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Topaz Energy (TPZ) USD

At a glance: strengths & risks
✓Revenue growing (+39% y/y, Q2 2026)✓Profit growing (+23% y/y, Q2 2026)✗Margins compressing (124%→100%, Q2 2026)

Sector: Energy royalties & infrastructure

COMM_TPZ

Price chart

28.46 CADDay 0.42%

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
28.46 CAD · 0.42%
Market cap
3.1 bn USD

Growth

Δ revenue y/y
38.9%
Δ EBITDA y/y
42.0%

Multiples

P/E (LTM)
31.4x
3y avg: 44.3x
P/B (FY)
2.8x
P/E (ann.)
20.6x
EV/EBITDA (LTM)
14.8x
3y avg: 14.8x
EV/EBITDA (ann.)
11.6x

Cash return

Dividend yield
4.8%
FCF yield (LTM)
-5.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-40.1%
↓ details

Liquidity

Daily turnover (listing)
16 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)OK78.9
y/y 38.9%
50.5
y/y 81.1%
24.6
y/y -1.6%
75.1
y/y 42.0%
37.7
y/y 22.9%
65.1-30.71557.1
y/y 16.1%
1057.8
y/y 15.2%
14.1%382.2Yahoo Finance
2026-03-31Q1 2026 (3M)OK67.1
y/y 9.3%
38.8
y/y 13.0%
24.5
y/y 4.7%
63.3
y/y 9.6%
24.7
y/y 27.1%
60.6-0.91580.4
y/y 22.2%
1080.0
y/y 21.3%
9.0%386.7Yahoo Finance
2025-12-31Q4 2025 (3M)OK60.6
y/y —
69.9
y/y —
15.9
y/y —
54.0
y/y —
55.3
y/y —
49.7-59.91622.6
y/y 5.0%
1110.5
y/y 1.0%
9.1%416.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK56.8
y/y —
27.9
y/y —
25.0
y/y —
52.9
y/y —
30.7
y/y —
58.4-19.71341.4
y/y —
918.3
y/y —
13.6%384.0Yahoo Finance
2025-03-31Q1 2025 (3M)OK61.4
y/y —
34.3
y/y —
23.4
y/y —
57.7
y/y —
19.5
y/y —
56.1-13.61293.3
y/y —
890.1
y/y —
7.8%369.2Yahoo Finance
2024-12-31FY 2024 (12M)OK218.2
y/y -4.0%
111.2
y/y 112.3%
90.7
y/y -43.7%
201.9
y/y -5.4%
76.9
y/y 117.8%
201.1-320.31545.2
y/y 7.7%
1099.4
y/y 0.5%
7.0%375.5Yahoo Finance
2023-12-31FY 2023 (12M)OK227.3
y/y —
52.4
y/y —
161.1
y/y —
213.5
y/y —
35.3
y/y —
222.7-38.51434.3
y/y —
1094.3
y/y —
—292.9Yahoo Finance

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

Long-term debt (incl. LT leases)383
− Cash & equivalents1
Net debt382

Net debt / LTM EBITDA: 1.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502002502023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-200-10001002002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

01002003004002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

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 $000s
Q2 2026-0624 233
+8.7%		30
+0.0%		39.87
+38.5%		——
H1 2026-0624 420
+9.3%		29
−3.3%		36
+14.5%		——
Q1 2026-0324 609
+10.0%		28
−3.4%		32.16
−5.7%		——
Q4 2025-1223 399
+15.4%		29
−6.5%		29.02
−10.1%		28.80—
FY 2025-1222 417
+16.6%		30
−3.2%		29.56
−10.9%		—6.53
−11.1%
Q3 2025-0921 5963126.3226.14—
Q2 2025-0622 2903028.7828.57—
H1 2025-0622 3353031.43——
Q1 2025-0322 3802934.1033.86—
Q4 2024-1220 2793132.29——
FY 2024-1219 227
+2.0%		3133.17—7.35
FY 2023-1218 853————

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://topazwebsite.cdn.prismic.io/topazwebsite/CV7FjB5QxnY-zGRX_TopazQ22026newsrelease-vFinalF.pdf; https://topazwebsite.cdn.prismic.io/topazwebsite/aZ0NqcFoBIGEgs7q_2025AnnualReport.pdf; https://topazwebsite.cdn.prismic.io/topazwebsite/aZ0NqcFoBIGEgs7r_Topaz2025AIF_vFinal.pdf; https://topazwebsite.cdn.prismic.io/topazwebsite/aZ5WzsFoBIGEgv1j_TopazQ42025newsrelease-vFinal.pdf; https://topazwebsite.cdn.prismic.io/topazwebsite/cnFG8AUuYlElxN_T_TopazQ22026QrtReport.pdf

Production & Reserves

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

Proved reserves
65.70 mln boe (2P)
2025
Reserve life (R/P)
8.0 yrs
reserves ÷ annual output
Annual production
8.18 mln boe
2025

Production, mln boe

6.8820237.0220248.182025

Proved reserves

YearReserves, mln boe (2P)
202565.70
202459.50

Production

YearProduction, mln boeper day, mln boe
20258.18
+16.6%		0.02
20247.02
+2.0%		0.02
20236.880.02

