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Vermilion Energy (VET) USD

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

At a glance: strengths & risks
✓Revenue growing (+21% y/y, Q2 2026)✓Margins improving (48%→53%, Q2 2026)✓Low leverage (0.5x EBITDA)

Sector: Oil & gas

Geography: Canada, United States, Europe, Australia

COMM_VET

Price chart

13.04 USDDay 1.56%

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
13.04 USD · 1.56%
Market cap
2.0 bn USD

Growth

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

Multiples

P/E (LTM)
—
P/B (FY)
1.3x
P/E (ann.)
5.1x
EV/EBITDA (LTM)
4.9x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
1.5%
FCF yield (LTM)
27.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-11.2%
↓ details

Liquidity

Daily turnover (listing)
9.6 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%893.4Yahoo Finance
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%901.7Yahoo Finance
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%876.2Yahoo Finance
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%871.9Yahoo Finance
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%1346.9Yahoo Finance
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%1324.3Yahoo Finance
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%607.2Yahoo Finance
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%609.1Yahoo Finance
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%564.2Yahoo Finance
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%495.6Yahoo Finance
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%572.5Yahoo Finance
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%706.0Yahoo Finance
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%669.9Yahoo Finance
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 —
—652.2Yahoo Finance

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 0.5x · 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
202622.88 * (6M)
+5.1%		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 99spot vs LTM +30%

Commodity-player potential

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

Upside: -11.2% ▼ -0.1 pp 1d

Main driver: Brent +30% vs LTM; revenue ×1.46 vs costs ×1.05; EBITDA 594→907; at 2.8× EV/EBITDA → -11%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+40%99.3376.5180.58+30%+5%
Nat. gas in Europe (Dutch TTF) (rev)+30%936.10443.18465.21+111%+5%
Henry Hub Gas (rev)+20%2.893.383.12-15%-8%
WTI Crude Oil (rev)+10%94.7371.9676.37+32%+6%
WTI Crude Oil (cost)-3%94.7371.9676.37+32%+6%
Henry Hub Gas (cost)-1%2.893.383.12-15%-8%

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

1 · Reported baseline (LTM)
LTM revenue1 452
LTM EBITDA594
LTM cash costs (revenue − EBITDA)858
2 · Revenue projection
Revenue multiplier — spot×1.456 (+46%)
= Spot revenue2 113
Revenue multiplier — 3y price×1.027 (+3%)
= 3-year-price revenue1 490
3 · Costs projection
Cost multiplier — spot×1.046 (+5%)
= Spot cash costs897
Cost multiplier — 3y price×1.039 (+4%)
= 3-year-price cash costs891
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 216
= 3-year-price EBITDA599
Conservative EBITDA = min(spot, avg)907
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.8x
Target EV = EV/EBITDA × conservative EBITDA2 568
Net debt893
Target market cap = EV − net debt1 686
Current market cap1 898

Upside = target market cap ÷ current − 1 = -11.2%

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%179188-4.9%
2023 Q4416414+0.5%219206+6.1%
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%147141+4.1%
2025 Q4331339-2.3%155137+13.2%
2026 Q1378368+2.8%74191-61.2%
2026 Q2410439-6.6%219222-1.3%

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 3.1x · target 75th pct (3y) 2.8x · 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.

Frequently asked questions

What is Vermilion Energy (VET)'s EV/EBITDA?
Vermilion Energy (VET) trades at 4.9x EV/EBITDA.
What is Vermilion Energy (VET)'s P/B ratio?
Vermilion Energy (VET) trades at a P/B of 1.3x.
What is Vermilion Energy (VET)'s dividend yield?
Vermilion Energy (VET)'s trailing 12-month dividend yield is 1.5%.
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 2.0 bn USD.

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