Cavvy Energy Limited (Alberta) CVVY

EnergyOil & GasCanada

Last close 2.52 CAD on Nov 1, 2026, +176.9% year to date

Quant rating

Quant rating C Rank 35 of 73 in Energy

Growth D 62 of 73
Valuation B 29 of 73
Quality C 51 of 73
Revisions D 56 of 73
Momentum A 3 of 73

Wall Street consensus Buy (2.00)Average target 2.75 CAD +9.1%

Historical valuation

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

Key data

Market cap: 779M
Enterprise value: 824M
52-week range: 0.81 – 2.70
3-year range: 0.21 – 2.70
Dividend yield: –
Beta (5 years): 0.58
Shares outstanding: 309M
Next earnings: Nov 6, 2026

About the company

Cavvy Energy Ltd. is an integrated Canadian upstream and midstream energy company. The Company's business is focused on safely producing, processing and delivering treated natural gas, condensate, natural gas liquids (NGLs) and sulphur to market. Its principal land holdings are located in the provinces of Alberta and British Columbia BC. These lands cover a total area of over 1,103,355 acres on a gross basis and approximately 788,864 acres on a net basis. The Sierra and Ekwan areas are located between 45 kilometers (km) and 85 km east of Fort Nelson. The Northern Alberta area starts 100 km southwest of Grande Prairie, Alberta and continues southeast to Hinton, Alberta. The Central Alberta area straddles the areas north of the town of Rocky Mountain House and south along the Foothills to the Jumping Pound field west of Cochrane, Alberta. The Southern Alberta area consists of the Waterton field and Waterton Gas Complex in southwest Alberta.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	294	269	374	444	322	–
Revenue growth	9.3%	−28.1%	−15.7%	37.9%	19.3%	1.7%
EPS (basic, normalized)	−0.01	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	43.9%	30.9%	40.0%	50.5%	32.1%	39.5%
Net margin	−1.7%	−14.5%	2.4%	33.0%	−12.3%	1.4%
ROE	−3.2%	−22.7%	6.2%	356.4%	–	84.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	40.2
Current ratio	0.64x
Long-term debt (mil)	46.8
Net debt (mil)	45.4
Total equity (mil)	170
Net debt / equity	0.27x
Net debt / EBITDA	–

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	294	+9.3%	2.8x	–	–	–	−0.01	–	−252.0x
2026	210	−28.6%	3.9x	137	–	6.0x	0.14	+1,500.0%	18.0x
2027	248	+18.0%	3.3x	197	+44.1%	4.2x	0.29	+107.1%	8.7x
2028	39.8	−83.9%	20.7x	–	–	–	–	–	–

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	210	0.0%	−45.4%	−40.5%	0.14	0.0%	+27.3%	+75.0%
2027	248	0.0%	−38.9%	−29.8%	0.29	0.0%	+31.8%	+141.7%
2028	39.8	0.0%	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	57.2	41.9	49.6
Sales mean (mil)	–	–	–	–	–	–	–	57.6	80.1	109
Surprise	–	–	–	–	–	–	–	−0.6%	−47.7%	−54.5%
EPS reported	–	–	–	–	–	–	–	0.00	0.01	0.05
EPS mean	–	–	–	–	–	–	–	−0.05	0.00	0.05
Surprise	–	–	–	–	–	–	–	+100.0%	–	0.0%

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
CVVY Cavvy Energy Limited (Alberta)	779M	–	−1.7%	4.59x	18.0x	8.7x	6.0x	4.2x
XOM Exxonmobil Holdings Corp	1.08T	0.43x	8.9%	2.97x	14.2x	15.2x	8.0x	8.1x
CVX Chevron Corporation	650.9B	0.85x	6.7%	2.45x	13.3x	14.9x	6.9x	7.5x
SHEL Shell plc	431.3B	0.73x	6.7%	1.67x	8.5x	10.6x	4.2x	4.7x
PBRa Petroleo Brasileiro SA Petrobras	190.7B	1.43x	22.1%	1.61x	5.6x	5.6x	3.0x	3.1x
BP BP PLC	184.4B	1.17x	0.4%	2.26x	6.4x	8.8x	3.4x	4.0x
Mean		0.92x	7.2%	2.59x	11.0x	10.6x	5.2x	5.3x
Median		0.85x	6.7%	2.35x	10.9x	9.7x	5.1x	4.4x

