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Obsidian Energy (OBE) USD

At a glance: strengths & risks
✓Revenue growing (+43% y/y, Q2 2026)✓Profit growing (+173% y/y, Q2 2026)✓Margins improving (46%→53%, Q2 2026)✓Low leverage (0.7x EBITDA)

Sector: Oil & gas

COMM_OBE

Price chart

10.3 USDDay 0.68%

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
10.3 USD · 0.68%
Market cap
693 mln USD

Growth

Δ revenue y/y
43.0%
Δ EBITDA y/y
61.6%

Multiples

P/E (LTM)
34.7x
P/B (FY)
0.7x
P/E (ann.)
5.7x
EV/EBITDA (LTM)
5.8x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
—
FCF yield (LTM)
-12.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-80.8%
↓ details

Liquidity

Daily turnover (listing)
6.6 mln USD

Shares: yahoo_fundamentals_timeseries/OBE

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)OK144.9
y/y 43.0%
41.5
y/y 228.0%
33.5
y/y -0.7%
75.0
y/y 61.6%
30.2
y/y 173.0%
27.5-105.41433.2
y/y 5.3%
983.4
y/y -3.4%
12.4%249.2Yahoo Finance
2026-03-31Q1 2026 (3M)OK110.1
y/y —
-14.3
y/y —
33.4
y/y —
19.1
y/y —
-13.6
y/y —
29.1-59.51413.5
y/y —
973.1
y/y —
-5.5%175.0Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL91.4
y/y —
-6.1
y/y —
40.7
y/y —
34.6
y/y —
-8.8
y/y —
30.5-52.21327.4
y/y -14.0%
995.9
y/y -3.0%
2.5%131.0Yahoo Finance
2025-09-30Q3 2025 (3M)OK94.9
y/y —
1.7
y/y —
32.4
y/y —
34.0
y/y —
12.2
y/y —
32.9—1295.3
y/y —
1007.8
y/y —
1.6%103.7Yahoo Finance
2025-06-30Q2 2025 (3M)OK101.4
y/y —
12.7
y/y —
33.8
y/y —
46.4
y/y —
11.1
y/y —
39.9—1361.6
y/y —
1018.2
y/y —
4.3%161.8Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL552.1
y/y 8.9%
—
y/y —
179.9
y/y 15.0%
11.1
y/y -96.1%
-147.9
y/y -284.8%
264.2—1543.9
y/y -7.4%
1026.4
y/y -15.7%
-13.2%—Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL506.8
y/y —
—
y/y —
156.4
y/y —
284.3
y/y —
80.0
y/y —
261.4—1667.7
y/y —
1218.2
y/y —
——Yahoo Finance

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

Long-term debt (incl. LT leases)249
− Cash & equivalents0
Net debt249

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

FCF ($ mln)

-100-500501002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

0501001502002502023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.92x of reported net profit. Loss years (2024) are left out of the ratio.
year20212022202320242025
cash flow / profit0.48x0.56x3.27x—6.81x
accruals, % of assets15.1%16.0%-10.9%-26.7%-11.0%
Last twelve months (to 2025-Q3): 6.01x of profit came back as operating 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		Realized price
CAD $/boe		Operating netback
CAD $/boe		Operating cost
CAD $/boe
Q2 2026-0628 200
−2.6%		77.17
+48.9%		33.22
+22.4%		14.49
+7.0%
H1 2026-0628 465
−15.4%		67.33
+17.9%		29.98
−1.8%		14.54
−1.6%
Q4 2025-1227 971
−30.3%		48.17
−16.9%		25.64
−22.9%		15.19
+9.2%
FY 2025-1230 624
−18.3%		—27.48—
Q3 2025-0927 316
−31.2%		———
Q2 2025-0628 943
−19.1%		51.8327.1313.54
H1 2025-0633 65357.0930.5214.78
Q1 2025-0338 416
+12.2%		———
Q4 2024-1240 11957.9433.2513.91
FY 2024-1237 474———
Q3 2024-0939 714———
Q2 2024-0635 773———
Q1 2024-0334 238———

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1334388/000119312526038933/obe-ex99_1.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526058652/obe-ex99_1.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526058652/obe-ex99_2.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526325206/obe-ex99_1.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526325206/obe-ex99_2.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526390284/obe-ex99_1.htm

Production & Reserves

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

Proved reserves
158.40 mln boe (2P)
2025
Reserve life (R/P)
14.2 yrs
reserves ÷ annual output
Annual production
11.18 mln boe
2025

Production, mln boe

13.68202411.182025

Proved reserves

YearReserves, mln boe (2P)
2025158.40

Production

YearProduction, mln boeper day, mln boe
202511.18
−18.3%		0.03
202413.680.04

Company reports: https://www.sec.gov/Archives/edgar/data/1334388/000119312526038933/obe-ex99_1.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526058652/obe-ex99_1.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526058652/obe-ex99_2.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526325206/obe-ex99_1.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526325206/obe-ex99_2.htm; https://www.sec.gov/Archives/edgar/data/1334388/000119312526390284/obe-ex99_1.htm

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: -80.8% ▼ -0.0 pp 1d

Main driver: WTI Crude Oil +31% vs LTM; revenue ×1.27 vs costs ×1.04; EBITDA 165→225; at 2.0× EV/EBITDA → -81%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+85%93.9371.9676.52+31%+6%
Henry Hub Gas (rev)+8%2.953.383.12-13%-8%
Propane (NGL) (rev)+4%0.890.690.77+29%+11%

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

1 · Reported baseline (LTM)
LTM revenue441
LTM EBITDA165
LTM cash costs (revenue − EBITDA)276
2 · Revenue projection
Revenue multiplier — spot×1.266 (+27%)
= Spot revenue559
Revenue multiplier — 3y price×1.055 (+6%)
= 3-year-price revenue466
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 EBITDA271
= 3-year-price EBITDA178
Conservative EBITDA = min(spot, avg)225
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.0x
Target EV = EV/EBITDA × conservative EBITDA449
Net debt249
Target market cap = EV − net debt167
Current market cap693

Upside = target market cap ÷ current − 1 = -80.8%

Life of mine: 14 yrs — before haircut -76.0%

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 FY507477+6.2%284336-15.5%
2024 FY552496+11.4%11264-95.8%
2025 FY409494-17.3%195-68—

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -26% vs +9% the year before — a -34.9 pp move. 3-year CAGR -12%.
revenue growth by year: 2023 -14% · 2024 +9% · 2025 -26%
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 78.0x · target 75th pct (3y) 1.3x · LTM avg 31.9x

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 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 companyglobal0.75.8x5.8x

Group median 4.6x as traded, 7.2x adjusted; this company 5.8x — a 20% discount.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 23% discount.

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 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

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 Obsidian Energy (OBE) — from primary filings.

Frequently asked questions

What is Obsidian Energy (OBE)'s P/E ratio?
Obsidian Energy (OBE) trades at a P/E of 34.7x (price to trailing 12-month earnings).
What is Obsidian Energy (OBE)'s EV/EBITDA?
Obsidian Energy (OBE) trades at 5.8x EV/EBITDA.
What is Obsidian Energy (OBE)'s P/B ratio?
Obsidian Energy (OBE) trades at a P/B of 0.7x.
What is Obsidian Energy (OBE)'s return on equity (ROE)?
Obsidian Energy (OBE)'s ROE is 12.4%.
What is Obsidian Energy (OBE)'s market capitalization?
Obsidian Energy (OBE)'s market cap is 693 mln USD.

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