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Canadian oil and gas producer with heavy oil assets in Alberta/Saskatchewan and light oil (Eagle Ford) assets in Texas.
Canadian oil and gas producer with heavy oil assets in Alberta/Saskatchewan and light oil (Eagle Ford) assets in Texas.
Sells oil and gas at benchmark-linked prices, so earnings follow oil prices and the discount heavy Canadian crude sells at; Eagle Ford light oil sells closer to US benchmark prices. The 2023 purchase of Ranger Oil added the Eagle Ford. This is the Toronto listing of the same company as BTE in New York.
In one line: A cross-border heavy oil and Eagle Ford light oil producer.
Moat: none. Commodity oil producer without a structural cost or scale advantage over other cross-border E&P peers.
Headquarters: Calgary, Canada · Founded: 1993 · Employees: 454
Size Baytex Energy (BTE.TO) is a Canada Energy company (Integrated Oil) with a market value of $2.95B, the 159th largest of 420 Canada companies the cockpit tracks. Shares closed at C$5.92 on 6 Nov 2026.
Performance Over six months the shares fell 10.8%, against -9.8% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 8.2% over the last twelve months (peer median +12.3%); the operating margin is 15.3% (peer median 24.9%).
Valuation It trades at 7.5× forward earnings against a peer median of 10.1× (8th cheapest of 19).
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 +13%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.1 points above its cost of capital (7.5% WACC).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | C$1.48B | C$1.61B | C$2.71B | C$2.33B |
| Revenue growth | — | -8% | -41% | +17% | — |
| Gross profit | n/a | C$318M | C$427M | C$751M | C$1.03B |
| EBITDA | n/a | C$730M | C$858M | C$1.71B | C$1.56B |
| Net income | n/a | -C$604M | C$237M | -C$233M | C$856M |
| Free cash flow | n/a | C$247M | C$594M | C$240M | C$655M |
| Capital expenditure | n/a | C$1.24B | C$1.31B | C$1.06B | C$524M |
| Total debt | C$149M | C$118M | C$2.28B | C$2.44B | C$937M |
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 |
|---|---|---|---|---|---|---|
| Baytex Energy BTE.TO | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% |
| Athabasca Oil ATH.TO | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% |
| Devon Energy DVN | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% |
| Obsidian Energy OBE.TO | $653M | -21% | -22% | 22% | 4.1× | n/a |
| Whitecap Resources WCP.TO | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% |
| Strathcona Resources SCR.TO | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% |
| Cenovus Energy CVE.TO | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% |
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 | BTE.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.5% | -10.1% | 11th highest of 21 |
| 6-month return | -10.8% | -9.8% | 9th lowest of 21 |
| Distance from 52-week high | -24.7% | -27.6% | 8th highest of 21 |
| Revenue growth (TTM) | -8.2% | +12.3% | 6th lowest of 21 |
| Operating margin | 15.3% | 24.9% | 8th lowest of 21 |
| Forward P/E | 7.5× | 10.1× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.7% | -7.0% | most demanding of 14 |
| Growth delivered (Del g) | +12.8% | +16.2% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | -8.0 pp | -24.5 pp | most demanding of 14 |
| ROIC minus cost of capital | +3.1 pp | +5.6 pp | 8th lowest of 21 |
| EV / EBITDA | 4.9× | 5.0× | 9th cheapest of 18 |
| Net debt / EBITDA | -0.8× | 0.6× | 2nd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| 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% |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
| BKV BKV | United States | $1.92B | -37% | +84% | -1% | 11.1× | n/a | n/a |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| Senton Energy 001331.SZ | China | $1.75B | -24% | -24% | -1% | n/a | n/a | n/a |
| 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% |
| Mach Natural Resources LP MNR | United States | $1.50B | -35% | +39% | 22% | 5.9× | -10.0% | +2.9% |
| Kelt Exploration KEL.TO | Canada | $1.45B | +4% | +30% | 17% | 12.4× | n/a | n/a |
| United Energy 0467.HK | Hong Kong | $1.44B | -10% | +28% | 14% | 3.6× | n/a | n/a |
| 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% |