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Journey Energy (JOY) USD

At a glance: strengths & risks
✓Revenue growing (+38% y/y, Q2 2026)✓Profit growing (+353% y/y, Q2 2026)✓Margins improving (32%→38%, Q2 2026)✓Low leverage (0.7x EBITDA)✗Pricier than own history (EV/EBITDA 6.5 vs avg 3.9)

Sector: Oil & gas

Geography: Western Canada (Alberta)

COMM_JOY

Price chart

5.45 CADDay 1.11%

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
5.45 CAD · 1.11%
Market cap
259 mln USD

Growth

Δ revenue y/y
37.5%
Δ EBITDA y/y
60.0%

Multiples

P/E (LTM)
13.4x
3y avg: 15.9x
P/B (FY)
1.0x
P/E (ann.)
4.9x
EV/EBITDA (LTM)
6.5x
3y avg: 3.9x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
—
FCF yield (LTM)
-1.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-1.3%
↓ details

Liquidity

Daily turnover (listing)
0.8 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)OK46.5
y/y 37.5%
10.5
y/y 230.4%
7.1
y/y -9.1%
17.6
y/y 60.0%
13.3
y/y 352.9%
14.0-7.7414.9
y/y -3.9%
259.4
y/y 4.4%
20.9%30.5Yahoo Finance
2026-03-31Q1 2026 (3M)OK35.9
y/y —
-4.2
y/y —
7.1
y/y —
2.9
y/y —
-4.3
y/y —
10.4-11.8422.1
y/y —
251.4
y/y —
-6.7%37.0Yahoo Finance
2025-12-31Q4 2025 (3M)OK34.1
y/y —
2.5
y/y —
7.7
y/y —
10.3
y/y —
7.0
y/y —
9.2-6.6420.8
y/y 3.4%
259.1
y/y 14.2%
7.3%35.8Yahoo Finance
2025-09-30Q3 2025 (3M)OK38.7
y/y —
4.7
y/y —
8.9
y/y —
13.6
y/y —
3.2
y/y —
9.3-8.6416.2
y/y —
247.9
y/y —
1.7%28.0Yahoo Finance
2025-06-30Q2 2025 (3M)OK33.8
y/y —
3.2
y/y —
7.8
y/y —
11.0
y/y —
2.9
y/y —
8.0-15.7431.6
y/y —
248.4
y/y —
4.9%26.0Yahoo Finance
2024-12-31FY 2024 (12M)OK148.5
y/y -14.3%
7.1
y/y -65.6%
28.5
y/y 0.1%
35.6
y/y -27.4%
3.7
y/y -68.1%
25.9-28.2406.9
y/y -11.6%
226.9
y/y -5.0%
1.6%31.4Yahoo Finance
2023-12-31FY 2023 (12M)OK173.3
y/y —
20.6
y/y —
28.5
y/y —
49.1
y/y —
11.7
y/y —
49.4-31.2460.4
y/y —
238.8
y/y —
—32.4Yahoo Finance

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

Short-term debt (incl. ST leases)5
Long-term debt (incl. LT leases)25
− Cash & equivalents0
Net debt31

Net debt / LTM EBITDA: 0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%-25%0%25%50%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-10010202023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

0102030402023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 3.08x of reported net profit.
year2022202320242025
cash flow / profit0.69x4.21x6.93x1.94x
accruals, % of assets7.9%-8.2%-5.5%-4.1%
Last twelve months (to 2026-06-30): 2.23x of profit came back as operating cash flow.
net debt / EBITDA 0.7x
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

PeriodRealized price
CAD $/boe		Operating netback
CAD $/boe		Operating cost
CAD $/boe		Production
boe/d		Oil & liquids share
%
Q2 2026-0668.88
+51.9%		30.66
+56.3%		21.77
+23.8%		10 017
−8.5%		62
H1 2026-0659.43
+23.3%		25.38
+18.6%		21.36
+16.6%		10 235
−6.7%		—
Q4 2025-1244.26
−7.3%		18.54
+24.5%		17.73
−23.2%		11 226
+3.8%		—
FY 2025-1247.32
−0.9%		20.50
+24.5%		17.88
−15.5%		11 261—
Q3 2025-0947.24
+3.0%		17.4417.2411 862
+6.4%		—
Q2 2025-0645.36
−8.2%		19.6217.5810 950
−2.5%		—
H1 2025-0648.1821.4018.3210 973—
Q1 2025-0352.57
+9.3%		22.5919.0610 997
−7.6%		—
Q4 2024-1247.7214.8923.0910 815—
FY 2024-1247.7716.4621.16——
Q3 2024-0945.86——11 152—
Q2 2024-0649.42——11 235—
Q1 2024-0348.08——11 906—

