
Sector: Oil & gas
Geography: Alberta (Canada)
COMM_CJ
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-09-30 | Q3 2026 (3M) | PARTIAL | 153.5 y/y 65.0% | — y/y — | 24.4 y/y 30.3% | — y/y — | 41.5 y/y 314.7% | 70.5 | -43.0 | 1039.1 y/y 3.1% | 705.3 y/y 10.2% | 24.0% | 6.6 | Report (PDF) |
| 2026-06-30 | Q2 2026 (3M) | OK | 167.6 y/y 80.3% | 68.5 y/y 286.2% | 24.6 y/y 32.1% | 93.1 y/y 156.0% | 49.2 y/y 338.4% | 82.6 | -45.7 | 1006.6 y/y -0.4% | 681.1 y/y 3.1% | 29.3% | 29.3 | Yahoo Finance |
| 2026-03-31 | Q1 2026 (3M) | OK | 121.9 y/y 17.1% | 31.8 y/y -48.9% | 24.9 y/y 36.8% | 56.7 y/y -29.5% | 7.8 y/y -47.5% | 33.2 | -28.0 | 1001.2 y/y — | 664.1 y/y — | 4.9% | 56.2 | Yahoo Finance |
| 2025-12-31 | Q4 2025 (3M) | OK | 93.9 y/y -11.2% | -25.8 y/y — | 22.2 y/y — | -3.6 y/y — | -21.5 y/y -216.4% | 31.2 | -18.1 | 991.2 y/y 10.0% | 610.2 y/y -4.4% | 2.4% | 112.0 | Yahoo Finance |
| 2025-09-30 | Q3 2025 (3M) | OK | 93.0 y/y -14.4% | 15.8 y/y — | 18.7 y/y — | 34.5 y/y — | 10.0 y/y -45.8% | 40.3 | -19.4 | 1007.8 y/y — | 639.8 y/y — | 6.2% | 89.2 | Yahoo Finance |
| 2025-06-30 | Q2 2025 (3M) | OK | 92.9 y/y -25.1% | 17.7 y/y — | 18.6 y/y — | 36.4 y/y — | 11.2 y/y -62.3% | 31.5 | -12.8 | 1010.6 y/y — | 660.3 y/y — | — | 79.7 | Yahoo Finance |
| 2025-03-31 | Q1 2025 (3M) | PARTIAL | 104.1 y/y 0.3% | 62.2 y/y — | 18.2 y/y — | 80.4 y/y — | 14.9 y/y 19.9% | 44.7 | -9.6 | — y/y — | — y/y — | — | 11.3 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 105.7 y/y -3.3% | — y/y 10.4% | — y/y -0.3% | — y/y 5.8% | 18.5 y/y 22.6% | 38.0 | -12.1 | 901.4 y/y 0.6% | 638.2 y/y -8.1% | — | -2.9 | Yahoo Finance |
| 2024-09-30 | Q3 2024 (3M) | PARTIAL | 108.7 y/y -13.7% | — y/y — | — y/y — | — y/y — | 18.5 y/y -36.6% | 61.4 | -24.9 | — y/y — | — y/y — | — | 21.5 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | PARTIAL | 124.0 y/y 21.4% | — y/y — | — y/y — | — y/y — | 29.8 y/y 44.1% | 52.3 | -14.3 | — y/y — | — y/y — | — | 27.2 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | PARTIAL | 103.8 y/y 3.9% | — y/y — | — y/y — | — y/y — | 12.4 y/y 2.6% | 29.1 | -24.4 | — y/y — | — y/y — | — | ≈ -29.7 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 109.3 y/y — | — y/y — | — y/y — | — y/y — | 15.1 y/y — | 51.2 | -30.5 | 896.4 y/y — | 694.8 y/y — | — | -28.6 | Yahoo Finance |
| 2023-09-30 | Q3 2023 (3M) | PARTIAL | 126.0 y/y — | — y/y — | — y/y — | — y/y — | 29.1 y/y — | 43.6 | -22.5 | — y/y — | — y/y — | — | 9.3 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | PARTIAL | 102.2 y/y — | — y/y — | — y/y — | — y/y — | 20.7 y/y — | 45.6 | -15.2 | — y/y — | — y/y — | — | 9.9 | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | PARTIAL | 99.9 y/y — | — y/y — | — y/y — | — y/y — | 12.1 y/y — | 30.4 | -18.8 | — y/y — | — y/y — | — | -30.1 | Report (PDF) |
| Long-term debt (incl. LT leases) | 7 |
| − Cash & equivalents | 0 |
| Net debt | 7 |
|---|
Net debt / LTM EBITDA: 0.0x
Quarterly values ($ mln)
Year-over-year change
Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)
Net debt / cash ($ mln)
| year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| cash flow / profit | 1.11x | 2.22x | 2.29x | 9.94x |
| accruals, % of assets | -3.1% | -10.5% | -11.2% | -13.4% |
Our earnings breakdowns and investment notes on this issuer.
