Detailed financial statements for Paramount Resources Ltd. (POU.TO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Paramount Resources Ltd. is an independent energy firm operating in Canada, engaged in the exploration, development, production, and sale of natural gas, crude oil, and natural gas liquids. Its core assets include the Montney and Duvernay formations, situated within Alberta and British Columbia. Additionally, the firm holds investments in various public and private companies. Established in 1976, Paramount Resources Ltd. maintains its headquarters in Calgary, Canada.
Analysis Summary
Paramount Resources Ltd. reported revenue of 965.7M CAD in the most recent fiscal year, growing at a 5-year CAGR of 9.1%.
Trailing-twelve-month margins: gross margin 22.5%, operating margin 10.4%, net margin 11.2%.
At $33.81 (closing price, October 28, 2026), POU.TO trades at a P/E of 42.92 and an ROE of 4.30%. Market capitalisation stands at $3.5B.
Balance sheet quality for POU.TO: current ratio of 3.8, net cash position of 705.3M CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -458.8M CAD represents -36% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 248.8M CAD | 491.4M CAD | 965.5M CAD | 914.9M CAD | 626.0M CAD | 1.38B CAD | 2.52B CAD | 1.80B CAD | 2.08B CAD | 965.7M CAD |
| Cost of Revenue | 268.3M CAD | 419.9M CAD | 636.9M CAD | 522.8M CAD | 386.5M CAD | 542.0M CAD | 1.06B CAD | 838.4M CAD | 1.09B CAD | 802.9M CAD |
| Gross Profit | -19.5M CAD | 71.5M CAD | 328.6M CAD | 392.1M CAD | 239.5M CAD | 841.0M CAD | 1.46B CAD | 960.9M CAD | 991.8M CAD | 162.8M CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 53.6M CAD | 58.9M CAD | 82.6M CAD | 71.1M CAD | 45.9M CAD | 60.4M CAD | 68.0M CAD | 82.8M CAD | 91.7M CAD | 101.3M CAD |
| Operating Expenses | 84.2M CAD | 613.8M CAD | 428.3M CAD | 418.8M CAD | 333.7M CAD | 635.5M CAD | 478.9M CAD | 93.0M CAD | 649.4M CAD | 139.4M CAD |
| Operating Income | 35.4M CAD | -542.3M CAD | -99.8M CAD | -31.6M CAD | -95.5M CAD | 206.2M CAD | 989.3M CAD | 867.9M CAD | 342.4M CAD | 23.4M CAD |
| EBITDA | 1.64B CAD | 593.2M CAD | 2.8M CAD | 486.0M CAD | 338.5M CAD | 841.9M CAD | 1.21B CAD | 1.05B CAD | 876.9M CAD | 1.93B CAD |
| Interest Expense | 80.3M CAD | 10.8M CAD | 31.0M CAD | 40.2M CAD | 53.6M CAD | 47.1M CAD | 6.4M CAD | 6.5M CAD | 7.8M CAD | 6.3M CAD |
| Pre-tax Income | 1.32B CAD | 44.5M CAD | -560.6M CAD | 24.4M CAD | -12.5M CAD | 322.5M CAD | 865.8M CAD | 599.7M CAD | 396.8M CAD | 1.67B CAD |
| Income Tax | 156.1M CAD | -138.9M CAD | -193.4M CAD | 112.3M CAD | 10.2M CAD | 85.6M CAD | 185.2M CAD | 129.5M CAD | 60.9M CAD | 382.3M CAD |
