Loading…
Alberta-focused natural gas producer operating in the Deep Basin, known for low-cost drilling and processing operations.
Alberta-focused natural gas producer operating in the Deep Basin, known for low-cost drilling and processing operations.
Sells gas mostly priced off the AECO hub in Alberta and uses forward sales, known as hedges, to smooth price swings. Profit rests on owning its processing plants and drilling cheaply, so margin per unit is steadier than at producers that pay to process through others.
In one line: A low-cost Alberta natural gas producer.
Moat: narrow (process know-how, installed base). Owned gas processing infrastructure and decades of low-cost drilling expertise in the Deep Basin support a cost advantage.
Headquarters: Calgary, Canada · Founded: 1998
Size Peyto Exploration & Development (PEY.TO) is a Canada Energy company (Integrated Oil) with a market value of $3.54B, the 146th largest of 420 Canada companies the cockpit tracks. Shares closed at C$24.05 on 6 Nov 2026.
Performance Over six months the shares fell 5.0%, against -9.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 26.1% over the last twelve months (peer median +6.6%); the operating margin is 39.5% (peer median 28.0%).
Valuation It trades at 12.6× forward earnings against a peer median of 10.0× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.5 points above its cost of capital (6.1% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.21B | C$1.06B | C$847M | C$936M | C$1.46B |
| Revenue growth | — | +25% | -10% | -36% | — |
| Gross profit | C$527M | C$395M | C$185M | C$415M | C$920M |
| EBITDA | C$888M | C$747M | C$529M | C$707M | C$1.21B |
| Net income | C$494M | C$419M | C$281M | C$293M | C$391M |
| Free cash flow | C$458M | C$384M | C$214M | C$231M | C$305M |
| Capital expenditure | C$502M | C$473M | C$457M | C$411M | C$507M |
| Total debt | C$1.06B | C$1.18B | C$1.36B | C$1.40B | C$865M |
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 |
|---|---|---|---|---|---|---|
| Peyto Exploration & Development PEY.TO | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% |
| Birchcliff Energy BIR.TO | $1.29B | +3% | +10% | 20% | 13.5× | 1.9% |
| 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 | PEY.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.0% | -10.4% | 3rd highest of 21 |
| 6-month return | -5.0% | -9.2% | 6th highest of 21 |
| Distance from 52-week high | -17.7% | -26.2% | 5th highest of 21 |
| Revenue growth (TTM) | +26.1% | +6.6% | 6th highest of 21 |
| Operating margin | 39.5% | 28.0% | 6th highest of 21 |
| Forward P/E | 12.6× | 10.0× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -2.1% | -7.0% | 3rd most demanding of 16 |
| Growth delivered (Del g) | +22.8% | +14.9% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | -24.9 pp | -24.5 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +2.5 pp | +6.8 pp | 5th lowest of 21 |
| EV / EBITDA | 6.7× | 5.0× | 6th most expensive of 17 |
| Net debt / EBITDA | 1.1× | 0.7× | 8th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| 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% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| 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% |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | 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% |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| BKV BKV | United States | $1.92B | -37% | +84% | -1% | 11.1× | n/a | n/a |
| 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% |
| Senton Energy 001331.SZ | China | $1.75B | -24% | -24% | -1% | n/a | n/a | n/a |