Peyto Exploration & Development Corp. PEY

EnergyOil & GasCanada

Last close 24.84 CAD on Nov 2, 2026, +14.0% year to date

Quant rating

Quant rating B Rank 27 of 73 in Energy

Growth C 50 of 73
Valuation B 16 of 73
Quality B 22 of 73
Revisions B 23 of 73
Momentum C 44 of 73

Wall Street consensus Hold (2.56)Average target 27.39 CAD +10.3%

Historical valuation

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

Key data

Market cap: 5.1B
Enterprise value: 6.1B
52-week range: 20.25 – 29.22
3-year range: 11.35 – 29.22
Dividend yield: 5.57%
Beta (5 years): 0.61
Shares outstanding: 206M
Next earnings: Nov 9, 2026

About the company

Peyto Exploration & Development Corp. is a Canadian energy company involved in the development and production of natural gas, oil and natural gas liquids in Alberta's deep basin. The Alberta Deep Basin is a geologic setting situated on the northeastern front of the Rocky Mountain belt in the deepest part of the Alberta sedimentary basin. The Company also owns Repsol Canada Energy Partnership (Repsol Assets). Repsol Assets includes approximately 23,000 barrels of oil equivalent per day (boe/d) of low-decline production, 455,000 net acres of mineral land and interests in five operated gas plants in the Alberta Deep Basin directly adjacent to the Company’s Greater Sundance area.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,071	857	946	1,474	840	–
Revenue growth	25.0%	−9.4%	−35.9%	75.4%	122.2%	23.1%
EPS (basic, normalized)	2.06	1.42	1.62	2.23	0.90	–
EPS growth	45.1%	−12.3%	−27.4%	147.8%	–	–
Gross margin	83.9%	77.5%	85.4%	88.0%	91.9%	85.3%
Net margin	39.1%	32.7%	30.9%	26.5%	18.1%	29.5%
ROE	15.1%	10.4%	12.3%	20.4%	8.8%	13.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	63.0
Current ratio	1.63x
Long-term debt (mil)	1,064
Net debt (mil)	1,002
Total equity (mil)	3,045
Net debt / equity	0.33x
Net debt / EBITDA	0.99x

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	1,071	+25.0%	5.7x	1,010	+11.7%	6.1x	2.06	+45.1%	12.1x
2026	1,501	+40.1%	4.1x	1,182	+17.0%	5.2x	2.50	+21.2%	9.9x
2027	1,494	−0.4%	4.1x	1,067	−9.7%	5.7x	2.14	−14.2%	11.6x
2028	1,545	+3.4%	4.0x	1,124	+5.4%	5.5x	2.33	+8.9%	10.6x

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	1,501	0.0%	+0.2%	+0.7%	2.50	+1.1%	+1.6%	−2.7%
2027	1,494	0.0%	+0.9%	−3.7%	2.14	+2.1%	−1.5%	−3.5%
2028	1,545	0.0%	+1.4%	−16.6%	2.33	+7.9%	+1.5%	+1.1%

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)	345	264	259	304	347	307	310	355	426	340
Sales mean (mil)	312	257	258	339	390	338	352	–	399	354
Surprise	+10.7%	+2.6%	+0.3%	−10.4%	−10.9%	−9.2%	−12.0%	–	+6.9%	−3.8%
EPS reported	0.51	0.26	0.26	0.39	0.57	0.43	0.45	0.61	0.82	0.49
EPS mean	0.48	0.27	0.26	0.48	0.63	0.54	0.49	0.58	0.74	0.52
Surprise	+6.2%	−1.9%	0.0%	−18.7%	−9.5%	−20.4%	−8.2%	+5.2%	+10.8%	−5.8%

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
PEY Peyto Exploration & Development Corp.	5.1B	0.99x	39.1%	1.68x	9.9x	11.6x	5.2x	5.7x
CNQ Canadian Natural Resources Ltd	154.5B	0.93x	27.9%	3.32x	12.1x	13.7x	6.6x	7.4x
SU Suncor Energy Inc (Canada)	124.7B	0.58x	12.1%	2.57x	9.1x	12.2x	5.2x	6.3x
IMO Imperial Oil Ltd	88.5B	0.15x	7.0%	3.69x	11.5x	12.0x	7.4x	8.1x
CVE Cenovus Energy Incorporation	78.1B	0.88x	7.9%	2.32x	7.8x	8.5x	4.1x	4.5x
TPL Texas Pacific Land Corporation	31.8B	−0.36x	60.3%	13.61x	36.4x	33.0x	26.5x	22.8x
Mean		0.53x	25.7%	4.53x	14.5x	15.2x	9.2x	9.1x
Median		0.73x	20.0%	2.95x	10.7x	12.1x	5.9x	6.8x