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.journeyenergy.ca/prelease/285193-2/; https://www.journeyenergy.ca/prelease/308505/; https://www.journeyenergy.ca/wp-content/uploads/Reports/Financial_Reports/JEI_MDA_Q2_2026.pdf; https://www.journeyenergy.ca/wp-content/uploads/Reports/Financial_Reports/Journey_Annual_Information_2025.pdf; https://www.journeyenergy.ca/wp-content/uploads/Reports/Presentations/JEI_MDA_Q4_2025.pdf

Production & Reserves

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

Proved reserves
86.30 mln boe (2P)
2025
Reserve life (R/P)
21.0 yrs
reserves ÷ annual output
Annual production
4.11 mln boe
2025

Proved reserves

YearReserves, mln boe (2P)
202586.30

Production

YearProduction, mln boeper day, mln boe
20254.110.01

Company reports: https://www.journeyenergy.ca/prelease/285193-2/; https://www.journeyenergy.ca/prelease/308505/; https://www.journeyenergy.ca/wp-content/uploads/Reports/Financial_Reports/JEI_MDA_Q2_2026.pdf; https://www.journeyenergy.ca/wp-content/uploads/Reports/Financial_Reports/Journey_Annual_Information_2025.pdf; https://www.journeyenergy.ca/wp-content/uploads/Reports/Presentations/JEI_MDA_Q4_2025.pdf

Key-commodity price — WTI Crude Oil

Current 93spot vs LTM +18%

Commodity-player potential

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

Upside: -1.3% ▼ -1.3 pp 1d

Main driver: WTI Crude Oil +27% vs LTM; revenue ×1.18 vs costs ×1.04; EBITDA 45→57; at 5.0× EV/EBITDA → -1%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+60%91.5571.9676.58+27%+6%
Henry Hub Gas (rev)+25%3.143.383.12-7%-8%
Propane (NGL) (rev)+8%0.920.700.77+31%+10%

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

1 · Reported baseline (LTM)
LTM revenue155
LTM EBITDA45
LTM cash costs (revenue − EBITDA)110
2 · Revenue projection
Revenue multiplier — spot×1.179 (+18%)
= Spot revenue183
Revenue multiplier — 3y price×1.036 (+4%)
= 3-year-price revenue161
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs114
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs114
4 · EBITDA projection (revenue − costs)
= Spot EBITDA68
= 3-year-price EBITDA46
Conservative EBITDA = min(spot, avg)57
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.0x
Target EV = EV/EBITDA × conservative EBITDA285
Net debt31
Target market cap = EV − net debt255
Current market cap258

Upside = target market cap ÷ current − 1 = -1.3%

Life of mine: 21 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 FY173147+18.2%5028+78.1%
2024 FY149170-12.4%3642-14.4%
2025 FY144144-0.1%4827+81.7%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -3% vs -14% the year before — a +11.1 pp move. 3-year CAGR -9%.
revenue growth by year: 2023 -9% · 2024 -14% · 2025 -3%
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 4.1x · target 75th pct (3y) 9.0x · LTM avg 5.5x

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 BPglobal23.32.9x2.9x
LukoilRussia49.32.4x4.9x
Occidental Petroleumglobal59.35.0x5.0x
GazpromRussia34.02.8x5.6x
RosneftRussia56.33.3x6.5x
ConocoPhillipsglobal167.96.9x6.9x
Chevronglobal393.48.1x8.1x
TatneftRussia22.04.3x8.6x
Gazprom NeftRussia40.84.3x8.7x
SantosAustralia19.89.2x8.9x
Exxon Mobilglobal706.010.0x10.0x
NovatekRussia45.67.9x15.8x
Group median4.7x7.5x
Group average5.6x7.7x
This companyglobal0.36.5x6.5x

Group median 4.7x as traded, 7.5x adjusted; this company 6.5x — a 13% discount.

Group average 5.6x as traded, 7.7x adjusted; against the average this company is at a 15% discount.

At the adjusted group median the market cap would be +17% 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 23.5x, Russia 4.1x, South Africa 5.1x, Kazakhstan 6.5x, India 18.6x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-12; 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 Journey Energy (JOY) — from primary filings.

Frequently asked questions

What is Journey Energy (JOY)'s P/E ratio?
Journey Energy (JOY) trades at a P/E of 13.4x (price to trailing 12-month earnings).
What is Journey Energy (JOY)'s EV/EBITDA?
Journey Energy (JOY) trades at 6.5x EV/EBITDA.
What is Journey Energy (JOY)'s P/B ratio?
Journey Energy (JOY) trades at a P/B of 1.0x.
What is Journey Energy (JOY)'s return on equity (ROE)?
Journey Energy (JOY)'s ROE is 20.9%.
What is Journey Energy (JOY)'s market capitalization?
Journey Energy (JOY)'s market cap is 259 mln USD.

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