Tullow Oil - Public Comps and Valuation Multiples

Tullow Oil Overview

About Tullow Oil

Tullow Oil PLC is an independent oil and gas exploration and production company. The company conducts exploration, appraisal, and development activities in the African and Atlantic regions. The majority of revenue is derived from West African assets, with a focus on offshore fields. Assets used in oil and gas production are acquired through licenses. The company generates revenue from natural gas and crude oil sales. Its reportable segments are; Ghana which generates key revenue, Non-operated, Kenya and Exploration.

Founded

2000

HQ

Employees

397

Website

tullowoil.com

Sectors

Fossil Fuels

Financials

LTM Revenue $662M

LTM EBITDA $459M

EV

$2.4B

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Tullow Oil Financials

As of December 2025, Tullow Oil reported last 12-month revenue of $662M and EBITDA of $459M.

In the same period, Tullow Oil generated $260M in LTM gross profit and $38.3M in net income.

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Tullow Oil P&L

In the most recent fiscal year, Tullow Oil reported revenue of $2.1B and EBITDA of $1.5B.

Tullow Oil expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$662M	XXX	$2.1B	XXX	XXX	XXX
Gross Profit	$260M	XXX	$1.0B	XXX	XXX	XXX
Gross Margin	39%	XXX	49%	XXX	XXX	XXX
EBITDA	$459M	XXX	$1.5B	XXX	XXX	XXX
EBITDA Margin	69%	XXX	72%	XXX	XXX	XXX
EBIT	$235M	XXX	$1.0B	XXX	XXX	XXX
EBIT Margin	36%	XXX	50%	XXX	XXX	XXX
Net Profit	$38.3M	XXX	$73.1M	XXX	XXX	XXX
Net Margin	6%	XXX	4%	XXX	XXX	XXX
Net Debt	XXX	XXX	$1.9B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tullow Oil including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $662M. EBITDA for the last twelve months was $459M. In the most recent fiscal year, Tullow Oil achieved $2.1B in revenue and $1.5B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$662M	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$260M	Analyst estimates available to subscribers	$1.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	39.3% gross margin	Analyst estimates available to subscribers	49.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$459M	Analyst estimates available to subscribers	$1.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	69.4% EBITDA margin	Analyst estimates available to subscribers	72.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$235M	Analyst estimates available to subscribers	$1.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	35.6% EBIT margin	Analyst estimates available to subscribers	49.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$38.3M	Analyst estimates available to subscribers	$73.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	5.8% net profit margin	Analyst estimates available to subscribers	3.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$1.9B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tullow Oil

This financial data table provides comprehensive performance metrics for Tullow Oil, a company based in United Kingdom of Great Britain and Northern Ireland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Tullow Oil generated $662M in revenue over the last twelve months.
The company achieved $459M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $260M.
Net income over the last twelve months reached $38.3M.

Fiscal Year Performance

In the most recent fiscal year, Tullow Oil reported $2.1B in total revenue.
Fiscal year EBITDA was $1.5B.
The company maintained a gross profit margin of 49.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 72.2%.
Net profit margin reached 3.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Tullow Oil. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Tullow Oil Stock Performance

Tullow Oil has current market cap of GBP 108M (or $144M), and EV of GBP 1.8B (or $2.4B).

Market Cap Evolution

Tullow Oil Stock Data

As of January 19, 2026, Tullow Oil's stock price is GBP 0 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.4B	$144M	XXX	XXX	XXX	XXX	$0.02

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Tullow Oil Valuation Multiples

Tullow Oil's trades at 2.7x EV/Revenue multiple, and 4.0x EV/EBITDA.

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Tullow Oil Financial Valuation Multiples

As of January 19, 2026, Tullow Oil has market cap of $144M and EV of $2.4B.

Equity research analysts estimate Tullow Oil's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Tullow Oil has a P/E ratio of 2.8x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$144M	XXX	$144M	XXX	XXX	XXX
EV (current)	$2.4B	XXX	$2.4B	XXX	XXX	XXX
EV/Revenue	2.7x	XXX	2.7x	XXX	XXX	XXX
EV/EBITDA	4.0x	XXX	4.0x	XXX	XXX	XXX
EV/EBIT	7.7x	XXX	7.7x	XXX	XXX	XXX
EV/Gross Profit	7.0x	XXX	n/a	XXX	XXX	XXX
P/E	2.8x	XXX	2.8x	XXX	XXX	XXX
EV/FCF	87.1x	XXX	87.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Tullow Oil Margins & Growth Rates

Tullow Oil's last 12 month revenue growth is -4%

Tullow Oil's revenue per employee in the last FY averaged $5.2M, while opex per employee averaged -$36K for the same period.

Tullow Oil's rule of 40 is 49% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tullow Oil's rule of X is 60% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Tullow Oil Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	-4%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	69%	XXX	69%	XXX	XXX	XXX
EBITDA Growth	-2%	XXX	-27%	XXX	XXX	XXX
Rule of 40	49%	XXX	66%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	60%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$5.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	-$36K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	-1%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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