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Saturn Oil & Gas (SOIL) USD

At a glance: strengths & risks
✓Revenue growing (+50% y/y, Q2 2026)✓Profit growing (+13% y/y, Q2 2026)✗Margins compressing (89%→67%, Q2 2026)✗Pricier than own history (EV/EBITDA 4.9 vs avg 2.3)

Sector: Oil & gas

COMM_SOIL

Price chart

6.91 CADDay 2.83%

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
6.91 CAD · 2.83%
Market cap
867 mln USD

Growth

Δ revenue y/y
50.2%
Δ EBITDA y/y
71.2%

Multiples

P/E (LTM)
27.1x
3y avg: 3.6x
P/B (FY)
1.3x
P/E (ann.)
2.8x
EV/EBITDA (LTM)
4.9x
3y avg: 2.3x
EV/EBITDA (ann.)
2.3x

Cash return

Dividend yield
—
FCF yield (LTM)
-3.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+47.6%
↓ details

Liquidity

Daily turnover (listing)
4.3 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)OK261.3
y/y 50.2%
98.8
y/y 171.4%
53.4
y/y 1.7%
152.2
y/y 71.2%
77.8
y/y 13.1%
91.3-55.21540.2
y/y 0.1%
638.7
y/y -6.0%
49.9%524.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK199.9
y/y —
-85.5
y/y —
54.5
y/y —
-31.0
y/y —
-70.7
y/y —
82.3-39.61560.5
y/y —
606.9
y/y —
-43.6%523.1Yahoo Finance
2025-12-31Q4 2025 (3M)OK170.5
y/y —
21.1
y/y —
57.4
y/y —
78.5
y/y —
22.4
y/y —
54.7-75.41600.1
y/y 6.5%
691.3
y/y 23.7%
17.7%554.0Yahoo Finance
2025-09-30Q3 2025 (3M)OK174.2
y/y —
29.9
y/y —
53.5
y/y —
83.4
y/y —
2.5
y/y —
91.5-74.01590.7
y/y —
664.1
y/y —
0.5%519.5Yahoo Finance
2025-06-30Q2 2025 (3M)OK173.9
y/y —
36.4
y/y —
52.5
y/y —
88.9
y/y —
68.7
y/y —
65.0-49.11538.3
y/y —
679.8
y/y —
44.4%522.3Yahoo Finance
2024-12-31FY 2024 (12M)OK670.3
y/y 28.3%
198.2
y/y 15.2%
166.7
y/y 51.1%
364.9
y/y 29.2%
39.4
y/y -81.7%
227.1-545.61502.3
y/y 49.1%
558.8
y/y 21.7%
7.7%574.2Yahoo Finance
2023-12-31FY 2023 (12M)OK522.5
y/y —
172.0
y/y —
110.3
y/y —
282.4
y/y —
215.4
y/y —
210.4-427.11007.6
y/y —
459.3
y/y —
—321.3Yahoo Finance

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

Short-term debt (incl. ST leases)63
Long-term debt (incl. LT leases)462
Net debt525

Net debt / LTM EBITDA: 1.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004006002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%60%80%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-400-300-200-10002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

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 2026-0641 447
+2.5%		81
−2.4%		95.11
+47.8%		60.13
+63.6%		20.98
+14.8%
H1 2026-0642 277
+3.0%		81
−2.4%		82.19
+18.6%		49.75
+23.1%		20.73
+9.5%
Q1 2026-0343 116
+3.4%		8169.64
−6.1%		39.66
−9.8%		20.49
+4.6%
Q4 2025-1243 657
+6.3%		81
−1.2%		58.15
−18.3%		30.69
−28.7%		19.24
+4.9%
FY 2025-1241 728
+22.1%		82
+1.2%		64.59
−11.0%		36.18
−16.0%		19.09
+0.4%
Q3 2025-0941 1428162.1833.7519.24
Q2 2025-0640 4178364.3636.7518.28
H1 2025-0641 0458369.2940.4018.93
Q1 2025-0341 680—74.1343.9519.58
Q4 2024-1241 0518271.1843.0518.35
FY 2024-1234 1888172.5943.0719.01

