flow$159.4M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=33.97%, ROA=31.62%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)0.1x
✓Dreman< 8x
P/E or FCF YieldP/E=0.2x, FCF Yield=567.5%
✓PabraiP/E < 15 or FCF Yield > 10%
FCF Positive5/14 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap567.5%
✓Ackman>= 4%
Price / FCF per Share0.2x
✓Ackman<= 25
Positive Operating Cash Flow frequency14/14 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$129.0M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+567.47%; #23/4519 (top 0.5%)
✓OshaughnessyTop 10% of eligible cross-section
Verdicts64% pass✓ 7✗ 4▾
Split decision: 5 PASS · 5 NEUTRAL · 4 FAIL · 2 BUY
Overall verdict
✓GrahamPASS (4/9)✗BuffettFAIL (3/9)✗LynchFAIL (4/7)•GreenblattNot ranked✓PiotroskiBUY (F-Score 8)•DremanNEUTRAL (7/11)✓MungerBUY (4/4)•PabraiNEUTRAL (2/3)✓AkrePASS (3/6)✗MarksFAIL (3/5)✓AckmanPASS (5/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)

Where It Falls Short

Growth13% pass✓ 2✗ 11▾
7 of 8 flag UNTCW's growth — Graham, Lynch, Dreman +4 more
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 Frequency9/14 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-8.6%
✗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-5.9%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Profitability25% pass✓ 13✗ 22▾
12 of 16 flag UNTCW's profitability — Graham, Buffett, Lynch +9 more
Positive EPS (10 years)9/16 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)9/16 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)2.8%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)44.7% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$142.1M
✗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
ROE40.9%
✓Lynch> 15%
EBIT / Enterprise ValueN/A (EV <= 0)
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=144.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets31.62%
✓PiotroskiROA > 0
ROA Change YoY9.63% -> 31.62% (delta: +21.98%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=33.97%, ROA=31.62%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue26.2%
✓Dreman>= 8%
Net Income / Shareholders' Equity40.9%
✓Dreman> 12%
Margin of SafetyP/E=0.2x, P/B=0.1x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity2.8% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency9/14 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue44.7%
✓Ackman>= 15%
Net Income / Shareholders Equity40.9%
✓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+652.50%; #29/6340 (top 0.5%)
✓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+40.92%; #278/5226 (top 5.3%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.2095; #4276/5884 (top 72.7%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years5/9 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation38% pass✓ 18✗ 10▾
8 of 13 flag UNTCW's valuation — Graham, Lynch, Greenblatt +5 more
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio0.1x
✓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 ValueN/A (EV <= 0)
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=144.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS0.2x
✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)0.1x
✓Dreman< 8x
Price / Book Value per Share0.1x
✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=0.2x, OE Yield=625.0%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=0.2x, FCF Yield=567.5%
✓PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=0.2x, P/B=0.1x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share0.2x
✓Ackman<= 25
Price vs. Trailing Low
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+652.50%; #29/6340 (top 0.5%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+15.9477; #143/6449 (top 2.2%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS0.2x
✓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 Share0.06x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+23.9913; #188/5247 (top 3.6%)
✓OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+567.47%; #23/4519 (top 0.5%)
✓OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2022. Current investor scores may use newer quarterly data.

Company Profile

Industry: Petroleum and Natural Gas

SIC Sector: Oil & Gas Extraction

Size: Micro Cap($22.7M)

Revenue: $545.5M-14.6% YoY

Net Income: $148.4M+144.6% YoY

Financial Snapshot

Operating Margin44.7%

Return on Equity40.9%

Debt / Equity0.00

Current Ratio4.04

EPS (Diluted)$14.78+181.0% 1y

Buybacks (1y)$27.4M

Buybacks (2y)$79.4M

Shares Retired4.1% / 19.7% 2y

Similar Companies

Shareholder Return

Fiscal 2022

Retired 4.1% of shares last year, 19.7% over two.

Buybacks: $27.4M
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

181.0% = 144.6% + 14.9%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

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.

Metric	FY 2022 Sources 10-K · 2023-03-17	FY 2021 Sources 10-K · 2022-03-31	FY 2020 Sources 10-K · 2022-03-31	FY 2019 Sources 10-K · 2020-03-16	FY 2018 Sources 10-K · 2019-02-26
Market Cap	$22.7Mcurrent	--	--	--	--
Revenue	$545.5M↓15%	$638.7M	--	$674.6M↓20%	$843.3M
Operating Income	$244.0M↑40%	$174.1M	--	-$653.1M↓3718%	-$17.1M
Net Income	$148.4M↑145%	$60.6M	--	-$553.9M↓1123%	-$45.3M
EPS (Diluted)	$14.78↑181%	$5.26	--	$-10.48↓1105%	$-0.87
Gross Margin	—	—	—	—	—
Operating Margin	44.7%↑64%	27.3%	—	-96.8%↓4672%	-2.0%
ROE	40.9%↑26%	32.4%	—	-64.9%↓1892%	-3.3%
Total Debt	$0↓100%	$19.2M↓81%	$99.0M↓87%	$771.4M↑20%	$644.5M
Shareholders' Equity	$362.6M↑94%	$187.4M↑5%	$179.2M↓79%	$853.9M↓39%	$1.4B
Current Ratio	4.04↑289%	1.04↑1%	1.03↑155%	0.40↓49%	0.80
Debt / Equity	0.00↓100%	0.10↓81%	0.55↓39%	0.90↑95%	0.46
Operating Cash Flow	$159.4M↓9%	$176.0M	--	$269.4M↓24%	$352.7M
Free Cash Flow	$129.0M↓11%	$145.7M	--	-$137.3M↓47%	-$93.5M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Petroleum and Natural Gas

UNTCW vs Peers — Financial Grading

Revenue$545.5MBottom 25%

Net Income$148.4MBottom 25%

ROE40.9%Top 25%

D/E0.00Top 25%

Op. Margin44.7%Top 25%

Curr. Ratio4.04Top 25%

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