| Net Income | 1.17B CAD | 183.4M CAD | -367.2M CAD | -87.9M CAD | -22.7M CAD | 236.9M CAD | 680.6M CAD | 470.2M CAD | 335.9M CAD | 1.29B CAD |
| EPS | $10.98 | $2.93 | $-2.78 | $-0.67 | $-0.17 | $1.77 | $4.83 | $3.29 | $2.30 | $8.96 |
| EPS (Diluted) | $10.95 | $2.91 | $-2.78 | $-0.67 | $-0.17 | $1.66 | $4.63 | $3.17 | $2.25 | $8.78 |
| Shares Outstanding (Diluted) | 106.4 M | 115.8 M | 132.1 M | 130.6 M | 133.3 M | 142.8 M | 147.0 M | 148.3 M | 149.2 M | 146.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 191.1M CAD | 259.9M CAD | 280.4M CAD | 317.3M CAD |
| Gross Profit | 25.0M CAD | 47.2M CAD | 60.1M CAD | 103.8M CAD |
| Operating Income | -7.8M CAD | -10.1M CAD | 40.1M CAD | 87.1M CAD |
| EBITDA | 67.1M CAD | 65.2M CAD | 131.3M CAD | 171.2M CAD |
| Net Income | -2.3M CAD | -1.9M CAD | 53.2M CAD | 68.3M CAD |
| EPS | $-0.02 | $-0.01 | $0.37 | $0.47 |
| EPS (Diluted) | $-0.02 | $-0.01 | $0.36 | $0.46 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 621.9M CAD | 123.3M CAD | 19.3M CAD | 6.0M CAD | 4.6M CAD | 1.7M CAD | 2.5M CAD | 48.9M CAD | 2.4M CAD | 730.8M CAD |
| Short-term Investments | 119.0M CAD | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 23.9M CAD | 170.3M CAD | 121.3M CAD | 118.6M CAD | 72.9M CAD | 141.9M CAD | 223.2M CAD | 155.8M CAD | 192.6M CAD | 98.4M CAD |
| Inventory | 0 | 0 | 0 | 0 | 408,000 CAD | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 766.5M CAD | 302.7M CAD | 214.7M CAD | 141.7M CAD | 114.9M CAD | 156.7M CAD | 506.2M CAD | 223.6M CAD | 2.12B CAD | 848.1M CAD |
| Property, Plant & Equipment | 1.18B CAD | 4.07B CAD | 2.90B CAD | 2.56B CAD | 2.57B CAD | 2.81B CAD | 2.94B CAD | 3.42B CAD | 1.94B CAD | 2.11B CAD |
| 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 | 2.06B CAD | 5.09B CAD | 4.12B CAD | 3.53B CAD | 3.50B CAD | 3.89B CAD | 4.34B CAD | 4.39B CAD | 4.76B CAD | 3.59B CAD |
| Accounts Payable | 80.9M CAD | 221.9M CAD | 187.7M CAD | 178.1M CAD | 149.1M CAD | 209.9M CAD | 222.8M CAD | 271.5M CAD | 223.7M CAD | 166.6M CAD |
| Short-term Debt | 0 | 0 | 0 | 1.8M CAD | 9.6M CAD | 6.5M CAD | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 205.7M CAD | 284.2M CAD | 263.2M CAD | 246.9M CAD | 217.3M CAD | 256.0M CAD | 282.4M CAD | 313.0M CAD | 544.9M CAD | 225.1M CAD |
| Long-term Debt | 0 | 701.8M CAD | 815.0M CAD | 632.3M CAD | 832.9M CAD | 386.3M CAD | 159.4M CAD | 0 | 173.0M CAD | 0 |
| Total Liabilities | 424.2M CAD | 2.65B CAD | 1.87B CAD | 1.45B CAD | 1.46B CAD | 1.28B CAD | 959.2M CAD | 889.5M CAD | 1.06B CAD | 875.4M CAD |
| Retained Earnings | -152.2M CAD | 50.3M CAD | 21.2M CAD | -128.5M CAD | -235.1M CAD | -15.5M CAD | 517.6M CAD | 632.4M CAD | 766.7M CAD | 1.91B CAD |
