Latest Ratios: P/E Ratio -3.0x · EV/EBITDA 3.5x · ROE -26.0%. (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 | $1.4B | $1.3B | $1.5B | $2.0B | $3.0B | $2.1B | $703M | $2.6B | $3.0B | $4.4B | $4.9B |
| Enterprise Value | $2.3B | $2.6B | $2.4B | $2.8B | $4.1B | $3.8B | $2.7B | $4.5B | $4.9B | $5.7B | $6.2B |
| P/E Ratio → | -3.02 | — | — | — | 2.27 | 1.81 | — | 77.90 | 11.03 | 71.22 | — |
| P/S Ratio | 1.11 | 0.73 | 0.72 | 0.90 | 0.80 | 0.93 | 0.56 | 1.67 | 1.79 | 4.05 | 5.53 |
| P/B Ratio | 0.89 | 0.58 | 0.53 | 0.65 | 0.88 | 1.00 | 0.76 | 1.04 | 1.06 | 2.88 | 3.09 |
| P/FCF | 6.02 | 3.93 | 4.47 | 6.76 | 2.36 | 4.51 | 5.29 | 8.50 | 139.56 | 18.09 | 28.94 |
| P/OCF | 2.08 | 1.36 | 1.54 | 1.93 | 1.64 | 2.49 | 1.40 | 3.10 | 3.68 | 7.49 | 9.58 |
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 | — | 1.45 | 1.14 | 1.26 | 1.10 | 1.70 | 2.17 | 2.98 | 2.91 | 5.17 | 7.02 |
| EV / EBITDA | 3.47 | 2.74 | 2.54 | 2.71 | 1.68 | 2.99 | — | 2.84 | 4.86 | 9.13 | 13.94 |
| EV / EBIT | 19.40 | 15.32 | 30.41 | — | 1.92 | 2.60 | — | 21.69 | 11.41 | 52.79 | — |
| EV / FCF | — | 7.86 | 7.15 | 9.52 | 3.25 | 8.22 | 20.35 | 15.13 | 226.93 | 23.13 | 36.76 |
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 | 16.5% | 16.5% | 54.0% | 50.8% | 69.7% | 59.4% | 34.7% | 66.4% | 54.6% | 48.5% | 34.0% |
| Operating Margin | 9.5% | 9.5% | 12.0% | 14.3% | 50.1% | 31.2% | — | 58.3% | 21.7% | 9.5% | -12.2% |
| Net Profit Margin | -37.0% | -37.0% | -2.3% | -10.8% | 35.3% | 51.6% | -121.6% | 2.1% | 16.2% | 5.7% | -18.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.0% | -26.0% | -1.6% | -7.4% | 48.0% | 76.8% | -89.8% | 1.2% | 12.5% | 4.0% | -9.3% |
| ROA | -11.4% | -11.4% | -0.8% | -3.6% | 20.4% | 22.9% | -30.4% | 0.5% | 5.3% | 1.5% | -3.9% |
| ROIC | 3.5% | 3.5% | 5.0% | 5.6% | 33.7% | 15.5% | — | 14.6% | 7.3% | 2.7% | -2.6% |
| ROCE | 3.3% | 3.3% | 4.5% | 5.4% | 33.1% | 15.7% | — | 16.0% | 7.8% | 2.8% | -2.9% |
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 | 0.59 | 0.59 | 0.36 | 0.31 | 0.33 | 0.83 | 2.17 | 0.82 | 0.68 | 0.83 | 0.88 |
| Debt / EBITDA | 1.39 | 1.39 | 1.09 | 0.92 | 0.46 | 1.35 | — | 1.26 | 1.90 | 2.07 | 3.11 |
| Net Debt / Equity | — | 0.58 | 0.32 | 0.27 | 0.33 | 0.83 | 2.16 | 0.81 | 0.67 | 0.80 | 0.84 |
| Net Debt / EBITDA | 1.37 | 1.37 | 0.95 | 0.78 | 0.46 | 1.35 | — | 1.24 | 1.87 | 1.99 | 2.97 |
| Debt / FCF | — | 3.93 | 2.67 | 2.76 | 0.89 | 3.71 | 15.07 | 6.62 | 87.37 | 5.04 | 7.82 |
| Interest Coverage | 1.26 | 1.26 | 0.92 | -2.27 | 25.75 | 19.91 | -24.01 | 2.57 | 5.87 | 1.88 | -2.92 |
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 | 0.84 | 0.84 | 0.95 | 1.18 | 0.80 | 0.63 | 0.60 | 0.84 | 0.76 | 0.72 | 0.78 |
| Quick Ratio | 0.76 | 0.76 | 0.89 | 1.10 | 0.78 | 0.61 | 0.57 | 0.76 | 0.71 | 0.67 | 0.73 |
| Cash Ratio | 0.03 | 0.03 | 0.22 | 0.20 | 0.02 | 0.01 | 0.02 | 0.07 | 0.05 | 0.13 | 0.22 |
| Asset Turnover | — | 0.33 | 0.34 | 0.35 | 0.53 | 0.38 | 0.30 | 0.26 | 0.27 | 0.28 | 0.22 |
| Inventory Turnover | 31.62 | 31.62 | 23.44 | 18.86 | 57.38 | 45.09 | 60.80 | 17.44 | 27.43 | 33.10 | 40.08 |
| Days Sales Outstanding | — | 56.55 | 52.52 | 40.31 | 36.65 | 53.86 | 57.37 | 50.56 | 56.62 | 55.06 | 54.46 |
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 | 5.0% | 7.7% | 4.9% | 3.1% | 1.1% | — | 16.8% | 15.3% | 11.0% | 4.5% | 2.1% |
| Payout Ratio | — | — | — | — | 2.5% | — | — | 1193.8% | 121.6% | 321.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 44.1% | 55.4% | — | 1.3% | 9.1% | 1.4% | — |
| FCF Yield | 16.6% | 25.4% | 22.3% | 14.8% | 42.3% | 22.2% | 18.9% | 11.8% | 0.7% | 5.5% | 3.5% |
| Buyback Yield | 1.8% | 2.8% | 9.5% | 4.8% | 2.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.8% | 10.4% | 14.4% | 7.9% | 3.5% | 0.0% | 16.8% | 15.3% | 11.0% | 4.5% | 2.1% |
