Start here if you're new
what it is
Blue Dolphin runs a small refinery and tank yard in Nixon, Texas, then charges others to move and store fuel.
how it gets paid
Last year Blue Dolphin Energy made $318M in revenue. Refined product sales was the main engine at $175M, or 55% of sales.
what just happened
Blue Dolphin posted $211M of quarterly revenue, but EPS was still -$0.28.
At a glance
C balance sheet — red flag territory — real financial stress
10/100 earnings predictability — expect surprises
67.2% return on capital — a money-printing machine
-$0.58 fy2024 eps est
$2B fy2026 rev est
xvary composite: 19/100 — weak
What they do
Blue Dolphin runs a small refinery and tank yard in Nixon, Texas, then charges others to move and store fuel.
Blue Dolphin owns the Nixon, Texas refinery, storage tanks, and crude tower. If you want your barrels moved, this site does the job. Return on capital → profit for each dollar tied up → 67.2% says the asset base still earns hard, while long-term debt is only $4M, or 11% of capital.
How they make money
$318M
annual revenue
Refined product sales
$175M
Tolling fees
$55M
Terminaling services
$45M
Storage and handling
$30M
Other service revenue
$13M
The products that matter
crude oil processing
Nixon Refinery
$285M trailing revenue
this single facility generated the company’s $285M in trailing revenue. if it is down, your revenue engine is down with it.
single asset
wholesale fuel sales
Gasoline & Diesel
2.5% gross margin
these sales drive the business, but gross margin is only 2.5%. in human-speak: the company keeps about 2.5 cents of every $1 before overhead, interest, and everything else show up.
thin margin
Key numbers
$318M
annual revenue
That is huge next to a $32M market cap.
67.2%
return on capital
That says the Nixon assets still pull hard profit for each dollar tied up.
3.7%
gross margin
That leaves almost no cushion if crude or operating costs rise.
$4M
long-term debt
The debt load is small, but it still matters in a microcap.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $4M (11% of capital)
C — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BDCO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Blue Dolphin posted $211M of quarterly revenue, but EPS was still -$0.28.
Revenue was up 199% vs. prior year. Gross margin was only 3.7%, so more sales did not translate into profit.
$80M
revenue
-$0.28
eps
3.7%
gross margin
the number that mattered
The 3.7% gross margin mattered most because revenue growth did not turn into earnings.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the main risk is brutally specific: almost everything here runs through one asset, the nixon refinery. with $285M in trailing revenue tied to that setup and only a 2.5% gross margin, small operating problems do not stay small for long.
high
single-refinery concentration
the company has one core asset. any outage, accident, or maintenance issue hits the whole business at once.
puts 100% of its $285M trailing revenue at risk
high
refining spread compression
BDCO buys crude and sells fuels. if crude costs rise faster than gasoline and diesel pricing, margin gets squeezed fast.
a 2.5% gross margin leaves almost no buffer
med
continued losses and weak stability
trailing net income is -$8.1M, return on equity is -24.6%, and price stability is 5/100. that is not what resilience looks like.
more losses would keep pressure on both equity value and confidence
100% of revenue depends on one refinery, and the business keeps only 2.5 cents of gross profit per dollar before the rest of the bills arrive.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
gross margin versus 2.5%
this is the simplest operating test on the page. if gross margin does not get above 2.5%, the recovery story stays theoretical.
calendar
next earnings release
watch whether the company stays in loss territory after q3 2025’s -2.83% net margin and impairment-related hit.
operations
nixon refinery uptime
with one refinery, operating reliability is not a side issue. it is the business model.
stock action
price versus fundamentals
the stock jumped 70% last month while trailing net income stayed negative. if price keeps outrunning the business, volatility usually follows.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not trust this earnings stream to be smooth or easy to model.
price stability
5 / 100
this trades like a small, thin, high-volatility name because that is exactly what it is.
source: institutional data
Institutional activity
institutional ownership data for BDCO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive