Kosmos Energy Ltd
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The fields are real and the second quarter of 2026 was strong — but here the balance sheet decides the quality question. Interest coverage below 1 is documented: earnings before interest and taxes did not cover interest costs in 2025 or in the twelve months to June 2026, the covenants were loosened twice and, according to the report, met in their loosened form, and debt is almost four times equity. The filings contain no going-concern warning; liquidity stood at more than $500 million as of June 30, 2026. If you are waiting, check the quarterly report as of Sept. 30, 2026: Did Kosmos meet the loosened 4.25x limit at that test date, how close is the ratio to the 3.5x that applies afterwards, does the bank facility refinancing succeed, and how much do the hedges cost? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Kosmos Energy is the leverage trap in its purest form: the stock rose from a closing low of $0.87 (Dec. 26, 2025) to $3.27 (May 4, 2026), carried by higher oil prices, more production and a quarter with $184.8 million of net income. Underneath sit $2,719.7 million of debt against $704.9 million of equity, earnings before interest and taxes that did not cover interest in 2025, covenants loosened twice and a share offering that increased the share count by 24 percent. Not investment advice.
Production base & projects
About 71,400 barrels of oil equivalent per day in the second quarter of 2026 (up 12 percent); new Jubilee wells and the Greater Tortue LNG project (18.5 gross cargos in the first half of 2026) support production; proved reserves of 249 million barrels of oil equivalent as of Dec. 31, 2025.
Earnings power
Heavily dependent on oil prices: since 2019, profits only in 2022 through 2024, a $699.8 million loss in 2025 (including a $177.6 million impairment and $223.6 million of exploration expense); in the second quarter of 2026, by contrast, $184.8 million of net income and $88.9 million of free cash flow.
Leverage & interest coverage
$2,719.7 million of debt against $704.9 million of equity (June 30, 2026). Earnings before interest and taxes did not cover interest in 2025 (about −$411 million versus $223.4 million) or in the twelve months to June 30, 2026 (our calculation about −$206 million versus $229.3 million).
Covenants & refinancing
Lenders loosened the debt cover ratio in July 2025 and February 2026, and in March 2026 the test even excluded the LNG business; after Sept. 30, 2026, 3.5x applies again. The bank facility ($773 million drawn) is to be refinanced by the fourth quarter of 2026; $718.9 million comes due in 2028.
Shareholder base & dilution
Share offering in March 2026: 112.1 million shares at $1.90, 21 percent below the last price, proceeds used to repay debt; share count up 24 percent to 595.5 million. The accumulated deficit since inception stands at $1,823.1 million.
Worth Noting
Kosmos Energy made our research list through the in-house Reddit hype scanner (flagged in October 2026). The latest periodic report is the 10-Q as of June 30, 2026 (filed Aug. 3, 2026); all current reports through Sept. 21, 2026 have been reviewed. The quarterly report as of Sept. 30, 2026 was not yet available on Oct. 15, 2026.
Market value (about $1.61 billion) calculated from 595,487,651 shares (as of July 30, 2026) and the closing price of Oct. 14, 2026 ($2.71); cross-check: the last price cited in a filing ($2.41 on March 10, 2026, 424B5 prospectus supplement) is of the same order of magnitude. Enterprise value = market value plus net debt of $2,563.4 million (excluding the $73.2 million lease liability for the TEN production vessel).
Earnings before interest and taxes (EBIT) are our own calculation from the SEC filings: 2025 pre-tax loss of −$634.6 million plus interest expense of $223.4 million; twelve months to June 30, 2026 pre-tax loss of −$435.4 million plus interest expense of $229.3 million. EBITDAX ($789.7 million) is a company measure without a U.S. GAAP definition. Note: the filings call the U.S. Gulf the “Gulf of America.”
The analyst ratings (13 ratings, average price target about $3.01, as of Oct. 15, 2026) are a third-party figure for context, not a price target of ours.
