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Baytex Energy (BTE) USD

At a glance: strengths & risks
✓Revenue growing (+55% y/y, Q2 2026)✓Profit growing (+15% y/y, Q2 2026)✓Net cash balance sheet✗Loss-making last FY✗Margins compressing (119%→52%, Q2 2026)

Sector: Oil & gas

COMM_BTE

Price chart

4.53 USDDay 1.34%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
4.53 USD · 1.34%
Market cap
3.5 bn USD

Growth

Δ revenue y/y
54.9%
Δ EBITDA y/y
-11.7%

Multiples

P/E (LTM)
—
P/B (FY)
2.0x
P/E (ann.)
6.9x
EV/EBITDA (LTM)
8.4x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
56.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-11.6%
↓ details

Liquidity

Daily turnover (listing)
72.9 mln USD

Shares: yahoo_fundamentals_timeseries/BTE

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK460.3
y/y 54.9%
146.0
y/y 290.3%
92.7
y/y -60.2%
238.8
y/y -11.7%
125.8
y/y 14.8%
166.0-82.62226.7
y/y -59.7%
1512.6
y/y -49.4%
33.1%-436.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK329.3
y/y —
-72.9
y/y —
89.9
y/y —
17.1
y/y —
-48.9
y/y —
88.8-83.82334.2
y/y —
1530.5
y/y —
-12.1%-474.2Yahoo Finance
2025-12-31FY 2025 (12M)PARTIAL—
y/y -10.0%
—
y/y —
—
y/y -1.7%
—
y/y -6.8%
—
y/y -350.1%
——2394.1
y/y -57.7%
1709.7
y/y -43.9%
-18.3%≈ 1424.2Yahoo Finance
2025-09-30Q3 2025 (3M)OK673.0
y/y —
97.5
y/y —
238.8
y/y —
336.3
y/y —
23.2
y/y —
342.9-212.45460.0
y/y —
3009.6
y/y —
1.0%1424.2Yahoo Finance
2025-06-30Q2 2025 (3M)OK297.2
y/y —
37.4
y/y —
233.0
y/y —
270.4
y/y —
109.6
y/y —
256.2-260.25522.5
y/y —
2987.1
y/y —
14.5%1535.7Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL1177.5
y/y -41.4%
—
y/y —
352.9
y/y -54.6%
386.1
y/y -7.6%
172.7
y/y —
1393.2—5665.4
y/y 2.5%
3045.3
y/y 7.4%
5.9%—Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL2010.4
y/y —
—
y/y —
776.6
y/y —
417.7
y/y —
-172.9
y/y —
960.2—5529.2
y/y —
2834.7
y/y —
——Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)7
Long-term debt (incl. LT leases)63
− Cash & equivalents506
Net debt-436

Net debt / LTM EBITDA: -1.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002023 FY2024 FY2025 H12025 q32025 q42026 q12026 q2

Year-over-year change

-60%-40%-20%0%2023 FY2024 FY2025 H12025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-500501001502023 FY2024 FY2025 q22025 q32026 q12026 q2

Net debt / cash ($ mln)

-50005001 0001 5002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.37x of reported net profit. Loss years (2023, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit0.44x1.37x—8.06x—
accruals, % of assets18.6%-6.2%-20.5%-21.5%-62.5%
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Oil & liquids share
%		Operating netback
CAD $/boe		Operating cost
CAD $/boe		Realized price
CAD $/boe		Hedged share of production
%
Q2 2026-0671 243
+11.0%		8855.33
+68.1%		13.86
−8.1%		87.13
+45.9%		50
H1 2026-0670 366
+11.2%		—45.53
+24.2%		13.43
−6.0%		73.96
+16.0%		—
Q1 2026-0369 478
+11.4%		—35.36
−12.8%		12.99
−3.5%		—60
Q4 2025-1267 2958829.3013.84——
FY 2025-1265 5288934.61
−12.8%		13.98
−2.6%		——
Q3 2025-0968 185—36.1013.55——
Q2 2025-0664 167—32.9215.0859.71—
H1 2025-0663 279—36.6714.2963.74—
Q1 2025-0362 380—40.5713.46——
FY 2024-12——39.6714.36——

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1279495/000106299326000538/exhibit99-1.htm; https://www.sec.gov/Archives/edgar/data/1279495/000127949526000006/a991-2025yepressrelease.htm; https://www.sec.gov/Archives/edgar/data/1279495/000127949526000007/a991-2025aif.htm; https://www.sec.gov/Archives/edgar/data/1279495/000127949526000040/a992-q22026mda.htm; https://www.sec.gov/Archives/edgar/data/1279495/000127949526000040/a995-q22026pressrelease.htm

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
282 mln boe (2P)
2025
Reserve life (R/P)
11.8 yrs
reserves ÷ annual output
Annual production
23.92 mln boe
2025

