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Vermilion Energy (VET) USD

At a glance: strengths & risks
✓Revenue growing (+61%)✓Profit growing (+10%)✓Margins improving (57%→73%)✓Low leverage (0.4x EBITDA)

Sector: Oil & gas

Geography: Canada, United States, Europe, Australia

COMM_VET

Price chart

11.34 USDDay 0.98%

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
11.34 USD · 0.98%
Market cap
1.7 bn USD

Growth

Δ revenue y/y
21.3%
Δ EBITDA y/y
34.2%

Multiples

P/E (LTM)
—
P/B (FY)
1.1x
P/E (ann.)
4.4x
EV/EBITDA (LTM)
4.4x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
1.7%
FCF yield (LTM)
31.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-38.7%
↓ details

Liquidity

Daily turnover (listing)
8 mln USD

Shares: yahoo_fundamentals_timeseries/VET

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)OK410.1
y/y 21.3%
98.0
y/y 214.3%
120.8
y/y -8.4%
218.7
y/y 34.2%
97.8
y/y —
124.4-82.73998.3
y/y -16.7%
1574.8
y/y -18.3%
25.5%893.4Link
2026-03-31Q1 2026 (3M)OK378.1
y/y 8.9%
-49.2
y/y -171.0%
123.3
y/y -2.3%
74.1
y/y -62.1%
-106.0
y/y -1090.6%
165.6-98.04040.0
y/y -20.3%
1489.3
y/y -27.8%
-27.5%901.7Link
2025-12-31Q4 2025 (3M)OK331.0
y/y -25.8%
5.2
y/y -91.4%
149.4
y/y 40.6%
154.7
y/y -7.3%
-313.2
y/y —
95.4-323.63824.6
y/y -14.3%
1590.1
y/y -22.5%
-71.0%876.2Link
2025-09-30Q3 2025 (3M)OK332.4
y/y -9.8%
22.1
y/y -44.3%
124.5
y/y -5.3%
146.6
y/y -14.4%
1.8
y/y -95.2%
278.7-104.94260.6
y/y -4.1%
1938.1
y/y -7.8%
0.1%871.9Link
2025-06-30Q2 2025 (3M)OK338.0
y/y 0.4%
31.2
y/y -15.2%
131.8
y/y 12.0%
163.0
y/y 5.5%
-167.1
y/y —
100.5-82.64800.6
y/y 6.3%
1927.7
y/y -6.7%
-33.5%1346.9Link
2025-03-31Q1 2025 (3M)OK347.1
y/y -4.5%
69.3
y/y 54.0%
126.2
y/y -12.0%
195.5
y/y 3.8%
10.7
y/y 535.8%
200.7-130.35069.5
y/y 9.8%
2062.0
y/y -5.3%
2.1%1324.3Link
2024-12-31Q4 2024 (3M)OK446.0
y/y 7.2%
60.7
y/y 125.7%
106.2
y/y -44.6%
166.9
y/y -23.7%
-13.4
y/y —
155.2-150.34465.0
y/y -3.4%
2052.3
y/y -8.7%
-2.6%607.2Link
2024-09-30Q3 2024 (3M)OK368.4
y/y -5.6%
39.7
y/y -40.5%
131.5
y/y 17.5%
171.2
y/y -4.2%
37.7
y/y -11.1%
98.2-89.74442.0
y/y -16.3%
2101.7
y/y -26.4%
2.4%609.1Link
2024-06-30Q2 2024 (3M)OK336.6
y/y -10.9%
36.8
y/y -30.3%
117.7
y/y 2.9%
154.4
y/y -7.6%
-60.2
y/y -163.5%
194.4-80.54514.1
y/y -15.2%
2066.6
y/y -27.1%
-11.3%564.2Link
2024-03-31Q1 2024 (3M)OK363.5
y/y -18.5%
45.0
y/y -48.1%
143.4
y/y 30.6%
188.4
y/y -4.1%
1.7
y/y -99.4%
258.7-139.34617.6
y/y -14.5%
2177.3
y/y -22.3%
0.3%495.6Link
2023-12-31Q4 2023 (3M)PARTIAL416.1
y/y —
-39.8
y/y —
80.0
y/y —
218.8
y/y —
-637.7
y/y —
167.0-113.54621.3
y/y —
2246.7
y/y —
-93.3%572.5Link
2023-09-30Q3 2023 (3M)OK390.4
y/y —
66.7
y/y —
112.0
y/y —
178.7
y/y —
42.5
y/y —
87.8-95.55307.0
y/y —
2854.9
y/y —
2.0%706.0Link
2023-06-30Q2 2023 (3M)OK377.7
y/y —
52.7
y/y —
114.4
y/y —
167.1
y/y —
94.8
y/y —
128.7-123.65321.0
y/y —
2833.2
y/y —
13.5%669.9Link
2023-03-31Q1 2023 (3M)OK445.9
y/y —
86.7
y/y —
109.8
y/y —
196.4
y/y —
281.9
y/y —
288.0-114.75398.9
y/y —
2801.0
y/y —
—652.2Link

