SDSANDRIDGE ENERGY INC
Crude Petroleum & Natural Gas
- Revenue
- $156M
- 25% YoY
- Operating margin
- 39.0%
- 47% YoY
- EBITDA
- $104M
- 58% YoY
- Market cap
- $533M
- Employees
- 102
- $2M revenue each
- Net debt / EBITDA
- -1.1×
- −$113M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo143% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo22% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeNo$2M · 48th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.1× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$533M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $169M | $254M | $149M | $125M | $156M | 25% |
| Operating income | $114M | $175M | $64M | $33M | $61M | 83% |
| Net income | $117M | $242M | $61M | $63M | $70M | 11% |
| Operating cash flow | $110M | $165M | $116M | $74M | $100M | 35% |
| Capex | $12M | $44M | $26M | $26M | $59M | 122% |
| Stock-based comp | $1M | $2M | $2M | $2M | $3M | 17% |
| Buybacks | — | $0 | $0 | $233K | $6M | 2648% |
| Dividends | $0 | $0 | $82M | $72M | $16M | 78% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 22, 2025 | ICAHN CARL C | SCHEDULE 13D/A | 25.3% | Passive |
| Aug 19, 2024 | ICAHN CARL C | SC 13D/A | — | Passive |
| Sep 3, 2021 | ICAHN CARL C | SC 13D/A | — | Passive |
| Jul 28, 2021 | ICAHN CARL C | SC 13D/A | — | Passive |
| Dec 1, 2020 | ICAHN CARL C | SC 13D/A | 13.4% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 614 | 276 |
| FY2024 | — | — | 511 | 274 |
| FY2023 | — | — | 512 | 287 |
| FY2022 | — | — | 549 | 288 |
| FY2021 | — | — | 337 | 185 |