Technical analysis

1M+6.6%
3M−2.0%
1Y+27.9%
3Y+105.2%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Peyto Exploration & Development Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,071	857	946	1,474	840	378
Cost of revenue	172	193	138	176	68.0	71.0
Gross profit	899	664	808	1,298	772	307
Selling, general & administrative expenses	137	125	90.7	80.8	62.4	41.8
Research & development	–	–	–	–	–	–
Depreciation/amortization	388	378	316	303	263	240
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	6.2	–	–	3.6
Other operating expenses	13.3	9.5	5.2	6.2	3.9	3.4
Operating income	361	152	389	908	443	18.7
Net interest income (expense)	175	213	−4.6	−390	−253	−61.2
Gain (loss) on sale of assets	–	–	0	−1.2	1.5	−1.9
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	536	365	385	517	191	−44.3
Provision for taxes	117	84.5	92.2	126	39.2	−8.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	419	281	293	391	152	−35.6
Extraordinary items	–	–	–	–	–	–
Net income	419	281	293	391	152	−35.6
EBIT, normalized	361	152	396	908	443	22.3
EBITDA, normalized	748	530	712	1,211	706	263
Basic EPS, normalized	2.06	1.42	1.62	2.23	0.90	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Peyto Exploration & Development Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	51.1	13.6	37.2	11.9	5.7	9.3
Receivables	164	148	162	188	119	56.4
Total inventory	–	–	–	–	–	–
Prepaid expenses	33.7	45.2	53.2	18.6	19.7	16.9
Other current assets	112	188	239	0	0	0
Total current assets	360	395	491	219	144	82.7
Property, plant & equipment	5,087	5,063	4,890	3,779	3,640	3,512
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	12.0	48.6	129	15.0	0	6.5
Total assets	5,459	5,506	5,510	4,013	3,784	3,601
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	193	160	172	216	169	87.3
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	101	58.8	59.2	101	1.1	1.1
Other current liabilities	72.1	50.8	49.0	155	69.5	6.6
Total current liabilities	366	270	280	472	240	95.1
Long-term debt	1,081	1,303	1,344	763	1,071	1,177
Minority interest	–	–	–	–	–	–
Other liabilities	1,161	1,237	1,171	716	707	652
Total liabilities	2,608	2,810	2,795	1,951	2,018	1,924
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,068	1,978	1,920	1,698	1,665	1,650
Additional paid-in capital	26.2	27.2	25.0	16.3	13.1	10.5
Retained earnings (accumulated deficit)	661	507	485	431	143	12.7
Treasury stock	–	–	–	–	–	–
Other equity	96.9	184	285	−83.9	−54.8	4.6
Total equity	2,852	2,696	2,715	2,062	1,766	1,677
Total liabilities & shareholders' equity	5,459	5,506	5,510	4,013	3,784	3,601

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Peyto Exploration & Development Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	419	281	293	391	152	−35.6
Depreciation, depletion & amortization	388	378	316	303	263	243
Deferred taxes	10.6	11.0	33.1	106	39.2	−8.8
Non-cash items	15.6	20.2	16.0	18.0	7.2	13.7
Changes in working capital	25.2	−16.7	−13.1	−5.6	−4.1	−9.7
Cash from operations	858	673	645	812	458	203
Investing activities
Capital expenditures	−473	−457	−411	−507	−365	−236
Other investing cash flows	20.9	24.6	−736	−10.1	13.6	3.1
Cash from investing	−452	−432	−1,147	−517	−351	−233
Financing activities
Financing cash flow items	−0.1	−2.3	−3.0	0.2	0.2	0.3
Cash dividends paid	−264	−258	−226	−102	−15.0	−16.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−103	−3.8	757	−187	−95.3	48.9
Cash from financing	−368	−264	527	−289	−110	32.7
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	37.4	−23.5	25.3	6.2	−3.6	3.1
Free cash flow	384	216	234	305	92.8	−32.7

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 2, 2026 after market close.