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United States 12 Month Oil Fund, LP

USL Clue Score56
United States Fiscal year ends December CIK 0001405528
$61.03 +1.25% Close, 13 Oct 2026
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Price $61.03 +111.27% Close, 13 Oct 2026

Closing prices at the end of each trading day, from 14 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue30.2Net income29.4Fiscal year 2017Revenue2.7 −91.2%Net income1.7 −94.1%Fiscal year 2018Revenue−4.9 −283.2%Net income−5.5 −419.9%Fiscal year 2019Revenue14.9Net income14.4Fiscal year 2020Revenue110.3 +638.7%Net income108.7 +653.2%Fiscal year 2021Revenue94.9 −13.9%Net income93.3 −14.1%Fiscal year 2022Revenue39.4 −58.5%Net income38.4 −58.9%Fiscal year 2023Revenue0.6 −98.6%Net income−0.1 −100.1%Fiscal year 2024Revenue5.7 +929.5%Net income5.1Fiscal year 2025Revenue−5.3 −194.0%Net income−5.8 −214.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 30.2 2.7 −4.9 14.9 110.3 94.9 39.4 0.6 5.7 −5.3
Growth −91.2% −283.2% +638.7% −13.9% −58.5% −98.6% +929.5% −194.0%
Net income 29.4 1.7 −5.5 14.4 108.7 93.3 38.4 −0.1 5.1 −5.8
Growth −94.1% −419.9% +653.2% −14.1% −58.9% −100.1% −214.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin97.3%Fiscal year 2017Net margin64.9%Fiscal year 2018Net margin113.4%Fiscal year 2019Net margin96.7%Fiscal year 2020Net margin98.6%Fiscal year 2021Net margin98.3%Fiscal year 2022Net margin97.3%Fiscal year 2023Net margin−10.3%Fiscal year 2024Net margin89.1%Fiscal year 2025Net margin108.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 97.3% 64.9% 113.4% 96.7% 98.6% 98.3% 97.3% −10.3% 89.1% 108.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow7.2Fiscal year 2017Operating cash flow0.4Fiscal year 2018Operating cash flow13.7Fiscal year 2019Operating cash flow−5.0Fiscal year 2020Operating cash flow97.4Fiscal year 2021Operating cash flow100.0Fiscal year 2022Operating cash flow49.7Fiscal year 2023Operating cash flow−1.3Fiscal year 2024Operating cash flow3.6Fiscal year 2025Operating cash flow−3.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 7.2 0.4 13.7 −5.0 97.4 100.0 49.7 −1.3 3.6 −3.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash and securities
Fiscal year 2016Cash and securities117.4Shareholders’ equity126.4Fiscal year 2017Cash and securities83.2Shareholders’ equity91.6Fiscal year 2018Cash and securities42.7Shareholders’ equity50.8Fiscal year 2019Cash and securities45.2Shareholders’ equity55.1Fiscal year 2020Cash and securities181.6Shareholders’ equity196.5Fiscal year 2021Cash and securities99.5Shareholders’ equity137.7Fiscal year 2022Cash and securities21.0Shareholders’ equity83.3Fiscal year 2023Cash and securities23.5Shareholders’ equity66.9Fiscal year 2024Cash and securities31.9Shareholders’ equity49.4Fiscal year 2025Cash and securities31.8Shareholders’ equity36.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash and securities 117.4 83.2 42.7 45.2 181.6 99.5 21.0 23.5 31.9 31.8
Shareholders’ equity 126.4 91.6 50.8 55.1 196.5 137.7 83.3 66.9 49.4 36.6

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
97.3% 64.9% 113.4% 96.7% 98.6% 98.3% 97.3% −10.3% 89.1% 108.1%
Returns
23.2% 1.9% −10.8% 26.2% 55.3% 67.8% 46.0% −0.1% 10.2% −15.7%
20.7% 1.7% −10.8% 26.1% 49.5% 62.5% 44.0% −0.1% 10.2% −15.7%
Balance and payout
10.8% 7.8% 0.3% 0.3% 10.5% 7.7% 4.5% 0.3% 0.4% 0.5%