| Total Equity | 1.63B CAD | 2.44B CAD | 2.25B CAD | 2.08B CAD | 2.04B CAD | 2.61B CAD | 3.38B CAD | 3.50B CAD | 3.70B CAD | 2.71B CAD |
| Total Debt | 0 | 701.8M CAD | 815.0M CAD | 663.9M CAD | 835.2M CAD | 398.9M CAD | 177.4M CAD | 29.2M CAD | 201.9M CAD | 25.5M CAD |
| Net Debt | -740.9M CAD | 578.4M CAD | 795.7M CAD | 657.9M CAD | 830.6M CAD | 397.2M CAD | 174.9M CAD | -19.7M CAD | 199.5M CAD | -705.3M CAD |
| Working Capital | 560.7M CAD | 18.4M CAD | -48.5M CAD | -105.2M CAD | -102.4M CAD | -99.3M CAD | 223.8M CAD | -89.4M CAD | 1.58B CAD | 623.0M CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 398.3M CAD | 730.8M CAD | 671.5M CAD | 449.0M CAD |
| Total Assets | 3.56B CAD | 3.59B CAD | 3.75B CAD | 3.83B CAD |
| Total Liabilities | 872.9M CAD | 875.4M CAD | 992.2M CAD | 1.07B CAD |
| Total Equity | 2.69B CAD | 2.71B CAD | 2.75B CAD | 2.76B CAD |
| Total Debt | 26.5M CAD | 25.5M CAD | 24.6M CAD | 24.7M CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 1.17B CAD | 183.4M CAD | -367.2M CAD | -87.9M CAD | -22.7M CAD | 236.9M CAD | 680.6M CAD | 470.2M CAD | 335.9M CAD | 1.29B CAD |
| Depreciation & Amortization | 228.1M CAD | 327.6M CAD | 532.4M CAD | 421.4M CAD | 297.3M CAD | 472.3M CAD | 335.8M CAD | 445.1M CAD | 472.3M CAD | 250.5M CAD |
| Stock-based Compensation | 27.8M CAD | 17.8M CAD | 24.1M CAD | 18.5M CAD | 13.0M CAD | 18.8M CAD | 25.3M CAD | 33.4M CAD | 43.5M CAD | 49.0M CAD |
| Change in Working Capital | 15.9M CAD | -31.1M CAD | 7.0M CAD | 15.9M CAD | -17.9M CAD | 32.7M CAD | -98.4M CAD | 40.2M CAD | -64.7M CAD | 38.6M CAD |
| Operating Cash Flow | 45.8M CAD | 126.3M CAD | 223.4M CAD | 255.7M CAD | 80.9M CAD | 482.1M CAD | 1.05B CAD | 938.2M CAD | 815.3M CAD | 417.3M CAD |
| Capital Expenditure | -201.0M CAD | -545.1M CAD | -580.2M CAD | -404.1M CAD | -221.3M CAD | -280.0M CAD | -800.8M CAD | -811.3M CAD | -856.5M CAD | -876.1M CAD |
| Acquisitions | 1.18B CAD | -461.4M CAD | 182.4M CAD | 379.7M CAD | 0 | 170.7M CAD | 119.1M CAD | 377.3M CAD | 126.8M CAD | 3.80B CAD |
| Stock Repurchased | -9.7M CAD | -11.4M CAD | -66.4M CAD | -14.4M CAD | 0 | -13.5M CAD | -17.2M CAD | -10.4M CAD | -22.3M CAD | -193.6M CAD |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -27.4M CAD | -160.4M CAD | -355.4M CAD | -248.2M CAD | -2.25B CAD |
| Free Cash Flow | -155.2M CAD | -418.8M CAD | -356.8M CAD | -148.4M CAD | -140.3M CAD | 202.1M CAD | 248.8M CAD | 126.9M CAD | -41.2M CAD | -458.8M CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 42.3M CAD | 185.3M CAD | 116.2M CAD | 144.4M CAD |
| Capital Expenditure | -224.4M CAD | -274.6M CAD | -279.2M CAD | -347.5M CAD |
| Free Cash Flow | -182.1M CAD | -89.3M CAD | -163.0M CAD | -203.1M CAD |