Company reports: https://topazwebsite.cdn.prismic.io/topazwebsite/CV7FjB5QxnY-zGRX_TopazQ22026newsrelease-vFinalF.pdf; https://topazwebsite.cdn.prismic.io/topazwebsite/aZ0NqcFoBIGEgs7q_2025AnnualReport.pdf; https://topazwebsite.cdn.prismic.io/topazwebsite/aZ0NqcFoBIGEgs7r_Topaz2025AIF_vFinal.pdf; https://topazwebsite.cdn.prismic.io/topazwebsite/aZ5WzsFoBIGEgv1j_TopazQ42025newsrelease-vFinal.pdf; https://topazwebsite.cdn.prismic.io/topazwebsite/cnFG8AUuYlElxN_T_TopazQ22026QrtReport.pdf

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -12%

Commodity-player potential

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

Upside: -40.1% ▼ -0.1 pp 1d

Main driver: Henry Hub Gas -12% vs LTM; revenue ×1.05 vs costs ×1.04; EBITDA 285→292; at 12.0× EV/EBITDA → -40%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+45%2.973.383.12-12%-8%
WTI Crude Oil (rev)+25%93.9371.9676.52+31%+6%

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

1 · Reported baseline (LTM)
LTM revenue263
LTM EBITDA285
LTM cash costs (revenue − EBITDA)-22
2 · Revenue projection
Revenue multiplier — spot×1.048 (+5%)
= Spot revenue276
Revenue multiplier — 3y price×0.998 (-0%)
= 3-year-price revenue263
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs-23
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs-23
4 · EBITDA projection (revenue − costs)
= Spot EBITDA299
= 3-year-price EBITDA285
Conservative EBITDA = min(spot, avg)292
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA3 504
Net debt382
Target market cap = EV − net debt3 166
Current market cap3 148

Upside = target market cap ÷ current − 1 = -40.1%

Life of mine: 8 yrs — before haircut +0.6%

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 FY227217+4.6%234213+9.9%
2024 FY218221-1.1%213227-6.3%
2025 FY232233-0.2%238227+4.6%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 13.5x · target 75th pct (3y) 14.5x · LTM avg 15.0x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-150.35 CADEx-dividend: 0.35 CAD per sharePaidYahoo Finance (ex-div)
2026-06-150.35 CADEx-dividend: 0.35 CAD per sharePaidYahoo Finance (ex-div)
2026-03-130.34 CADEx-dividend: 0.34 CAD per sharePaidYahoo Finance (ex-div)
2025-12-150.34 CADEx-dividend: 0.34 CAD per sharePaidYahoo Finance (ex-div)
2025-09-150.34 CADEx-dividend: 0.34 CAD per sharePaidYahoo Finance (ex-div)
2025-06-130.34 CADEx-dividend: 0.34 CAD per sharePaidYahoo Finance (ex-div)
2025-03-140.33 CADEx-dividend: 0.33 CAD per sharePaidYahoo Finance (ex-div)
2024-12-130.33 CADEx-dividend: 0.33 CAD per sharePaidYahoo Finance (ex-div)
2024-09-130.33 CADEx-dividend: 0.33 CAD per sharePaidYahoo Finance (ex-div)
2024-06-140.32 CADEx-dividend: 0.32 CAD per sharePaidYahoo Finance (ex-div)
2024-03-140.32 CADEx-dividend: 0.32 CAD per sharePaidYahoo Finance (ex-div)
2023-12-140.31 CADEx-dividend: 0.31 CAD per sharePaidYahoo Finance (ex-div)
2023-09-140.31 CADEx-dividend: 0.31 CAD per sharePaidYahoo Finance (ex-div)
2023-06-140.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2023-03-140.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2022-12-140.3 CADEx-dividend: 0.3 CAD per sharePaidYahoo Finance (ex-div)
2022-09-140.28 CADEx-dividend: 0.28 CAD per sharePaidYahoo Finance (ex-div)
2022-06-140.26 CADEx-dividend: 0.26 CAD per sharePaidYahoo Finance (ex-div)
2022-03-140.26 CADEx-dividend: 0.26 CAD per sharePaidYahoo Finance (ex-div)
2021-12-140.24 CADEx-dividend: 0.24 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 Topaz Energy (TPZ) — from primary filings.

Frequently asked questions

What is Topaz Energy (TPZ)'s P/E ratio?
Topaz Energy (TPZ) trades at a P/E of 31.4x (price to trailing 12-month earnings).
What is Topaz Energy (TPZ)'s EV/EBITDA?
Topaz Energy (TPZ) trades at 14.8x EV/EBITDA.
What is Topaz Energy (TPZ)'s P/B ratio?
Topaz Energy (TPZ) trades at a P/B of 2.8x.
What is Topaz Energy (TPZ)'s dividend yield?
Topaz Energy (TPZ)'s trailing 12-month dividend yield is 4.8%.
What is Topaz Energy (TPZ)'s return on equity (ROE)?
Topaz Energy (TPZ)'s ROE is 14.1%.
What is Topaz Energy (TPZ)'s market capitalization?
Topaz Energy (TPZ)'s market cap is 3.1 bn USD.

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