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://saturnoil.com/news-release/saturn-oil-gas-inc-announces-2025-results-and-reserves-with-110-million-of-debt-repayment-record-q4-production-ahead-of-guidance-and-50-free-funds-flow-yield/; https://saturnoil.com/news-release/saturn-oil-gas-inc-announces-second-quarter-2026-results-with-production-ahead-of-guidance-and-over-82-million-of-free-funds-flow/; https://saturnoil.com/news-release/saturn-oil-gas-inc-increases-2026-guidance-following-continued-operational-outperformance-successful-tuck-in-acquisition-activity-and-senior-notes-refinancing/; https://saturnoil.com/wp-content/uploads/2026/03/123125-SOIL-MDA-YE.pdf; https://saturnoil.com/wp-content/uploads/2026/03/26-03-11-SOIL-AIF-YE-2025-FINAL.pdf; https://saturnoil.com/wp-content/uploads/2026/07/26-06-30-Q2-SOIL-MDA.pdf

Production & Reserves

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

Proved reserves
219.63 mln boe (2P)
2025
Reserve life (R/P)
14.4 yrs
reserves ÷ annual output
Annual production
15.23 mln boe
2025

Production, mln boe

12.48202415.232025

Proved reserves

YearReserves, mln boe (2P)
2025219.63

Production

YearProduction, mln boeper day, mln boe
202515.23
+22.1%		0.04
202412.480.03

Company reports: https://saturnoil.com/news-release/saturn-oil-gas-inc-announces-2025-results-and-reserves-with-110-million-of-debt-repayment-record-q4-production-ahead-of-guidance-and-50-free-funds-flow-yield/; https://saturnoil.com/news-release/saturn-oil-gas-inc-announces-second-quarter-2026-results-with-production-ahead-of-guidance-and-over-82-million-of-free-funds-flow/; https://saturnoil.com/news-release/saturn-oil-gas-inc-increases-2026-guidance-following-continued-operational-outperformance-successful-tuck-in-acquisition-activity-and-senior-notes-refinancing/; https://saturnoil.com/wp-content/uploads/2026/03/123125-SOIL-MDA-YE.pdf; https://saturnoil.com/wp-content/uploads/2026/03/26-03-11-SOIL-AIF-YE-2025-FINAL.pdf; https://saturnoil.com/wp-content/uploads/2026/07/26-06-30-Q2-SOIL-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: +47.6% ▼ -0.0 pp 1d

Main driver: WTI Crude Oil +31% vs LTM; revenue ×1.28 vs costs ×1.04; EBITDA 454→577; at 3.2× EV/EBITDA → +48%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+90%93.9371.9676.52+31%+6%
Henry Hub Gas (rev)+4%3.003.383.12-11%-8%
Propane (NGL) (rev)+3%0.890.690.77+29%+11%

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

1 · Reported baseline (LTM)
LTM revenue806
LTM EBITDA454
LTM cash costs (revenue − EBITDA)351
2 · Revenue projection
Revenue multiplier — spot×1.281 (+28%)
= Spot revenue1 032
Revenue multiplier — 3y price×1.059 (+6%)
= 3-year-price revenue853
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs365
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs365
4 · EBITDA projection (revenue − costs)
= Spot EBITDA667
= 3-year-price EBITDA488
Conservative EBITDA = min(spot, avg)577
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)3.2x
Target EV = EV/EBITDA × conservative EBITDA1 842
Net debt554
Target market cap = EV − net debt1 326
Current market cap898

Upside = target market cap ÷ current − 1 = +47.6%

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 FY523232+125.2%42151+717.1%
2024 FY670511+31.2%282405-30.4%
2025 FY715589+21.2%435186+134.2%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.3x · target 75th pct (3y) 9.5x · LTM avg 3.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

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 Saturn Oil & Gas (SOIL) — from primary filings.

Frequently asked questions

What is Saturn Oil & Gas (SOIL)'s P/E ratio?
Saturn Oil & Gas (SOIL) trades at a P/E of 27.1x (price to trailing 12-month earnings).
What is Saturn Oil & Gas (SOIL)'s EV/EBITDA?
Saturn Oil & Gas (SOIL) trades at 4.9x EV/EBITDA.
What is Saturn Oil & Gas (SOIL)'s P/B ratio?
Saturn Oil & Gas (SOIL) trades at a P/B of 1.3x.
What is Saturn Oil & Gas (SOIL)'s return on equity (ROE)?
Saturn Oil & Gas (SOIL)'s ROE is 49.9%.
What is Saturn Oil & Gas (SOIL)'s market capitalization?
Saturn Oil & Gas (SOIL)'s market cap is 867 mln USD.

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