Stock Watch
This analysis is as of October 15, 2026. Stock Watch will tell you what's changed at KOS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.87 $ to 3.30 $ · Last price: 2.30 $ (As of: November 4, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/05/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas E&P
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Kosmos Energy Ltd KOS | 1.4 | – | 12.4 | 61.6 | – | -22.5 | 52.0 |
| ConocoPhillips COP | 166.8 | 23.4 | 7.0 | 47.6 | 22.1 | 7.5 | 60.7 |
| EOG Resources Inc EOG | 78.9 | 14.5 | 6.5 | 62.6 | 37.9 | -3.5 | 51.6 |
| Occidental Petroleum Corporation OXY | 57.0 | 75.1 | 5.3 | 73.3 | 17.7 | -20.3 | 50.6 |
| Diamondback Energy Inc FANG | 51.4 | 186.6 | 5.8 | 72.4 | 5.8 | 36.3 | 39.4 |
| Devon Energy Corporation DVN | 50.5 | 12.2 | 7.6 | 50.3 | 6.9 | 7.8 | 48.8 |
| EQT Corporation EQT | 33.0 | 10.3 | 5.8 | 80.8 | 57.4 | 73.7 | -1.7 |
| Expand Energy Corporation EXE | 20.8 | 6.4 | 3.7 | 47.1 | 34.0 | 176.0 | -16.5 |
| Texas Pacific Land Corporation TPL | 19.4 | 39.3 | 30.6 | 93.3 | 77.2 | 13.1 | 8.4 |
| Median of companies shown | 50.5 | 18.9 | 6.5 | 62.6 | 28.0 | 7.8 | 48.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 310 | -254 | -284 | -0.74 | 52 | 1,081 | 3,341 |
| 2017 | 578 | -87 | -223 | -0.57 | 237 | 897 | 3,193 |
| 2018 | 887 | -76 | -94 | -0.23 | 260 | 941 | 4,088 |
| 2019 | 1,499 | 830 | -56 | -0.14 | 628 | 842 | 4,317 |
| 2020 | 804 | -228 | -412 | -1.02 | 196 | 440 | 3,868 |
| 2021 | 1,332 | 356 | -78 | -0.19 | 374 | 529 | 4,941 |
| 2022 | 2,245 | 1,106 | 227 | 0.48 | 1,130 | 788 | 4,580 |
| 2023 | 1,702 | 719 | 214 | 0.44 | 765 | 1,032 | 4,938 |
| 2024 | 1,675 | 471 | 190 | 0.40 | 678 | 1,200 | 5,309 |
| 2025 | 1,298 | -271 | -700 | -1.46 | 134 | 529 | 4,697 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.01 | -131.10 | 398 | -21.70 | -1.70 | 176 | 14 |
| 2025: Q1 | -0.23 | -222.30 | 290 | -30.80 | -38.10 | -1 | -91 |
| 2025: Q2 | -0.18 | -247.40 | 393 | -12.90 | -22.30 | 127 | 45 |
| 2025: Q3 | -0.26 | -376.90 | 311 | -23.70 | -39.90 | -28 | -99 |
| 2025: Q4 | -0.79 | – | 297 | -25.20 | -126.80 | 35 | -35 |
| 2026: Q1 | -0.45 | – | 371 | 27.80 | -60.90 | 107 | 20 |
| 2026: Q2 | 0.31 | 272.20 | 607 | 54.70 | 30.40 | 175 | 175 |
| 2026: Q3 | -0.07 | 73.10 | 410 | 31.80 | -10.50 | 164 | 164 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.33 | 0.11 – 0.48 | 1,792 | 144.9% | 4 |
| 12/31/2027 | 0.51 | 0.41 – 0.75 | 1,660 | 55.7% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Kosmos Energy beschreibt im Geschäftsbericht für 2025, dass das Unternehmen zunehmend künstliche Intelligenz, maschinelles Lernen und automatisierte Entscheidungsverfahren für interne Abläufe und betriebliche wie strategische Entscheidungen einsetzt und dafür ein bereichsübergreifendes KI-Komitee eingerichtet hat; Umsatz erzielt Kosmos aber ausschließlich mit dem Verkauf von Öl, Gas und Flüssiggas, nicht mit KI. Belegt ist damit operativer KI-Einsatz ohne KI-Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„Our business increasingly utilizes artificial intelligence (“AI”), machine learning, and automated decision making to improve our internal processes and support operational and strategic decisions."
