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Cardinal Energy (CJ) USD

At a glance: strengths & risks
✓Revenue growing (+80% y/y, Q2 2026)✓Profit growing (+338% y/y, Q2 2026)✓Margins improving (39%→56%, Q2 2026)✗Pricier than own history (EV/EBITDA 8.6 vs avg 5.8)

Sector: Oil & gas

COMM_CJ

Price chart

11.83 CADDay 0.94%

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
11.83 CAD · 0.94%
Market cap
1.5 bn USD

Growth

Δ revenue y/y
80.3%
Δ EBITDA y/y
156.0%

Multiples

P/E (LTM)
32.1x
3y avg: 30.8x
P/B (FY)
2.4x
P/E (ann.)
7.4x
EV/EBITDA (LTM)
8.6x
3y avg: 5.8x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
6.1%
FCF yield (LTM)
-2.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+55.1%
↓ details

Liquidity

Daily turnover (listing)
8.9 mln CAD

Shares: connector/market_inputs

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)OK167.6
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%
82.6-36.51006.6
y/y -0.4%
681.1
y/y 3.1%
29.3%92.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK121.9
y/y —
31.8
y/y —
24.9
y/y —
56.7
y/y —
7.8
y/y —
33.2-32.61001.2
y/y —
664.1
y/y —
4.9%119.8Yahoo Finance
2025-12-31Q4 2025 (3M)OK93.9
y/y —
-25.8
y/y —
22.2
y/y —
-3.6
y/y —
-21.5
y/y —
31.2-30.5991.2
y/y 10.0%
610.2
y/y -4.4%
2.4%175.6Yahoo Finance
2025-09-30Q3 2025 (3M)OK93.0
y/y —
15.8
y/y —
18.7
y/y —
34.5
y/y —
10.0
y/y —
40.3-30.51007.8
y/y —
639.8
y/y —
2.1%152.7Yahoo Finance
2025-06-30Q2 2025 (3M)OK92.9
y/y —
17.7
y/y —
18.6
y/y —
36.4
y/y —
11.2
y/y —
31.5-72.11010.6
y/y —
660.3
y/y —
6.9%143.3Yahoo Finance
2024-12-31FY 2024 (12M)OK444.8
y/y 1.1%
113.1
y/y 10.4%
76.5
y/y -0.3%
189.6
y/y 5.8%
78.9
y/y 2.7%
180.2-119.4901.4
y/y 0.6%
638.2
y/y -8.1%
11.8%60.7Yahoo Finance
2023-12-31FY 2023 (12M)OK440.0
y/y —
102.4
y/y —
76.7
y/y —
179.1
y/y —
76.8
y/y —
170.6-84.9896.4
y/y —
694.8
y/y —
—34.9Yahoo Finance

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

Short-term debt (incl. ST leases)1
Long-term debt (incl. LT leases)92
Net debt93

Net debt / LTM EBITDA: 0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-10001002003004002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-500501002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

0501001502002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Oil & liquids share
%		Realized price
CAD $/boe		Operating netback
CAD $/boe		Operating cost
CAD $/boe
Q2 2026-0625 636
+21.0%		92
+2.2%		99.29
+50.3%		59.76
+98.2%		20.38
−11.5%
H1 2026-0625 791
+19.4%		92
+2.2%		85.32
+20.3%		48.62
+49.2%		20.83
−12.1%
Q4 2025-1223 514
+7.3%		91
+1.1%		59.86
−18.3%		25.87
−26.6%		22.57
−0.8%
FY 2025-1221 870
+0.4%		90
+1.1%		66.85
−12.0%		29.92
−17.7%		23.47
−3.1%
Q2 2025-0621 1849066.0830.1523.04
H1 2025-0621 5939070.9132.5923.69
Q4 2024-1221 9169073.2935.2522.76
FY 2024-1221 7768975.9536.3524.23

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://cardinalenergy.ca/wp-content/uploads/2026/02/February-23-2026-Reserves-Final.pdf; https://cardinalenergy.ca/wp-content/uploads/2026/03/2025-MDA-FINAL.pdf; https://cardinalenergy.ca/wp-content/uploads/2026/03/March-12-2026-Press-Release-Q4-Final.pdf; https://cardinalenergy.ca/wp-content/uploads/2026/07/July-28-2026-Press-Release-Q2-Final.pdf; https://cardinalenergy.ca/wp-content/uploads/2026/07/Q2-2026-MDA-FINAL.pdf

