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UK North Sea oil and gas exploration and production company, extracting hydrocarbons from offshore fields.
UK North Sea oil and gas exploration and production company, extracting hydrocarbons from offshore fields.
Sells North Sea oil and gas at market prices, so earnings follow commodity prices and UK taxes on producers. Buying Eni's UK business enlarged its production base. Delek Group, an Israeli conglomerate, is its largest shareholder.
In one line: A UK North Sea E&P, like a smaller independent offshore driller such as Talos Energy.
Moat: none (installed base, regulatory licence). Owns licensed producing North Sea assets, but is a price-taker on global oil/gas prices with no differentiation.
Headquarters: Aberdeen, UK · Founded: 2007 · Employees: 765
Size Ithaca Energy (ITH.L) is a United Kingdom Energy company (Integrated Oil) with a market value of $5.52B, the 88th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £248.00 on 6 Nov 2026.
Performance Over six months the shares fell 9.0%, against -7.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 28.0% over the last twelve months (peer median +11.3%); the operating margin is 41.1% (peer median 29.2%).
Valuation It trades at 12.1× forward earnings against a peer median of 7.7× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.1 points above its cost of capital (11.1% WACC).
Next results Next results expected around 25 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £2.57B | £2.20B | £1.55B | £1.87B | £2.11B |
| Revenue growth | — | +42% | -17% | -12% | — |
| Gross profit | £1.09B | £904M | £640M | £796M | £1.00B |
| EBITDA | £1.72B | £1.51B | £1.08B | £1.36B | £1.51B |
| Net income | £194M | -£63.8M | £120M | £235M | £837M |
| Free cash flow | £476M | £561M | £231M | £573M | £974M |
| Capital expenditure | £670M | £671M | £363M | £385M | £309M |
| Total debt | £1.32B | £1.14B | £850M | £603M | £1.06B |
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 |
|---|---|---|---|---|---|---|
| Ithaca Energy ITH.L | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% |
| Harbour Energy HBR.L | $6.17B | -8% | +17% | 40% | 5.1× | n/a |
| Serica Energy SER.L | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% |
| EnQuest ENQ.L | $671M | +40% | +3% | 17% | 8.9× | -9.1% |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| Shell SHEL.L | $284B | +18% | +15% | 16% | 7.7× | -10.9% |
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 | ITH.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.3% | -6.4% | 7th lowest of 21 |
| 6-month return | -9.0% | -7.2% | 8th lowest of 21 |
| Distance from 52-week high | -21.6% | -24.7% | 9th highest of 21 |
| Revenue growth (TTM) | +28.0% | +11.3% | 5th highest of 21 |
| Operating margin | 41.1% | 29.2% | 5th highest of 21 |
| Forward P/E | 12.1× | 7.7× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -7.0% | -8.3% | 9th most demanding of 18 |
| Growth delivered (Del g) | +1.4% | +16.2% | lowest of 18 |
| Hurdle (Req g minus delivered) | -8.4 pp | -24.9 pp | 2nd most demanding of 18 |
| ROIC minus cost of capital | +18.1 pp | +5.6 pp | 5th highest of 21 |
| EV / EBITDA | 2.9× | 4.9× | 3rd cheapest of 18 |
| Net debt / EBITDA | 0.5× | 0.8× | 9th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| 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% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| 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% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| 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 |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |