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what it is
Zion Oil & Gas looks for oil and gas in Israel.
how it gets paid
Last year Znog made $0 in revenue.
what just happened
Zion posted $0 revenue and a -$0.01 EPS, because the oil still has not shown up.
At a glance
B balance sheet — gets the job done, barely
40/100 earnings predictability — expect surprises
-$0.01 fy2024 eps est
$2B fy2026 rev est
n/a operating margin
xvary composite: 40/100 — below average
What they do
Zion Oil & Gas looks for oil and gas in Israel.
There is no moat. Zion has one 75,000-acre license in Israel and 20 employees. You are buying permission to drill, not cash flow, and the company had $0 revenue on Sept. 30, 2025.
How they make money
$0
annual revenue
The products that matter
sole operational well
Megiddo-Jezreel 1 (MJ-01)
1 core well · january 2026 update
This is the only asset behind the january 2026 “gas to surface” announcement supporting a roughly $450M equity story. One well is not a portfolio. It's the thesis.
the whole thesis
exploration acreage
Megiddo-Jezreel License
99,000 acres · 100% of footprint
This 99,000-acre block is effectively the company's entire map. More acreage gives you more places to hope. It does not give you commercial revenue by itself.
all the acreage
market catalyst
Gas to surface update
january 2026 · proof of activity
The announcement matters because it is a real operating update. The catch is simple: gas to surface is not the same thing as sustained, commercial production. That gap is where the risk lives.
headline vs. cash flow
Key numbers
$0
Revenue
No sales means the stock trades on hope, not product flow.
$450M
Market cap
You are paying $450M for a business with $0 revenue.
$1M
Long debt
The balance sheet is not the main problem. The business is.
0.85
Beta
The stock has moved less than the market, even while the company itself has not sold anything.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $1M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ZNOG right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Zion posted $0 revenue and a -$0.01 EPS, because the oil still has not shown up.
EDGAR shows annual revenue of $0 and the latest quarter at $0. showed FY2024 EPS est of -$0.01, which matches the loss pattern.
$0
revenue
$0.01
eps
n/a
n/a
the number that mattered
$0 revenue is the whole story. You cannot scale a business that has not sold anything.
source: company earnings report, 2025
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What could go wrong
The first problem is obvious: a roughly $450M equity value is leaning on one core well, $0 revenue, and a january 2026 update that still needs to become commercial production.
high
commercial failure at MJ-01
One well supports the story. If MJ-01 cannot move from “gas to surface” to commercial production, the current ~$450M valuation has very little operating business underneath it.
100% of the current equity story sits here.
high
Israel geopolitical and permitting exposure
All activity is tied to Israel. Permits, field operations, and timelines can all move for reasons that have nothing to do with geology or management execution.
One geography means concentrated external risk.
med
financing risk before cash flow
With $0 revenue and ongoing exploration spending, the business depends on capital markets and investor patience to keep moving the project forward.
Pre-revenue companies rarely get to drill for free.
med
valuation reset if the $2B estimate slips
The fy2026 revenue estimate is doing a lot of narrative work. If that future starts looking smaller or later, one of the few big numbers supporting the stock gets weaker fast.
The gap between $2B expected and $0 reported is not forgiving.
What would change our mind: two consecutive quarters of reported revenue above $0 tied to commercial production from MJ-01 or another license-backed well. Until then, the bear case is simple — the business has not arrived yet.
source: institutional data · regulatory filings · risk analysis
Pay attention to
operational
MJ-01 testing results
“Gas to surface” got attention in january 2026. The next test is commercial flow, not just a more exciting headline.
risk
does revenue move off $0
This is the cleanest scorecard on the page. Until the revenue line changes, the thesis is still exploration dressed as a future operating story.
calendar
next earnings report
Estimated march 31, 2026. You are looking for cash burn, project language, and anything firmer on timing or production status.
metric
license expansion progress
The 99,000-acre license matters because it defines the company's map. The catch: acreage only earns a premium if it turns into drillable, financed results.
Analyst rankings
earnings predictability
40 / 100
in human-speak, nobody should expect clean, steady earnings from a company with $0 revenue and one core well.
balance sheet view
B
Adequate financing posture, but low debt is not the same thing as low risk when the operating business has not shown up.
source: institutional data
Institutional activity
institutional ownership data for ZNOG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$0
current price
n/a
target midpoint · n/a from current
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