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Tourmaline Oil USD

At a glance: strengths & risks
✓Profit growing (×3.3 y/y, Q3 2026)✓Margins improving (42%→57%, Q3 2026)✓Low leverage (0.5x EBITDA)

Sector: Natural gas

Geography: Western Canada (Alberta, BC)

COMM_TOU

Price chart

65.3 CADDay -0.15%

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
65.3 CAD · -0.15%
Market cap
18.2 bn USD

Growth

Δ revenue y/y
-1.1%
Δ EBITDA y/y
111.9%

Multiples

P/E (LTM)
30.4x
3y avg: 41.4x
P/B (FY)
1.6x
P/E (ann.)
9.9x
EV/EBITDA (LTM)
7.1x
3y avg: 8.2x
EV/EBITDA (ann.)
5.2x

Cash return

Dividend yield
3.1%
FCF yield (LTM)
0.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-25.8%
↓ details

Liquidity

Daily turnover (listing)
178.2 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)PARTIAL1003.5
y/y -1.1%
378.8
y/y 534.5%
301.1
y/y -9.8%
384.7
y/y 111.9%
324.0
y/y 230.6%
501.2-91.117133.3
y/y —
11578.4
y/y —
16.0%749.9Report (PDF)
2026-06-30Q2 2026 (3M)OK1077.6
y/y 4.2%
231.2
y/y 25.1%
295.2
y/y -3.0%
526.4
y/y 7.6%
132.6
y/y -64.4%
463.0-427.216044.9
y/y -6.1%
11230.0
y/y -6.8%
4.7%640.4Yahoo Finance
2026-03-31Q1 2026 (3M)OK1291.1
y/y 2.5%
293.3
y/y -17.5%
317.2
y/y 8.1%
610.5
y/y -5.9%
478.0
y/y 223.4%
685.2-481.216548.5
y/y 6.1%
11453.7
y/y 6.2%
16.8%534.8Yahoo Finance
2025-12-31Q4 2025 (3M)OK1194.0
y/y —
-618.9
y/y —
1219.7
y/y —
600.8
y/y —
-470.6
y/y —
503.0-595.516521.8
y/y 6.5%
11273.9
y/y 4.4%
—1097.0Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL1014.4
y/y —
-88.6
y/y —
333.8
y/y —
429.9
y/y —
-234.0
y/y —
619.3-614.6—
y/y —
—
y/y —
—≈ 892.1Yahoo Finance
2025-06-30Q2 2025 (3M)OK1034.1
y/y —
184.8
y/y —
304.2
y/y —
489.0
y/y —
372.1
y/y —
538.8-365.917083.7
y/y —
12052.7
y/y —
13.0%892.1Yahoo Finance
2025-03-31Q1 2025 (3M)OK1260.1
y/y —
355.4
y/y —
293.3
y/y —
648.8
y/y —
147.8
y/y —
756.4-574.115603.2
y/y —
10788.4
y/y —
5.5%573.5Yahoo Finance
2024-12-31FY 2024 (12M)OK4112.7
y/y -11.1%
853.6
y/y -48.0%
1129.7
y/y 17.0%
1983.3
y/y -23.9%
920.2
y/y -28.5%
1987.0-1644.515507.0
y/y 2.2%
10803.1
y/y 2.1%
8.6%628.4Yahoo Finance
2023-12-31FY 2023 (12M)OK4625.7
y/y —
1641.2
y/y —
965.9
y/y —
2607.1
y/y —
1286.3
y/y —
3265.1-1542.115166.7
y/y —
10577.1
y/y —
—574.1Yahoo Finance

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

Short-term debt (incl. ST leases)514
Long-term debt (incl. LT leases)493
− Cash & equivalents256
Net debt750

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-50%0%50%100%150%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

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

Net debt / cash ($ mln)

02505007501 0001 2502023 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 2.35x of reported net profit.
year2022202320242025
cash flow / profit1.05x2.54x2.16x12.89x
accruals, % of assets-1.1%-13.1%-6.9%-13.5%
Last twelve months (to 2025-Q4): 3.61x of profit came back as operating cash flow.
net debt / EBITDA 0.5x
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 $/mcf		Operating netback
CAD $/boe		Operating cost
CAD $/boe		Realized price
CAD $/boe
Q3 2026-09593 730
−6.5%		—15.67
+14.6%		4.48
−6.7%		27.85
+9.9%
Q2 2026-06594 198
−4.3%		3.12
−6.6%		15.14
+1.4%		4.59
−10.4%		27.61
+3.6%
H1 2026-06629 945
+0.1%		3.36
−12.0%		15.23
−10.7%		4.68
−8.9%		27.95
−6.3%
Q4 2025-12659 204
+8.9%		—16.32
−6.2%		4.66
+3.1%		28.27
−3.0%
FY 2025-12638 196
+10.2%		—16.02
−1.5%		4.93
+3.8%		28.30
−0.8%
Q3 2025-09634 746—13.674.8025.33
Q2 2025-06620 7573.3414.935.1226.66
H1 2025-06629 2653.8217.055.1429.83
Q4 2024-12605 413—17.404.5229.15
FY 2024-12579 173
+11.3%		—16.264.7528.52
FY 2023-12520 366————

