Elite Resources, Inc
How we got $10.7M
Based on its 3 employees and its payroll, both reported for PPP in 2020 and brought up to date.
Estimated value over time
▲ 29% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
What we know
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| ELITE RESOURCES, INC this business | $9.4M | — |
| SPESS OIL COMPANY Cleveland · 46 employees | $168.0M | 0.1 mi |
| BD OPERATING LLC Cleveland · 1 employees | $4.6M | 0.1 mi |
| BSO, INC. Cleveland · 8 employees | $32.5M | 0.1 mi |
| JACK BARTON SELLERS ESTATE Cleveland · 3 employees | $13.9M | 0.9 mi |
| CARNES PETROLEUM CORPORATION Cleveland · 2 employees | $8.3M | 0.9 mi |
| RALSTON FARMERS FUEL AND OIL, INC. Cleveland · 15 employees | $55.6M | 1.7 mi |
The full calculation
| Employees reported to the SBA | 3 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $11.8M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $5.7M |
| Estimate: the two combined (geometric mean) | $9.4M |
| EBITDA margin (industry, adjusted for size) | 24% |
| EBITDA = revenue × margin | $2.3M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $10.7M |
| Multiple for this size and industry | 4.7× |
| Value range | $5.6M – $14.7M |
| Revenue range | $6.2M – $10.7M |
| EBITDA range | $1.5M – $2.6M |
| Industry (NAICS) | Crude Petroleum Extraction (211120) |
Low confidence: the employee-based and payroll-based estimates differ by more than 2×.
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
History & advisors
Advisors
- BankingInternational Bank of CommercePPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| International Bank of Commerce PPP 2020, PPP 2021 | All 442 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 5/15/2020 | first | $30K | 2 |
| 1/20/2021 | second | $31K | 3 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Elite Resources, Inc
Elite Resources, Inc is a crude petroleum extraction company in Cleveland, Oklahoma. It is owned by Cullen McCowan (Contact). Its estimated annual revenue is about $9.4M, with roughly $2.3M of EBITDA. It has about 3 employees. Its estimated business value is $10.7M (likely range $5.6M–$14.7M).
Common questions
- Who owns Elite Resources, Inc?
- Elite Resources, Inc is owned by Cullen McCowan (Contact), according to public sources such as the company's website or filings.
- How much revenue does Elite Resources, Inc make?
- SeeBITDA estimates Elite Resources, Inc's annual revenue at about $9.4M (likely between $6.2M and $10.7M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Elite Resources, Inc worth?
- About $10.7M, roughly 4.7× its estimated EBITDA of $2.3M, typical for a crude petroleum extraction company its size. Likely range: $5.6M–$14.7M.
- How many employees does Elite Resources, Inc have?
- About 3, as reported on its PPP loan.