Physical operating metrics — supplementary, not part of the financial statements
| Year | Reserves, mln boe (2P) |
|---|---|
| 2025 | 147.60 |
| 2024 | 154.20 |
| 2023 | 118.60 |
| 2022 | 113.03 |
| 2021 | 110.39 |
| 2020 | 99.26 |
| 2019 | 108.02 |
| 2018 | 109.85 |
| 2017 | 104.71 |
| Year | Production, mln boe | per day, mln boe |
|---|---|---|
| 2025 | 7.98 +0.4% | 0.02 |
| 2024 | 7.95 +0.3% | 0.02 |
| 2023 | 7.92 +1.1% | 0.02 |
| 2022 | 7.84 +12.5% | 0.02 |
| 2021 | 6.97 +3.5% | 0.02 |
| 2020 | 6.73 −9.2% | 0.02 |
| 2019 | 7.42 −2.6% | 0.02 |
| 2018 | 7.61 +11.5% | 0.02 |
| 2017 | 6.83 +28.0% | 0.02 |
Company reports: https://cardinalenergy.ca/wp-content/uploads/2020/02/CARD_02262015.pdf; https://cardinalenergy.ca/wp-content/uploads/2020/02/CARD_02282018.pdf; https://cardinalenergy.ca/wp-content/uploads/2020/02/CARD_03052019.pdf; https://cardinalenergy.ca/wp-content/uploads/2020/02/CARD_03132017.pdf; https://cardinalenergy.ca/wp-content/uploads/2020/02/CARD_0316206.pdf; https://cardinalenergy.ca/wp-content/uploads/2020/02/CARD_03192019.pdf
Current 89spot vs LTM +34%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: -7.8% ▲ +0.0 pp 1d
Main driver: WTI Crude Oil +37% vs LTM; revenue ×1.34 vs costs ×1.04; EBITDA 109→196; at 7.3× EV/EBITDA → -8%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| WTI Crude Oil (rev) | +92% | 88.92 | 64.83 | 77.01 | +37% | +19% |
| Henry Hub Gas (rev) | +3% | 3.24 | 3.64 | 3.11 | -11% | -14% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 385 |
| LTM EBITDA | 109 |
| LTM cash costs (revenue − EBITDA) | 276 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×1.340 (+34%) |
| = Spot revenue | 516 |
| Revenue multiplier — 3y price | ×1.171 (+17%) |
| = 3-year-price revenue | 451 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.040 (+4%) |
| = Spot cash costs | 287 |
| Cost multiplier — 3y price | ×1.040 (+4%) |
| = 3-year-price cash costs | 287 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 229 |
| = 3-year-price EBITDA | 164 |
| Conservative EBITDA = min(spot, avg) | 196 |
| 5 · Valuation → target market cap | |
| Historical EV/EBITDA (75th pct) | 7.3x |
| Target EV = EV/EBITDA × conservative EBITDA | 1 436 |
| Net debt | 112 |
| Target market cap = EV − net debt | 1 324 |
| Current market cap | 1 437 |
Upside = target market cap ÷ current − 1 = -7.8%
Life of mine: 18 yrs
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2026 Q1 | 122 | 106 | +15.3% | 40 | 35 | +14.5% |
| 2026 Q2 | 168 | 140 | +20.1% | 93 | 73 | +27.5% |
| 2026 Q3 | 153 | 139 | +10.4% | — | 68 | — |
Projected EV/EBITDA 3.3x · target 75th pct (3y) 5.2x · LTM avg 7.3x
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.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| Aker BP | global | 21.9 | 2.3x | 2.3x |
| Lukoil | Russia | 43.1 | 2.5x | 4.2x |
| Tatneft | Russia | 17.1 | 2.8x | 4.8x |
| Gazprom | Russia | 33.7 | 2.9x | 4.9x |
| Occidental Petroleum | global | 58.7 | 5.0x | 5.0x |
| Rosneft | Russia | 46.2 | 3.2x | 5.4x |
| ConocoPhillips | global | 168.2 | 6.2x | 6.2x |
| Gazprom Neft | Russia | 30.7 | 4.0x | 6.8x |
| Santos | Australia | 20.0 | 9.3x | 7.4x |
| Chevron | global | 432.2 | 7.6x | 7.6x |
| Exxon Mobil | global | 701.5 | 8.7x | 8.7x |
| Novatek | Russia | 41.8 | 8.4x | 14.2x |
| Group median | 4.5x | 5.8x | ||
| Group average | 5.2x | 6.4x | ||
| This company | global | 1.4 | 7.9x | 7.9x |
Group median 4.5x as traded, 5.8x adjusted; this company 7.9x — a 37% premium.
Group average 5.2x as traded, 6.4x adjusted; against the average this company is at a 22% premium.
At the adjusted group median the market cap would be -29% versus today.
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 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-10-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-09-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-08-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-07-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-06-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-05-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-04-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-03-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-02-27 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2026-01-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-12-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-11-28 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-10-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-09-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-08-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-07-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-06-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-05-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-04-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-03-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-02-28 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2025-01-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-12-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-11-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-10-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-09-27 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-08-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-07-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-06-28 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-05-31 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-04-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-03-27 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-02-28 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2024-01-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-12-28 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-11-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-10-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-09-28 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-08-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-07-28 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-06-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-05-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-04-27 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-03-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-02-27 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2023-01-30 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2022-12-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2022-11-29 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2022-10-28 | 0.06 CAD | Ex-dividend: 0.06 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2022-09-28 | 0.05 CAD | Ex-dividend: 0.05 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2022-08-30 | 0.05 CAD | Ex-dividend: 0.05 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2022-07-28 | 0.05 CAD | Ex-dividend: 0.05 CAD per share | Paid | Yahoo Finance (ex-div) |
| 2022-06-29 | 0.05 CAD | Ex-dividend: 0.05 CAD per share | Paid | Yahoo 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 Cardinal Energy (CJ) — from primary filings.
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