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Strathcona Resources (SCR) USD

At a glance: strengths & risks
✓Revenue growing (+39% y/y, Q3 2026)✓Margins improving (36%→39%, Q3 2026)✓Low leverage (0.9x EBITDA)✗Profit falling (-49% y/y, Q3 2026)✗Pricier than own history (EV/EBITDA 6.1 vs avg 4.4)

Sector: Oil & gas

Geography: Western Canada (Alberta, Saskatchewan)

COMM_SCR

Price chart

38.68 CADDay 2.68%

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
38.68 CAD · 2.68%
Market cap
5.9 bn USD

Growth

Δ revenue y/y
39.1%
Δ EBITDA y/y
32.8%

Multiples

P/E (LTM)
14.5x
3y avg: 8.4x
P/B (FY)
1.9x
P/E (ann.)
7.0x
EV/EBITDA (LTM)
6.1x
3y avg: 4.4x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
29.0%
FCF yield (LTM)
4.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+14.7%
↓ details

Liquidity

Daily turnover (listing)
32.9 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
2026-09-30Q3 2026 (3M)OK1058.5
y/y 39.1%
285.5
y/y 53.7%
106.8
y/y -2.5%
392.2
y/y 32.8%
212.1
y/y -49.0%
390.1-171.66636.1
y/y —
3398.4
y/y —
25.6%587.0Yahoo Finance
2026-06-30Q2 2026 (3M)OK1134.2
y/y 57.6%
297.8
y/y 125.0%
100.7
y/y -21.8%
398.5
y/y 52.6%
239.5
y/y 43.4%
361.8-168.36459.7
y/y -29.6%
3222.1
y/y -28.2%
30.3%722.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK824.3
y/y 0.3%
155.6
y/y -25.1%
103.2
y/y -31.2%
258.8
y/y -27.7%
28.4
y/y -80.2%
287.1-234.86535.3
y/y -18.7%
3098.7
y/y -25.5%
3.6%869.7Yahoo Finance
2025-12-31Q4 2025 (3M)OK688.7
y/y —
-95.8
y/y —
109.7
y/y —
13.9
y/y —
-70.7
y/y —
186.9-178.66419.1
y/y -15.9%
3171.9
y/y -21.6%
—891.0Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL761.1
y/y —
185.7
y/y —
109.6
y/y —
295.3
y/y —
415.7
y/y —
210.4——
y/y —
—
y/y —
—≈ 1664.6Yahoo Finance
2025-06-30Q2 2025 (3M)OK719.5
y/y —
132.3
y/y —
128.7
y/y —
261.0
y/y —
167.0
y/y —
269.0-308.09172.7
y/y —
4485.0
y/y —
15.5%1664.6Yahoo Finance
2025-03-31Q1 2025 (3M)OK822.2
y/y —
207.8
y/y —
150.1
y/y —
358.0
y/y —
143.2
y/y —
358.6-244.08034.0
y/y —
4158.9
y/y —
14.0%1727.5Yahoo Finance
2024-12-31FY 2024 (12M)OK3237.8
y/y -8.9%
763.6
y/y 3.0%
636.2
y/y 17.1%
1399.8
y/y 9.0%
439.7
y/y 1.0%
1450.0-973.27630.0
y/y -3.7%
4047.1
y/y 0.7%
10.9%1711.1Yahoo Finance
2023-12-31FY 2023 (12M)OK3553.0
y/y —
741.2
y/y —
543.1
y/y —
1284.3
y/y —
435.1
y/y —
1129.9-778.27921.6
y/y —
4020.1
y/y —
—2011.2Yahoo Finance

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

Short-term debt (incl. ST leases)23
Long-term debt (incl. LT leases)1 224
− Cash & equivalents660
Net debt587

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-50%-25%0%25%50%75%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

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

-1 000-50005001 0001 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

05001 0001 5002 0002 5002023 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 2.09x of reported net profit.
year2022202320242025
cash flow / profit1.07x2.60x3.30x1.58x
accruals, % of assets-1.1%-8.8%-13.2%-5.9%
Last twelve months (to 2026-09-30): 3.00x of profit came back as operating cash flow.
net debt / EBITDA 0.9x
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
%		Realized price
CAD $/boe		Operating netback
CAD $/boe		Operating cost
CAD $/boe
Q2 2026-06117 022
+7.4%		99.70
+0.3%		102.24
+41.6%		54.89
+54.2%		16.35
−8.3%
H1 2026-06116 783
+3.9%		99.70
+0.1%		89.81
+16.9%		—16.86
−4.5%
Q1 2026-03116 542
−40.1%		99.7077.46
+19.9%		37.92
+7.1%		17.36
+31.7%
Q4 2025-12117 715
+6.0%		99.70
−0.1%		65.50
−16.0%		33.41
−5.2%		14.05
−7.6%
FY 2025-12152 163
+37.2%		99.60
−0.2%		64.40
−20.8%		34.1613.18
−16.7%
Q3 2025-09116 20199.6074.0940.6012.84
Q2 2025-06108 92699.4072.1835.5917.83
H1 2025-06112 37399.6076.82—17.65
Q1 2025-03194 609—64.5835.4013.18
Q4 2024-12111 01399.8077.9935.2515.20
FY 2024-12110 87399.8081.33—15.82