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

Long-term debt (incl. LT leases)953
− Cash & equivalents60
Net debt893

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-75%-50%-25%0%25%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-750-500-25002505002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2020–2022 operating cash flow came to 1.05x of reported net profit; after capex, 0.68x. Loss years (2020) are left out of the ratio.
year202020212022
cash flow / profit—0.73x1.38x
accruals, % of assets-49.1%5.3%-7.2%
net debt / EBITDA 0.4x · capex 0.8x of depreciation
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.

Production & Reserves

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

Oil and Gas E and P

Proved reserves
522.79 mln boe
2022
Reserve life (R/P)
12.0 yrs
reserves ÷ annual output
Annual production
43.63 mln boe
2025

Production, mln boe

19.16201422.58201523.64201626.58201737.09201836.54201934.66202031.09202131.19202230.57202330.78202443.632025

Proved reserves

YearReserves, mln boe
2022522.79
2021481.01
2020466.60
2019501.22
2018488.10
2017123.80
2016290.10
2015260.90

Production

YearProduction, mln boeper day, mln boe
202611.43 * (3M)
+21.8%		0.13
202543.63
+41.8%		0.12
202430.78
+0.7%		0.08
202330.57
−2.0%		0.08
202231.19
+0.3%		0.09
202131.09
−10.3%		0.09
202034.66
−5.2%		0.09
201936.54
−1.5%		0.10
201837.09
+39.5%		0.10

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Brent

Current 89spot vs LTM +16%

Commodity-player potential

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

Upside: -38.7% ▲ +0.5 pp 1d

Main driver: Brent +16% vs LTM; revenue ×1.23 vs costs ×1.04; EBITDA 612→762; at 2.7× EV/EBITDA → -39%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+40%88.5276.5180.43+16%+5%
Nat. gas in Europe (Dutch TTF) (rev)+30%732.37443.18455.02+65%+3%
Henry Hub Gas (rev)+20%2.723.383.11-20%-8%
WTI Crude Oil (rev)+10%82.4071.9676.26+15%+6%
WTI Crude Oil (cost)-3%82.4071.9676.26+15%+6%
Henry Hub Gas (cost)-1%2.723.383.11-20%-8%

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

1 · Reported baseline (LTM)
LTM revenue1 452
LTM EBITDA612
LTM cash costs (revenue − EBITDA)839
2 · Revenue projection
Revenue multiplier — spot×1.234 (+23%)
= Spot revenue1 791
Revenue multiplier — 3y price×1.019 (+2%)
= 3-year-price revenue1 479
3 · Costs projection
Cost multiplier — spot×1.041 (+4%)
= Spot cash costs874
Cost multiplier — 3y price×1.039 (+4%)
= 3-year-price cash costs872
4 · EBITDA projection (revenue − costs)
= Spot EBITDA918
= 3-year-price EBITDA606
Conservative EBITDA = min(spot, avg)762
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.7x
Target EV = EV/EBITDA × conservative EBITDA2 050
Net debt893
Target market cap = EV − net debt1 163
Current market cap1 898

