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Surge Energy (SGY) USD

At a glance: strengths & risks
✓Revenue growing (+47% y/y, Q2 2026)✓Profit growing (+116% y/y, Q2 2026)✓Margins improving (49%→59%, Q2 2026)✓Low leverage (0.7x EBITDA)✗Pricier than own history (EV/EBITDA 4.7 vs avg 3.0)

Sector: Oil & gas

COMM_SGY

Price chart

11.01 CADDay 0.27%

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
11.01 CAD · 0.27%
Market cap
770 mln USD

Growth

Δ revenue y/y
46.6%
Δ EBITDA y/y
79.1%

Multiples

P/E (LTM)
24.0x
3y avg: 27.8x
P/B (FY)
1.5x
P/E (ann.)
3.9x
EV/EBITDA (LTM)
4.7x
3y avg: 3.0x
EV/EBITDA (ann.)
2.5x

Cash return

Dividend yield
4.7%
FCF yield (LTM)
-1.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-26.4%
↓ details

Liquidity

Daily turnover (listing)
4.7 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)OK151.7
y/y 46.6%
57.9
y/y 187.2%
32.1
y/y 6.7%
90.0
y/y 79.1%
49.9
y/y 116.2%
68.5-22.5960.2
y/y -2.6%
518.1
y/y -5.0%
39.3%121.1Yahoo Finance
2026-03-31Q1 2026 (3M)OK116.3
y/y —
-17.2
y/y —
32.6
y/y —
15.5
y/y —
-17.9
y/y —
43.6-29.0983.1
y/y —
497.7
y/y —
-14.0%140.1Yahoo Finance
2025-12-31Q4 2025 (3M)OK92.2
y/y —
3.0
y/y —
30.2
y/y —
33.3
y/y —
-5.1
y/y —
42.9-33.5967.4
y/y 1.9%
529.5
y/y 3.2%
5.4%146.3Yahoo Finance
2025-09-30Q3 2025 (3M)OK105.4
y/y —
17.8
y/y —
33.4
y/y —
51.1
y/y —
5.2
y/y —
48.2-28.7975.2
y/y —
533.6
y/y —
1.3%141.9Yahoo Finance
2025-06-30Q2 2025 (3M)OK103.5
y/y —
20.2
y/y —
30.1
y/y —
50.3
y/y —
23.1
y/y —
40.7-26.2986.0
y/y —
545.6
y/y —
17.4%152.7Yahoo Finance
2024-12-31FY 2024 (12M)OK484.3
y/y -3.6%
88.4
y/y 4.0%
137.2
y/y -6.2%
225.6
y/y -2.5%
-39.1
y/y -435.0%
202.8-111.4949.5
y/y -15.0%
513.3
y/y -19.4%
-6.8%145.2Yahoo Finance
2023-12-31FY 2023 (12M)OK502.5
y/y —
85.0
y/y —
146.3
y/y —
231.3
y/y —
11.7
y/y —
197.2-131.61117.5
y/y —
636.9
y/y —
—195.7Yahoo Finance

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

Short-term debt (incl. ST leases)3
Long-term debt (incl. LT leases)151
− Cash & equivalents32
Net debt121

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-25%0%25%50%75%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

0204060801002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

0501001502002023 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 6.61x of reported net profit. Loss years (2024) are left out of the ratio.
year2022202320242025
cash flow / profit1.19x16.90x—6.61x
accruals, % of assets-3.0%-16.6%-25.5%-16.7%
Last twelve months (to 2026-06-30): 6.34x of profit came back as operating cash flow.
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.

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Oil & liquids share
%		Realized price
CAD $ per boe		Operating netback
CAD $ per boe		Operating cost
CAD $ per boe
Q2 2026-0622 865
−3.1%		89
+0.0%		100.31
+52.5%		49.59
+26.2%		17.49
+2.4%
H1 2026-0623 376
−0.9%		89
+0.0%		86.67
+22.5%		43.86
+6.5%		18.10
+0.9%
Q1 2026-0323 893
+1.4%		8973.4838.31
−9.7%		18.70
−0.4%
Q4 2025-1223 186
−4.7%		8859.2531.65
−18.9%		18.09
−5.4%
FY 2025-1223 491
−2.8%		88
+1.1%		66.67
−10.2%		37.84
−3.0%		17.91
−10.5%
Q3 2025-0923 622—65.9437.4117.69
Q2 2025-0623 5898965.7939.2917.08
H1 2025-0623 5798970.7541.1817.93
Q1 2025-0323 567——42.4118.78
Q4 2024-1224 319——39.0319.12
FY 2024-1224 1588774.273920.02

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://surgeenergy.mediaroom.com/2026-03-04-SURGE-ENERGY-INC-ANNOUNCES-FOURTH-QUARTER-AND-YEAR-END-FINANCIAL-RESULTS-FOR-2025-STRONG-2025-YEAR-END-RESERVE-ADDITIONS-OPERATIONAL-UPDATES-AND-APPOINTMENT-TO-THE-BOARD-OF-DIRECTORS; https://surgeenergy.mediaroom.com/2026-07-29-SURGE-ENERGY-INC-ANNOUNCES-SECOND-QUARTER-2026-FINANCIAL-OPERATIONAL-UPDATES; https://www.surgeenergy.ca/wp-content/uploads/2026/03/Q4-2025-MDA-SEDAR.pdf; https://www.surgeenergy.ca/wp-content/uploads/2026/03/Surge-AIF-Dec-31-2025-FINAL.pdf; https://www.surgeenergy.ca/wp-content/uploads/2026/07/Q2-2026-MDA.pdf