Proved reserves

YearReserves, mln boe (2P)
2025282

Production

YearProduction, mln boeper day, mln boe
202523.920.07

Company reports: https://www.sec.gov/Archives/edgar/data/1279495/000106299326000538/exhibit99-1.htm; https://www.sec.gov/Archives/edgar/data/1279495/000127949526000006/a991-2025yepressrelease.htm; https://www.sec.gov/Archives/edgar/data/1279495/000127949526000007/a991-2025aif.htm; https://www.sec.gov/Archives/edgar/data/1279495/000127949526000040/a992-q22026mda.htm; https://www.sec.gov/Archives/edgar/data/1279495/000127949526000040/a995-q22026pressrelease.htm

Key-commodity price — WTI Crude Oil

Current 94spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -11.6% ▼ -0.0 pp 1d

Main driver: WTI Crude Oil +45% vs LTM; revenue ×1.39 vs costs ×1.04; EBITDA 360→616; at 6.8× EV/EBITDA → -12%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+85%93.9364.8376.52+45%+18%
Henry Hub Gas (rev)+5%2.953.643.12-19%-14%
Propane (NGL) (rev)+5%0.890.750.77+19%+2%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 060
LTM EBITDA360
LTM cash costs (revenue − EBITDA)700
2 · Revenue projection
Revenue multiplier — spot×1.386 (+39%)
= Spot revenue1 469
Revenue multiplier — 3y price×1.151 (+15%)
= 3-year-price revenue1 219
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs728
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs728
4 · EBITDA projection (revenue − costs)
= Spot EBITDA741
= 3-year-price EBITDA491
Conservative EBITDA = min(spot, avg)616
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.8x
Target EV = EV/EBITDA × conservative EBITDA4 158
Net debt0
Target market cap = EV − net debt4 158
Current market cap3 468

Upside = target market cap ÷ current − 1 = -11.6%

Life of mine: 12 yrs — before haircut +19.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2021 FY1 2201 026+18.8%1 738-1 240—
2022 FY1 7871 649+8.4%1 1542 188-47.2%
2023 FY2 0101 453+38.4%418795-47.4%
2024 FY1 1781 970-40.2%386314+23.1%
2025 FY1 0601 046+1.3%360223+61.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -10% vs -41% the year before — a +31.4 pp move. 3-year CAGR -16%.
revenue growth by year: 2023 +12% · 2024 -41% · 2025 -10%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 9.3x · target 75th pct (3y) 6.8x · LTM avg 7.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal22.22.8x2.8x
LukoilRussia44.72.2x4.6x
Occidental Petroleumglobal54.55.1x5.1x
GazpromRussia32.42.8x5.8x
ConocoPhillipsglobal156.76.4x6.4x
RosneftRussia51.43.1x6.6x
Chevronglobal378.97.9x7.9x
SantosAustralia19.08.9x8.4x
TatneftRussia20.84.1x8.5x
Gazprom NeftRussia37.04.1x8.6x
Exxon Mobilglobal680.19.6x9.6x
NovatekRussia44.57.8x16.5x
Group median4.6x7.2x
Group average5.4x7.6x
This companyglobal3.58.4x8.4x

Group median 4.6x as traded, 7.2x adjusted; this company 8.4x — a 17% premium.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 11% premium.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-150.016 USDEx-dividend: 0.016 USD per sharePaidYahoo Finance (ex-div)
2026-06-150.016 USDEx-dividend: 0.016 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.016 USDEx-dividend: 0.016 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.017 USDEx-dividend: 0.017 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.016 USDEx-dividend: 0.016 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.016 USDEx-dividend: 0.016 USD per sharePaidYahoo Finance (ex-div)
2024-09-160.017 USDEx-dividend: 0.017 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.016 USDEx-dividend: 0.016 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.017 USDEx-dividend: 0.017 USD per sharePaidYahoo Finance (ex-div)
2023-12-140.017 USDEx-dividend: 0.017 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.017 USDEx-dividend: 0.017 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Baytex Energy (BTE) — from primary filings.

Frequently asked questions

What is Baytex Energy (BTE)'s EV/EBITDA?
Baytex Energy (BTE) trades at 8.4x EV/EBITDA.
What is Baytex Energy (BTE)'s P/B ratio?
Baytex Energy (BTE) trades at a P/B of 2.0x.
What is Baytex Energy (BTE)'s dividend yield?
Baytex Energy (BTE)'s trailing 12-month dividend yield is 1.1%.
What is Baytex Energy (BTE)'s return on equity (ROE)?
Baytex Energy (BTE)'s ROE is 33.1%.
What is Baytex Energy (BTE)'s market capitalization?
Baytex Energy (BTE)'s market cap is 3.5 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map