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Canadian natural gas producer operating in the Deep Basin and Montney regions of Alberta.
Canadian natural gas producer operating in the Deep Basin and Montney regions of Alberta.
Sells natural gas and associated liquids at Alberta and North American benchmark prices, so revenue follows both price and the output it keeps up by drilling; wells decline quickly, so ongoing drilling spending is required just to hold production.
In one line: An Alberta Deep Basin/Montney natural gas producer.
Moat: none. Commodity gas producer without a structural cost or scale advantage over larger Deep Basin/Montney peers.
Headquarters: Calgary, Canada · Founded: 2020 · Employees: 78
Size Spartan Delta (SDE.TO) is a Canada Energy company (Oil & Gas Production) with a market value of $1.63B, the 200th largest of 420 Canada companies the cockpit tracks. Shares closed at C$11.16 on 6 Nov 2026.
Performance Over six months the shares fell 10.8%, against -16.3% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 92.7% over the last twelve months (peer median +8.9%); the operating margin is 31.9% (peer median 20.6%).
Valuation It trades at 7.6× forward earnings against a peer median of 9.9× (8th cheapest of 18).
Capital Return on invested capital runs 10.5 points above its cost of capital (6.9% WACC).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$611M | C$370M | C$275M | C$593M | C$1.32B |
| Revenue growth | — | +35% | -54% | -55% | — |
| Gross profit | C$230M | C$82.3M | C$51.3M | C$248M | C$791M |
| EBITDA | C$400M | C$201M | C$137M | C$339M | C$968M |
| Net income | C$69.2M | C$70.0M | C$34.3M | C$663M | C$681M |
| Free cash flow | -C$147M | -C$96.5M | C$23.7M | C$195M | C$378M |
| Capital expenditure | C$544M | C$359M | C$162M | C$295M | C$434M |
| Total debt | C$270M | C$179M | C$147M | C$79.7M | C$191M |
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 |
|---|---|---|---|---|---|---|
| Spartan Delta SDE.TO | $1.63B | -11% | +93% | 32% | 7.6× | n/a |
| Peyto Exploration & Development PEY.TO | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% |
| Kelt Exploration KEL.TO | $1.45B | +4% | +30% | 17% | 12.4× | 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 | SDE.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.4% | -9.9% | 4th lowest of 21 |
| 6-month return | -10.8% | -16.3% | 9th highest of 20 |
| Distance from 52-week high | -26.2% | -31.2% | 7th highest of 21 |
| Revenue growth (TTM) | +92.7% | +8.9% | 2nd highest of 18 |
| Operating margin | 31.9% | 20.6% | 3rd highest of 18 |
| Forward P/E | 7.6× | 9.9× | 8th cheapest of 18 |
| ROIC minus cost of capital | +10.5 pp | +1.4 pp | 5th highest of 21 |
| EV / EBITDA | 5.9× | 3.8× | 6th most expensive of 17 |
| Net debt / EBITDA | 0.2× | 1.0× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Etablissements Maurel & Prom MAU.PA | France | $1.57B | -29% | -11% | 31% | 5.4× | n/a | n/a |
| NextDecade NEXT | United States | $1.56B | -23% | n/a | n/a | n/a | n/a | n/a |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | 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 |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| Northern Oil and Gas NOG | United States | $2.43B | -2% | -3% | 30% | 4.9× | n/a | n/a |
| Talos Energy TALO | United States | $2.48B | -1% | +13% | 14% | 7.9× | -5.0% | +25.3% |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| Gulfport Energy GPOR | United States | $2.65B | -16% | +27% | 42% | 6.3× | -13.4% | +10.6% |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |