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Canadian oil and gas producer operating in the Alberta/BC Deep Basin and Montney regions, focused on natural gas and liquids.
Canadian oil and gas producer operating in the Alberta/BC Deep Basin and Montney regions, focused on natural gas and liquids.
Sells gas, condensate and other liquids at Canadian market prices, with gas priced at Alberta's AECO hub, which can trade well below US levels, so the share of liquids matters because they earn more per unit of energy than dry gas.
In one line: An Alberta/BC Deep Basin natural gas producer.
Moat: none. Commodity gas producer without a structural cost or scale advantage over larger Montney/Deep Basin peers.
Headquarters: Calgary, Canada · Founded: 2008 · Employees: 86
Size Kelt Exploration (KEL.TO) is a Canada Energy company (Integrated Oil) with a market value of $1.45B, the 210th largest of 420 Canada companies the cockpit tracks. Shares closed at C$10.01 on 6 Nov 2026.
Performance Over six months the shares gained 3.8%, against -18.1% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 30.3% over the last twelve months (peer median +22.9%); the operating margin is 17.1% (peer median 21.5%).
Valuation It trades at 12.4× forward earnings against a peer median of 5.9× (3rd most expensive of 14).
Capital Return on invested capital runs 0.6 points below its cost of capital (5.9% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$579M | C$467M | C$414M | C$436M | C$548M |
| Revenue growth | — | +13% | -5% | -20% | — |
| Gross profit | C$120M | C$71.8M | C$88.6M | C$142M | C$261M |
| EBITDA | C$316M | C$237M | C$212M | C$252M | C$362M |
| Net income | C$57.0M | C$63.1M | C$45.4M | C$86.0M | C$159M |
| Free cash flow | -C$72.8M | -C$49.2M | -C$117M | C$6.75M | -C$3.56M |
| Capital expenditure | C$385M | C$329M | C$329M | C$283M | C$317M |
| Total debt | C$188M | C$181M | C$111M | C$1.46M | C$12.3M |
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 |
|---|---|---|---|---|---|---|
| Kelt Exploration KEL.TO | $1.45B | +4% | +30% | 17% | 12.4× | n/a |
| Peyto Exploration & Development PEY.TO | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% |
| ARC Resources ARX.TO | n/a | +29% | n/a | n/a | n/a | n/a |
| Advantage Energy AAV.TO | $1.26B | +6% | +14% | 20% | 16.0× | n/a |
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 | KEL.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.5% | -12.4% | 8th highest of 21 |
| 6-month return | +3.8% | -18.1% | 4th highest of 21 |
| Distance from 52-week high | -16.8% | -38.5% | 2nd highest of 21 |
| Revenue growth (TTM) | +30.3% | +22.9% | 8th highest of 20 |
| Operating margin | 17.1% | 21.5% | 9th lowest of 20 |
| Forward P/E | 12.4× | 5.9× | 3rd most expensive of 14 |
| ROIC minus cost of capital | -0.6 pp | +2.0 pp | 7th lowest of 21 |
| EV / EBITDA | 7.0× | 4.6× | 4th most expensive of 15 |
| Net debt / EBITDA | 0.6× | 1.1× | 7th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Mach Natural Resources LP MNR | United States | $1.50B | -35% | +39% | 22% | 5.9× | -10.0% | +2.9% |
| Greenfire Resources GFR.TO | Canada | $1.36B | +3% | -2% | 17% | n/a | n/a | n/a |
| Geo-Jade Petroleum 600759.SS | China | $1.33B | -54% | +42% | 30% | n/a | -0.7% | +2.8% |
| Birchcliff Energy BIR.TO | Canada | $1.29B | +3% | +10% | 20% | 13.5× | 1.9% | +5.8% |
| Kosmos Energy KOS | United States | $1.26B | -23% | +23% | 23% | 4.6× | -6.4% | +9.9% |
| Senton Energy 001331.SZ | China | $1.75B | -24% | -24% | -1% | n/a | n/a | n/a |
| Totalenergies EP Gabon EC.PA | France | $1.14B | -5% | -13% | 25% | n/a | -10.7% | -0.6% |
| Sino Prima Gas Technology 300483.SZ | China | $1.11B | -15% | +40% | 24% | 12.5× | -8.7% | +13.3% |
| Sino Geophysical 300191.SZ | China | $1.10B | -47% | +136% | 14% | n/a | n/a | n/a |
| BKV BKV | United States | $1.92B | -37% | +84% | -1% | 11.1× | n/a | n/a |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
| Tamboran Resources TBN | United States | $1.01B | -19% | n/a | n/a | n/a | n/a | n/a |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | n/a | n/a |
| Shanxi Blue Flame 000968.SZ | China | $961M | -28% | -1% | 14% | n/a | -6.8% | +7.9% |
| Saturn Oil & Gas SOIL.TO | Canada | $941M | +13% | +6% | 28% | 3.0× | -13.8% | +161.8% |
| Riley Exploration Permian REPX | United States | $913M | +24% | +23% | 39% | 4.2× | -7.1% | +164.3% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| China Risun 1907.HK | Hong Kong | $841M | -45% | -2% | 3% | 9.0× | n/a | n/a |
| Infinity Natural Resources INR | United States | $811M | -17% | +75% | 44% | 4.5× | n/a | n/a |