Valeura Energy Inc. VLE

EnergyOil & GasSingapore

Last close 15.85 CAD on Nov 3, 2026, +93.8% year to date

Quant rating

Quant rating B Rank 18 of 73 in Energy

Growth D 64 of 73
Valuation B 12 of 73
Quality C 32 of 73
Revisions C 40 of 73
Momentum A 3 of 73

Wall Street consensus Buy (1.83)Average target 19.46 CAD +22.8%

Historical valuation

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

Key data

Market cap: 1.7B
Enterprise value: 1.4B
52-week range: 6.13 – 17.62
3-year range: 2.69 – 17.62
Dividend yield: –
Beta (5 years): −1.76
Shares outstanding: 106M
Next earnings: Nov 12, 2026

About the company

Valeura Energy Inc. is an upstream oil and gas company engaged in the exploration, appraisal, development, and production of petroleum and natural gas in the Gulf of Thailand and the Thrace Basin of Turkiye. It holds an approximately 100% working interest in license G10/48, which includes the Wassana oil field, situated in the Pattani Basin at a water depth of approximately 48 meters. Additionally, it holds approximately 100% interest in license B5/27, which includes the Jasmine and Ban Yen oil fields, located in the northern section of the Pattani Basin at over 60 meters of water depth. It also maintains over 70% operated working interest in license G1/48, which covers the Manora oil field, situated in the Kra Sub-Basin, a northwestern extension of the Pattani Basin, at a depth of over 45 meters. The Company holds over 90% operated working interest in license G11/48, which includes the Nong Yao oil field, located in the central Pattani Basin at a water depth of over 75 meters.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	816	991	670	0.4	3.8	–
Revenue growth	−17.7%	47.9%	190,065.3%	−90.7%	−62.9%	140.2%
EPS (basic, normalized)	0.29	3.16	3.18	−0.15	–	–
EPS growth	−90.9%	−0.7%	–	–	–	–
Gross margin	55.5%	61.1%	51.2%	−2,105.8%	55.3%	−376.5%
Net margin	3.8%	34.9%	48.4%	−4,805.8%	−2,218.3%	−1,387.4%
ROE	4.3%	59.3%	158.0%	−36.1%	−156.1%	5.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	427
Current ratio	2.78x
Long-term debt (mil)	65.6
Net debt (mil)	−331
Total equity (mil)	857
Net debt / equity	−0.39x
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	816	−17.7%	1.7x	–	–	–	0.29	−90.9%	55.0x
2026	984	+20.6%	1.4x	575	–	2.4x	1.77	+514.2%	8.9x
2027	995	+1.2%	1.4x	558	−3.0%	2.4x	1.01	−42.8%	15.6x
2028	878	−11.8%	1.5x	500	−10.4%	2.7x	1.25	+23.7%	12.6x

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	984	+8.4%	+13.6%	+13.7%	1.77	+22.0%	+32.9%	+175.1%
2027	995	+1.5%	+5.6%	+5.8%	1.01	+1.9%	−24.0%	−19.0%
2028	878	0.0%	+9.2%	+11.2%	1.25	+0.4%	+1.8%	+13.1%

Earnings surprises

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)	–	–	–	–	–	–	–	612	97.7	260
Sales mean (mil)	–	–	–	–	–	–	–	147	92.3	260
Surprise	–	–	–	–	–	–	–	+316.1%	+5.9%	0.0%
EPS reported	0.18	0.11	−0.04	1.96	0.13	0.05	0.14	0.11	0.05	0.50
EPS mean	0.17	0.03	−0.10	0.52	0.09	0.15	0.31	0.17	−0.10	0.61
Surprise	+5.9%	+265.5%	+59.7%	+276.9%	+44.4%	−66.7%	−54.8%	−33.3%	−148.4%	−18.0%

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
VLE Valeura Energy Inc.	1.7B	–	3.8%	1.99x	8.9x	15.6x	2.4x	2.4x
TPL Texas Pacific Land Corporation	32.1B	−0.36x	60.3%	13.69x	36.6x	33.2x	26.7x	22.9x
PSK Prairiesky Royalty Ltd.	8.4B	0.21x	42.9%	3.26x	24.9x	22.8x	14.8x	14.4x
TVE Tamarack Valley Energy Ltd	6.1B	−0.35x	−2.7%	3.23x	15.2x	13.1x	5.4x	4.6x
ATH Athabasca Oil Corporation	5.7B	0.06x	18.7%	2.93x	20.9x	12.8x	10.4x	7.6x
PEY Peyto Exploration & Development Corp.	5.1B	0.99x	39.1%	1.67x	9.9x	11.5x	5.2x	5.7x
Mean		0.11x	27.0%	4.46x	19.4x	18.2x	10.8x	9.6x
Median		0.06x	28.9%	3.08x	18.1x	14.4x	7.9x	6.7x

