Latest Ratios: P/E Ratio -7.3x · EV/EBITDA 4.6x · ROE -18.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.5B | $2.1B | $2.3B | $2.5B | $1.8B | $301M | $808M | $619M | $712M | $1.0B |
| Enterprise Value | $2.4B | $1.7B | $4.3B | $4.7B | $3.5B | $3.2B | $2.1B | $2.6B | $2.7B | $2.4B | $2.8B |
| P/E Ratio → | -7.29 | — | 8.60 | — | 2.97 | 1.10 | — | — | — | 8.11 | — |
| P/S Ratio | 2.84 | 1.68 | 1.28 | 0.86 | 1.10 | 1.15 | 0.37 | 0.53 | 0.56 | 0.82 | 1.71 |
| P/B Ratio | 1.83 | 1.04 | 0.49 | 0.61 | 0.84 | 0.80 | 0.52 | 0.27 | 0.20 | 0.37 | 0.52 |
| P/FCF | 17.07 | 10.09 | 3.48 | 9.77 | 3.92 | 4.45 | 4.26 | 2.90 | — | — | 46.12 |
| P/OCF | 2.83 | 1.67 | 1.08 | 1.81 | 2.17 | 2.48 | 0.85 | 0.97 | 1.27 | 2.19 | 4.19 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.12 | 2.69 | 1.74 | 1.51 | 2.05 | 2.59 | 1.74 | 2.45 | 2.75 | 4.60 |
| EV / EBITDA | 4.62 | 2.26 | 5.05 | 2.76 | 2.25 | 3.13 | 6.07 | 2.86 | 4.47 | 5.57 | 10.95 |
| EV / EBIT | 14.91 | 7.30 | 12.14 | 7.35 | 3.68 | 5.99 | — | 16.46 | 66.40 | — | — |
| EV / FCF | — | 6.70 | 7.29 | 19.72 | 5.36 | 7.97 | 29.86 | 9.52 | — | — | 124.08 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.5% | 21.5% | 26.5% | 27.7% | 44.4% | 37.7% | -13.0% | 14.7% | 9.6% | -0.4% | -32.7% |
| Operating Margin | 15.3% | 15.3% | 22.1% | 23.7% | 41.0% | 34.3% | -18.4% | 10.5% | 3.7% | -7.7% | -43.5% |
| Net Profit Margin | -40.8% | -40.8% | 14.7% | -8.6% | 36.8% | 105.5% | -300.5% | -0.8% | -29.2% | 10.2% | -80.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -18.4% | -18.4% | 5.9% | -6.8% | 32.4% | 116.6% | -138.7% | -0.4% | -13.0% | 4.5% | -22.2% |
| ROA | -10.9% | -10.9% | 3.1% | -3.7% | 17.1% | 39.4% | -52.4% | -0.2% | -6.0% | 2.0% | -9.7% |
| ROIC | 4.2% | 4.2% | 4.2% | 9.5% | 18.7% | 13.2% | -3.1% | 2.4% | 0.7% | -1.4% | -4.9% |
| ROCE | 4.4% | 4.4% | 5.1% | 11.0% | 20.3% | 13.7% | -3.4% | 2.7% | 0.8% | -1.6% | -5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.55 | 0.64 | 0.31 | 0.63 | 3.10 | 0.63 | 0.69 | 0.88 | 0.89 |
| Debt / EBITDA | 0.16 | 0.16 | 2.66 | 1.43 | 0.61 | 1.38 | 5.17 | 1.99 | 3.46 | 3.92 | 6.89 |
| Net Debt / Equity | — | -0.35 | 0.54 | 0.62 | 0.31 | 0.63 | 3.12 | 0.62 | 0.69 | 0.88 | 0.88 |
| Net Debt / EBITDA | -1.14 | -1.14 | 2.64 | 1.39 | 0.60 | 1.38 | 5.21 | 1.99 | 3.46 | 3.92 | 6.88 |
| Debt / FCF | — | -3.39 | 3.81 | 9.95 | 1.44 | 3.52 | 25.60 | 6.62 | — | — | 77.96 |
| Interest Coverage | 1.04 | 1.04 | 1.73 | 3.74 | 14.78 | 6.89 | -1.69 | 1.86 | 0.38 | -0.64 | -2.54 |
Net cash position: cash ($952M) exceeds total debt ($118M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.61 | 3.61 | 0.78 | 0.79 | 0.85 | 0.54 | 0.57 | 0.79 | 0.73 | 0.67 | 0.78 |
| Quick Ratio | 3.61 | 3.61 | 0.78 | 0.79 | 0.85 | 0.51 | 0.51 | 0.79 | 1.04 | 0.76 | 0.78 |
| Cash Ratio | 2.89 | 2.89 | 0.03 | 0.10 | 0.02 | -0.02 | -0.06 | 0.02 | 0.31 | 0.09 | 0.02 |
| Asset Turnover | — | 0.44 | 0.21 | 0.36 | 0.45 | 0.32 | 0.24 | 0.26 | 0.17 | 0.20 | 0.13 |
| Inventory Turnover | — | — | — | — | — | 123.68 | 83.03 | — | — | — | — |
| Days Sales Outstanding | — | 33.33 | 87.70 | 45.53 | 31.81 | 41.08 | 48.22 | 41.56 | 36.63 | 47.31 | 67.52 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 2.8% | 3.5% | 1.6% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 30.4% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 11.6% | — | 33.7% | 91.3% | — | — | — | 12.3% | — |
| FCF Yield | 5.9% | 9.9% | 28.8% | 10.2% | 25.5% | 22.5% | 23.5% | 34.5% | — | — | 2.2% |
| Buyback Yield | 0.7% | 1.2% | 10.8% | 9.5% | 6.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.3% | 4.0% | 14.2% | 11.1% | 6.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $769M | $800M | $705M | $564M | $572M | $561M | $557M | $352M | $237M | $212M |
Commodity price volatility exposure
Based on current market data, Baytex trades at a forward EV/EBITDA of 2.34x, which appears to incorporate a significant discount relative to diversified peers, likely reflecting investor skepticism regarding the sustainability of its Canadian heavy oil margins despite the recent expansion of U.S. light oil assets.
