Vivakor, Inc.

Where It Passes

Where It Falls Short

• Cash Flow0% pass✓ 1✗ 11▾

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

  Free Cash Flow Proxy$-10.2M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-4.1M

  ✗LynchPositive and growing

  Operating Cash Flow$-15.8M

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=-13.90%, ROA=-97.13%

  ✓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 Positive0/4 years 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 frequency1/6 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✓ 3✗ 10▾

  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 GrowthInv: -37.7% vs Rev: -27.8%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency0/6 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth51.4%

  ✓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 trendgross margin 8.5% -> 36.1%, operating margin -10.7% -> -61.1%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR135.0%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Profitability6% pass✓ 4✗ 31▾

  15 of 16 flag VIVK's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)0/7 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)0/7 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-98.3%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-61.1% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-10.2M

  ✗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-239.4%

  ✗Lynch> 15%

  EBIT / Enterprise Value-396.2%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-396.2%, ROC=-1346.7%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-97.13%

  ✗PiotroskiROA > 0

  ROA Change YoY-10.93% -> -97.13% (delta: -86.20%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=-13.90%, ROA=-97.13%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY11.4% -> 36.1%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-108.8%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-239.4%

  ✗Dreman> 12%

  Margin of SafetyP/B=0.0x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-117.3% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency0/6 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-59.0%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-239.4%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-10.7% (2023) -> -61.1% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 8.5% -> 36.1%, operating margin -10.7% -> -61.1%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-9148.12%; #6239/6340 (top 98.4%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+35.63%; #1136/3702 (top 30.7%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-239.41%; #4925/5226 (top 94.2%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.3248; #4652/5884 (top 79.1%)

  ✗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)
• Verdicts7% pass✓ 1✗ 13▾

  Split decision: 12 FAIL · 3 NEUTRAL · 1 PASS

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #3074•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #2205/2370 (Top 93.0%))✗NeffFAIL (1/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
• Valuation8% pass✓ 10✗ 18▾

  12 of 13 flag VIVK's valuation — Graham, Lynch, Greenblatt +9 more

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio0.0x

  ✓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-396.2%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-396.2%, ROC=-1346.7%

  ✗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 Share0.0x

  ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-121146.1%

  ✗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=0.0x

  ✓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 Low100% of trailing low ($0.21)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-9148.12%; #6239/6340 (top 98.4%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+38.2111; #93/6449 (top 1.4%)

  ✓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 Share0.00x

  ✓SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+8221.8%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+83.9616; #92/5247 (top 1.8%)

  ✓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-99.22%; #6153/6202 (top 99.2%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Efficiency13% pass✓ 2✗ 9▾

  7 of 8 flag VIVK's efficiency — Graham, Buffett, Greenblatt +4 more

  Current Ratio0.20

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-48.8%

  ✗Buffett> 10%

  ROIC - WACC-58.8%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-1346.7%

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.11 -> 0.13

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.37x -> 0.92x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities0.20

  ✗Dreman> 1.5

  Return on Invested Capital-66.7%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-25.0%; FY2024: ROIC=-13.9%; FY2025: ROIC=-89.1%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -89.1%)

  ✗SleepROIC > 12% in a majority of years
• Debt & Leverage25% pass✓ 5✗ 10▾

  9 of 12 flag VIVK's debt & leverage — Graham, Buffett, Lynch +6 more

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.37, IC: -59.4x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.54

  ✗Lynch< 0.33

  Cash - Long-term Debt

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 0.00%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities0.20

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity0.54

  ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  Debt Levels0.54

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-59.4x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.54

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.5361; #2541/4210 (top 60.4%)

  ✗AsnessTop 30% of eligible cross-section