Blue Dolphin Energy Company (BDCO) AI Stock Analysis

• Market Cap: $18.95M
• Dividend Yield: N/A
• Average Volume (3M): 5.40K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.28
• Revenue Growth: -18.64%
• EPS Growth: -300.22%
• Country: US
• Employees: 116
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): -0.31
• Shares Outstanding: 14,921,968
• 10 Day Avg. Volume: 2,828
• 30 Day Avg. Volume: 5,402
• PEG Ratio: 0.03
• Price to Book (P/B): 1.07
• Price to Sales (P/S): 0.11
• P/FCF Ratio: -2.25
• Enterprise Value/Market Cap: 2.68
• Enterprise Value/Revenue: 0.18
• Enterprise Value/Gross Profit: 7.03
• Enterprise Value/Ebitda: -38.32
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $1.00 ▼(-26.47% Downside)

The score is held down primarily by weak financial performance, driven by the shift to losses and negative cash flow in 2024 and TTM 2025 alongside meaningful leverage. Technicals also pressure the score, with the stock trading below major moving averages and negative MACD. Valuation offers limited support because the negative P/E reflects ongoing losses and no dividend yield is indicated.

Positive Factors

Revenue diversification via midstream services

Having both upstream production and fee‑based midstream services creates a more resilient business mix. Pipeline and storage fees offer steadier, contractable cash flows that reduce pure commodity exposure and can stabilize revenue and utilization over multiple quarters.

Balance sheet contraction / debt reduction

The reported reduction in total debt and assets suggests active balance‑sheet cleanup. Sustained deleveraging improves financial flexibility, lowers interest burden and reduces refinancing risk, supporting longer‑term stability if the trend continues.

Gross margin improvement in TTM

An improving gross margin indicates better cost control or stronger product pricing capture at the operating level. If maintained, this structural improvement is a prerequisite for restoring operating profits and durable cash generation over the medium term.

Negative Factors

Shift from profits to sustained losses

The company’s earnings power has materially weakened, with recurring losses and negative operating results. Continued unprofitability erodes equity, limits reinvestment, and heightens dependency on external capital, threatening long‑term viability absent a recovery.

Negative operating and free cash flow

Persistent negative operating and free cash flow implies ongoing cash burn and reliance on outside funding or asset sales. This structural cash deficit constrains capex, maintenance, and strategic investments, and increases refinancing and liquidity risk over months.

Meaningful leverage relative to equity

High leverage in a cyclical refining and production business reduces resilience to commodity shocks and margin pressure. It limits strategic optionality, raises interest costs, and elevates default or covenant risk if profits and cash flows do not recover.

Blue Dolphin Energy Company Business Overview & Revenue Model

Company Description

Blue Dolphin Energy Company engages in the refining and marketing of petroleum products in the United States. The company operates in two segments, Refinery Operations; and Tolling and Terminaling. It produces finished products, including jet fuel, as well as various intermediate products, such as naphtha, heavy oil-based mud blendstock, and atmospheric gas oil; and conducts tolling and terminaling services for third parties at the Nixon facility. The company was incorporated in 1986 and is headquartered in Houston, Texas. Blue Dolphin Energy Company is a subsidiary of Lazarus Energy Holdings, LLC.

How the Company Makes Money

BDCO generates revenue primarily through the sale of crude oil and natural gas extracted from its operational sites. The company has established contracts with various refineries and energy companies, ensuring a steady stream of income from the sale of its products. Additionally, BDCO earns revenue from its midstream services, which include transportation and storage fees charged to third parties for moving hydrocarbons through its pipeline infrastructure. Key partnerships with industry stakeholders, such as joint ventures with larger energy firms, also contribute to its earnings by providing access to additional resources and markets, enhancing operational capabilities, and sharing technological advancements.

Blue Dolphin Energy Company Financial Statement Overview

Summary

Blue Dolphin Energy Company exhibits a volatile financial performance, with significant swings in revenue and profitability. The balance sheet is heavily leveraged, posing financial stability risks, although there is some improvement in equity. Cash flow challenges indicate potential issues in liquidity management, requiring strategic improvements to stabilize the company's financial health.

Income Statement

The company has experienced significant volatility in its revenue and profitability. Revenues have fluctuated considerably, with a notable decline in the most recent year. The gross profit and net profit margins have been inconsistent, demonstrating both strong and weak operating periods. The EBIT and EBITDA margins were negative in the latest year, indicating operating difficulty.

Balance Sheet

The balance sheet shows a high level of debt, reflected in a fluctuating debt-to-equity ratio, which indicates financial leverage risk. However, there has been an improvement in stockholders' equity in recent years, suggesting some recovery. The equity ratio indicates a moderate level of equity financing relative to total assets, but the high debt level remains a concern.

Cash Flow

Free cash flow has been negative in the most recent year, and there is a significant drop in operating cash flow. The company's ability to generate cash relative to net income has weakened, showing challenges in converting profits into cash. This is a potential risk for sustaining operations and managing debt obligations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	285.36M	317.52M	396.05M	487.50M	300.82M	174.81M
Gross Profit	7.23M	3.89M	44.68M	46.07M	914.00K	-2.05M
EBITDA	-1.33M	-1.29M	39.49M	42.02M	-3.86M	-4.99M
Net Income	-8.06M	-8.64M	31.01M	32.89M	-19.04M	-14.46M
Balance Sheet
Total Assets	55.73M	101.90M	106.08M	83.90M	66.31M	69.30M
Cash, Cash Equivalents and Short-Term Investments	2.32M	266.00K	18.71M	630.00K	119.00K	673.00K
Total Debt	35.37M	45.92M	48.49M	49.84M	64.20M	58.66M
Total Liabilities	3.86M	68.93M	64.48M	73.32M	89.94M	80.09M
Stockholders Equity	28.81M	32.96M	41.60M	10.59M	-23.63M	-10.79M
Cash Flow
Free Cash Flow	-2.09M	-15.72M	19.90M	16.17M	-6.06M	-4.99M
Operating Cash Flow	-1.71M	-15.67M	20.00M	16.27M	-6.06M	-3.90M
Investing Cash Flow	-382.00K	-46.00K	-102.00K	-102.00K	0.00	-1.08M
Financing Cash Flow	3.73M	-1.92M	-2.71M	-14.71M	5.00M	5.43M

Blue Dolphin Energy Company Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.36
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDCO, the sentiment is Neutral. The current price of 1.36 is below the 20-day moving average (MA) of 1.37, below the 50-day MA of 1.46, and below the 200-day MA of 1.56, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 49.00 is Neutral, neither overbought nor oversold. The STOCH value of 46.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BDCO.

Blue Dolphin Energy Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SGU	70 Outperform	$403.96M	6.71	20.37%	6.14%	1.04%	111.69%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CAPL	54 Neutral	$799.39M	18.20	―	10.09%	-10.27%	131.17%
PBF	49 Neutral	$3.80B	-7.06	-9.47%	4.14%	-15.35%	-81.94%
CLNE	43 Neutral	$471.50M	-2.35	-31.94%	―	2.59%	-192.73%
BDCO	42 Neutral	$18.95M	-2.52	-22.26%	―	-18.64%	-300.22%
AMTX	42 Neutral	$108.57M	-0.98	―	―	-30.91%	29.09%