Invesco DB Oil Fund (DBO) stock analysis
Close on Nov 12, 2026Market cap $284.38MP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak8 of 30 checks passed
Invesco DB Oil Fund passes 8 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 0/6
- Past performance
- 1/6
- Financial health
- 5/6
- Dividend
- 1/6
What stands out
Trading below fair value
The share price of $22.90 is below our fair value estimate of $23.51.
No debt
Invesco DB Oil Fund has no borrowings on its latest balance sheet.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.
What to watch
Margin of safety under 20%
The price is 2.6% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 73.4% over the last twelve months and averaged 13.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 2.5%, below the 10% that usually covers the cost of capital.
P/B above the industry
Invesco DB Oil Fund's price-to-book of 1.06 is above the Commodity Contracts Brokers and Dealers median of 0.94.
Valuation1/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
Invesco DB Oil Fund's price-to-book of 1.06 is above the Commodity Contracts Brokers and Dealers median of 0.94.
Trading below fair value
The share price of $22.90 is below our fair value estimate of $23.51.
Margin of safety under 20%
The price is 2.6% below fair value, less than the 20% cushion we look for.
Growth0/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance1/6
Return on equity under 15%
Return on equity was 73.4% over the last twelve months and averaged 13.5% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 2.5%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Invesco DB Oil Fund's return on equity of 73.4% is above the Commodity Contracts Brokers and Dealers median of 2.2%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health5/6
No debt
Invesco DB Oil Fund has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Low bankruptcy risk
The Altman Z-score is 1142.05; above 3 is the safe zone and below 1.8 the distress zone.
Dividend1/6
Pays a dividend
Invesco DB Oil Fund paid dividends worth 1.9% of the share price over the last twelve months.
Yield below Treasuries
The 1.9% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Invesco DB Oil Fund yields 1.9%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$23.51
The share price is 3% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| EV/EBITDA | 30.0× | – | 40.3× | $18.61 | 70% |
| Earnings power | 7.4% cost of equity | – | – | $34.94 | 30% |
| Fair value | $23.51 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $16.44M
- Value traded per 1% price move
- $5.98M
Downside
Medium risk
- Typical loss in a bad month
- 19.8%
- Volatility (annualized)
- 43%
- Sharpe ratio, 1 year
- 1.65
- Beta to the S&P 500 (5Y)
- 0.12
Typical bad-month loss, week by week
Margins need revenue and profit figures
This company does not report the lines needed to calculate margins.
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Operating income | -31.3% | +46.6% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 11.1% | 12.7% | -9.3% | |
| Return on assets | 11.1% | 12.7% | -9.3% | |
| Interest coverage | -75.9× | -62.1× | – |
Cash use needs five years of cash flow figures
Invesco DB Oil Fund does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$19.42M
- Cash generatingOperating cash flow above zero-$13.17M
- Return on assets improvedROA up on the prior year8.0% → -9.1%
- Earnings backed by cashOperating cash flow above net income-$13.17M vs -$19.42M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose– → –
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