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Canadian energy royalty company holding oil and gas royalty interests plus infrastructure/water interests across Western Canada.
Canadian energy royalty company holding oil and gas royalty interests plus infrastructure/water interests across Western Canada.
Collects royalty payments, a share of production revenue, from operators drilling on its land, plus fees for using gas processing and water facilities it owns, without paying drilling costs. Tourmaline Oil, which created Topaz in 2019, is the main source of royalty production and a shareholder.
In one line: An oil & gas royalty company like a smaller Viper Energy.
Moat: narrow (scale, installed base). Diversified royalty interests across multiple operators' acreage provide low-cost, capital-light exposure to production growth.
Headquarters: Calgary, Canada · Founded: 2019 · Employees: 13
Size Topaz Energy (TPZ.TO) is a Canada Energy company (Oil & Gas Production) with a market value of $3.17B, the 153rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$28.67 on 6 Nov 2026.
Performance Over six months the shares fell 9.2%, against -9.8% for the median peer and +5.2% for the Canada market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 21.7% over the last twelve months (peer median +8.9%); the operating margin is 60.3% (peer median 27.4%).
Valuation It trades at 22.8× forward earnings against a peer median of 7.6× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points above its cost of capital (6.4% WACC).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$389M | C$325M | C$300M | C$307M | C$357M |
| Revenue growth | — | +8% | -2% | -14% | — |
| Gross profit | C$249M | C$183M | C$168M | C$82.3M | C$141M |
| EBITDA | C$369M | C$300M | C$278M | C$288M | C$340M |
| Net income | C$151M | C$129M | C$106M | C$47.6M | C$99.4M |
| Free cash flow | C$337M | C$303M | C$269M | C$292M | C$314M |
| Capital expenditure | C$5.71M | C$5.26M | C$7.33M | C$8.15M | C$3.84M |
| Total debt | C$499M | C$571M | C$540M | C$392M | C$465M |
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.
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 | TPZ.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | -9.0% | 3rd highest of 21 |
| 6-month return | -9.2% | -9.8% | 11th highest of 21 |
| Distance from 52-week high | -15.4% | -27.5% | 3rd highest of 21 |
| Revenue growth (TTM) | +21.7% | +8.9% | 5th highest of 20 |
| Operating margin | 60.3% | 27.4% | highest of 20 |
| Forward P/E | 22.8× | 7.6× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 5.9% | -3.7% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +29.4% | +16.4% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -23.4 pp | -19.4 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +2.3 pp | +2.6 pp | 10th lowest of 21 |
| EV / EBITDA | 13.4× | 4.2× | most expensive of 19 |
| Net debt / EBITDA | 1.4× | 1.1× | 7th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Topaz Energy TPZ.TO | Canada | $3.17B | -9% | +22% | 60% | 22.8× | 5.9% | +29.4% |
| Jiangxi Jovo Energy 605090.SS | China | $3.02B | -37% | -7% | 9% | 11.8× | -0.6% | +17.9% |
| International Petroleum Corp. (British Columbia) IPCO.TO | Canada | $2.85B | 0% | +11% | 19% | 11.2× | n/a | n/a |
| Patterson-UTI Energy PTEN | United States | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% | +33.8% |
| Gulfport Energy GPOR | United States | $2.65B | -16% | +27% | 42% | 6.3× | -13.4% | +10.6% |
| Comstock Resources CRK | United States | $3.94B | -5% | +17% | 19% | 43.4× | n/a | n/a |
| Talos Energy TALO | United States | $2.48B | -1% | +13% | 14% | 7.9× | -5.0% | +25.3% |
| Northern Oil and Gas NOG | United States | $2.43B | -2% | -3% | 30% | 4.9× | n/a | n/a |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | n/a | n/a |
| CNX Resources CNX | United States | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% | +14.6% |
| Murphy Oil MUR | United States | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% | +9.0% |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Harbour Energy HBR.L | United Kingdom | $6.17B | -8% | +17% | 40% | 5.1× | n/a | n/a |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Magnolia Oil & Gas MGY | United States | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% | +19.4% |
| 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 |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| Vista Energy SAB de CV Sponsored ADR VIST | United States | $6.91B | -12% | +84% | 40% | 4.6× | -13.4% | +55.3% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |