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Meren Energy USD

At a glance: strengths & risks
✓Revenue growing (+184% y/y, Q2 2026)✓Profit growing (+926% y/y, Q2 2026)✓Low leverage (0.6x EBITDA)✗Loss-making last FY✗Margins compressing (152%→63%, Q2 2026)

Sector: Oil & gas

COMM_MEREN

Price chart

2.09 CADDay -0.95%

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
2.09 CAD · -0.95%
Market cap
996 mln USD

Growth

Δ revenue y/y
183.8%
Δ EBITDA y/y
17.6%

Multiples

P/E (LTM)
—
P/B (FY)
1.3x
P/E (ann.)
7.8x
EV/EBITDA (LTM)
3.1x
EV/EBITDA (ann.)
1.8x

Cash return

Dividend yield
9.8%
FCF yield (LTM)
7.8%

Liquidity

Daily turnover (listing)
0.9 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)OK196.7
y/y 183.8%
80.1
y/y 118.3%
45.7
y/y -35.0%
125.8
y/y 17.6%
31.8
y/y 925.8%
67.3-14.71834.7
y/y -23.3%
705.7
y/y -21.7%
18.1%-76.7Yahoo Finance
2026-03-31Q1 2026 (3M)OK114.3
y/y —
28.1
y/y —
49.5
y/y —
77.6
y/y —
-42.2
y/y —
-27.4-8.91972.6
y/y —
699.0
y/y —
-23.0%208.4Yahoo Finance
2025-12-31Q4 2025 (3M)OK199.7
y/y —
-83.2
y/y —
53.3
y/y —
-29.9
y/y —
-90.8
y/y —
79.1-19.81951.9
y/y —
765.9
y/y —
-3.8%156.2Yahoo Finance
2025-09-30Q3 2025 (3M)OK216.7
y/y —
46.5
y/y —
73.3
y/y —
119.8
y/y —
5.2
y/y —
146.7-21.82128.5
y/y —
881.3
y/y —
0.8%119.9Yahoo Finance
2025-06-30Q2 2025 (3M)OK69.3
y/y —
36.7
y/y —
70.3
y/y —
107.0
y/y —
3.1
y/y —
10.4-30.82390.8
y/y —
901.2
y/y —
—109.5Yahoo Finance

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

Short-term debt (incl. ST leases)1
− Cash & equivalents78
Net debt-77

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-500501001502002025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%150%200%2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-500501001502025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-10001002002025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is broadly cash-backed
year2025
cash flow / profit—
accruals, % of assets-15.6%
net debt / EBITDA 0.8x
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		Operating cost
USD $/boe		Realized price
USD $/bbl
Q2 2026-0627 100
−12.3%		—92.80
H1 2026-0627 700
−11.8%		14.50—
Q4 2025-1228 100
−18.3%		—64.40
FY 2025-1230 200
−11.2%		—72.20
Q2 2025-0630 900——
H1 2025-0631 400——
Q4 2024-1234 400——
FY 2024-1234 000——

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://mb.cision.com/Public/17207/4312429/bd731a79831ab7a8.pdf; https://mb.cision.com/Public/17207/4382234/904739574df11811.pdf; https://mereninc.com/wp-content/uploads/2026/02/20260223_Q425-Results-Presentation-Final.pdf; https://mereninc.com/wp-content/uploads/2026/02/Meren-AIF-2025-23-February.pdf; https://mereninc.com/wp-content/uploads/2026/08/20260812_Q226-Results-Presentation-FINAL.pdf

Production & Reserves

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

Proved reserves
107.40 mln boe (2P)
2025
Reserve life (R/P)
9.7 yrs
reserves ÷ annual output
Annual production
11.02 mln boe
2025

Production, mln boe

12.41202411.022025

Proved reserves

YearReserves, mln boe (2P)
2025107.40
2024101.60

Production

YearProduction, mln boeper day, mln boe
202511.02
−11.2%		0.03
202412.410.03

Company reports: https://mb.cision.com/Public/17207/4312429/bd731a79831ab7a8.pdf; https://mb.cision.com/Public/17207/4382234/904739574df11811.pdf; https://mereninc.com/wp-content/uploads/2026/02/20260223_Q425-Results-Presentation-Final.pdf; https://mereninc.com/wp-content/uploads/2026/02/Meren-AIF-2025-23-February.pdf; https://mereninc.com/wp-content/uploads/2026/08/20260812_Q226-Results-Presentation-FINAL.pdf

Key-commodity price — Brent

Current 100spot vs LTM +30%

EV/EBITDA — daily history

Current 2.5x · 3-year 75th pct 4.1x

EV/EBITDA3-year 75th pct

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 companyglobal1.03.1x3.1x

Group median 4.6x as traded, 7.2x adjusted; this company 3.1x — a 57% discount.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 59% discount.

At the adjusted group median the market cap would be +151% 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 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
2026-08-200.051 CADEx-dividend: 0.051 CAD per sharePaidYahoo Finance (ex-div)
2026-05-210.051 CADEx-dividend: 0.051 CAD per sharePaidYahoo Finance (ex-div)
2026-03-200.051 CADEx-dividend: 0.051 CAD per sharePaidYahoo Finance (ex-div)
2025-11-210.052 CADEx-dividend: 0.052 CAD per sharePaidYahoo Finance (ex-div)
2025-08-200.051 CADEx-dividend: 0.051 CAD per sharePaidYahoo Finance (ex-div)
2025-05-280.051 CADEx-dividend: 0.051 CAD per sharePaidYahoo Finance (ex-div)
2025-03-270.053 CADEx-dividend: 0.053 CAD per sharePaidYahoo Finance (ex-div)
2024-09-090.034 CADEx-dividend: 0.034 CAD per sharePaidYahoo Finance (ex-div)
2024-03-070.034 CADEx-dividend: 0.034 CAD per sharePaidYahoo Finance (ex-div)
2023-09-070.034 CADEx-dividend: 0.034 CAD per sharePaidYahoo Finance (ex-div)
2023-03-100.035 CADEx-dividend: 0.035 CAD per sharePaidYahoo Finance (ex-div)
2022-09-080.033 CADEx-dividend: 0.033 CAD per sharePaidYahoo Finance (ex-div)
2022-03-160.032 CADEx-dividend: 0.032 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 Meren Energy — from primary filings.

Frequently asked questions

What is Meren Energy's EV/EBITDA?
Meren Energy trades at 3.1x EV/EBITDA.
What is Meren Energy's P/B ratio?
Meren Energy trades at a P/B of 1.3x.
What is Meren Energy's dividend yield?
Meren Energy's trailing 12-month dividend yield is 9.8%.
What is Meren Energy's return on equity (ROE)?
Meren Energy's ROE is 18.1%.
What is Meren Energy's market capitalization?
Meren Energy's market cap is 996 mln USD.

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