The negative TTM P/E ratio is largely an artifact of non-cash impairments rather than a reflection of core operational failure, making forward-looking multiples more relevant for valuation. Investors should monitor whether the market continues to apply a 'heavy oil discount' or if the successful integration of Ranger Oil assets warrants a re-rating toward U.S. SMID-cap E&P valuation levels.
As reported in recent financial statements, Baytex's ROIC has fluctuated near 2.3% in 2026Q1, a level that suggests the company is struggling to generate returns above its cost of capital, primarily due to the heavy burden of historical asset write-downs and the high capital intensity of its operations.
The volatility in ROIC highlights the difficulty of compounding returns in a split-geography model where Canadian heavy oil assets require constant reinvestment to offset natural decline rates. This trend warrants further investigation into whether the company's current capital allocation strategy can deliver sustainable value creation without relying on favorable commodity price cycles.
According to quarterly filings, the company's cash conversion cycle reached -37 days in 2026Q1, a metric that appears to be heavily influenced by the timing of commodity settlements and the unique payment structures inherent in the Western Canadian heavy oil market compared to U.S. light oil operations.
The negative CCC suggests that Baytex effectively utilizes supplier credit to manage its working capital, though this efficiency is secondary to the primary driver of cash flow: the realized price per barrel. Analysts should be cautious in interpreting this as a sign of operational excellence, as it may simply reflect the cyclical nature of the energy sector's payment terms.
Based on the 2026Q1 balance sheet, the company maintains a current ratio of 2.15, representing a substantial improvement in liquidity that provides a necessary buffer against the inherent volatility of commodity prices and the potential for future operational disruptions across its diverse North American asset base.
This liquidity position is a marked departure from historical periods of high leverage and suggests that the company is better prepared to weather a prolonged downturn in WTI or WCS pricing. However, investors should monitor whether this cash pile is maintained for operational resilience or if it is prematurely deployed into aggressive share buybacks.
The most commonly misapplied ratio for Baytex is the net margin, which, at -40.77% in recent periods, obscures the company's actual cash-generating capacity by including non-cash accounting charges such as asset impairments and unrealized hedging losses that do not reflect the underlying operational performance of the oil and gas assets.
Analysts should prioritize Adjusted Funds Flow or EBITDA-based metrics to assess the company's true earning power, as net income is structurally distorted by the accounting treatment of long-term reserves and derivative instruments. Relying on net margin in this context may lead to an overly pessimistic view of the company's ability to fund its operations and return capital to shareholders.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BTE stock.
Baytex Energy Corp.'s current P/E ratio is -7.3x. The historical average is 16.1x.
Baytex Energy Corp.'s current EV/EBITDA is 4.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.9x.
Baytex Energy Corp.'s return on equity (ROE) is -18.4%. The historical average is 3.6%.
Based on historical data, Baytex Energy Corp. is trading at a P/E of -7.3x. Compare with industry peers and growth rates for a complete picture.
Baytex Energy Corp.'s current dividend yield is 1.58%.
Baytex Energy Corp. has 21.5% gross margin and 15.3% operating margin. Operating margin between 10-20% is typical for established companies.
Baytex Energy Corp.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.