| Shares Outstanding | — | $154M | $158M | $164M | $168M | $165M | $158M | $156M | $142M | $122M | $116M |
European Regulatory Tax Exposure
Based on current market data, VET trades at a forward P/E of 13.23 and an EV/EBITDA of 2.96, suggesting that investors are pricing in significant risk regarding the sustainability of European cash flows compared to the broader North American energy sector peer group.
The low EV/EBITDA multiple relative to peers like Pembina Pipeline indicates that the market is applying a complexity discount to Vermilion's international assets. This valuation appears to reflect skepticism regarding the company's ability to maintain its premium pricing advantage in the face of ongoing European windfall tax levies.
As reported in recent financial statements, ROIC has fluctuated significantly, reaching a low of -0.1% in 2025Q4, which highlights the difficulty of compounding returns when high-margin assets are subject to unpredictable regulatory tax impacts and substantial decommissioning cost adjustments.
The erratic ROIC trend suggests that the company's capital allocation is currently struggling to generate value above its cost of capital. Investors should monitor whether the recent acquisition of the Corrib field interest can stabilize these returns or if it merely adds to the long-term liability burden.
According to quarterly filings, the cash conversion cycle has shown extreme volatility, swinging from -134 days in 2025Q3 to -40 days in 2025Q4, which indicates that the company's liquidity is highly sensitive to the timing of international oil liftings and regional inventory management.
The negative CCC is typical for energy producers, yet the magnitude of these swings suggests operational lumpy-ness that complicates short-term cash flow forecasting. This volatility warrants further investigation into whether the company's supplier leverage is being utilized effectively or if it is merely a byproduct of offshore logistics.
Based on the latest quarterly filings, the current ratio has deteriorated to 0.63 in 2026Q1, signaling a significantly reduced margin of safety for meeting short-term obligations compared to the liquidity levels observed in previous fiscal periods, such as the 1.94 ratio seen in 2025Q2.
The rapid decline in the current ratio suggests that the company's ability to cover near-term liabilities is becoming increasingly constrained. This trend appears to be driven by the depletion of cash reserves and the ongoing pressure from high-cost offshore maintenance requirements.
As indicated by the TTM P/E of -3.11, the standard price-to-earnings ratio is a fundamentally flawed metric for this business model, as it fails to account for the massive non-cash impairment charges and windfall taxes that distort reported net income.
Analysts should prioritize EV/EBITDA or P/FCF to better capture the underlying cash-generative capacity of the European gas assets. Relying on P/E in this context obscures the company's actual ability to fund operations and dividends, potentially leading to an inaccurate assessment of its financial health.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VET stock.
Vermilion Energy Inc.'s current P/E ratio is -3.0x. The historical average is 34.7x.
Vermilion Energy Inc.'s current EV/EBITDA is 3.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
Vermilion Energy Inc.'s return on equity (ROE) is -26.0%. The historical average is 12.4%.
Based on historical data, Vermilion Energy Inc. is trading at a P/E of -3.0x. Compare with industry peers and growth rates for a complete picture.
Vermilion Energy Inc.'s current dividend yield is 4.98%.
Vermilion Energy Inc. has 16.5% gross margin and 9.5% operating margin.
Vermilion Energy Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.