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Oil producer operating offshore fields in the Gulf of Thailand, having acquired Mubadala Petroleum's Thailand assets.
Oil producer operating offshore fields in the Gulf of Thailand, having acquired Mubadala Petroleum's Thailand assets.
Sells crude oil by the cargo at prices tied to international benchmarks, so the oil price drives its income. Production comes from licences in Thai waters, where the state takes royalties and tax. The 2023 purchase of Mubadala's Thai assets added several producing fields to a business that had been built around one.
In one line: A Gulf of Thailand offshore oil producer.
Moat: none. Commodity offshore oil producer without a structural cost or scale advantage over other regional operators.
Headquarters: Calgary, Canada · Founded: 2008 · Employees: 209
Size Valeura Energy (VLE.TO) is a Canada Energy company (Oil & Gas Production) with a market value of $1.07B, the 243rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$14.17 on 6 Nov 2026.
Performance Over six months the shares gained 11.1%, against -18.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +2.6%); the operating margin is 17.2% (peer median 22.4%).
Valuation It trades at 9.9× forward earnings against a peer median of 8.5× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is +141%, so the hurdle is -159 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.5 points above its cost of capital (5.1% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$942M | C$843M | C$936M | C$679M | C$338,482 |
| Revenue growth | — | -10% | +38% | +200,452% | — |
| Gross profit | C$364M | C$273M | C$389M | C$239M | -C$1.35M |
| EBITDA | C$463M | C$391M | C$483M | C$284M | -C$10.5M |
| Net income | C$85.9M | C$31.8M | C$330M | C$331M | -C$16.3M |
| Free cash flow | C$164M | C$120M | C$205M | -C$117M | -C$23.3M |
| Capital expenditure | C$320M | C$257M | C$220M | C$150M | C$2.02M |
| Total debt | C$96.1M | C$127M | C$107M | C$97.1M | C$15.0M |
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 | VLE.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.6% | -9.9% | 7th lowest of 21 |
| 6-month return | +11.1% | -18.7% | 2nd highest of 20 |
| Distance from 52-week high | -19.6% | -31.3% | 3rd highest of 21 |
| Revenue growth (TTM) | +5.7% | +2.6% | 9th highest of 18 |
| Operating margin | 17.2% | 22.4% | 6th lowest of 18 |
| Forward P/E | 9.9× | 8.5× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -17.3% | -8.4% | least demanding of 13 |
| Growth delivered (Del g) | +141.2% | +17.9% | highest of 12 |
| Hurdle (Req g minus delivered) | -158.6 pp | -26.5 pp | least demanding of 12 |
| ROIC minus cost of capital | +17.5 pp | +0.7 pp | 3rd highest of 21 |
| EV / EBITDA | 2.5× | 3.7× | 2nd cheapest of 17 |
| Net debt / EBITDA | -0.7× | 1.1× | least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| 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 |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| 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 |
| 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 |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
| Diversified Energy DEC | United States | $899M | -19% | +109% | 15% | 2.1× | -0.5% | +32.3% |
| 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% |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| 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% |
| 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 |
| Surge Energy SGY.TO | Canada | $730M | +7% | +3% | 27% | 6.1× | -6.3% | +20.2% |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |