Detailed financial statements for Baytex Energy Corp. (BTE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Baytex Energy Corp., an energy enterprise established in 1993 and headquartered in Calgary, Canada, focuses on the exploration, development, and extraction of crude oil and natural gas resources. The company's operational footprint extends across key North American regions, specifically within the Western Canadian Sedimentary Basin and the Eagle Ford shale play in the United States.
Analysis Summary
Baytex Energy Corp. reported revenue of $1.48B in the most recent fiscal year, growing at a 5-year CAGR of 12.7%.
Trailing-twelve-month margins: gross margin 4.7%, operating margin 51.1%, net margin -195.9%. Free cash flow grew at 24.1% CAGR over 5 years.
At the current price of $4.89, BTE has negative trailing earnings (P/E not meaningful) and an ROE of -26.39%. Market capitalisation stands at $3.7B.
Balance sheet quality for BTE: current ratio of 3.6, net cash position of $835.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $606.4M | $870.5M | $1.11B | $1.53B | $813.6M | $1.54B | $2.31B | $2.71B | $1.61B | $1.48B |
| Cost of Revenue | $804.9M | $874.1M | $1.01B | $1.30B | $919.6M | $960.4M | $1.28B | $1.96B | $1.18B | $1.16B |
| Gross Profit | -$198.5M | -$3.6M | $106.2M | $224.0M | -$106.0M | $580.3M | $1.02B | $750.7M | $427.0M | $318.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $65.2M | $63.8M | $65.2M | $63.0M | $43.8M | $52.3M | $78.6M | $107.5M | $70.2M | $91.9M |
| Operating Expenses | $65.2M | $63.8M | $65.2M | $63.0M | $43.8M | $52.3M | $78.6M | $107.5M | $70.2M | $91.9M |
| Operating Income | -$263.7M | -$67.4M | $41.0M | $161.0M | -$149.9M | $528.0M | $944.7M | $643.2M | $356.8M | $226.1M |
| EBITDA | $254.5M | $430.4M | $608.8M | $926.7M | $346.6M | $2.26B | $1.54B | $723.5M | $689.6M | $568.0M |
| Interest Expense | $103.7M | $105.0M | $108.2M | $86.5M | $88.8M | $76.6M | $63.9M | $171.8M | $206.1M | $217.4M |
| Pre-tax Income | -$763.4M | -$70.3M | -$425.7M | -$81.1M | -$2.61B | $1.71B | $883.1M | -$516.6M | -$16.7M | -$153.0M |
| Income Tax | -$274.6M | -$158.7M | -$101.4M | -$68.3M | -$160.8M | $81.9M | $35.0M | -$283.2M | $80.7M | $123.6M |
| Net Income | -$488.8M | $88.4M | -$324.3M | -$12.8M | -$2.44B | $1.63B | $848.1M | -$233.4M | $236.4M | -$603.3M |
| EPS | $-2.29 | $0.37 | $-0.93 | $-0.02 | $-4.35 | $2.86 | $1.53 | $-0.33 | $0.30 | $-0.78 |
| EPS (Diluted) | $-2.29 | $0.37 | $-0.93 | $-0.02 | $-4.35 | $2.82 | $1.52 | $-0.33 | $0.30 | $-0.78 |
| Shares Outstanding (Diluted) | $212.3M | $237.2M | $351.5M | $557.0M | $560.7M | $571.6M | $563.8M | $704.9M | $800.2M | $769.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $747.5M | -$1.33B | $402.4M | $549.8M |
| Gross Profit | $166.1M | -$464.7M | $91.9M | $223.9M |
| Operating Income | $134.6M | -$197.2M | $46.6M | $203.1M |
| EBITDA | $426.5M | -$688.3M | $29.1M | $337.3M |
| Net Income | $32.0M | -$856.4M | -$67.5M | $174.9M |
| EPS | $0.04 | $-1.11 | $-0.09 | $0.24 |
