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Tamarack Valley Energy (TVE) USD

At a glance: strengths & risks
✓Revenue growing (+15% y/y, Q3 2026)✓Turned profitable (Q3 2026)✓Low leverage (0.7x EBITDA)✗Margins compressing (60%→47%, Q3 2026)✗Pricier than own history (EV/EBITDA 5.1 vs avg 2.5)

Sector: Oil & gas

Geography: Western Canada (Alberta)

COMM_TVE

Price chart

11.86 CADDay 0.08%

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
11.86 CAD · 0.08%
Market cap
3.9 bn USD

Growth

Δ revenue y/y
14.5%
Δ EBITDA y/y
17.5%

Multiples

P/E (LTM)
14.4x
3y avg: 13.9x
P/B (FY)
2.9x
P/E (ann.)
13.9x
EV/EBITDA (LTM)
5.1x
3y avg: 2.5x
EV/EBITDA (ann.)
4.5x

Cash return

Dividend yield
1.3%
FCF yield (LTM)
7.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-18.5%
↓ details

Liquidity

Daily turnover (listing)
24.2 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)OK337.5
y/y 14.5%
147.8
y/y 87.5%
58.9
y/y -39.3%
206.7
y/y 17.5%
70.4
y/y —
176.3-86.12223.5
y/y —
1324.5
y/y —
21.4%-145.4Yahoo Finance
2026-06-30Q2 2026 (3M)OK445.5
y/y 45.4%
196.6
y/y 179.5%
79.5
y/y -23.5%
276.0
y/y 58.5%
147.9
y/y 137.2%
225.3-77.12179.1
y/y -22.8%
1309.2
y/y -16.1%
46.0%-122.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK325.1
y/y 4.6%
18.8
y/y -79.8%
83.7
y/y -14.2%
102.5
y/y -46.3%
4.1
y/y -90.8%
133.3-67.92451.9
y/y -11.7%
1265.9
y/y -13.8%
1.3%478.8Yahoo Finance
2025-12-31Q4 2025 (3M)OK268.2
y/y —
67.3
y/y —
81.0
y/y —
148.3
y/y —
44.5
y/y —
126.2-101.22456.6
y/y -11.4%
1333.0
y/y -9.6%
—500.4Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL294.8
y/y —
78.8
y/y —
97.1
y/y —
175.9
y/y —
-242.8
y/y —
164.1-115.0—
y/y —
—
y/y —
—≈ 538.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK306.5
y/y —
70.3
y/y —
103.9
y/y —
174.2
y/y —
62.4
y/y —
137.1-45.72822.8
y/y —
1560.5
y/y —
16.5%538.4Yahoo Finance
2025-03-31Q1 2025 (3M)OK310.7
y/y —
93.3
y/y —
97.5
y/y —
190.8
y/y —
44.7
y/y —
130.4-92.32776.8
y/y —
1468.9
y/y —
12.1%543.0Yahoo Finance
2024-12-31FY 2024 (12M)OK1267.7
y/y -0.8%
325.7
y/y 23.8%
428.0
y/y -8.5%
753.7
y/y 3.2%
118.1
y/y 69.2%
606.5-329.52772.3
y/y -12.7%
1474.7
y/y -10.1%
7.6%509.7Yahoo Finance
2023-12-31FY 2023 (12M)OK1277.4
y/y —
263.0
y/y —
467.6
y/y —
730.7
y/y —
69.8
y/y —
468.1-395.73177.4
y/y —
1641.3
y/y —
—623.5Yahoo Finance

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

Short-term debt (incl. ST leases)9
Long-term debt (incl. LT leases)228
− Cash & equivalents382
Net debt-145

