olivLaw · European equity research
Pharos Energy plc PHAR.L
United Kingdom · London Stock Exchange · ISIN GB00B572ZV91 · Vertical: Listed companies from United Kingdom
Pharos Energy is an independent oil and gas producer with offshore assets in Vietnam and onshore concessions in Egypt, operating debt-free. In 2025 the group's net production was 5,398 boepd and it closed the year with 40.2 million USD net cash, amid low oil prices and Middle East instability.
At the close of 05 Nov 2026, Pharos Energy plc (PHAR.L) stock was 0.30 GBP (+0.00% on the day), with beta 0.07, 52-week range 0.19–0.34 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 0.29 – 0.30
- in the upper half of the band · %B 0.84 · band width 3.6%
- SMA 50 / 200
- 0.30 / 0.27
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.0% | −0.6% | +2.7 pp | — |
| 3 months | −5.1% | −4.2% | −0.9 pp | — |
| 6 months | +15.0% | +4.3% | +10.7 pp | — |
| Year to date | +41.7% | +7.5% | +34.2 pp | — |
| 1 year | +41.7% | +9.9% | +31.8 pp | +5.8% |
| 3 years | +34.1% | +49.8% | −15.8 pp | +26.3% |
| 5 years | +51.9% | +42.8% | +9.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 167.9 m | 136.0 m | 114.6 m |
| Revenue YoY | unavailable | −19.0% | −15.7% |
| Net income | -48.8 m | 23.6 m | -6.6 m |
| Net income YoY | unavailable | unavailable | −128.0% |
| Diluted EPS | -0.11 | 0.05 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | −129.6% |
| net % | -29.1% | 17.4% | -5.8% |
| Free cash flow | 31.4 m | 35.6 m | 39.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 283.9 m USD
- Total assets
- 403.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.11x
- ROE
- -2.3%
- ROA
- -1.6%
- FCF margin
- 34.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 167.9 m | 136.0 m | 114.6 m | esef· 29 Apr 2026verified |
| Cost of revenue | 109.0 m | 89.8 m | 97.7 m | esef· 29 Apr 2026verified |
| Gross profit | 56.7 m | 48.7 m | 18.2 m | esef· 29 Apr 2026verified |
| Operating income | -18.1 m | 64.3 m | 8.7 m | esef· 29 Apr 2026verified |
| Interest expense | 10.2 m | 3.9 m | 2.2 m | esef· 29 Apr 2026verified |
| Pre-tax income | -29.0 m | 60.7 m | 6.5 m | esef· 29 Apr 2026verified |
| Income tax | 19.8 m | 37.1 m | 13.1 m | esef· 29 Apr 2026verified |
| Net income | -48.8 m | 23.6 m | -6.6 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.11 | 0.05 | -0.02 | esef· 29 Apr 2026verified |
| Dividend per share | 0.01 | 0.01 | 0.02 | esef· 29 Apr 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 32.6 m | 16.5 m | 40.2 m | esef· 29 Apr 2026verified |
| Receivables | 62.3 m | 47.9 m | 19.4 m | esef· 29 Apr 2026verified |
| Inventories | 3.3 m | 9.3 m | 6.1 m | esef· 29 Apr 2026verified |
| Current assets | 100.4 m | 74.0 m | 66.2 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 279.3 m | 273.5 m | 250.4 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 18.2 m | 21.8 m | 26.5 m | esef· 29 Apr 2026verified |
| Total assets | 457.0 m | 427.3 m | 403.0 m | esef· 29 Apr 2026verified |
| Accounts payable | 12.5 m | 14.3 m | 14.5 m | esef· 29 Apr 2026verified |
| Short-term debt | 29.5 m | 0 | — | esef· 29 Apr 2025verified |
| Long-term debt | 11.0 m | 0 | — | esef· 29 Apr 2025verified |
| Current liabilities | 48.1 m | 17.7 m | 16.1 m | esef· 29 Apr 2026verified |
| Total liabilities | 181.8 m | 131.6 m | 119.1 m | esef· 29 Apr 2026verified |
| Equity | 280.1 m | 295.7 m | 283.9 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 428.1 m | 414.0 m | 412.5 m | esef· 29 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 44.9 m | 54.0 m | 55.6 m | esef· 29 Apr 2026verified |
| Capex | 13.5 m | 18.4 m | 16.1 m | esef· 29 Apr 2026verified |
| Free cash flow | 31.4 m ≈ | 35.6 m ≈ | 39.5 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -6.6 m | -17.9 m | -24.7 m | esef· 29 Apr 2026verified |
| Financing cash flow | -50.1 m | -51.6 m | -7.0 m | esef· 29 Apr 2026verified |
| Dividends paid | 5.6 m | 5.9 m | 6.5 m | esef· 29 Apr 2026verified |
| Share repurchases | 0 | 900.0 k | 0 | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.21 – 0.28 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.21 – 0.28 (Mid 0.24)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.8% | 26 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.0x | 38 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 16.5% | 100 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PHAROS ENERGY PLC (PHAR.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 114.6 m USD in 2025; YoY growth -15.7%; net margin -5.8%; ROE -2.3%.
