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Canadian oil and gas producer focused on the Clearwater heavy oil play and Charlie Lake light oil in Alberta.
Canadian oil and gas producer focused on the Clearwater heavy oil play and Charlie Lake light oil in Alberta.
Sells crude oil at prices tied to world benchmarks less discounts for heavy grade and transport, so earnings follow oil prices and the Canadian heavy-oil discount. Clearwater wells are horizontal and quick to bring online, which lets it add output with modest spending, and it uses waterflooding to lift recovery from existing wells.
In one line: An Alberta heavy/light oil producer.
Moat: none. Commodity oil producer without a structural cost or scale advantage over other Montney/Clearwater peers.
Headquarters: Calgary, Canada · Founded: 2010 · Employees: 251
Size Tamarack Valley Energy (TVE.TO) is a Canada Energy company (Integrated Oil) with a market value of $3.83B, the 141st largest of 420 Canada companies the cockpit tracks. Shares closed at C$11.37 on 6 Nov 2026.
Performance Over six months the shares fell 6.9%, against -8.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 10.7% over the last twelve months (peer median +12.2%); the operating margin is 47.8% (peer median 29.2%).
Valuation It trades at 10.7× forward earnings against a peer median of 9.7× (6th 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 +47%, so the hurdle is -52 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 23.7 points above its cost of capital (8.9% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.54B | C$1.35B | C$1.40B | C$1.41B | C$1.18B |
| Revenue growth | — | -4% | 0% | +19% | — |
| Gross profit | C$828M | C$499M | C$505M | C$415M | C$556M |
| EBITDA | C$1.16B | C$971M | C$1.04B | C$994M | C$906M |
| Net income | C$372M | -C$36.3M | C$162M | C$94.2M | C$345M |
| Free cash flow | C$553M | C$379M | C$381M | C$115M | C$347M |
| Capital expenditure | C$367M | C$400M | C$453M | C$516M | C$459M |
| Total debt | C$325M | C$675M | C$749M | C$912M | C$1.20B |
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 |
|---|---|---|---|---|---|---|
| Tamarack Valley Energy TVE.TO | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% |
| Baytex Energy BTE.TO | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% |
| Headwater Exploration HWX.TO | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% |
| Athabasca Oil ATH.TO | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% |
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 | TVE.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.6% | -7.1% | 4th lowest of 21 |
| 6-month return | -6.9% | -8.2% | 9th highest of 21 |
| Distance from 52-week high | -25.0% | -24.7% | 9th lowest of 21 |
| Revenue growth (TTM) | +10.7% | +12.2% | 10th lowest of 21 |
| Operating margin | 47.8% | 29.2% | 2nd highest of 21 |
| Forward P/E | 10.7× | 9.7× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.6% | -7.0% | 8th most demanding of 18 |
| Growth delivered (Del g) | +46.8% | +14.9% | 3rd highest of 18 |
| Hurdle (Req g minus delivered) | -52.4 pp | -24.5 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +23.7 pp | +5.6 pp | 3rd highest of 21 |
| EV / EBITDA | 4.4× | 5.0× | 8th cheapest of 18 |
| Net debt / EBITDA | -0.2× | 0.8× | 5th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| 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% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| 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% |
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Japan Petroleum Exploration 1662.T | Japan | $2.36B | -36% | -16% | 9% | 5.1× | -5.6% | +7.2% |
| 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% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| DNO DNO.OL | Norway | $2.13B | +6% | +128% | 48% | 5.9× | 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% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |