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Canadian oil sands producer using thermal (steam-based) extraction, plus light oil assets in Alberta.
Canadian oil sands producer using thermal (steam-based) extraction, plus light oil assets in Alberta.
Produces oil by injecting steam underground, so the natural gas used to make steam is a major cost and the discount of heavy crude to light crude matters. Light oil from its Alberta assets adds a second stream. It sells at market prices through pipelines, so returns depend on oil prices and the cost of steam.
In one line: An oil sands thermal producer.
Moat: none. Commodity oil sands producer without a structural cost or scale advantage over larger integrated oil sands operators.
Headquarters: Calgary, Canada · Founded: 1998 · Employees: 187
Size Athabasca Oil (ATH.TO) is a Canada Energy company (Integrated Oil) with a market value of $3.92B, the 137th largest of 420 Canada companies the cockpit tracks. Shares closed at C$11.45 on 6 Nov 2026.
Performance Over six months the shares gained 1.1%, against -8.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +12.2%); the operating margin is 31.2% (peer median 29.2%).
Valuation It trades at 13.7× forward earnings against a peer median of 9.7× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -29 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.5 points above its cost of capital (5.9% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.39B | C$1.31B | C$1.36B | C$1.20B | C$1.35B |
| Revenue growth | — | -3% | +13% | -11% | — |
| Gross profit | C$507M | C$423M | C$494M | C$295M | C$395M |
| EBITDA | C$581M | C$509M | C$564M | C$339M | C$477M |
| Net income | C$237M | C$245M | C$468M | -C$51.2M | C$572M |
| Free cash flow | C$489M | C$520M | C$558M | C$306M | C$316M |
| Capital expenditure | C$400M | C$323M | C$268M | C$140M | C$147M |
| Total debt | C$213M | C$202M | C$200M | C$186M | C$214M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Athabasca Oil ATH.TO | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% |
| Cenovus Energy CVE.TO | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% |
| Tamarack Valley Energy TVE.TO | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% |
| Strathcona Resources SCR.TO | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% |
| Canadian Natural Resources CNQ.TO | $101B | +12% | +18% | 27% | 10.3× | 2.8% |
| Suncor Energy SU.TO | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% |
| Imperial Oil IMO.TO | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% |
| Obsidian Energy OBE.TO | $653M | -21% | -22% | 22% | 4.1× | n/a |
| Baytex Energy BTE.TO | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATH.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.7% | -8.2% | 10th highest of 21 |
| 6-month return | +1.1% | -8.2% | 4th highest of 21 |
| Distance from 52-week high | -11.0% | -24.8% | highest of 21 |
| Revenue growth (TTM) | +2.5% | +12.2% | 9th lowest of 21 |
| Operating margin | 31.2% | 29.2% | 10th highest of 21 |
| Forward P/E | 13.7× | 9.7× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.3% | -7.0% | 6th most demanding of 18 |
| Growth delivered (Del g) | +23.4% | +14.9% | 6th highest of 18 |
| Hurdle (Req g minus delivered) | -28.7 pp | -24.5 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +9.5 pp | +5.6 pp | 8th highest of 21 |
| EV / EBITDA | 9.5× | 4.9× | 2nd most expensive of 18 |
| Net debt / EBITDA | -0.2× | 0.8× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Ithaca Energy ITH.L | United Kingdom | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% | +1.4% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |