USL Financials United States 12 Month Oil Fund, LP
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | -$5M | -$6M | 0.0% | 0.0% | — | — | $32M |
| 2024 | $6M | $5M | 0.0% | 0.0% | — | — | $32M |
| 2023 | $551333 | -$56520 | 0.0% | 0.0% | — | — | $24M |
| 2022 | $39M | $38M | 0.0% | 0.0% | — | — | $21M |
| 2021 | $95M | $93M | 0.0% | 0.0% | — | — | $100M |
| 2020 | $110M | $109M | 0.0% | 0.0% | — | — | $182M |
| 2019 | $15M | $14M | 0.0% | 0.0% | — | — | $45M |
| 2018 | -$5M | -$6M | 0.0% | 0.0% | — | — | $43M |
| 2017 | $3M | $2M | 0.0% | 0.0% | — | — | $83M |
| 2016 | $30M | $29M | 0.0% | 0.0% | — | — | $117M |
| 2015 | -$27M | -$28M | 0.0% | 0.0% | — | — | $61M |
| 2014 | -$18M | -$19M | 0.0% | 0.0% | — | — | $33M |
| 2013 | $6M | $6M | 0.0% | 0.0% | — | — | $59M |
| 2012 | -$9M | -$10M | 0.0% | 0.0% | — | — | $87M |
| 2011 | $4M | $3M | 0.0% | 0.0% | — | — | $124M |
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $17M | $17M | 0.0% | 0.0% | — | — | $53M |
| Dec '25 | -$2M | -$2M | 0.0% | 0.0% | — | — | $32M |
| Sep '25 | $496874 | $373725 | 0.0% | 0.0% | — | — | $35M |
| Jun '25 | -$4M | -$4M | 0.0% | 0.0% | — | — | $36M |
| Mar '25 | $460050 | $344065 | 0.0% | 0.0% | — | — | $34M |
| Dec '24 | $3M | $3M | 0.0% | 0.0% | — | — | $32M |
| Sep '24 | -$7M | -$7M | 0.0% | 0.0% | — | — | $37M |
| Jun '24 | $1M | $881001 | 0.0% | 0.0% | — | — | $41M |
| Mar '24 | $8M | $8M | 0.0% | 0.0% | — | — | $38M |
| Dec '23 | -$10M | -$10M | 0.0% | 0.0% | — | — | $24M |
| Sep '23 | $16M | $15M | 0.0% | 0.0% | — | — | $26M |
| Jun '23 | -$2M | -$2M | 0.0% | 0.0% | — | — | $33M |
| Mar '23 | -$4M | -$4M | 0.0% | 0.0% | — | — | $20M |
| Dec '22 | $9M | $9M | 0.0% | 0.0% | — | — | $21M |
| Sep '22 | -$21M | -$22M | 0.0% | 0.0% | — | — | $36M |
| Jun '22 | $9M | $9M | 0.0% | 0.0% | — | — | $64M |
| Mar '22 | $43M | $42M | 0.0% | 0.0% | — | — | $105M |
| Dec '21 | $5M | $4M | 0.0% | 0.0% | — | — | $100M |
| Sep '21 | $7M | $7M | 0.0% | 0.0% | — | — | $107M |
| Jun '21 | $41M | $41M | 0.0% | 0.0% | — | — | $144M |
Valuation over time
How the market has priced USL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 1.0× (Apr '23) to 7.6× (Dec '25).
- The price-to-sales ratio has risen from 1.0× (Mar '23) to 6.8× (Dec '25).
Frequently asked questions
Is USL growing its revenue and profit?
See the revenue and net-income charts above for United States 12 Month Oil Fund, LP's multi-year trend.
How much debt does USL have?
As of FY2025, United States 12 Month Oil Fund, LP reported — of total debt against $32M of cash.
What is USL's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin 108.1%.
What is USL's P/E ratio?
As of Jun '26, United States 12 Month Oil Fund, LP traded at a price-to-earnings ratio of about 7.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.