DAWSON GEOPHYSICAL CO
DWSN · Oil & Gas Field Exploration Services · 31.1M shares · +7%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$473K (gross $71, SBC $473K)
Grade
D52Loss-making, sub-scale onshore seismic services micro-cap with weak liquidity and high commodity dependence.
Strengths
- Positive free cash flow of $7.1M (46th pct) despite the downturn
- Improving Q4 crew utilization and margins, with Canadian operations resuming
Risks
- Negative ROE -12.3% (33rd pct) and ROA -3.5% on a loss year, with net income down 53%
- Current/quick ratio 0.81 (20th pct) and only $5.3M cash; highly cyclical oil & gas demand
- 80%-controlled by Wilks (controlled-company governance carve-outs)
Notable findings
- Weak liquidityCurrent ratio 0.81 (<1)
- Revenue declineRevenue -100.0% YoY
- China exposureWe are monitoring the military conflict between Russia and Ukraine as well as the related export controls and financial and economic sanctions imposed on certain industry sectors and parties in Russia
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-12.3%
Return on assets
-3.5%
Revenue growth (QoQ)
-100.0%
Current ratio
0.8×
Free cash flow
$7M
EBITDA
$4M
Tangible book value
$15M
Cash & investments
$5M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-12-31 | Wilks Farris | Other | 15.5M | — |
| 2025-10-27 | Mays Ray L | Grant | 100K | — |
| 2025-10-27 | Clark William Anthony | Grant | 150K | — |
| 2025-09-09 | Clark William Anthony | Grant | 550 | $1.59 |
| 2025-08-20 | Clark William Anthony | Grant | 500 | $1.40 |
| 2025-08-18 | Shaw Ian M. | Grant | 5.0K | $1.35 |
| 2025-08-18 | Mays Ray L | Grant | 1.0K | $1.38 |
| 2025-08-18 | Mays Ray L | Grant | 1.0K | $1.39 |
| 2025-08-18 | Mays Ray L | Grant | 1.1K | $1.40 |
| 2025-08-15 | Mays Ray L | Grant | 500 | $1.28 |
| 2025-08-15 | Shaw Ian M. | Grant | 5.0K | $1.28 |
| 2025-08-15 | Mays Ray L | Grant | 500 | $1.29 |
| 2025-06-13 | Clark William Anthony | Grant | 50 | $1.36 |
| 2025-06-06 | Clark William Anthony | Grant | 600 | $1.31 |
| 2025-05-20 | Krylov Sergei | Grant | 3.1K | $1.33 |
| 2025-05-20 | Mays Ray L | Grant | 3.0K | $1.33 |
| 2025-05-20 | Shaw Ian M. | Grant | 3.5K | $1.32 |
| 2025-05-19 | Shaw Ian M. | Grant | 3.6K | $1.28 |
| 2025-05-19 | Krylov Sergei | Grant | 2.6K | $1.27 |
| 2025-05-19 | Mays Ray L | Grant | 900 | $1.31 |
| 2025-05-16 | Shaw Ian M. | Grant | 2.9K | $1.28 |
| 2025-05-16 | Mays Ray L | Grant | 600 | $1.28 |
| 2025-05-16 | Krylov Sergei | Grant | 3.6K | $1.29 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (2)
- Geospace Technologies Corporation
- GTC, Inc.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-14 | ResultsExhibits | filing ↗ |
| 2026-03-31 | ResultsExhibits | filing ↗ |
| 2025-11-12 | ResultsExhibits | filing ↗ |
| 2025-11-06 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-08-12 | ResultsExhibits | filing ↗ |
| 2025-08-11 | Material agreementAcquisition/dispositionDebt obligationReg FDExhibits | filing ↗ |
| 2025-06-20 | Shareholder vote | filing ↗ |
| 2025-05-13 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-15 | 2026-03-31 | 0001104659-26-062455 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001104659-26-061182 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001104659-26-053054 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001104659-26-037886 ↗ |
| 8-K | 2026-03-31 | 2026-03-30 | 0001104659-26-037073 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001104659-25-111340 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001104659-25-110404 ↗ |
| 8-K | 2025-11-06 | 2025-10-31 | 0001104659-25-107773 ↗ |
| 10-Q | 2025-08-13 | 2025-06-30 | 0001558370-25-011393 ↗ |
| 8-K | 2025-08-12 | 2025-08-12 | 0001558370-25-011231 ↗ |
| 8-K | 2025-08-11 | 2025-08-08 | 0001558370-25-010985 ↗ |
| 8-K | 2025-06-20 | 2025-06-17 | 0001558370-25-008775 ↗ |