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International Petroleum (IPCO) USD

At a glance: strengths & risks
✓Revenue growing (+24% y/y, Q3 2026)✓Profit growing (×16 y/y, Q3 2026)✗Pricier than own history (EV/EBITDA 14.3 vs avg 6.5)

Sector: Oil & gas

Geography: Canada, Malaysia, France

COMM_IPCO

Price chart

272.6 SEKDay 1.26%

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
272.6 SEK · 1.26%
Market cap
3.0 bn USD

Growth

Δ revenue y/y
24.1%
Δ EBITDA y/y
27.5%

Multiples

P/E (LTM)
39.2x
3y avg: 29.1x
P/B (FY)
3.3x
P/E (ann.)
12.7x
EV/EBITDA (LTM)
14.3x
3y avg: 6.5x
EV/EBITDA (ann.)
11.1x

Cash return

Dividend yield
—
FCF yield (LTM)
-5.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-31.3%
↓ details

Liquidity

Daily turnover (listing)
47.8 mln SEK

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
2026-09-30Q3 2026 (3M)OK242.2
y/y 24.1%
48.1
y/y 72.6%
30.9
y/y -9.4%
78.9
y/y 27.5%
50.0
y/y 1475.8%
54.3-36.52058.1
y/y —
946.6
y/y —
25.8%466.3Link
2026-06-30Q2 2026 (3M)OK218.1
y/y 20.8%
29.7
y/y 91.8%
29.2
y/y -6.3%
58.9
y/y 26.3%
9.9
y/y -28.4%
49.2-48.02010.3
y/y -0.7%
908.7
y/y -5.6%
4.4%502.1Yahoo Finance
2026-03-31Q1 2026 (3M)OK191.7
y/y -5.2%
28.7
y/y -19.1%
30.3
y/y -3.0%
59.0
y/y -11.6%
12.8
y/y -21.4%
38.5-70.82020.3
y/y 6.3%
890.6
y/y -0.3%
5.6%506.1Yahoo Finance
2025-12-31Q4 2025 (3M)OK194.3
y/y —
20.3
y/y —
33.3
y/y —
53.6
y/y —
-4.9
y/y —
30.9-68.91977.6
y/y 1.2%
927.0
y/y -1.3%
—475.9Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL195.2
y/y —
27.9
y/y —
34.1
y/y —
61.9
y/y —
-10.0
y/y —
43.5-80.1—
y/y —
—
y/y —
—≈ 367.2Link
2025-06-30Q2 2025 (3M)OK180.5
y/y —
15.5
y/y —
31.1
y/y —
46.6
y/y —
13.8
y/y —
73.0-98.12023.9
y/y —
962.5
y/y —
6.0%367.2Yahoo Finance
2025-03-31Q1 2025 (3M)OK202.1
y/y —
35.5
y/y —
31.2
y/y —
66.8
y/y —
16.2
y/y —
46.6-98.91901.0
y/y —
893.6
y/y —
7.1%305.3Yahoo Finance
2024-12-31FY 2024 (12M)OK913.2
y/y -4.9%
179.5
y/y -17.9%
138.6
y/y 24.5%
318.1
y/y -3.6%
102.2
y/y -40.9%
266.1-435.11953.7
y/y -5.3%
939.3
y/y -13.0%
10.1%198.4Yahoo Finance
2023-12-31FY 2023 (12M)OK960.2
y/y —
218.7
y/y —
111.3
y/y —
330.0
y/y —
173.0
y/y —
346.2-313.22063.0
y/y —
1080.1
y/y —
—-73.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Long-term debt (incl. LT leases)489
− Cash & equivalents22
Net debt466

Net debt / LTM EBITDA: 1.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008001 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-20%-10%0%10%20%30%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-200-150-100-500501002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-20002004006002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.30x of reported net profit; after capex, -0.73x.
year2022202320242025
cash flow / profit1.78x2.00x2.60x6.70x
accruals, % of assets-15.7%-8.4%-8.4%-8.3%
Last twelve months (to 2025-Q4): 2.23x of profit came back as operating cash flow.
net debt / EBITDA 2.2x · capex 2.4x of depreciation · dividends 0% of free cash flow
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 cost
USD/boe
Q3 2026-0944 000
−4.1%		—20.91
+16.8%
Q2 2026-0642 200
−3.2%		6619.10
+7.5%
H1 2026-0642 600
−3.2%		—18.38
+4.8%
Q4 2025-1245 600
−3.8%		6718.38
+0.9%
FY 2025-1244 900
−5.3%		—17.84
+5.2%
Q3 2025-0945 900—17.91
Q2 2025-0643 600—17.76
H1 2025-0644 000—17.53
Q4 2024-1247 400—18.21
FY 2024-1247 400—16.96

