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Spartan Delta (SDE) USD

At a glance: strengths & risks
✓Revenue growing (+112% y/y, Q2 2026)✓Profit growing (+26% y/y, Q2 2026)✓Margins improving (45%→59%, Q2 2026)✓Low leverage (0.9x EBITDA)✗Pricier than own history (EV/EBITDA 10.2 vs avg 5.4)

Sector: Oil & gas

COMM_SDE

Price chart

12.45 CADDay 0.00%

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
12.45 CAD · 0.00%
Market cap
1.8 bn USD

Growth

Δ revenue y/y
112.1%
Δ EBITDA y/y
171.7%

Multiples

P/E (LTM)
32.0x
3y avg: 13.9x
P/B (FY)
3.8x
P/E (ann.)
14.8x
EV/EBITDA (LTM)
10.2x
3y avg: 5.4x
EV/EBITDA (ann.)
6.1x

Cash return

Dividend yield
—
FCF yield (LTM)
-10.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+18.9%
↓ details

Liquidity

Daily turnover (listing)
4.6 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)OK137.8
y/y 112.1%
43.0
y/y 538.1%
36.7
y/y 62.5%
79.7
y/y 171.7%
30.5
y/y 25.9%
81.1-102.2989.0
y/y 30.4%
512.7
y/y 16.8%
25.1%151.1Yahoo Finance
2026-03-31Q1 2026 (3M)OK110.6
y/y 67.4%
-10.0
y/y -207.9%
34.4
y/y 62.5%
24.4
y/y -20.0%
-9.9
y/y —
64.8-74.8967.6
y/y 42.9%
461.5
y/y 17.7%
-8.5%179.4Yahoo Finance
2025-12-31Q4 2025 (3M)OK99.5
y/y —
21.5
y/y —
33.3
y/y —
54.8
y/y —
26.1
y/y —
47.8-84.0856.9
y/y 32.1%
473.7
y/y 44.6%
11.0%123.8Yahoo Finance
2025-06-30Q2 2025 (3M)OK65.0
y/y —
6.7
y/y —
22.6
y/y —
29.3
y/y —
24.2
y/y —
31.5-61.0758.7
y/y —
438.8
y/y —
23.3%55.5Yahoo Finance
2025-03-31Q1 2025 (3M)OK66.1
y/y —
9.3
y/y —
21.2
y/y —
30.5
y/y —
-3.6
y/y —
39.1-34.9677.2
y/y —
392.1
y/y —
-4.0%22.5Yahoo Finance
2024-12-31FY 2024 (12M)OK229.4
y/y -53.3%
18.6
y/y -86.8%
79.1
y/y -28.2%
97.7
y/y -61.1%
25.0
y/y -94.9%
126.7-175.1648.6
y/y 4.9%
327.7
y/y 1.0%
7.7%90.2Yahoo Finance
2023-12-31FY 2023 (12M)OK490.8
y/y —
141.0
y/y —
110.2
y/y —
251.1
y/y —
491.4
y/y —
352.5—618.5
y/y —
324.3
y/y —
—40.4Yahoo Finance

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

Short-term debt (incl. ST leases)6
Long-term debt (incl. LT leases)146
− Cash & equivalents1
Net debt151

Net debt / LTM EBITDA: 0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004005002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-50005001 0001 5002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

0501001502002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.16x of reported net profit.
year2022202320242025
cash flow / profit1.17x0.72x5.08x3.15x
accruals, % of assets-5.7%22.5%-15.7%-12.6%
Last twelve months (to - Q2 2025): 3.68x 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 2026-0652 818
+37.1%		42
+16.7%		38.22
+65.4%		24.93
+82.5%		6.42
+6.6%
H1 2026-0652 480
+36.6%		4234.83
+40.6%		22.77
+60.2%		6.18
−1.3%
Q1 2026-0352 140
+36.0%		42
+16.7%		31.35
+18.5%		20.56
+39.1%		—
Q4 2025-1250 065
+29.9%		44
+25.7%		28.42
+20.7%		18.71
+37.6%		5.59
−2.3%
FY 2025-1242 559
+11.5%		39
+18.2%		24.84
+15.1%		14.94
+27.9%		5.82
−1.4%
Q3 2025-0943 193
+16.7%		39
+21.9%		20.82
+17.1%		11.85
+40.7%		—
Q2 2025-0638 5133623.1113.666.02
H1 2025-0638 422—24.7714.216.26
Q1 2025-0338 3283626.4514.78—
Q4 2024-1238 5373523.5513.605.72
FY 2024-1238 1663321.5911.685.90
Q3 2024-0937 0203217.788.42—