The estimated value range is 0.21–0.28 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.1x
- Payout ratio (FCF): 16.5%
What contradicts it
- Net margin: -5.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for PHAR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Pharos Energy is an independent oil and gas producer with offshore assets in Vietnam and onshore concessions in Egypt, operating debt-free. In 2025 the group's net production was 5,398 boepd and it closed the year with 40.2 million USD net cash, amid low oil prices and Middle East instability.
SWOT
Strengths
- A debt-free balance sheet gives flexibility for investment and shareholder returns.
- Vietnam assets with low break-even prices and high premiums that have held up in low price environments.
- No lost-time injuries since operational inception, indicating a strong safety record.
Weaknesses
- Reliance on Vietnam assets, where production fell in 2025.
- Relatively small scale, which limits access to capital and competitiveness.
- Rising operating cost per barrel in 2025.
Opportunities
- Consolidated Egyptian concessions could unlock additional value if ratification is completed.
- Appraisal well results in Vietnam could deliver a meaningful production increase.
- A farm-in partner for Blocks 125 and 126 could turn exploration potential into a real project.
Threats
- Oil and gas price volatility, intensified by the Middle East conflict.
- Risk of renewed payment delays from Egyptian counterparties, although payments have resumed.
- Inflationary pressure and recession risk that could weaken demand.
Risks
- Oil pricehigh
Revenue depends on oil prices, which were volatile in 2025 and intensified in 2026.
- Egyptian receivables recoverymedium
EGPC payments have resumed, but the remaining balance and payment terms for future sales need monitoring.
- Geopolitical riskhigh
Conflicts in the Middle East and Ukraine affect trade routes and energy markets, with possible impact on operations.
- Drilling outcomesmedium
Vietnam wells and Blocks 125 and 126 exploration carry uncertainty, and results could materially change the company's plans.
- Scale and access to capitallow
The company acknowledges that limited scale can restrict competitiveness, and if growth is not achieved, pressure could persist.
Investment thesis
What would need to be true (bull case)
- A debt-free balance sheet and positive net cash give room to invest when opportunities arise.
- Favourable appraisal well results in Vietnam could deliver a meaningful production increase.
- Consolidated Egyptian concessions could improve fiscal terms and attract additional investment.
What would break the thesis
- Oil prices fell in 2025 and remain volatile, which could limit revenue.
- Vietnam production declined in 2025 and cost per barrel rose.
- If Blocks 125 and 126 do not attract a partner, their value could remain unrealised.
What to watch
- Results of appraisal wells TGT-18X and CNV-5XApril or early May 2026
- Update on Blocks 125 and 126 and any farm-in partnermid-2026
- Ratification and signing of the consolidated Egyptian concession2026
- Delivery against 2026 production guidancenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Pharos Energy is an independent exploration and production company headquartered in the UK, with operations in South East Asia and Egypt. Its producing Vietnam assets, the TGT and CNV fields, are operated through joint operating companies, and it also holds interests in two onshore concessions in Egypt. The 2025 annual report describes a debt-free company seeking to increase its scale through organic growth and acquisitions.
Segments
Egypt
Egypt net production in 2025 was 1,303 bopd 1. Consolidating the El Fayum and North Beni Suef concessions into one new agreement with improved fiscal terms could support future investment, if parliamentary ratification is completed.
Blocks 125 and 126
Blocks 125 and 126 in the Phu Khanh Basin are exploration assets in advanced discussions with potential farm-in partners. The company plans to update the market in mid-2026 1.
Market context
The oil market in 2025 was marked by oversupply and falling prices, with Brent trading mainly between 63 and 79 USD per barrel and averaging 69 USD for the year 1. From 26 February 2026, conflict involving Iran triggered sharp price increases, which could reshape sector conditions if tensions persist.
Trends
- Oil price volatilitymixed
Low prices in 2025 pressured independent producers' margins, while the Middle East conflict added new volatility. The company considers the 2026 outlook challenging, though its debt-free model gives it flexibility.
- Middle East conflictmixed
Disruption at the Strait of Hormuz and attacks on oil infrastructure lifted energy prices, which could support revenue if prices stay high. The risk of recession and inflationary pressure could, however, weigh on demand.
- Recovery of Egyptian receivablestailwind
The 20 million USD payment from EGPC and the reduction of receivables to their lowest level since December 2021 suggest payments could continue if Egypt's macroeconomic situation holds.
- Rising operating costsheadwind
Cash operating cost per barrel rose 9% in 2025 due to lower Vietnam production, and this pressure could persist if output does not recover.
Competitive position
Pharos competes with other independent oil and gas producers in South East Asia and the Middle East for assets, partners and investment capital. The source does not name its competitors, so its relative position cannot be established from this document.
- Independent E&P companies in South East Asia
Companies active in the same basins that also seek partners for exploration; not named in the source.
- Major oil companies interested in exploration
The company states exploration has moved up the agenda for many majors, which could affect terms for Blocks 125 and 126.
- Independent operators in Egypt
They compete for investment and concession terms in Egypt; not named in the source.
- Capital providers for upstream projects
The company stresses that scale matters for access to capital; larger competitors could hold advantages.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Pharos Energy plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.