Baytex Energy Corp. BTE

EnergyOil & GasCanada

Last close 7.52 CAD on Nov 1, 2026, +71.2% year to date

Quant rating

Quant rating B Rank 14 of 73 in Energy

Growth A 9 of 73
Valuation C 32 of 73
Quality B 28 of 73
Revisions B 13 of 73
Momentum B 24 of 73

Wall Street consensus Buy (2.27)Average target 8.59 CAD +14.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.2B
Enterprise value: 4.6B
52-week range: 3.18 – 7.87
3-year range: 2.07 – 7.87
Dividend yield: 1.20%
Beta (5 years): 0.81
Shares outstanding: 685M
Next earnings: Nov 5, 2026

About the company

Baytex Energy Corp. is a Canada-based energy company. The Company operates a portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory. The Company is engaged in the acquisition, development and production of oil and natural gas in the Western Canadian Sedimentary Basin. The Company's crude oil and natural gas operations are organized into two main operating areas: Light Oil (Pembina Duvernay / Viking) and Heavy Oil (Peace River / Peavine / Lloydminster). The Company's Pembina Duvernay holds approximately 143 net sections and has a production of approximately 10,200 barrels of oil equivalent per day. Its Viking holds approximately 355 net sections and has production of approximately 9,400 barrels of oil equivalent per day.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,481	1,613	2,713	2,326	1,529	–
Revenue growth	−8.2%	−40.5%	16.6%	52.1%	88.4%	12.8%
EPS (basic, normalized)	−0.17	0.29	−0.33	1.52	2.82	–
EPS growth	–	–	–	−46.1%	–	–
Gross margin	77.4%	79.2%	79.0%	81.8%	77.6%	79.0%
Net margin	−18.7%	−6.0%	−8.6%	36.8%	105.5%	21.8%
ROE	−8.4%	−2.4%	−6.8%	32.6%	115.7%	26.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	720
Current ratio	2.82x
Long-term debt (mil)	139
Net debt (mil)	−571
Total equity (mil)	2,153
Net debt / equity	−0.27x
Net debt / EBITDA	−0.33x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,481	−8.2%	3.1x	1,728	−23.2%	2.7x	−0.17	−158.6%	−44.2x
2026	1,804	+21.8%	2.5x	1,151	−33.4%	4.0x	0.50	+393.5%	15.1x
2027	1,745	−3.3%	2.6x	1,079	−6.3%	4.2x	0.50	−0.5%	15.2x
2028	1,703	−2.4%	2.7x	1,004	−6.9%	4.6x	0.37	−25.0%	20.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,804	0.0%	+0.3%	+33.3%	0.50	+103.7%	+112.3%	+42.6%
2027	1,745	+2.6%	+3.1%	+21.2%	0.50	+25.7%	+30.6%	+74.2%
2028	1,703	–	–	–	0.37	–	+830.0%	+830.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	984	1,133	1,075	1,017	999	887	746	760	453	640
Sales mean (mil)	924	1,036	1,065	1,011	927	770	745	747	317	–
Surprise	+6.6%	+9.4%	+0.9%	+0.6%	+7.8%	+15.1%	+0.1%	+1.7%	+42.8%	–
EPS reported	−0.02	0.13	0.23	−0.05	0.09	0.20	0.04	−0.32	−0.09	0.23
EPS mean	0.12	0.16	0.32	0.10	0.12	0.03	0.02	0.01	0.01	0.09
Surprise	−116.7%	−18.8%	−27.4%	−151.7%	−21.7%	+566.7%	+158.1%	−4,897.6%	−1,449.3%	+155.6%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BTE Baytex Energy Corp.	5.2B	−0.33x	−18.7%	2.48x	15.1x	15.2x	4.0x	4.2x
CNQ Canadian Natural Resources Ltd	161.2B	0.93x	27.9%	3.47x	12.7x	14.3x	6.9x	7.7x
SU Suncor Energy Inc (Canada)	131.2B	0.58x	12.1%	2.71x	9.6x	12.8x	5.4x	6.6x
IMO Imperial Oil Ltd	91.3B	0.15x	7.0%	3.81x	12.3x	13.0x	7.6x	8.4x
CVE Cenovus Energy Incorporation	83.2B	0.88x	7.9%	2.48x	8.3x	9.1x	4.4x	4.8x
TPL Texas Pacific Land Corporation	32.0B	−0.36x	60.3%	13.68x	36.6x	33.2x	26.7x	22.9x
Mean		0.31x	16.1%	4.77x	15.8x	16.3x	9.1x	9.1x
Median		0.36x	10.0%	3.09x	12.5x	13.6x	6.1x	7.1x