| EPS (Diluted) | $0.04 | $-1.11 | $-0.09 | $0.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.7M | 0 | 0 | $5.6M | -$11.1M | -$7.8M | $5.5M | $55.8M | $16.6M | $953.1M |
| Short-term Investments | 0 | $18.5M | $79.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $112.2M | $112.8M | $111.6M | $173.8M | $107.5M | $173.4M | $200.9M | $338.4M | $387.3M | $135.2M |
| Inventory | 0 | -$18.5M | -$79.6M | 0 | $11.1M | $7.8M | 0 | 0 | 0 | 0 |
| Total Current Assets | $117.1M | $131.4M | $191.1M | $184.8M | $112.5M | $182.1M | $244.1M | $440.0M | $449.6M | $1.19B |
| Property, Plant & Equipment | $4.48B | $4.24B | $6.19B | $5.73B | $3.29B | $4.65B | $4.80B | $6.75B | $7.08B | $2.08B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.59B | $4.37B | $6.38B | $5.91B | $3.41B | $4.83B | $5.10B | $7.46B | $7.76B | $3.35B |
| Accounts Payable | $113.0M | $144.5M | $258.1M | $207.5M | $156.0M | $190.7M | $227.3M | $477.3M | $512.5M | $236.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $151.0M | $197.2M | $260.1M | $233.5M | $198.9M | $338.7M | $288.5M | $558.0M | $573.7M | $330.2M |
| Long-term Debt | $1.75B | $1.69B | $2.10B | $1.83B | $1.79B | $1.38B | $930.6M | $2.41B | $2.26B | $95.0M |
| Total Liabilities | $2.62B | $2.46B | $3.32B | $2.97B | $2.83B | $2.62B | $2.07B | $3.64B | $3.59B | $956.4M |
| Retained Earnings | -$3.09B | -$3.01B | -$3.33B | -$3.35B | -$5.78B | -$4.17B | -$3.32B | -$3.59B | -$3.42B | -$4.09B |
| Total Equity | $1.98B | $1.91B | $3.06B | $2.95B | $578.2M | $2.21B | $3.03B | $3.83B | $4.17B | $2.39B |
| Total Debt | $1.75B | $1.69B | $2.10B | $1.85B | $1.79B | $1.39B | $937.2M | $2.44B | $2.28B | $118.0M |
| Net Debt | $1.75B | $1.67B | $2.02B | $1.84B | $1.80B | $1.40B | $931.7M | $2.38B | $2.27B | -$835.1M |
| Working Capital | -$33.9M | -$65.9M | -$69.0M | -$48.7M | -$86.3M | -$156.7M | -$44.5M | -$118.0M | -$124.1M | $860.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $10.4M | $953.1M | $757.9M | $720.3M |
| Total Assets | $7.60B | $3.35B | $3.25B | $3.17B |
| Total Liabilities | $3.41B | $956.4M | $1.12B | $1.02B |
| Total Equity | $4.19B | $2.39B | $2.13B | $2.15B |
| Total Debt | $2.01B | $118.0M | $145.8M | $149.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$485.2M | $87.2M | -$325.3M | -$12.5M | -$2.44B | $1.61B | $855.6M | -$233.4M | $236.6M | -$603.8M |
| Depreciation & Amortization | $508.3M | $481.9M | $558.7M | $731.7M | $486.4M | $464.6M | $587.0M | $1.05B | $1.39B | $1.26B |
| Stock-based Compensation | $13.9M | $15.5M | $19.5M | $15.9M | $7.2M | $6.4M | $3.2M | $16.2M | 0 | 0 |
| Change in Working Capital | -$23.3M | -$9.0M | $39.4M | -$52.1M | $48.8M | -$26.6M | $26.1M | -$220.9M | -$17.9M | $18.1M |
| Operating Cash Flow | $247.4M | $325.2M | $485.3M | $834.9M | $353.1M | $712.4M | $1.17B | $1.30B | $1.91B | $1.49B |
| Capital Expenditure | -$224.9M | -$398.1M | -$498.2M | -$556.5M | -$282.6M | -$315.8M | -$524.0M | -$1.06B | -$1.31B | -$1.28B |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$662.6M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$159.0M | -$221.9M | -$222.2M | -$29.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$37.5M | -$72.0M | -$69.2M |
