Kosmos Energy Ltd. KOS

EnergyOil & GasUnited States of America

Last close 2.47 USD on Nov 2, 2026, +172.2% year to date

Quant rating

Quant rating C Rank 71 of 167 in Energy

Growth B 55 of 167
Valuation C 110 of 167
Quality C 112 of 167
Revisions A 19 of 167
Momentum C 85 of 167

Wall Street consensus Hold (2.67)Average target 3.11 USD +26.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.5B
Enterprise value: 4.1B
52-week range: 0.84 – 3.33
3-year range: 0.84 – 7.62
Dividend yield: –
Beta (5 years): 0.79
Shares outstanding: 595M
Next earnings: Nov 2, 2026

About the company

Kosmos Energy Ltd. is a deepwater exploration and production company. The Company has diversified oil and gas production from assets offshore Ghana, Mauritania, Senegal and the Gulf of America. The Company's Ghana operations include Jubilee Field and TEN Fields. The Jubilee Field straddles both the West Cape Three Points and Deepwater Tano blocks. The Deepwater Tano Block is adjacent to the West Cape Three Points block in the Tano Basin offshore Ghana. It also has interests in EG-24, which located in the Gulf of Guinea. Its Greater Tortue Ahmeyim Project is an offshore liquified natural gas project in Mauritania and Senegal. It has the Saint Louis Offshore Profond and Cayar Offshore Profond Blocks are located in the Senegal River Cretaceous petroleum system. Its key fields in the Gulf of America include Odd Job, Tornado, Kodiak, Winterfell and Tiberius. It is an operator for the petroleum contract covering Block 5, offshore Sao Tome and Principe in the Gulf of Guinea.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,288	1,675	1,702	2,245	1,332	–
Revenue growth	−23.1%	−1.5%	−24.2%	68.6%	65.7%	9.9%
EPS (basic, normalized)	−0.73	0.42	0.79	1.00	−0.06	–
EPS growth	–	−46.8%	−21.0%	–	–	–
Gross margin	45.0%	68.3%	77.1%	82.0%	74.0%	69.3%
Net margin	−54.3%	11.3%	12.5%	10.1%	−5.8%	−5.2%
ROE	−80.9%	17.0%	23.5%	34.4%	−16.1%	−4.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	104
Current ratio	0.59x
Long-term debt (mil)	2,527
Net debt (mil)	2,643
Total equity (mil)	669
Net debt / equity	3.95x
Net debt / EBITDA	4.87x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,288	−23.1%	3.2x	543	−50.8%	7.6x	−0.73	−273.8%	−3.4x
2026	1,921	+49.1%	2.1x	1,175	+116.5%	3.5x	0.28	+137.9%	8.9x
2027	1,638	−14.7%	2.5x	1,063	−9.6%	3.9x	0.32	+17.2%	7.6x
2028	1,627	−0.7%	2.5x	1,081	+1.7%	3.8x	0.32	−2.7%	7.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,921	+10.3%	+15.9%	+16.0%	0.28	+139.4%	+80.8%	+343.8%
2027	1,638	+5.1%	+3.4%	+4.0%	0.32	+32.5%	+41.6%	+311.6%
2028	1,627	+0.4%	−0.3%	−0.1%	0.32	−12.4%	−4.8%	+39.1%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	419	451	408	398	290	394	311	296	371	617
Sales mean (mil)	415	436	407	387	318	405	354	319	420	483
Surprise	+1.0%	+3.3%	+0.1%	+2.7%	−8.7%	−2.9%	−12.1%	−7.2%	−11.7%	+27.7%
EPS reported	0.21	0.17	0.08	−0.03	−0.22	−0.19	−0.15	−0.16	−0.07	0.11
EPS mean	0.15	0.12	0.08	−0.01	−0.08	−0.04	−0.13	−0.13	0.04	0.09
Surprise	+36.7%	+37.5%	0.0%	−154.2%	−159.6%	−383.1%	−15.6%	−24.3%	−261.6%	+16.0%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KOS Kosmos Energy Ltd.	1.5B	4.87x	−54.3%	2.08x	8.9x	7.6x	3.5x	3.9x
EQNR Equinor ASA	111.4B	0.15x	4.8%	2.43x	8.0x	9.7x	2.0x	2.3x
XOM Exxonmobil Holdings Corp	732.9B	0.43x	8.9%	2.76x	13.5x	14.2x	7.5x	7.7x
CVX Chevron Corporation	444.4B	0.85x	6.7%	2.37x	12.7x	14.2x	6.5x	7.0x
COP ConocoPhillips	176.4B	0.62x	12.8%	2.70x	13.1x	14.1x	5.6x	5.9x
BP BP PLC	126.2B	1.17x	0.4%	2.03x	6.1x	9.1x	3.1x	3.8x
Mean		1.35x	−3.5%	2.39x	10.4x	11.5x	4.7x	5.1x
Median		0.74x	5.7%	2.40x	10.8x	11.9x	4.6x	4.9x