| Dividends Paid | -21.5M CAD | -21.5M CAD | -21.7M CAD | -21.8M CAD |
| Stock-based Compensation | 0 | 23.7M CAD | 7.4M CAD | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +97.5% | +96.5% | -5.2% | -31.6% | +120.9% | +82.5% | -28.7% | +15.5% | -53.5% | |
| Net Income Growth (YoY) | -84.3% | -300.2% | +76.1% | +74.2% | +1,143.9% | +187.3% | -30.9% | -28.6% | +283.7% | |
| EPS Growth (YoY) | -73.3% | -194.9% | +75.9% | +74.6% | +1,141.2% | +172.9% | -31.9% | -30.1% | +289.6% | |
| Shares Change (YoY) | +8.8% | +14.1% | -1.1% | +2.1% | +7.1% | +2.9% | +0.9% | +0.6% | -1.6% | |
| FCF Growth (YoY) | -169.8% | +14.8% | +58.4% | +5.4% | +244.0% | +23.1% | -49.0% | -132.5% | -1,013.6% | |
| Gross Margin | -7.8% | 14.6% | 34.0% | 42.9% | 38.3% | 60.8% | 57.9% | 53.4% | 47.7% | 16.9% |
| Operating Margin | 14.2% | -110.3% | -10.3% | -3.5% | -15.3% | 14.9% | 39.2% | 48.2% | 16.5% | 2.4% |
| EBITDA Margin | 660.7% | 120.7% | 0.3% | 53.1% | 54.1% | 60.9% | 47.9% | 58.4% | 42.2% | 199.6% |
| Net Margin | 468.3% | 37.3% | -38.0% | -9.6% | -3.6% | 17.1% | 27.0% | 26.1% | 16.2% | 133.4% |
| FCF Margin | -62.4% | -85.2% | -37.0% | -16.2% | -22.4% | 14.6% | 9.9% | 7.1% | -2.0% | -47.5% |
| Effective Tax Rate | 11.8% | -312.0% | 34.5% | 459.7% | -82.1% | 26.5% | 21.4% | 21.6% | 15.3% | 22.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.46 | $-3.62 | $-2.70 | $-1.14 | $-1.05 | $1.42 | $1.69 | $0.86 | $-0.28 | $-3.13 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.19 | $1.09 | $2.40 | $1.66 | $15.32 |
| Shares Outstanding (Basic) | 106.2 M | 114.9 M | 132.1 M | 130.6 M | 133.3 M | 133.6 M | 140.8 M | 143.1 M | 146.0 M | 143.8 M |
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 | 4.30% |
| Return on Invested Capital | 2.48% |
| Return on Assets | 3.06% |
| Gross Margin | 22.51% |
| Operating Margin | 10.42% |
| Net Margin | 11.19% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 1.87 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 1.54 | 6.81 | -2.58 | -11.25 | -29.41 | 13.89 | 5.93 | 7.84 | 13.83 | 2.70 |
| P/B | 1.10 | 0.94 | 0.42 | 0.47 | 0.33 | 1.26 | 1.19 | 1.05 | 1.26 | 1.28 |
| P/S | 7.23 | 4.66 | 0.98 | 1.08 | 1.06 | 2.38 | 1.60 | 2.05 | 2.24 | 3.60 |
| Gross Margin | -7.8% | 14.6% | 34.0% | 42.9% | 38.3% | 60.8% | 57.9% | 53.4% | 47.7% | 16.9% |
| Operating Margin | 14.2% | -110.3% | -10.3% | -3.5% | -15.3% | 14.9% | 39.2% | 48.2% | 16.5% | 2.4% |
| Net Margin | 468.3% | 37.3% | -38.0% | -9.6% | -3.6% | 17.1% | 27.0% | 26.1% | 16.2% | 133.4% |
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Explore sector: Energy · Oil & Gas Exploration & Production
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