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://tourmaline.cdn.prismic.io/tourmaline/aaidt1xvIZEnjVXx_FinalQ42025MDAFinancialStatements.pdf; https://tourmaline.cdn.prismic.io/tourmaline/aaiec1xvIZEnjVX3_TOUAIFDecember312025-FINAL.pdf; https://tourmaline.cdn.prismic.io/tourmaline/aaihDFxvIZEnjVYl_FinalTourmalineQ42025PressRelease-March42026-.pdf; https://tourmaline.cdn.prismic.io/tourmaline/catEH65-VtIV1Mhb_TOUQ32026MDA%26FinancialStatements.pdf; https://tourmaline.cdn.prismic.io/tourmaline/vTaeirlfsnzcdApT_TourmalineQ22026PressRelease-July29%2C2026-FINAL.pdf; https://tourmaline.cdn.prismic.io/tourmaline/xzD5MHdi7cbWjbT7_TourmalineQ32026PressRelease-November4%2C2026-.pdf

Production & Reserves

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

Proved reserves
6 092 mln boe (2P)
2025
Reserve life (R/P)
26.2 yrs
reserves ÷ annual output
Annual production
232.94 mln boe
2025

Production, mln boe

189.932023211.402024232.942025

Proved reserves

YearReserves, mln boe (2P)
20256 092

Production

YearProduction, mln boeper day, mln boe
2025232.94
+10.2%		0.64
2024211.40
+11.3%		0.58
2023189.930.52

Company reports: https://tourmaline.cdn.prismic.io/tourmaline/aaidt1xvIZEnjVXx_FinalQ42025MDAFinancialStatements.pdf; https://tourmaline.cdn.prismic.io/tourmaline/aaiec1xvIZEnjVX3_TOUAIFDecember312025-FINAL.pdf; https://tourmaline.cdn.prismic.io/tourmaline/aaihDFxvIZEnjVYl_FinalTourmalineQ42025PressRelease-March42026-.pdf; https://tourmaline.cdn.prismic.io/tourmaline/catEH65-VtIV1Mhb_TOUQ32026MDA%26FinancialStatements.pdf; https://tourmaline.cdn.prismic.io/tourmaline/vTaeirlfsnzcdApT_TourmalineQ22026PressRelease-July29%2C2026-FINAL.pdf; https://tourmaline.cdn.prismic.io/tourmaline/xzD5MHdi7cbWjbT7_TourmalineQ32026PressRelease-November4%2C2026-.pdf

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM +8%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -25.8% ▲ +0.0 pp 1d

Main driver: Henry Hub Gas -3% vs LTM; revenue ×1.08 vs costs ×1.04; EBITDA 2 269→2 353; at 6.0× EV/EBITDA → -26%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+50%3.243.333.11-3%-7%
WTI Crude Oil (rev)+20%88.9277.2177.01+15%-0%
Propane (NGL) (rev)+12%1.060.710.79+49%+10%

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

1 · Reported baseline (LTM)
LTM revenue4 566
LTM EBITDA2 269
LTM cash costs (revenue − EBITDA)2 298
2 · Revenue projection
Revenue multiplier — spot×1.082 (+8%)
= Spot revenue4 941
Revenue multiplier — 3y price×0.995 (-0%)
= 3-year-price revenue4 544
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 390
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 390
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 551
= 3-year-price EBITDA2 154
Conservative EBITDA = min(spot, avg)2 353
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.0x
Target EV = EV/EBITDA × conservative EBITDA14 163
Net debt750
Target market cap = EV − net debt13 430
Current market cap18 111

Upside = target market cap ÷ current − 1 = -25.8%

Life of mine: 26 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 FY4 6264 930-6.2%2 6092 539+2.8%
2024 FY4 1134 528-9.2%1 9832 431-18.4%
2025 FY4 5064 451+1.2%2 1722 237-2.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +10% vs -11% the year before — a +20.7 pp move. 3-year CAGR -12%.
revenue growth by year: 2023 -31% · 2024 -11% · 2025 +10%
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 7.2x · target 75th pct (3y) 10.0x · LTM avg 8.9x