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://static1.squarespace.com/static/5ebeb3beb8891c6346025774/t/698a78ff44dc3e1884fd1551/1770682623100/2026-02-09+SDE+Press+Release+2025+Reserves_vF.pdf; https://static1.squarespace.com/static/5ebeb3beb8891c6346025774/t/699c8145728aa61b463004df/1771864389274/2026-02-23+SDE+Press+Release+2025+YE+Results_vF.pdf; https://static1.squarespace.com/static/5ebeb3beb8891c6346025774/t/6a6a8429536cee23f4ec8d77/1785365545655/2026-07-29+SDE+Press+Release+2026+Q2+Results_vF.pdf; https://www.spartandeltacorp.com/s/SDE-2025-Managements-Discussion-and-Analysis-English-SEDAR.pdf; https://www.spartandeltacorp.com/s/SDE-Q2-2026-Management-Discussion-and-Analysis-English-SEDAR.pdf

Production & Reserves

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

Proved reserves
329.88 mln boe (2P)
2025
Reserve life (R/P)
21.2 yrs
reserves ÷ annual output
Annual production
15.53 mln boe
2025

Production, mln boe

13.93202415.532025

Proved reserves

YearReserves, mln boe (2P)
2025329.88

Production

YearProduction, mln boeper day, mln boe
202515.53
+11.5%		0.04
202413.930.04

Company reports: https://static1.squarespace.com/static/5ebeb3beb8891c6346025774/t/698a78ff44dc3e1884fd1551/1770682623100/2026-02-09+SDE+Press+Release+2025+Reserves_vF.pdf; https://static1.squarespace.com/static/5ebeb3beb8891c6346025774/t/699c8145728aa61b463004df/1771864389274/2026-02-23+SDE+Press+Release+2025+YE+Results_vF.pdf; https://static1.squarespace.com/static/5ebeb3beb8891c6346025774/t/6a6a8429536cee23f4ec8d77/1785365545655/2026-07-29+SDE+Press+Release+2026+Q2+Results_vF.pdf; https://www.spartandeltacorp.com/s/SDE-2025-Managements-Discussion-and-Analysis-English-SEDAR.pdf; https://www.spartandeltacorp.com/s/SDE-Q2-2026-Management-Discussion-and-Analysis-English-SEDAR.pdf

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: +18.9% ▼ -0.3 pp 1d

Main driver: WTI Crude Oil +31% vs LTM; revenue ×1.19 vs costs ×1.04; EBITDA 189→229; at 10.3× EV/EBITDA → +19%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+55%93.9371.9676.52+31%+6%
Henry Hub Gas (rev)+25%2.953.383.12-13%-8%
Propane (NGL) (rev)+15%0.890.690.77+29%+11%

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

1 · Reported baseline (LTM)
LTM revenue413
LTM EBITDA189
LTM cash costs (revenue − EBITDA)224
2 · Revenue projection
Revenue multiplier — spot×1.195 (+19%)
= Spot revenue493
Revenue multiplier — 3y price×1.042 (+4%)
= 3-year-price revenue430
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs233
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs233
4 · EBITDA projection (revenue − costs)
= Spot EBITDA261
= 3-year-price EBITDA197
Conservative EBITDA = min(spot, avg)229
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)10.3x
Target EV = EV/EBITDA × conservative EBITDA2 359
Net debt151
Target market cap = EV − net debt2 183
Current market cap1 835

Upside = target market cap ÷ current − 1 = +18.9%

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 FY491857-42.7%251432-41.9%
2024 FY229484-52.6%98234-58.3%
2025 FY296224+32.5%14287+63.5%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +29% vs -53% the year before — a +82.4 pp move. 3-year CAGR -36%.
revenue growth by year: 2023 -57% · 2024 -53% · 2025 +29%
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 16.5x · target 75th pct (3y) 12.0x · LTM avg 10.3x

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 companyglobal1.810.2x10.2x

Group median 4.6x as traded, 7.2x adjusted; this company 10.2x — a 41% premium.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 34% premium.

At the adjusted group median the market cap would be -31% 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
2023-07-130.1 CADEx-dividend: 0.1 CAD per sharePaidYahoo Finance (ex-div)
2023-06-219.5 CADEx-dividend: 9.5 CAD per sharePaidYahoo Finance (ex-div)
2022-12-140.5 CADEx-dividend: 0.5 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 Spartan Delta (SDE) — from primary filings.

Frequently asked questions

What is Spartan Delta (SDE)'s P/E ratio?
Spartan Delta (SDE) trades at a P/E of 32.0x (price to trailing 12-month earnings).
What is Spartan Delta (SDE)'s EV/EBITDA?
Spartan Delta (SDE) trades at 10.2x EV/EBITDA.
What is Spartan Delta (SDE)'s P/B ratio?
Spartan Delta (SDE) trades at a P/B of 3.8x.
What is Spartan Delta (SDE)'s return on equity (ROE)?
Spartan Delta (SDE)'s ROE is 25.1%.
What is Spartan Delta (SDE)'s market capitalization?
Spartan Delta (SDE)'s market cap is 1.8 bn USD.

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