| Free Cash Flow | $22.5M | -$72.9M | -$12.9M | $278.4M | $70.5M | $396.6M | $648.8M | $239.6M | $593.8M | $207.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $472.7M | $227.7M | $122.2M | $231.0M |
| Capital Expenditure | -$330.7M | -$183.0M | -$153.5M | -$122.9M |
| Free Cash Flow | $142.0M | $44.7M | -$31.3M | $108.1M |
| Dividends Paid | -$17.3M | -$17.3M | -$16.6M | -$16.2M |
| Stock-based Compensation | 0 | 0 | $4.9M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +43.6% | +27.7% | +37.3% | -46.7% | +89.4% | +49.7% | +17.7% | -40.6% | -8.2% |
| Net Income Growth (YoY) | | +118.1% | -466.6% | +96.1% | -18999.4% | +166.5% | -47.8% | -127.5% | +201.3% | -355.2% |
| EPS Growth (YoY) | | +116.2% | -351.4% | +97.6% | -19319.6% | +165.7% | -46.5% | -121.6% | +190.9% | -360.0% |
| Shares Change (YoY) | | +11.8% | +48.2% | +58.5% | +0.6% | +2.0% | -1.4% | +25.0% | +13.5% | -3.9% |
| FCF Growth (YoY) | | -424.7% | +82.3% | +2257.7% | -74.7% | +462.8% | +63.6% | -63.1% | +147.8% | -65.1% |
| Gross Margin | -32.7% | -0.4% | 9.6% | 14.7% | -13.0% | 37.7% | 44.4% | 27.7% | 26.5% | 21.5% |
| Operating Margin | -43.5% | -7.7% | 3.7% | 10.5% | -18.4% | 34.3% | 41.0% | 23.7% | 22.1% | 15.3% |
| EBITDA Margin | 42.0% | 49.4% | 54.8% | 60.7% | 42.6% | 147.0% | 67.0% | 26.7% | 42.8% | 38.4% |
| Net Margin | -80.6% | 10.2% | -29.2% | -0.8% | -300.5% | 105.5% | 36.8% | -8.6% | 14.7% | -40.8% |
| FCF Margin | 3.7% | -8.4% | -1.2% | 18.2% | 8.7% | 25.7% | 28.1% | 8.8% | 36.8% | 14.0% |
| Effective Tax Rate | 36.0% | 225.9% | 23.8% | 84.2% | 6.2% | 4.8% | 4.0% | 54.8% | -482.9% | -80.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.11 | $-0.31 | $-0.04 | $0.50 | $0.13 | $0.69 | $1.15 | $0.34 | $0.74 | $0.27 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 | $0.09 | $0.09 |
| Shares Outstanding (Basic) | $211.9M | $234.8M | $349.8M | $557.0M | $560.7M | $563.7M | $558.0M | $704.9M | $800.2M | $769.2M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | -26.39% |
| Return on Invested Capital | 6.59% |
| Return on Assets | -22.62% |
| Gross Margin | 4.70% |
| Operating Margin | 51.13% |
| Net Margin | -195.92% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 2.82 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.40 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.86 | 10.54 | -2.58 | -83.99 | -0.16 | 1.37 | 3.99 | -13.32 | 12.37 | -5.68 |
| P/B | 0.70 | 0.48 | 0.27 | 0.36 | 0.66 | 1.00 | 1.12 | 0.81 | 0.71 | 1.43 |
| P/S | 2.29 | 1.05 | 0.76 | 0.69 | 0.47 | 1.43 | 1.48 | 1.14 | 1.84 | 2.30 |
| Gross Margin | -32.7% | -0.4% | 9.6% | 14.7% | -13.0% | 37.7% | 44.4% | 27.7% | 26.5% | 21.5% |
| Operating Margin | -43.5% | -7.7% | 3.7% | 10.5% | -18.4% | 34.3% | 41.0% | 23.7% | 22.1% | 15.3% |
| Net Margin | -80.6% | 10.2% | -29.2% | -0.8% | -300.5% | 105.5% | 36.8% | -8.6% | 14.7% | -40.8% |