Spartan Delta Corp. SPDTY

EnergyOil & GasCanada

Last close 17.80 USD on Nov 1, 2026, 0.0% year to date

Quant rating

Quant rating D Rank 83 of 113 in Energy

Growth B 41 of 113
Valuation D 104 of 113
Quality C 78 of 113
Revisions C 52 of 113
Momentum C 76 of 113

Wall Street consensus Buy (2.09)Average target 11.91 USD −33.1%

Historical valuation

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

Key data

Market cap: 2.1B
Enterprise value: 2.3B
52-week range: 17.80 – 17.80
3-year range: 17.80 – 17.80
Dividend yield: –
Beta (5 years): –
Shares outstanding: 206M
Next earnings: Nov 2, 2026

About the company

Spartan Delta Corp. is a Canada-based energy company. The Company is engaged in exploration, development and production of crude oil and natural gas properties in western Canada. The Company has a portfolio of production and development opportunities in the Deep Basin and the Duvernay. It is focused on the execution of the Company’s organic drilling program across its portfolio, delivering operational synergies. It is also focused on growing and developing its Duvernay asset.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	300	204	488	948	415	–
Revenue growth	47.0%	−58.1%	−48.5%	128.6%	481.1%	33.3%
EPS (basic, normalized)	0.26	0.14	2.83	2.91	1.47	–
EPS growth	81.9%	−95.0%	−2.7%	98.0%	–	–
Gross margin	73.5%	69.7%	79.2%	82.3%	78.0%	76.6%
Net margin	17.0%	11.7%	102.6%	53.0%	63.8%	49.6%
ROE	12.5%	7.6%	68.1%	56.7%	65.3%	42.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	19.6
Current ratio	0.73x
Long-term debt (mil)	150
Net debt (mil)	137
Total equity (mil)	514
Net debt / equity	0.27x
Net debt / EBITDA	0.77x

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	300	+47.0%	7.6x	178	+56.2%	12.8x	0.26	+81.9%	69.6x
2026	539	+79.6%	4.2x	311	+75.0%	7.3x	0.42	+66.1%	41.9x
2027	711	+31.7%	3.2x	441	+41.9%	5.1x	0.81	+91.1%	21.9x
2028	–	–	–	540	+22.5%	4.2x	1.07	+32.0%	16.6x

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	539	+3.6%	+3.6%	+23.9%	0.42	+18.8%	+1.7%	−5.8%
2027	711	+1.0%	+1.0%	+20.0%	0.81	+10.8%	−3.9%	+11.7%
2028	–	–	–	–	1.07	0.0%	0.0%	+28.2%

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)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.06	0.09	0.18	0.03	−0.03	0.17	0.03	0.18	−0.07	0.20
EPS mean	0.15	0.14	0.19	–	0.01	0.22	−0.01	0.15	0.16	0.17
Surprise	−60.0%	−37.9%	−5.3%	–	−700.0%	−22.7%	−400.0%	+20.0%	−142.9%	+15.4%

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
SPDTY Spartan Delta Corp.	2.1B	0.77x	17.0%	4.08x	41.9x	21.9x	7.3x	5.1x
BKV BKV Corporation	2.3B	3.66x	17.1%	1.00x	13.4x	11.0x	6.2x	5.3x
SDE Spartan Delta Corp.	2.1B	0.80x	17.0%	4.08x	24.2x	12.7x	7.2x	5.1x
VET Vermilion Energy Inc.	2.1B	1.31x	−20.7%	1.35x	29.4x	10.5x	3.3x	3.2x
FRU Freehold Royalties Ltd.	2.1B	1.04x	29.3%	2.85x	14.9x	16.4x	9.5x	9.5x
NGL NGL Energy Partners LP	2.0B	5.88x	−13.0%	62.66x	12.1x	13.4x	8.1x	7.4x
Mean		2.24x	7.8%	12.67x	22.7x	14.3x	6.9x	6.0x
Median		1.17x	17.0%	3.47x	19.5x	13.0x	7.3x	5.2x