Net debt / LTM EBITDA: -0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

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

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

02004006008002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-20002004006008002023 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 5.14x of reported net profit. Loss years (2025) are left out of the ratio.
year2022202320242025
cash flow / profit2.33x6.71x5.14x—
accruals, % of assets-10.3%-12.5%-17.6%-23.7%
Last twelve months (to 2025-Q4): 2.45x of profit came back as operating cash flow.
net debt / EBITDA 0.7x
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 $/boe		Operating netback
CAD $/boe		Operating cost
CAD $/boe
Q3 2026-0955 298
−16.4%		92.12
+42.2%		56.91
+33.2%		6.14
−15.0%
Q2 2026-0669 229
−1.5%		95.84
+50.1%		56.49
+40.3%		6.96
−13.1%
H1 2026-0670 273
+1.9%		82.37
+20.6%		50.63
+18.1%		7.15
−9.4%
Q4 2025-1268 635
+3.8%		57.81
−17.6%		36.80
−17.6%		6.74
−5.9%
FY 2025-1268 176
+6.0%		64.77
−11.4%		41.71
−9.2%		7.43
−16.6%
Q3 2025-0966 12664.7742.717.22
Q2 2025-0670 26063.8540.268.01
H1 2025-0668 98668.2842.887.89
Q1 2025-0367 69772.9247.377.76
Q4 2024-1266 10470.1244.657.16
FY 2024-1264 33173.0845.938.91

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/69af3a917b5b6ff6de00cd32_2025%20Annual%20Information%20Form-25feb2026.pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/69af45ceeb1509933dc1de90_Q4%202025%20Financial%20Report-25feb2026.pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/69bab8dc2efdbb4013ae0cb4_Q4%202025%20-%20TVE%20Results%20Reserves%20NR%20(FINAL).pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/6a681399fb714b102639c45d_Q2%202026%20-%20TVE%20Results%20release%20-%20FINAL.pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/6a684b23a500ac146df96b76_Q2%202026%20TVE%20Financial%20Report.pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/6ae15d1f17e588bee3e7d76f_Q3%202026%20TVE%20Financial%20Report.pdf

Production & Reserves

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

Proved reserves
281.68 mln boe (2P)
2025
Reserve life (R/P)
11.3 yrs
reserves ÷ annual output
Annual production
24.88 mln boe
2025

Production, mln boe

23.48202424.882025

Proved reserves

YearReserves, mln boe (2P)
2025281.68
2024238.26

Production

YearProduction, mln boeper day, mln boe
202524.88
+6.0%		0.07
202423.480.06

Company reports: https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/69af3a917b5b6ff6de00cd32_2025%20Annual%20Information%20Form-25feb2026.pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/69af45ceeb1509933dc1de90_Q4%202025%20Financial%20Report-25feb2026.pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/69bab8dc2efdbb4013ae0cb4_Q4%202025%20-%20TVE%20Results%20Reserves%20NR%20(FINAL).pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/6a681399fb714b102639c45d_Q2%202026%20-%20TVE%20Results%20release%20-%20FINAL.pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/6a684b23a500ac146df96b76_Q2%202026%20TVE%20Financial%20Report.pdf; https://cdn.prod.website-files.com/6934f67b28cd02ac45442a67/6ae15d1f17e588bee3e7d76f_Q3%202026%20TVE%20Financial%20Report.pdf

Key-commodity price — WTI Crude Oil

Current 89spot vs LTM +16%

Commodity-player potential

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

Upside: -18.5% ▲ +0.0 pp 1d

Main driver: WTI Crude Oil +15% vs LTM; revenue ×1.16 vs costs ×1.04; EBITDA 697→779; at 5.5× EV/EBITDA → -19%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+88%88.9277.2177.01+15%-0%
Propane (NGL) (rev)+5%1.060.710.79+49%+10%
Henry Hub Gas (rev)+4%3.243.333.11-3%-7%

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

1 · Reported baseline (LTM)
LTM revenue1 376
LTM EBITDA697
LTM cash costs (revenue − EBITDA)679
2 · Revenue projection
Revenue multiplier — spot×1.157 (+16%)
= Spot revenue1 593
Revenue multiplier — 3y price×1.002 (+0%)
= 3-year-price revenue1 378
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs706
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs706
4 · EBITDA projection (revenue − costs)
= Spot EBITDA887
= 3-year-price EBITDA672
Conservative EBITDA = min(spot, avg)779
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)5.5x
Target EV = EV/EBITDA × conservative EBITDA4 310
Net debt-145
Target market cap = EV − net debt4 497
Current market cap3 987