Upside = target market cap ÷ current − 1 = -38.7%

Life of mine: 17 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 Q3390408-4.3%179230-22.2%
2023 Q4416414+0.5%219248-11.8%
2024 Q1363348+4.5%188126+49.8%
2024 Q2337377-10.7%154173-10.8%
2024 Q3368365+0.9%171169+1.0%
2024 Q4446397+12.4%167205-18.4%
2025 Q1347447-22.4%196233-16.1%
2025 Q2338361-6.4%163154+5.7%
2025 Q3332346-3.9%165141+17.0%
2025 Q4331339-2.3%155141+9.5%
2026 Q1378368+2.8%74196-62.1%
2026 Q2410439-6.6%219226-3.3%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +61% vs +90% the year before — a -28.9 pp move. 3-year CAGR —.
revenue growth by year: 2021 +90% · 2022 +61%
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 3.0x · target 75th pct (3y) 2.7x · LTM avg 3.7x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-150.097 USDEx-dividend: 0.097 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.099 USDEx-dividend: 0.099 USD per sharePaidYahoo Finance (ex-div)
2025-06-300.095 USDEx-dividend: 0.095 USD per sharePaidYahoo Finance (ex-div)
2025-03-310.091 USDEx-dividend: 0.091 USD per sharePaidYahoo Finance (ex-div)
2024-12-310.084 USDEx-dividend: 0.084 USD per sharePaidYahoo Finance (ex-div)
2024-09-270.089 USDEx-dividend: 0.089 USD per sharePaidYahoo Finance (ex-div)
2024-06-280.088 USDEx-dividend: 0.088 USD per sharePaidYahoo Finance (ex-div)
2024-03-270.088 USDEx-dividend: 0.088 USD per sharePaidYahoo Finance (ex-div)
2023-12-280.076 USDEx-dividend: 0.076 USD per sharePaidYahoo Finance (ex-div)
2023-09-280.074 USDEx-dividend: 0.074 USD per sharePaidYahoo Finance (ex-div)
2023-06-290.075 USDEx-dividend: 0.075 USD per sharePaidYahoo Finance (ex-div)
2023-03-300.074 USDEx-dividend: 0.074 USD per sharePaidYahoo Finance (ex-div)
2022-12-290.059 USDEx-dividend: 0.059 USD per sharePaidYahoo Finance (ex-div)
2022-09-280.058 USDEx-dividend: 0.058 USD per sharePaidYahoo Finance (ex-div)
2022-06-290.047 USDEx-dividend: 0.047 USD per sharePaidYahoo Finance (ex-div)
2022-03-300.048 USDEx-dividend: 0.048 USD 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 Vermilion Energy (VET) — from primary filings.

Vermilion Energy Inc. acquires, explores, develops, and optimizes oil and natural gas producing properties in North America, Europe, and Australia.

Frequently asked questions

What is Vermilion Energy (VET)'s EV/EBITDA?
Vermilion Energy (VET) trades at 4.4x EV/EBITDA.
What is Vermilion Energy (VET)'s P/B ratio?
Vermilion Energy (VET) trades at a P/B of 1.1x.
What is Vermilion Energy (VET)'s dividend yield?
Vermilion Energy (VET)'s trailing 12-month dividend yield is 1.7%.
What is Vermilion Energy (VET)'s return on equity (ROE)?
Vermilion Energy (VET)'s ROE is 25.5%.
What is Vermilion Energy (VET)'s market capitalization?
Vermilion Energy (VET)'s market cap is 1.7 bn USD.

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