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Canadian conventional oil producer operating low-decline heavy and light oil assets in Alberta.
Canadian conventional oil producer operating low-decline heavy and light oil assets in Alberta.
In one line: An Alberta conventional/heavy oil producer.
Moat: none. Commodity oil producer; low decline rates aid economics but there is no structural cost moat versus peers.
Headquarters: Calgary, Canada · Founded: 2010
Size Cardinal Energy (CJ.TO) is a Canada Energy company (Oil & Gas Production) with a market value of $1.40B, the 212th largest of 420 Canada companies the cockpit tracks. Shares closed at C$11.15 on 6 Nov 2026.
Performance Over six months the shares fell 8.0%, against -18.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 17.5% over the last twelve months (peer median +8.9%); the operating margin is 30.5% (peer median 20.1%).
Valuation It trades at 11.8× forward earnings against a peer median of 9.9× (8th most expensive of 18).
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 +18%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.6 points above its cost of capital (8.6% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$550M | C$439M | C$497M | C$481M | C$592M |
| Revenue growth | — | -12% | +3% | -19% | — |
| Gross profit | C$204M | C$121M | C$176M | C$165M | C$276M |
| EBITDA | C$302M | C$207M | C$260M | C$250M | C$361M |
| Net income | C$63.0M | C$20.8M | C$108M | C$104M | C$303M |
| Free cash flow | C$106M | C$128M | C$144M | C$131M | C$219M |
| Capital expenditure | C$186M | C$215M | C$187M | C$104M | C$118M |
| Total debt | C$135M | C$243M | C$90.3M | C$50.1M | C$35.8M |
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 |
|---|---|---|---|---|---|---|
| Cardinal Energy CJ.TO | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% |
| 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 | CJ.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.8% | -10.1% | 9th highest of 21 |
| 6-month return | -8.0% | -18.5% | 6th highest of 20 |
| Distance from 52-week high | -18.6% | -32.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +17.5% | +8.9% | 7th highest of 18 |
| Operating margin | 30.5% | 20.1% | 4th highest of 18 |
| Forward P/E | 11.8× | 9.9× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 5.3% | -11.7% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +17.9% | +29.4% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | -12.5 pp | -32.8 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | +2.6 pp | +0.7 pp | 8th highest of 21 |
| EV / EBITDA | 6.9× | 4.1× | 3rd most expensive of 17 |
| Net debt / EBITDA | 0.5× | 1.1× | 5th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| Vedanta Oil and Gas VOGL.NS | India | $1.27B | n/a | n/a | n/a | n/a | n/a | n/a |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | n/a | n/a |
| NextDecade NEXT | United States | $1.56B | -23% | n/a | n/a | n/a | n/a | n/a |
| Etablissements Maurel & Prom MAU.PA | France | $1.57B | -29% | -11% | 31% | 5.4× | n/a | n/a |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | n/a | n/a |
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | 22% | 5.8× | -16.4% | n/a |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
| Diversified Energy DEC | United States | $899M | -19% | +109% | 15% | 2.1× | -0.5% | +32.3% |