Upside = target market cap ÷ current − 1 = -18.5%

Life of mine: 11 yrs — before haircut +12.8%

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 FY1 277910+40.4%643435+47.9%
2024 FY1 2681 252+1.3%639592+7.9%
2025 FY1 1801 118+5.5%682464+46.8%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -7% vs -1% the year before — a -6.2 pp move. 3-year CAGR +2%.
revenue growth by year: 2023 +14% · 2024 -1% · 2025 -7%
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 4.2x · target 75th pct (3y) 5.4x · LTM avg 5.5x

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 BPglobal21.92.3x2.3x
LukoilRussia43.12.5x4.2x
TatneftRussia17.12.8x4.8x
GazpromRussia33.72.9x4.9x
Occidental Petroleumglobal58.75.0x5.0x
RosneftRussia46.23.2x5.4x
ConocoPhillipsglobal168.26.2x6.2x
Gazprom NeftRussia30.74.0x6.8x
SantosAustralia20.09.3x7.4x
Chevronglobal432.27.6x7.6x
Exxon Mobilglobal701.58.7x8.7x
NovatekRussia41.88.4x14.2x
Group median4.5x5.8x
Group average5.2x6.4x
This companyglobal3.95.1x5.1x

Group median 4.5x as traded, 5.8x adjusted; this company 5.1x — a 11% discount.

Group average 5.2x as traded, 6.4x adjusted; against the average this company is at a 21% discount.

At the adjusted group median the market cap would be +15% 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
2026-09-150.05 CADEx-dividend: 0.05 CAD per sharePaidYahoo Finance (ex-div)
2026-06-150.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2026-03-130.04 CADEx-dividend: 0.04 CAD per sharePaidYahoo Finance (ex-div)
2025-12-310.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-11-280.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-10-310.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-09-290.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-08-290.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-07-310.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-06-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-05-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-04-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-03-310.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-02-280.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2025-01-310.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-12-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-11-290.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-10-310.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-09-270.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-08-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-07-310.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-06-280.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-05-310.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-04-290.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-03-270.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-02-280.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2024-01-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-12-280.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-11-290.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-10-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-09-280.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-08-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-07-280.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-06-290.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-05-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-04-270.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-03-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-02-270.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2023-01-300.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2022-12-290.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2022-11-290.013 CADEx-dividend: 0.013 CAD per sharePaidYahoo Finance (ex-div)
2022-10-280.01 CADEx-dividend: 0.01 CAD per sharePaidYahoo Finance (ex-div)
2022-09-280.01 CADEx-dividend: 0.01 CAD per sharePaidYahoo Finance (ex-div)
2022-08-300.01 CADEx-dividend: 0.01 CAD per sharePaidYahoo Finance (ex-div)
2022-07-280.01 CADEx-dividend: 0.01 CAD per sharePaidYahoo Finance (ex-div)
2022-06-290.01 CADEx-dividend: 0.01 CAD per sharePaidYahoo Finance (ex-div)
2022-05-300.008 CADEx-dividend: 0.008 CAD per sharePaidYahoo Finance (ex-div)
2022-04-280.008 CADEx-dividend: 0.008 CAD per sharePaidYahoo Finance (ex-div)
2022-03-300.008 CADEx-dividend: 0.008 CAD per sharePaidYahoo Finance (ex-div)
2022-02-250.008 CADEx-dividend: 0.008 CAD per sharePaidYahoo Finance (ex-div)
2022-01-280.008 CADEx-dividend: 0.008 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 Tamarack Valley Energy (TVE) — from primary filings.

Frequently asked questions

What is Tamarack Valley Energy (TVE)'s P/E ratio?
Tamarack Valley Energy (TVE) trades at a P/E of 14.4x (price to trailing 12-month earnings).
What is Tamarack Valley Energy (TVE)'s EV/EBITDA?
Tamarack Valley Energy (TVE) trades at 5.1x EV/EBITDA.
What is Tamarack Valley Energy (TVE)'s P/B ratio?
Tamarack Valley Energy (TVE) trades at a P/B of 2.9x.
What is Tamarack Valley Energy (TVE)'s dividend yield?
Tamarack Valley Energy (TVE)'s trailing 12-month dividend yield is 1.3%.
What is Tamarack Valley Energy (TVE)'s return on equity (ROE)?
Tamarack Valley Energy (TVE)'s ROE is 21.4%.
What is Tamarack Valley Energy (TVE)'s market capitalization?
Tamarack Valley Energy (TVE)'s market cap is 3.9 bn USD.

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