Technical analysis

1M−1.6%
3M−8.2%
1Y+57.3%
3Y−67.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Kosmos Energy Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,288	1,675	1,702	2,245	1,332	804
Cost of revenue	709	531	390	403	346	338
Gross profit	579	1,145	1,312	1,842	986	466
Selling, general & administrative expenses	76.1	100	99.5	101	91.5	72.1
Research & development	224	120	42.3	134	65.4	84.6
Depreciation/amortization	557	457	445	498	467	486
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	175	23.8	237	448	29.8	184
Other operating expenses	16.1	18.8	13.4	−4.4	−5.1	26.3
Operating income	−468	425	474	665	337	−387
Net interest income (expense)	−170	−75.8	−102	−382	−382	−122
Gain (loss) on sale of assets	2.2	0	0	50.5	1.6	92.2
Other non-operating income (expense)	1.1	0.2	−0.1	3.9	0.3	0
Net income before taxes	−635	350	372	337	−43.4	−417
Provision for taxes	65.2	160	158	111	34.5	−5.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−700	190	214	227	−77.8	−412
Extraordinary items	–	–	–	–	–	–
Net income	−700	190	214	227	−77.8	−412
EBIT, normalized	−293	449	711	1,113	367	−49.4
EBITDA, normalized	272	915	1,166	1,622	845	446
Basic EPS, normalized	−0.73	0.42	0.79	1.00	−0.06	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Kosmos Energy Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	91.5	85.0	95.3	183	132	149
Receivables	103	165	121	120	178	78.8
Total inventory	173	171	152	134	165	129
Prepaid expenses	12.4	16.4	46.2	24.7	18.9	27.9
Other current assets	47.8	8.9	8.3	7.3	48.7	15.6
Total current assets	428	446	423	469	542	400
Property, plant & equipment	3,744	4,457	4,174	3,859	4,202	3,341
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	2.7	0.5	1.6	1.7	1.0	1.0
Note receivable	459	385	325	236	191	117
Other long-term assets	63.4	20.4	14.2	15.2	5.0	8.1
Total assets	4,697	5,309	4,938	4,580	4,941	3,868
Liabilities
Accounts payable	203	350	249	212	184	221
Payable/accrued	–	–	–	–	–	–
Accrued expenses	221	192	190	192	162	148
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	132	–	0	30.0	30.0	7.5
Other current liabilities	16.2	53.1	116	140	155	82.8
Total current liabilities	572	595	555	574	531	460
Long-term debt	2,921	2,745	2,391	2,196	2,590	2,104
Minority interest	–	–	–	–	–	–
Other liabilities	675	769	960	1,022	1,290	863
Total liabilities	4,168	4,109	3,906	3,792	4,411	3,427
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	5.2	5.2	5.0	5.0	5.0	4.5
Additional paid-in capital	2,543	2,515	2,537	2,506	2,474	2,307
Retained earnings (accumulated deficit)	−1,782	−1,082	−1,272	−1,486	−1,712	−1,635
Treasury stock	−237	−237	−237	−237	−237	−237
Other equity	0	0	0	0	0	0
Total equity	529	1,200	1,032	788	529	440
Total liabilities & shareholders' equity	4,697	5,309	4,938	4,580	4,941	3,868

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Kosmos Energy Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−700	190	214	227	−77.8	−412
Depreciation, depletion & amortization	565	465	455	509	478	495
Deferred taxes	−6.7	−52.2	−108	−197	−69.2	−42.6
Non-cash items	345	119	270	442	111	148
Changes in working capital	−69.4	−43.9	−66.0	151	−67.4	6.8
Cash from operations	134	678	765	1,130	374	196
Investing activities
Capital expenditures	−314	−934	−933	−809	−938	−380
Other investing cash flows	−86.8	−32.4	−62.2	106	−35.4	34.0
Cash from investing	−401	−966	−995	−704	−973	−346
Financing activities
Financing cash flow items	−0.3	−86.4	−13.2	−6.3	−24.6	44.1
Cash dividends paid	0	0	−0.2	−0.7	−0.5	−19.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	300	361	155	−408	649	45.1
Cash from financing	300	274	142	−415	624	69.9
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	32.5	−13.5	−88.1	11.9	25.1	−79.6
Free cash flow	−180	−255	−167	321	−564	−183

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.