Production & Reserves

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

Proved reserves
95.71 mln boe (2P)
2025
Reserve life (R/P)
11.2 yrs
reserves ÷ annual output
Annual production
8.57 mln boe
2025

Production, mln boe

8.8220248.572025

Proved reserves

YearReserves, mln boe (2P)
202595.71

Production

YearProduction, mln boeper day, mln boe
20258.57
−2.8%		0.02
20248.820.02

Company reports: https://surgeenergy.mediaroom.com/2026-03-04-SURGE-ENERGY-INC-ANNOUNCES-FOURTH-QUARTER-AND-YEAR-END-FINANCIAL-RESULTS-FOR-2025-STRONG-2025-YEAR-END-RESERVE-ADDITIONS-OPERATIONAL-UPDATES-AND-APPOINTMENT-TO-THE-BOARD-OF-DIRECTORS; https://surgeenergy.mediaroom.com/2026-07-29-SURGE-ENERGY-INC-ANNOUNCES-SECOND-QUARTER-2026-FINANCIAL-OPERATIONAL-UPDATES; https://www.surgeenergy.ca/wp-content/uploads/2026/03/Q4-2025-MDA-SEDAR.pdf; https://www.surgeenergy.ca/wp-content/uploads/2026/03/Surge-AIF-Dec-31-2025-FINAL.pdf; https://www.surgeenergy.ca/wp-content/uploads/2026/07/Q2-2026-MDA.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: -26.4% ▼ -0.0 pp 1d

Main driver: WTI Crude Oil +31% vs LTM; revenue ×1.28 vs costs ×1.04; EBITDA 173→239; at 3.8× EV/EBITDA → -26%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+92%93.9371.9676.52+31%+6%
Henry Hub Gas (rev)+3%2.953.383.12-13%-8%

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

1 · Reported baseline (LTM)
LTM revenue466
LTM EBITDA173
LTM cash costs (revenue − EBITDA)293
2 · Revenue projection
Revenue multiplier — spot×1.279 (+28%)
= Spot revenue595
Revenue multiplier — 3y price×1.057 (+6%)
= 3-year-price revenue492
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs304
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs304
4 · EBITDA projection (revenue − costs)
= Spot EBITDA291
= 3-year-price EBITDA188
Conservative EBITDA = min(spot, avg)239
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)3.8x
Target EV = EV/EBITDA × conservative EBITDA900
Net debt121
Target market cap = EV − net debt803
Current market cap785

Upside = target market cap ÷ current − 1 = -26.4%

Life of mine: 11 yrs — before haircut +2.4%

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 FY503465+8.0%190145+30.4%
2024 FY484490-1.2%296165+79.5%
2025 FY414424-2.2%205228-9.9%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -14% vs -4% the year before — a -10.8 pp move. 3-year CAGR -10%.
revenue growth by year: 2023 -11% · 2024 -4% · 2025 -14%
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 3.1x · target 75th pct (3y) 3.8x · LTM avg 3.8x

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 companyglobal0.84.7x4.7x

Group median 4.6x as traded, 7.2x adjusted; this company 4.7x — a 35% discount.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 38% discount.

At the adjusted group median the market cap would be +64% 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
2026-09-290.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2026-08-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2026-07-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2026-06-300.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2026-05-290.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2026-04-300.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2026-03-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2026-02-270.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2026-01-300.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-12-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-11-280.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-10-300.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-09-290.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-08-290.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-07-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-06-300.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-05-300.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-04-300.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-03-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-02-280.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2025-01-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2024-12-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2024-11-290.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2024-10-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2024-09-270.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2024-08-300.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2024-07-310.043 CADEx-dividend: 0.043 CAD per sharePaidYahoo Finance (ex-div)
2024-06-280.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2024-05-310.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2024-04-290.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2024-03-270.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2024-02-280.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2024-01-300.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-12-280.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-11-290.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-10-300.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-09-280.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-08-300.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-07-280.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-06-290.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-05-300.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-04-270.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-03-300.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-02-270.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2023-01-300.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2022-12-290.035 CADEx-dividend: 0.035 CAD per sharePaidYahoo Finance (ex-div)
2022-11-290.035 CADEx-dividend: 0.035 CAD per sharePaidYahoo Finance (ex-div)
2022-10-280.035 CADEx-dividend: 0.035 CAD per sharePaidYahoo Finance (ex-div)
2022-09-280.035 CADEx-dividend: 0.035 CAD per sharePaidYahoo Finance (ex-div)
2022-08-300.035 CADEx-dividend: 0.035 CAD per sharePaidYahoo Finance (ex-div)
2022-07-280.035 CADEx-dividend: 0.035 CAD per sharePaidYahoo Finance (ex-div)
2022-06-290.035 CADEx-dividend: 0.035 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 Surge Energy (SGY) — from primary filings.

Frequently asked questions

What is Surge Energy (SGY)'s P/E ratio?
Surge Energy (SGY) trades at a P/E of 24.0x (price to trailing 12-month earnings).
What is Surge Energy (SGY)'s EV/EBITDA?
Surge Energy (SGY) trades at 4.7x EV/EBITDA.
What is Surge Energy (SGY)'s P/B ratio?
Surge Energy (SGY) trades at a P/B of 1.5x.
What is Surge Energy (SGY)'s dividend yield?
Surge Energy (SGY)'s trailing 12-month dividend yield is 4.7%.
What is Surge Energy (SGY)'s return on equity (ROE)?
Surge Energy (SGY)'s ROE is 39.3%.
What is Surge Energy (SGY)'s market capitalization?
Surge Energy (SGY)'s market cap is 770 mln USD.

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