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Canada's largest natural gas producer, operating in the Montney and Deep Basin plays of the Western Canadian Sedimentary Basin.
Canada's largest natural gas producer, operating in the Montney and Deep Basin plays of the Western Canadian Sedimentary Basin.
Sells natural gas, plus condensate and other liquids, and has deliberately spread sales across hubs and markets, including supply deals tied to international LNG prices, rather than leaving most gas priced at the low Alberta hub (AECO). It pays a base dividend and special dividends from surplus cash. Michael Rose, a founder, remains chief executive.
In one line: Canada's EQT Corporation (natural gas focus).
Moat: narrow (scale, cost advantage, installed base). Largest scale and lowest-cost gas production position in the Western Canadian Sedimentary Basin.
Headquarters: Calgary, Canada · Founded: 2008 · Employees: 1,236
Size Tourmaline Oil (TOU.TO) is a Canada Energy company (Oil & Gas Production) with a market value of $17.5B, the 48th largest of 420 Canada companies the cockpit tracks. Shares closed at C$63.03 on 6 Nov 2026.
Performance Over six months the shares fell 2.8%, against -1.3% for the median peer and +5.2% for the Canada market (cap-weighted) — 5th lowest of 13 in its peer set.
Growth Revenue grew 4.4% over the last twelve months (peer median +14.2%); the operating margin is 0.9% (peer median 29.8%).
Valuation It trades at 11.9× forward earnings against a peer median of 8.3× (4th most expensive of 13).
Capital Return on invested capital runs 5.4 points below its cost of capital (5.6% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$5.81B | C$5.82B | C$5.18B | C$5.65B | C$7.62B |
| Revenue growth | — | +12% | -8% | -26% | — |
| Gross profit | C$304M | C$321M | C$1.44B | C$2.44B | C$4.68B |
| EBITDA | C$3.09B | C$3.10B | C$2.80B | C$3.58B | C$5.76B |
| Net income | C$377M | C$263M | C$1.26B | C$1.74B | C$4.49B |
| Free cash flow | C$208M | C$379M | C$302M | C$1.67B | C$2.67B |
| Capital expenditure | C$2.93B | C$3.01B | C$2.43B | C$2.73B | C$2.02B |
| Total debt | C$1.32B | C$1.89B | C$1.30B | C$1.13B | C$629M |
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 |
|---|---|---|---|---|---|---|
| Tourmaline Oil TOU.TO | $17.5B | -3% | +4% | 1% | 11.9× | n/a |
| ARC Resources ARX.TO | n/a | +29% | n/a | n/a | n/a | n/a |
| Canadian Natural Resources CNQ.TO | $101B | +12% | +18% | 27% | 10.3× | 2.8% |
| EQT EQT | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% |
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 | TOU.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | -2.3% | 5th highest of 13 |
| 6-month return | -2.8% | -1.3% | 5th lowest of 13 |
| Distance from 52-week high | -10.7% | -18.7% | 4th highest of 13 |
| Revenue growth (TTM) | +4.4% | +14.2% | 4th lowest of 13 |
| Operating margin | 0.9% | 29.8% | lowest of 13 |
| Forward P/E | 11.9× | 8.3× | 4th most expensive of 13 |
| ROIC minus cost of capital | -5.4 pp | +2.7 pp | lowest of 13 |
| EV / EBITDA | 8.3× | 5.8× | 2nd most expensive of 13 |
| Net debt / EBITDA | 0.4× | 1.0× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tourmaline Oil TOU.TO | Canada | $17.5B | -3% | +4% | 1% | 11.9× | n/a | n/a |
| Santos STO.AX | Australia | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% | +9.3% |
| Origin Energy ORG.AX | Australia | $14.4B | +5% | -10% | 8% | 16.2× | 10.9% | +5.0% |
| Range Resources RRC | United States | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% | +10.9% |
| Antero Resources AR | United States | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% | +15.1% |
| Woodside Energy WDS.AX | Australia | $40.4B | 0% | -10% | 26% | 9.4× | n/a | n/a |
| Seplat Energy SEPL.L | United Kingdom | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% | +38.0% |
| Vista Energy SAB de CV Sponsored ADR VIST | United States | $6.91B | -12% | +84% | 40% | 4.6× | -13.4% | +55.3% |
| Magnolia Oil & Gas MGY | United States | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% | +19.4% |
| Harbour Energy HBR.L | United Kingdom | $6.17B | -8% | +17% | 40% | 5.1× | n/a | n/a |
| Diamondback Energy FANG | United States | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% | +39.8% |
| Murphy Oil MUR | United States | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% | +9.0% |
| CNX Resources CNX | United States | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% | +14.6% |