Tamarack Valley Energy Ltd TVE

EnergyOil & GasCanada

Last close 14.09 CAD on Nov 1, 2026, +78.4% year to date

Quant rating

Quant rating A+ Rank 12 of 73 in Energy

Growth B 32 of 73
Valuation B 11 of 73
Quality B 21 of 73
Revisions B 42 of 73
Momentum B 27 of 73

Wall Street consensus Buy (1.90)Average target 17.02 CAD +20.8%

Historical valuation

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

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,348	1,404	1,406	1,180	599	–
Revenue growth	−4.0%	−0.2%	19.2%	97.0%	203.2%	46.8%
EPS (basic, normalized)	0.50	0.30	0.17	0.74	1.08	–
EPS growth	66.7%	76.5%	−77.0%	−31.5%	–	–
Gross margin	83.2%	84.0%	82.0%	84.1%	80.3%	82.7%
Net margin	−2.7%	11.6%	6.7%	29.3%	65.2%	22.0%
ROE	−1.8%	7.6%	4.3%	20.2%	44.1%	14.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	541
Current ratio	1.95x
Long-term debt (mil)	327
Net debt (mil)	−201
Total equity (mil)	1,879
Net debt / equity	−0.11x
Net debt / EBITDA	−0.35x

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	1,348	−4.0%	4.8x	575	−43.1%	11.2x	0.50	+66.7%	28.2x
2026	1,304	−3.2%	4.9x	1,109	+92.8%	5.8x	0.86	+71.9%	16.4x
2027	1,343	+3.0%	4.8x	1,288	+16.2%	5.0x	0.99	+15.0%	14.3x
2028	1,039	−22.7%	6.2x	1,462	+13.5%	4.4x	1.00	+1.3%	14.1x

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	1,304	−23.8%	−28.6%	−9.1%	0.86	+6.3%	+4.8%	−18.2%
2027	1,343	−23.9%	−20.1%	−18.4%	0.99	+6.5%	+7.4%	+5.1%
2028	1,039	−48.2%	–	–	1.00	−1.5%	−6.5%	–

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	FQ-4	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	−0.06	0.17	0.17	0.01	0.12	–	–	0.10	0.01	0.43
EPS mean	0.16	0.35	0.39	–	0.09	–	–	0.02	0.14	0.40
Surprise	−137.5%	−51.4%	−56.4%	–	+33.3%	–	–	+400.0%	−92.9%	+8.9%

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
TVE Tamarack Valley Energy Ltd	6.7B	−0.35x	−2.7%	3.53x	16.4x	14.3x	5.8x	5.0x
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		0.30x	18.7%	4.94x	16.0x	16.1x	9.5x	9.2x
Median		0.36x	10.0%	3.50x	12.5x	13.6x	6.4x	7.1x

Technical analysis

1M+6.3%
3M+9.6%
1Y+125.8%
3Y+278.7%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Tamarack Valley Energy Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,348	1,404	1,406	1,180	599	198
Cost of revenue	226	225	254	188	118	86.5
Gross profit	1,122	1,179	1,153	992	481	111
Selling, general & administrative expenses	151	138	159	96.1	52.6	16.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	531	588	631	378	212	121
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	−0.2	−3.4	−395	398
Other operating expenses	6.4	5.8	8.1	7.7	4.9	2.6
Operating income	434	447	355	514	607	−426
Net interest income (expense)	−67.3	−153	−87.6	−88.8	−95.5	16.8
Gain (loss) on sale of assets	−406	−85.1	−126	19.2	8.7	10.7
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−40.1	209	141	445	520	−399
Provision for taxes	−3.7	47.1	47.2	99.5	129	−87.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−36.3	162	94.2	345	391	−311
Extraordinary items	–	–	–	–	–	–
Net income	−36.3	162	94.2	345	391	−311
EBIT, normalized	434	447	355	511	211	−28.8
EBITDA, normalized	964	1,035	986	889	423	91.9
Basic EPS, normalized	0.50	0.30	0.17	0.74	1.08	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Tamarack Valley Energy Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5.4	7.4	2.2	–	–	–
Receivables	114	139	120	177	79.9	30.8
Total inventory	–	–	–	–	–	–
Prepaid expenses	30.4	11.2	18.0	6.8	7.8	1.3
Other current assets	14.6	57.6	57.1	0	0	1.0
Total current assets	165	215	197	184	87.7	33.0
Property, plant & equipment	3,199	3,773	4,013	4,415	2,240	945
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	20.0	–	–
Other long-term assets	0	0	0	0.3	0.1	49.7
Total assets	3,364	3,989	4,210	4,620	2,328	1,028
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	145	200	202	221	72.2	38.9
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	9.2	6.5	143	269	3.6	2.5
Other current liabilities	29.1	69.1	30.6	153	18.7	17.5
Total current liabilities	184	275	375	643	94.5	58.9
Long-term debt	688	765	808	952	484	219
Minority interest	–	–	–	–	–	–
Other liabilities	667	826	852	861	489	241
Total liabilities	1,538	1,867	2,035	2,456	1,068	518
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,643	1,765	1,879	1,879	1,242	876
Additional paid-in capital	26.7	20.8	28.5	27.5	48.3	51.3
Retained earnings (accumulated deficit)	163	340	270	259	−26.7	−417
Treasury stock	−7.7	−3.7	−2.4	−2.5	−3.3	−0.7
Other equity	0	0	0	0	0	0
Total equity	1,825	2,122	2,175	2,163	1,261	510
Total liabilities & shareholders' equity	3,364	3,989	4,210	4,620	2,328	1,028

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Tamarack Valley Energy Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−36.3	162	94.2	345	391	−311
Depreciation, depletion & amortization	531	588	631	378	212	121
Deferred taxes	−104	−61.4	−61.9	–	129	−87.5
Non-cash items	395	149	88.3	5.0	−404	397
Changes in working capital	−7.0	−4.6	−120	77.5	−29.8	6.4
Cash from operations	779	833	632	805	298	125
Investing activities
Capital expenditures	−400	−453	−516	−463	−191	−104
Other investing cash flows	−3.7	−0.7	138	−808	−390	−78.0
Cash from investing	−404	−453	−378	−1,271	−581	−182
Financing activities
Financing cash flow items	−20.5	42.9	131	260	−1.1	1.6
Cash dividends paid	−77.0	−81.5	−83.5	−48.3	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−280	−336	−301	253	284	54.7
Cash from financing	−377	−375	−254	465	283	56.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−1.9	5.2	0	0	0	0
Free cash flow	379	381	115	342	107	21.7

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 1, 2026 after market close.