Technical analysis

1M0.0%
3M0.0%
1Y0.0%
3Y0.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Spartan Delta Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	300	204	488	948	415	71.4
Cost of revenue	79.5	61.9	101	168	91.0	27.1
Gross profit	221	142	386	780	324	44.3
Selling, general & administrative expenses	54.3	40.3	84.8	102	52.1	14.5
Research & development	0.7	0.6	16.0	–	–	–
Depreciation/amortization	107	75.6	104	151	81.4	21.3
Interest expense (income), operating	3.3	2.3	12.3	20.7	10.4	2.3
Unusual expense (income)	–	–	22.3	5.6	−98.0	−39.8
Other operating expenses	−9.3	−4.9	−8.2	−5.7	1.8	0.6
Operating income	65.4	28.5	155	507	276	45.4
Net interest income (expense)	−0.1	0	−0.4	0.8	0.2	−3.2
Gain (loss) on sale of assets	0	0.1	410	1.6	0.4	0.2
Other non-operating income (expense)	2.7	1.9	2.1	15.0	5.7	−10.1
Net income before taxes	68.0	30.5	567	524	282	32.2
Provision for taxes	17.0	6.7	66.6	21.4	17.7	−5.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	51.0	23.8	501	503	265	37.4
Extraordinary items	–	–	–	–	–	–
Net income	51.0	23.8	501	503	265	37.4
EBIT, normalized	68.7	30.8	190	533	188	7.9
EBITDA, normalized	175	106	302	684	270	29.2
Basic EPS, normalized	0.26	0.14	2.83	2.91	1.47	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Spartan Delta Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	0.2	0.6	0.3	91.8	1.0	2.1
Receivables	45.2	32.8	38.3	104	76.6	16.1
Total inventory	–	–	–	–	–	–
Prepaid expenses	7.3	4.5	6.1	5.9	4.0	1.2
Other current assets	123	109	123	26.7	5.6	0
Total current assets	175	147	167	228	87.2	19.4
Property, plant & equipment	670	481	416	1,233	1,173	241
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	9.5	21.5	35.3	88.5	119	0
Total assets	855	649	619	1,550	1,379	260
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	83.6	54.9	65.1	131	140	26.8
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	7.3	6.8	7.1	7.0	8.1	5.4
Other current liabilities	111	107	117	68.1	44.6	3.8
Total current liabilities	202	169	189	206	193	36.1
Long-term debt	123	95.3	53.0	134	342	33.7
Minority interest	–	–	–	–	–	–
Other liabilities	57.1	57.2	52.3	90.6	143	82.5
Total liabilities	382	321	294	430	677	152
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	81.9	9.4	8.8	409	409	85.2
Additional paid-in capital	11.1	4.8	1.0	18.0	12.9	7.9
Retained earnings (accumulated deficit)	380	314	315	693	279	15.0
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	473	328	324	1,120	702	108
Total liabilities & shareholders' equity	855	649	619	1,550	1,379	260

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Spartan Delta Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	51.0	23.8	501	503	265	37.4
Depreciation, depletion & amortization	107	75.6	112	151	81.4	21.3
Deferred taxes	17.0	6.7	66.6	21.4	17.7	−5.2
Non-cash items	−3.6	14.9	−365	−58.7	−128	−27.2
Changes in working capital	−10.3	0	44.7	−29.0	−14.3	−1.1
Cash from operations	161	121	359	587	221	25.3
Investing activities
Capital expenditures	−273	−166	−249	−325	−485	−99.0
Other investing cash flows	22.9	−1.4	1,249	−1.2	−248	10.2
Cash from investing	−250	−167	1,000	−326	−733	−88.8
Financing activities
Financing cash flow items	0	0	−114	−0.1	0	0.1
Cash dividends paid	0	0	−1,206	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	89.1	46.6	−133	−170	510	46.2
Cash from financing	89.1	46.6	−1,453	−170	510	46.3
Foreign exchange effects	0	0	0	0.2	0	–
Net change in cash	−0.4	0.4	−93.6	90.9	−1.1	−17.3
Free cash flow	−112	−44.8	110	262	−264	−73.7

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.