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

Peer comparison

Group: Natural gas. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Equinorglobal111.72.6x
SandRidge Energyglobal0.53.6x
Expand Energyglobal20.43.7x
Advantage Energyglobal1.23.9x
Gulfport Energyglobal2.94.5x
Birchcliff Energyglobal1.35.6x
Peyto Explorationglobal3.86.5x
Kimbell Royalty Partnersglobal1.57.9x
Black Stone Mineralsglobal3.210.1x
Group median4.5x
Group average5.4x
This companyglobal18.27.1x

Group median 4.5x; this company 7.1x — a 57% premium.

Group average 5.4x; against the average this company is at a 32% premium.

At the adjusted group median the market cap would be -39% 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
2026-09-150.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2026-06-150.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2026-03-160.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2025-12-150.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2025-11-140.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)
2025-09-150.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2025-08-080.35 CADEx-dividend: 0.35 CAD per sharePaidYahoo Finance (ex-div)
2025-06-160.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2025-05-150.35 CADEx-dividend: 0.35 CAD per sharePaidYahoo Finance (ex-div)
2025-03-140.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2025-03-130.35 CADEx-dividend: 0.35 CAD per sharePaidYahoo Finance (ex-div)
2024-12-160.35 CADEx-dividend: 0.35 CAD per sharePaidYahoo Finance (ex-div)
2024-11-150.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2024-09-130.35 CADEx-dividend: 0.35 CAD per sharePaidYahoo Finance (ex-div)
2024-08-090.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2024-06-140.32 CADEx-dividend: 0.32 CAD per sharePaidYahoo Finance (ex-div)
2024-05-080.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2024-03-140.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2024-03-130.5 CADEx-dividend: 0.5 CAD per sharePaidYahoo Finance (ex-div)
2023-12-140.28 CADEx-dividend: 0.28 CAD per sharePaidYahoo Finance (ex-div)
2023-10-231 CADEx-dividend: 1 CAD per sharePaidYahoo Finance (ex-div)
2023-09-140.26 CADEx-dividend: 0.26 CAD per sharePaidYahoo Finance (ex-div)
2023-08-111 CADEx-dividend: 1 CAD per sharePaidYahoo Finance (ex-div)
2023-06-140.26 CADEx-dividend: 0.26 CAD per sharePaidYahoo Finance (ex-div)
2023-05-101.5 CADEx-dividend: 1.5 CAD per sharePaidYahoo Finance (ex-div)
2023-03-140.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)
2023-01-232 CADEx-dividend: 2 CAD per sharePaidYahoo Finance (ex-div)
2022-12-140.25 CADEx-dividend: 0.25 CAD per sharePaidYahoo Finance (ex-div)
2022-11-082.25 CADEx-dividend: 2.25 CAD per sharePaidYahoo Finance (ex-div)
2022-09-140.225 CADEx-dividend: 0.225 CAD per sharePaidYahoo Finance (ex-div)
2022-08-042 CADEx-dividend: 2 CAD per sharePaidYahoo Finance (ex-div)
2022-06-140.225 CADEx-dividend: 0.225 CAD per sharePaidYahoo Finance (ex-div)
2022-05-111.5 CADEx-dividend: 1.5 CAD per sharePaidYahoo Finance (ex-div)
2022-03-140.2 CADEx-dividend: 0.2 CAD per sharePaidYahoo Finance (ex-div)
2022-01-241.25 CADEx-dividend: 1.25 CAD per sharePaidYahoo Finance (ex-div)
2021-12-140.18 CADEx-dividend: 0.18 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 Tourmaline Oil — from primary filings.

Frequently asked questions

What is Tourmaline Oil's P/E ratio?
Tourmaline Oil trades at a P/E of 30.4x (price to trailing 12-month earnings).
What is Tourmaline Oil's EV/EBITDA?
Tourmaline Oil trades at 7.1x EV/EBITDA.
What is Tourmaline Oil's P/B ratio?
Tourmaline Oil trades at a P/B of 1.6x.
What is Tourmaline Oil's dividend yield?
Tourmaline Oil's trailing 12-month dividend yield is 3.1%.
What is Tourmaline Oil's return on equity (ROE)?
Tourmaline Oil's ROE is 16.0%.
What is Tourmaline Oil's market capitalization?
Tourmaline Oil's market cap is 18.2 bn USD.

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