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.strathconaresources.com/wp-content/uploads/2024/05/Strathcona-Managements-Discussion-and-Analysis-Q4-2025-Executed.pdf; https://www.strathconaresources.com/wp-content/uploads/2026/03/Annual-Information-Form-Q4-2025-Executed.pdf; https://www.strathconaresources.com/wp-content/uploads/2026/08/Strathcona-Managements-Discussion-and-Analysis-Q2-2026-Executed.pdf

Production & Reserves

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

Proved reserves
2 166 mln boe (2P)
2025
Reserve life (R/P)
39.0 yrs
reserves ÷ annual output
Annual production
55.54 mln boe
2025

Production, mln boe

40.47202455.542025

Proved reserves

YearReserves, mln boe (2P)
20252 166

Production

YearProduction, mln boeper day, mln boe
202555.54
+37.2%		0.15
202440.470.11

Company reports: https://www.strathconaresources.com/wp-content/uploads/2024/05/Strathcona-Managements-Discussion-and-Analysis-Q4-2025-Executed.pdf; https://www.strathconaresources.com/wp-content/uploads/2026/03/Annual-Information-Form-Q4-2025-Executed.pdf; https://www.strathconaresources.com/wp-content/uploads/2026/08/Strathcona-Managements-Discussion-and-Analysis-Q2-2026-Executed.pdf

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: +14.7% ▲ +0.0 pp 1d

Main driver: WTI Crude Oil +15% vs LTM; revenue ×1.14 vs costs ×1.04; EBITDA 991→1 131; at 6.5× EV/EBITDA → +15%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+90%88.9277.2177.01+15%-0%

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

1 · Reported baseline (LTM)
LTM revenue3 706
LTM EBITDA991
LTM cash costs (revenue − EBITDA)2 715
2 · Revenue projection
Revenue multiplier — spot×1.136 (+14%)
= Spot revenue4 212
Revenue multiplier — 3y price×0.998 (-0%)
= 3-year-price revenue3 697
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 823
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 823
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 388
= 3-year-price EBITDA874
Conservative EBITDA = min(spot, avg)1 131
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)6.5x
Target EV = EV/EBITDA × conservative EBITDA7 330
Net debt587
Target market cap = EV − net debt6 802
Current market cap5 930

Upside = target market cap ÷ current − 1 = +14.7%

Life of mine: 39 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 FY3 5532 842+25.0%1 354524+158.4%
2024 FY3 2383 472-6.8%1 2981 186+9.5%
2025 FY2 9942 820+6.1%917803+14.2%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -8% vs -9% the year before — a +1.3 pp move. 3-year CAGR -4%.
revenue growth by year: 2023 +5% · 2024 -9% · 2025 -8%
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 4.4x · target 75th pct (3y) 11.5x · LTM avg 6.5x

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 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 companyglobal5.96.1x6.1x

Group median 4.5x as traded, 5.8x adjusted; this company 6.1x — a 6% premium.

Group average 5.2x as traded, 6.4x adjusted; against the average this company is at a 5% discount.

At the adjusted group median the market cap would be -7% 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

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-110.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2026-06-080.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2026-03-200.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2025-12-2310 CADEx-dividend: 10 CAD per sharePaidYahoo Finance (ex-div)
2025-12-050.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2025-09-120.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2025-06-130.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2025-03-210.26 CADEx-dividend: 0.26 CAD per sharePaidYahoo Finance (ex-div)
2024-12-160.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)
2024-09-160.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)
2023-09-140.441 CADEx-dividend: 0.441 CAD per sharePaidYahoo Finance (ex-div)
2023-06-140.441 CADEx-dividend: 0.441 CAD per sharePaidYahoo Finance (ex-div)
2023-03-140.441 CADEx-dividend: 0.441 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 Strathcona Resources (SCR) — from primary filings.

Frequently asked questions

What is Strathcona Resources (SCR)'s P/E ratio?
Strathcona Resources (SCR) trades at a P/E of 14.5x (price to trailing 12-month earnings).
What is Strathcona Resources (SCR)'s EV/EBITDA?
Strathcona Resources (SCR) trades at 6.1x EV/EBITDA.
What is Strathcona Resources (SCR)'s P/B ratio?
Strathcona Resources (SCR) trades at a P/B of 1.9x.
What is Strathcona Resources (SCR)'s dividend yield?
Strathcona Resources (SCR)'s trailing 12-month dividend yield is 29.0%.
What is Strathcona Resources (SCR)'s return on equity (ROE)?
Strathcona Resources (SCR)'s ROE is 25.6%.
What is Strathcona Resources (SCR)'s market capitalization?
Strathcona Resources (SCR)'s market cap is 5.9 bn USD.

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