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.international-petroleum.com/download/ipc-announces-2025-year-end-financial-and-operational-results-and-2026-budget-reserves-and-guidance; https://www.international-petroleum.com/download/ipc-announces-second-quarter-2026-financial-and-operational-results; https://www.international-petroleum.com/download/ipc-announces-third-quarter-2026-financial-and-operational-results; https://www.international-petroleum.com/download/q2-2026-md-and-a; https://www.international-petroleum.com/download/q3-2026-md-and-a; https://www.international-petroleum.com/download/year-end-2025-md-and-a

Production & Reserves

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

Proved reserves
521 mln boe (2P)
2025
Reserve life (R/P)
31.8 yrs
reserves ÷ annual output
Annual production
16.39 mln boe
2025

Production, mln boe

17.30202416.392025

Proved reserves

YearReserves, mln boe (2P)
2025521
2024493

Production

YearProduction, mln boeper day, mln boe
202516.39
−5.3%		0.04
202417.300.05

Company reports: https://www.international-petroleum.com/download/ipc-announces-2025-year-end-financial-and-operational-results-and-2026-budget-reserves-and-guidance; https://www.international-petroleum.com/download/ipc-announces-second-quarter-2026-financial-and-operational-results; https://www.international-petroleum.com/download/ipc-announces-third-quarter-2026-financial-and-operational-results; https://www.international-petroleum.com/download/q2-2026-md-and-a; https://www.international-petroleum.com/download/q3-2026-md-and-a; https://www.international-petroleum.com/download/year-end-2025-md-and-a

Key-commodity price — WTI Crude Oil

Current 89spot vs LTM +14%

Commodity-player potential

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

Upside: -31.3% ▲ +0.0 pp 1d

Main driver: WTI Crude Oil +15% vs LTM; revenue ×1.14 vs costs ×1.04; EBITDA 234→266; at 9.9× EV/EBITDA → -31%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+70%88.9277.2177.01+15%-0%
Brent (rev)+20%95.8482.3781.57+16%-1%
Henry Hub Gas (rev)+5%3.243.333.11-3%-7%

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

1 · Reported baseline (LTM)
LTM revenue846
LTM EBITDA234
LTM cash costs (revenue − EBITDA)612
2 · Revenue projection
Revenue multiplier — spot×1.138 (+14%)
= Spot revenue963
Revenue multiplier — 3y price×0.995 (-1%)
= 3-year-price revenue842
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs637
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs637
4 · EBITDA projection (revenue − costs)
= Spot EBITDA327
= 3-year-price EBITDA205
Conservative EBITDA = min(spot, avg)266
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)9.9x
Target EV = EV/EBITDA × conservative EBITDA2 625
Net debt466
Target market cap = EV − net debt2 152
Current market cap3 134

Upside = target market cap ÷ current − 1 = -31.3%

Life of mine: 32 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.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY9601 024-6.2%330377-12.6%
2024 FY913935-2.3%310280+10.9%
2025 FY772805-4.1%218178+22.5%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -15% vs -5% the year before — a -10.6 pp move. 3-year CAGR -15%.
revenue growth by year: 2023 -23% · 2024 -5% · 2025 -15%
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 10.2x · target 75th pct (3y) 15.0x · LTM avg 13.6x

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 BPglobal21.92.3x2.3x
LukoilRussia43.12.5x4.2x
TatneftRussia17.12.8x4.8x
GazpromRussia33.72.9x4.9x
Occidental Petroleumglobal58.75.0x5.0x
RosneftRussia46.23.2x5.4x
ConocoPhillipsglobal168.26.2x6.2x
Gazprom NeftRussia30.74.0x6.8x
SantosAustralia20.09.3x7.4x
Chevronglobal432.27.6x7.6x
Exxon Mobilglobal701.58.7x8.7x
NovatekRussia41.88.4x14.2x
Group median4.5x5.8x
Group average5.2x6.4x
This companyglobal3.014.3x14.3x

Group median 4.5x as traded, 5.8x adjusted; this company 14.3x — a 147% premium.

Group average 5.2x as traded, 6.4x adjusted; against the average this company is at a 121% premium.

At the adjusted group median the market cap would be -69% 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.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (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 International Petroleum (IPCO) — from primary filings.

Frequently asked questions

What is International Petroleum (IPCO)'s P/E ratio?
International Petroleum (IPCO) trades at a P/E of 39.2x (price to trailing 12-month earnings).
What is International Petroleum (IPCO)'s EV/EBITDA?
International Petroleum (IPCO) trades at 14.3x EV/EBITDA.
What is International Petroleum (IPCO)'s P/B ratio?
International Petroleum (IPCO) trades at a P/B of 3.3x.
What is International Petroleum (IPCO)'s return on equity (ROE)?
International Petroleum (IPCO)'s ROE is 25.8%.
What is International Petroleum (IPCO)'s market capitalization?
International Petroleum (IPCO)'s market cap is 3.0 bn USD.

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