Technical analysis

1M+17.1%
3M+33.3%
1Y+139.6%
3Y+33.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Baytex Energy Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,481	1,613	2,713	2,326	1,529	812
Cost of revenue	334	336	571	423	343	331
Gross profit	1,146	1,277	2,142	1,903	1,186	480
Selling, general & administrative expenses	411	418	422	317	170	121
Research & development	5.5	0.8	8.9	30.2	15.2	14.0
Depreciation/amortization	485	483	1,048	587	465	486
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	148	1.5	883	−268	−1,542	2,360
Other operating expenses	19.1	17.3	20.4	15.7	12.4	9.0
Operating income	78.3	355	−240	1,221	2,066	−2,510
Net interest income (expense)	−84.5	−342	−124	−323	−377	−85.9
Gain (loss) on sale of assets	2.5	4.1	−141	4.9	9.7	0.9
Other non-operating income (expense)	−149	−33.9	−11.5	−12.0	−4.1	−4.6
Net income before taxes	−153	−16.7	−517	891	1,695	−2,599
Provision for taxes	124	80.7	−283	35.3	81.2	−160
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−277	−97.5	−233	856	1,614	−2,439
Extraordinary items	−327	334	–	–	–	–
Net income	−604	237	−233	856	1,614	−2,439
EBIT, normalized	226	357	643	953	524	−150
EBITDA, normalized	711	840	1,691	1,540	989	337
Basic EPS, normalized	−0.17	0.29	−0.33	1.52	2.82	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Baytex Energy Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	953	16.6	55.8	5.5	–	0
Receivables	135	387	339	228	173	107
Total inventory	–	–	–	–	–	–
Prepaid expenses	35.0	20.2	21.5	–	–	–
Other current assets	67.0	25.6	23.3	10.1	8.7	5.1
Total current assets	1,190	450	440	244	182	113
Property, plant & equipment	2,080	7,076	6,746	4,802	4,653	3,289
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	74.6	235	275	57.2	0	7.1
Total assets	3,345	7,760	7,461	5,104	4,835	3,408
Liabilities
Accounts payable	236	512	477	272	191	156
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	7.2	9.2	13.4	3.5	2.9	4.3
Other current liabilities	86.6	52.1	67.3	12.8	145	38.6
Total current liabilities	330	574	558	289	339	199
Long-term debt	111	2,273	2,427	934	1,385	1,789
Minority interest	–	–	–	–	–	–
Other liabilities	515	742	651	851	900	842
Total liabilities	956	3,589	3,636	2,073	2,623	2,830
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	6,073	6,137	6,527	5,500	5,737	5,729
Additional paid-in capital	398	362	193	89.9	13.6	14.3
Retained earnings (accumulated deficit)	−4,095	−3,422	−3,586	−3,315	−4,171	−5,785
Treasury stock	–	–	–	–	–	–
Other equity	13.4	1,093	691	756	632	619
Total equity	2,389	4,171	3,825	3,030	2,211	578
Total liabilities & shareholders' equity	3,345	7,760	7,461	5,104	4,835	3,408

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Baytex Energy Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−604	237	−233	856	1,614	−2,439
Depreciation, depletion & amortization	1,265	1,386	1,048	587	465	486
Deferred taxes	112	115	−298	31.7	80.0	−161
Non-cash items	695	189	1,000	−328	−1,419	2,418
Changes in working capital	18.1	−17.9	−221	26.1	−26.6	48.8
Cash from operations	1,486	1,908	1,296	1,173	712	353
Investing activities
Capital expenditures	−1,240	−1,314	−1,056	−524	−316	−283
Other investing cash flows	3,021	35.1	−456	35.1	5.0	−31.8
Cash from investing	1,781	−1,279	−1,512	−489	−311	−314
Financing activities
Financing cash flow items	−4.6	−18.8	−43.5	−2.1	–	–
Cash dividends paid	−69.2	−72.0	−37.5	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,257	−577	347	−676	−402	−44.2
Cash from financing	−2,331	−668	266	−678	−402	−44.2
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	937	−39.2	50.4	5.5	0	−5.6
Free cash flow	246	594	240	649	397	70.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.