Technical analysis

1M+3.4%
3M+26.6%
1Y+143.8%
3Y+307.5%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Valeura Energy Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	816	991	670	0.4	3.8	10.2
Cost of revenue	363	386	327	7.8	1.7	4.3
Gross profit	453	605	343	−7.4	2.1	5.9
Selling, general & administrative expenses	48.9	43.0	34.4	4.9	3.7	4.8
Research & development	5.3	4.4	1.9	–	–	–
Depreciation/amortization	282	284	170	0.1	0.2	4.6
Interest expense (income), operating	–	11.8	10.5	−1.8	0.1	–
Unusual expense (income)	0.3	2.4	−306	1.6	0.1	17.7
Other operating expenses	37.3	71.1	54.9	6.5	5.2	3.2
Operating income	78.9	188	376	−18.7	−7.2	−24.5
Net interest income (expense)	1.0	–	–	0	−85.3	−1.1
Gain (loss) on sale of assets	–	–	–	0	7.1	–
Other non-operating income (expense)	5.2	1.4	0.6	0.2	1.8	0
Net income before taxes	85.1	190	377	−18.5	−83.6	−25.7
Provision for taxes	53.9	−157	53.4	0	0.3	−0.8
Minority interest	–	0	0.9	1.6	0	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	31.3	346	325	−16.9	−83.9	−24.9
Extraordinary items	–	–	–	–	–	–
Net income	31.3	346	325	−16.9	−83.9	−24.9
EBIT, normalized	79.2	202	81.3	−18.9	−7.0	−6.8
EBITDA, normalized	361	487	252	−18.9	−6.8	−2.2
Basic EPS, normalized	0.29	3.16	3.18	−0.15	–	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Valeura Energy Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	388	340	177	23.7	51.6	38.4
Receivables	39.2	55.3	87.5	2.9	3.7	0.3
Total inventory	82.3	85.2	86.4	0.7	–	0
Prepaid expenses	15.1	8.0	14.7	5.5	0.3	0.4
Other current assets	0	1.6	22.9	0.1	0	28.3
Total current assets	525	490	389	33.0	55.6	67.4
Property, plant & equipment	495	495	544	35.5	1.5	2.4
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	196	248	0	18.3	0	0
Total assets	1,216	1,233	933	86.7	57.1	69.8
Liabilities
Accounts payable	54.3	42.1	29.0	–	–	–
Payable/accrued	–	–	–	7.0	0.4	0.6
Accrued expenses	108	103	87.7	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	50.7	41.3	55.7	8.0	–	–
Other current liabilities	35.2	80.2	116	0	0	13.0
Total current liabilities	248	267	288	15.0	0.4	13.7
Long-term debt	76.2	65.8	41.8	7.0	0	0
Minority interest	–	–	0	3.3	–	–
Other liabilities	146	140	227	26.1	2.2	2.8
Total liabilities	471	473	556	51.5	2.6	16.4
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	279	296	269	244	227	229
Additional paid-in capital	35.9	36.2	32.2	31.1	28.7	28.5
Retained earnings (accumulated deficit)	416	412	61.4	−252	−214	−134
Treasury stock	–	–	–	–	–	–
Other equity	13.7	15.6	13.8	11.9	12.8	−70.4
Total equity	745	760	376	35.3	54.5	53.4
Total liabilities & shareholders' equity	1,216	1,233	933	86.7	57.1	69.8

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Valeura Energy Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	85.1	190	377	−18.5	−81.6	−24.9
Depreciation, depletion & amortization	282	284	170	0.1	0.2	4.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	32.1	28.8	−252	−3.7	77.1	19.7
Changes in working capital	−20.8	−63.1	−259	−2.0	0.2	0.3
Cash from operations	378	439	36.4	−24.2	−4.0	−0.2
Investing activities
Capital expenditures	−253	−231	−147	−2.1	−0.3	−6.2
Other investing cash flows	2.0	−1.4	320	−20.1	18.1	−0.2
Cash from investing	−251	−232	173	−22.2	17.8	−6.4
Financing activities
Financing cash flow items	−8.6	−11.8	−9.3	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−62.6	−47.3	−46.1	15.1	0	−0.1
Cash from financing	−71.2	−59.2	−55.4	15.1	0	−0.1
Foreign exchange effects	7.1	−0.3	0.4	−0.2	−0.2	−0.9
Net change in cash	63.4	148	154	−31.6	13.5	−7.6
Free cash flow	125	209	−111	−26.3	−4.3	−6.4

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 3, 2026 after market close.