Production & Reserves

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

Proved reserves
147.60 mln boe (2P)
2025
Reserve life (R/P)
18.5 yrs
reserves ÷ annual output
Annual production
7.98 mln boe
2025

Production, mln boe

7.9520247.982025

Proved reserves

YearReserves, mln boe (2P)
2025147.60

Production

YearProduction, mln boeper day, mln boe
20257.98
+0.4%		0.02
20247.950.02

Company reports: https://cardinalenergy.ca/wp-content/uploads/2026/02/February-23-2026-Reserves-Final.pdf; https://cardinalenergy.ca/wp-content/uploads/2026/03/2025-MDA-FINAL.pdf; https://cardinalenergy.ca/wp-content/uploads/2026/03/March-12-2026-Press-Release-Q4-Final.pdf; https://cardinalenergy.ca/wp-content/uploads/2026/07/July-28-2026-Press-Release-Q2-Final.pdf; https://cardinalenergy.ca/wp-content/uploads/2026/07/Q2-2026-MDA-FINAL.pdf

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: +55.1% ▼ -0.0 pp 1d

Main driver: WTI Crude Oil +31% vs LTM; revenue ×1.28 vs costs ×1.04; EBITDA 201→270; at 7.8× EV/EBITDA → +55%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+92%93.9371.9676.52+31%+6%
Henry Hub Gas (rev)+3%3.013.383.12-11%-8%

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

1 · Reported baseline (LTM)
LTM revenue476
LTM EBITDA201
LTM cash costs (revenue − EBITDA)276
2 · Revenue projection
Revenue multiplier — spot×1.279 (+28%)
= Spot revenue609
Revenue multiplier — 3y price×1.057 (+6%)
= 3-year-price revenue504
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs287
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs287
4 · EBITDA projection (revenue − costs)
= Spot EBITDA323
= 3-year-price EBITDA217
Conservative EBITDA = min(spot, avg)270
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)7.8x
Target EV = EV/EBITDA × conservative EBITDA2 092
Net debt0
Target market cap = EV − net debt2 112
Current market cap1 362

Upside = target market cap ÷ current − 1 = +55.1%

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
2023 FY440470-6.4%181198-8.6%
2024 FY445429+3.7%191160+19.1%
2025 FY385389-1.1%109125-12.6%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 10.3x · target 75th pct (3y) 7.8x · LTM avg 8.4x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2026-08-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2026-07-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2026-06-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2026-05-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2026-04-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2026-03-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2026-02-270.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2026-01-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-12-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-11-280.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-10-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-09-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-08-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-07-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-06-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-05-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-04-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-03-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-02-280.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2025-01-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-12-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-11-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-10-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-09-270.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-08-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-07-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-06-280.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-05-310.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-04-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-03-270.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-02-280.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2024-01-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-12-280.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-11-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-10-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-09-280.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-08-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-07-280.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-06-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-05-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-04-270.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-03-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-02-270.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2023-01-300.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2022-12-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2022-11-290.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2022-10-280.06 CADEx-dividend: 0.06 CAD per sharePaidYahoo Finance (ex-div)
2022-09-280.05 CADEx-dividend: 0.05 CAD per sharePaidYahoo Finance (ex-div)
2022-08-300.05 CADEx-dividend: 0.05 CAD per sharePaidYahoo Finance (ex-div)
2022-07-280.05 CADEx-dividend: 0.05 CAD per sharePaidYahoo Finance (ex-div)
2022-06-290.05 CADEx-dividend: 0.05 CAD 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 Cardinal Energy (CJ) — from primary filings.

Frequently asked questions

What is Cardinal Energy (CJ)'s P/E ratio?
Cardinal Energy (CJ) trades at a P/E of 32.1x (price to trailing 12-month earnings).
What is Cardinal Energy (CJ)'s EV/EBITDA?
Cardinal Energy (CJ) trades at 8.6x EV/EBITDA.
What is Cardinal Energy (CJ)'s P/B ratio?
Cardinal Energy (CJ) trades at a P/B of 2.4x.
What is Cardinal Energy (CJ)'s dividend yield?
Cardinal Energy (CJ)'s trailing 12-month dividend yield is 6.1%.
What is Cardinal Energy (CJ)'s return on equity (ROE)?
Cardinal Energy (CJ)'s ROE is 29.3%.
What is Cardinal Energy (CJ)'s market capitalization?
Cardinal Energy (CJ)'s market cap is 1.5 bn USD.

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