Technical analysis

1M+11.0%
3M+60.5%
1Y+196.5%
3Y+407.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Cavvy Energy Limited (Alberta), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	294	269	374	444	322	270
Cost of revenue	165	186	224	220	219	203
Gross profit	129	83.1	150	224	103	66.3
Selling, general & administrative expenses	54.8	43.8	43.5	52.4	45.5	39.2
Research & development	–	–	–	−4.5	4.8	18.7
Depreciation/amortization	41.1	59.6	61.5	56.2	48.4	44.0
Interest expense (income), operating	23.0	37.9	20.1	30.2	37.1	47.3
Unusual expense (income)	0	−10.4	6.9	–	0	16.9
Other operating expenses	7.9	7.5	12.6	22.3	7.2	0.8
Operating income	2.3	−55.3	5.1	67.7	−39.8	−101
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2.3	−55.3	5.1	67.7	−39.8	−101
Provision for taxes	7.2	−16.4	−3.9	−78.9	–	0
Minority interest	–	–	0	0	0.1	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−4.9	−38.9	9.0	147	−39.7	−101
Extraordinary items	–	–	–	–	–	–
Net income	−4.9	−38.9	9.0	147	−39.7	−101
EBIT, normalized	25.3	−27.7	32.1	97.8	−2.6	−39.9
EBITDA, normalized	66.3	31.8	93.6	154	45.8	4.1
Basic EPS, normalized	−0.01	–	–	–	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Cavvy Energy Limited (Alberta), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5.8	8.6	18.3	22.3	26.2	11.1
Receivables	45.8	50.2	61.5	74.5	49.6	44.9
Total inventory	3.8	3.8	3.7	3.1	2.5	23.9
Prepaid expenses	6.1	7.1	9.6	8.1	5.1	5.4
Other current assets	25.0	44.3	50.0	18.7	1.3	2.0
Total current assets	86.5	114	143	127	84.8	87.2
Property, plant & equipment	359	391	412	410	537	521
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	3.7
Note receivable	–	–	–	–	–	–
Other long-term assets	93.2	107	83.0	78.9	0.6	0.8
Total assets	539	612	639	615	623	613
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	77.5	95.8	122	117	142	98.8
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	11.5	11.6	32.8	205	23.2	2.0
Other current liabilities	20.8	9.7	9.2	21.4	6.9	5.9
Total current liabilities	110	117	164	343	172	107
Long-term debt	144	161	143	1.8	211	221
Minority interest	–	0	−0.3	−0.3	−0.4	−0.3
Other liabilities	147	166	157	155	272	281
Total liabilities	401	444	464	500	655	608
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	307	306	276	276	274	274
Additional paid-in capital	13.9	13.6	13.2	12.8	12.9	12.4
Retained earnings (accumulated deficit)	−212	−207	−167	−176	−323	−285
Treasury stock	–	–	–	–	–	–
Other equity	29.0	55.2	53.0	2.8	3.0	2.6
Total equity	139	168	175	115	−32.8	4.6
Total liabilities & shareholders' equity	539	612	639	615	623	613

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Cavvy Energy Limited (Alberta), fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−4.9	−38.9	9.0	147	−39.8	−101
Depreciation, depletion & amortization	41.1	59.6	61.5	56.2	48.4	44.0
Deferred taxes	7.2	−16.4	−3.9	−78.9	–	–
Non-cash items	11.8	8.3	15.9	29.9	4.3	41.8
Changes in working capital	−18.7	−5.4	21.6	−65.6	38.1	15.8
Cash from operations	36.5	7.1	104	88.2	51.1	0.9
Investing activities
Capital expenditures	−23.4	−25.7	−55.5	−39.5	−35.0	−17.3
Other investing cash flows	1.0	7.5	−3.4	10.7	1.5	3.6
Cash from investing	−22.4	−18.2	−58.9	−28.9	−33.5	−13.7
Financing activities
Financing cash flow items	−0.1	−3.5	−13.2	−0.4	−0.5	17.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−16.7	4.8	−36.0	−62.7	−2.3	−2.7
Cash from financing	−16.8	1.3	−49.2	−63.1	−2.8	14.3
Foreign exchange effects	–	–	–	−0.1	0.3	0
Net change in cash	−2.8	−9.8	−3.9	−3.9	15.1	1.5
Free cash flow	13.1	−18.6	48.7	48.6	16.1	−16.4

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.