Unser Geschäft nutzt zunehmend künstliche Intelligenz („KI“), maschinelles Lernen und automatisierte Entscheidungsfindung, um unsere internen Prozesse zu verbessern und betriebliche wie strategische Entscheidungen zu unterstützen.
10-K · 2026-03-02 · View SEC filing
„We have established an internal, cross-functional AI committee to oversee and guide our AI strategy including evaluating the costs, benefits, risks, and opportunities associated with the use of AI tools in our business and recommending mitigation measures, as well as developing and implementing an AI use policy across the Company."
Wir haben ein internes, bereichsübergreifendes KI-Komitee eingerichtet, das unsere KI-Strategie überwacht und steuert – einschließlich der Bewertung von Kosten, Nutzen, Risiken und Chancen des Einsatzes von KI-Werkzeugen in unserem Geschäft und der Empfehlung von Gegenmaßnahmen – sowie eine unternehmensweite KI-Nutzungsrichtlinie entwickelt und umsetzt.
10-K · 2026-03-02 · View SEC filing
Filings Reviewed: 10-Q 2026-08-03 · 10-Q 2026-05-05 · 10-Q 2025-11-04 · 10-Q 2025-08-04 · 10-K 2026-03-02 · 10-K 2025-02-24
Rated on October 15, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -16.7%
- More than 10% revenue growth is expected for the coming year -6.9%
- Share count grows by less than 3% a year 0.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -36.4%
- Gross margin at 40% or higher and without meaningful erosion -14.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 1,874 m
- Return on capital at 15% or higher, or up versus two years ago -6.6%
- Insiders hold at least 10% or are net buyers 2.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 17.2%
- Exp. sales growth 3Y > 5% 13.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 13.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -132.4%
- ROCE > 15% -6.6%
- Expected return > 10% -1.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Kosmos Energy Ltd., ein Tiefwasser-Explorations- und Förderunternehmen, beschäftigt sich mit der Exploration, Erschließung und Förderung von Öl- und Erdgasvorkommen.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 216
- Headquarters
- Dallas, TX
- Address
- 8176 Park Lane, 75231 Dallas, United States
- Phone
- 214 445 9600
- Website
- kosmosenergy.com
- IPO Date
- 05/11/2011
- ISIN
- US5006881065
Management
| Name | Title | Birth Year |
|---|---|---|
| Andrew G. Inglis | Chairman & CEO | 1959 |
| Neal D. Shah | Senior VP, Chief Commercial Officer & CFO | 1986 |
| Josh R. Marion | Senior VP, General Counsel & Corporate Secretary | 1983 |
| Ronald W. Glass | VP & Chief Accounting Officer | 1979 |
| Jamie Buckland | Vice President of Investor Relations | – |
| Todd Niebruegge | Senior VP & Head of Mauritania -Senegal business unit | – |
| Joseph Rexford Mensah | Senior VP & Head of Ghana Business Unit | 1955 |
| Tommy Fulford | Senior VP & Head of the Gulf of Mexico Business Unit | – |
| John Shinol | Senior VP & Chief Geoscientist | – |
| Julian Austin | Senior Vice President of HSE, Facilities & Production | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 11/02/2026 Kosmos Energy Ltd. (KOS): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant SEC ↗
- 11/02/2026 Kosmos Energy Ltd. (KOS): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/21/2026 Kosmos Energy Ltd. (KOS): Regulation FD Disclosure SEC ↗
- 09/08/2026 Kosmos Energy Ltd. (KOS): Regulation FD Disclosure SEC ↗
- 08/03/2026 Kosmos Energy Ltd. (KOS): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: November 4, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.