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Canadian energy company with North Sea natural gas assets in the Netherlands (acquired from NAM) plus Canadian production.
Canadian energy company with North Sea natural gas assets in the Netherlands (acquired from NAM) plus Canadian production.
In one line: A Canadian company with European North Sea gas assets.
Moat: none. Commodity gas producer; European gas asset exposure to premium pricing helps economics but is not a structural moat.
Headquarters: Calgary, Canada · Founded: 2021 · Employees: 297
Size Tenaz Energy (TNZ.TO) is a Canada Energy company (Oil & Gas Production) with a market value of $1.13B, the 236th largest of 420 Canada companies the cockpit tracks. Shares closed at C$49.25 on 6 Nov 2026.
Performance Over six months the shares fell 20.7%, against -18.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 380.6% over the last twelve months (peer median +5.7%); the operating margin is 16.1% (peer median 22.4%).
Valuation It trades at 11.9× forward earnings against a peer median of 8.5× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +103%, so the hurdle is -86 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points above its cost of capital (8.1% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$497M | C$284M | C$57.7M | C$60.0M | C$28.1M |
| Revenue growth | — | +392% | -4% | +113% | — |
| Gross profit | C$98.2M | C$29.6M | -C$3.04M | C$8.90M | C$12.1M |
| EBITDA | C$289M | C$145M | C$10.6M | C$25.1M | C$12.5M |
| Net income | C$110M | C$316M | -C$7.71M | C$26.5M | C$5.24M |
| Free cash flow | C$3.25M | C$48.6M | -C$7.76M | -C$2.02M | -C$7.75M |
| Capital expenditure | C$247M | C$117M | C$20.8M | C$24.9M | C$17.1M |
| Total debt | C$417M | C$341M | C$139M | C$244,000 | C$21.6M |
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 |
|---|---|---|---|---|---|---|
| Tenaz Energy TNZ.TO | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% |
| Vermilion Energy VET.TO | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% |
| Serica Energy SER.L | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% |
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 | TNZ.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.4% | -9.9% | 2nd lowest of 21 |
| 6-month return | -20.7% | -18.5% | 8th lowest of 20 |
| Distance from 52-week high | -35.8% | -29.9% | 6th lowest of 21 |
| Revenue growth (TTM) | +380.6% | +5.7% | 2nd highest of 18 |
| Operating margin | 16.1% | 22.4% | 5th lowest of 18 |
| Forward P/E | 11.9× | 8.5× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 17.7% | -11.2% | most demanding of 12 |
| Growth delivered (Del g) | +103.4% | +16.4% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | -85.8 pp | -24.9 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +0.3 pp | +1.2 pp | 10th lowest of 21 |
| EV / EBITDA | 6.5× | 3.7× | 4th most expensive of 17 |
| Net debt / EBITDA | 1.0× | 1.0× | 9th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | 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 |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | 22% | 5.8× | -16.4% | n/a |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |
| Diversified Energy DEC | United States | $899M | -19% | +109% | 15% | 2.1× | -0.5% | +32.3% |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| 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% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Karoon Energy KAR.AX | Australia | $763M | -23% | -20% | 28% | 4.6× | -10.4% | +22.5% |
| BW Offshore BWO.OL | Norway | $747M | -25% | -17% | 23% | 8.5× | 5.5% | -8.7% |