Detailed financial statements for Tamarack Valley Energy Ltd. (TVE.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.
Tamarack Valley Energy Ltd. is an energy company primarily engaged in the upstream activities of acquiring, exploring, developing, and producing crude oil, natural gas, and natural gas liquids. Its operations are concentrated within the Western Canadian Sedimentary Basin.
Analysis Summary
Tamarack Valley Energy Ltd. reported revenue of 1.35B CAD in the most recent fiscal year, growing at a 5-year CAGR of 43.4%.
Trailing-twelve-month margins: gross margin 45.8%, operating margin 39.2%, net margin 1.5%. Free cash flow grew at 77.1% CAGR over 5 years.
At $15.03 (closing price, October 28, 2026), TVE.TO trades at a P/E of 205.02 and an ROE of 1.34%. Market capitalisation stands at $5.1B.
Balance sheet quality for TVE.TO: current ratio of 0.9, net debt of 692.1M 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.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 115.5M CAD | 283.7M CAD | 399.5M CAD | 382.8M CAD | 222.1M CAD | 701.1M CAD | 1.46B CAD | 1.41B CAD | 1.74B CAD | 1.35B CAD |
| Cost of Revenue | 118.3M CAD | 260.0M CAD | 311.2M CAD | 296.3M CAD | 231.7M CAD | 432.4M CAD | 846.0M CAD | 988.2M CAD | 1.16B CAD | 848.9M CAD |
| Gross Profit | -2.8M CAD | 23.6M CAD | 88.3M CAD | 86.5M CAD | -9.6M CAD | 268.6M CAD | 615.1M CAD | 418.3M CAD | 584.2M CAD | 498.6M CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 10.9M CAD | 16.8M CAD | 22.3M CAD | 22.2M CAD | 16.6M CAD | 44.5M CAD | 87.1M CAD | 44.4M CAD | 50.3M CAD | 64.9M CAD |
| Operating Expenses | 12.6M CAD | 20.6M CAD | 26.4M CAD | 26.2M CAD | 17.8M CAD | 44.0M CAD | 91.4M CAD | 502.8M CAD | 136.8M CAD | 64.9M CAD |
| Operating Income | -15.4M CAD | 3.1M CAD | 61.9M CAD | 60.3M CAD | -27.4M CAD | 224.6M CAD | 523.7M CAD | 355.0M CAD | 447.4M CAD | 433.7M CAD |
| EBITDA | 38.1M CAD | 141.9M CAD | 248.9M CAD | 127.4M CAD | -265.6M CAD | 753.6M CAD | 867.0M CAD | 884.2M CAD | 883.9M CAD | 552.9M CAD |
| Interest Expense | 3.4M CAD | 7.1M CAD | 8.1M CAD | 9.4M CAD | 10.1M CAD | 21.5M CAD | 48.6M CAD | 103.7M CAD | 90.4M CAD | 78.3M CAD |
| Pre-tax Income | -32.4M CAD | -17.5M CAD | 59.1M CAD | -53.4M CAD | -398.9M CAD | 519.8M CAD | 444.7M CAD | 141.4M CAD | 209.3M CAD | -40.1M CAD |
| Income Tax | -4.6M CAD | -3.6M CAD | 20.8M CAD | -14.4M CAD | -87.5M CAD | 129.3M CAD | 99.5M CAD | 47.2M CAD | 47.1M CAD | -3.7M CAD |
| Net Income | -27.8M CAD | -13.9M CAD | 38.3M CAD | -39.0M CAD | -311.4M CAD | 390.5M CAD | 345.2M CAD | 94.2M CAD | 162.2M CAD | -36.3M CAD |
| EPS | $-0.23 | $-0.06 | $0.17 | $-0.17 | $-1.40 | $1.10 | $0.75 | $0.17 | $0.30 | $-0.07 |
| EPS (Diluted) | $-0.23 | $-0.06 | $0.16 | $-0.17 | $-1.40 | $1.08 | $0.74 | $0.17 | $0.30 | $-0.07 |
| Shares Outstanding (Diluted) | 122.2 M | 225.3 M | 233.6 M | 225.2 M | 222.8 M | 360.8 M | 464.3 M | 560.0 M | 546.9 M | 501.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 335.8M CAD | 304.6M CAD | 375.5M CAD | 619.4M CAD |
| Gross Profit | 125.4M CAD | 117.2M CAD | 182.8M CAD | 323.7M CAD |
| Operating Income | 110.2M CAD | 93.6M CAD | 163.3M CAD | 273.3M CAD |
| EBITDA | -167.1M CAD | 208.0M CAD | 141.0M CAD | 394.2M CAD |
| Net Income | -248.8M CAD | 61.9M CAD | 5.6M CAD | 205.7M CAD |
| EPS | $-0.50 | $0.13 | $0.01 | $0.43 |
| EPS (Diluted) | $-0.50 | $0.12 | $0.01 | $0.43 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | 0 | 0 | -12.2M CAD | -10.2M CAD | -10.5M CAD | -75.8M CAD | 2.2M CAD | 7.4M CAD | 5.4M CAD |
| Short-term Investments | 0 | 1.9M CAD | 20.5M CAD | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 16.6M CAD | 38.7M CAD | 21.2M CAD | 42.2M CAD | 30.8M CAD | 79.9M CAD | 171.2M CAD | 135.1M CAD | 139.2M CAD | 114.2M CAD |
| Inventory | 0 | -1.9M CAD | -20.5M CAD | 12.2M CAD | 10.2M CAD | 10.5M CAD | 75.8M CAD | -2.2M CAD | 0 | 0 |
| Total Current Assets | 17.9M CAD | 43.7M CAD | 44.1M CAD | 44.3M CAD | 33.0M CAD | 87.7M CAD | 184.1M CAD | 195.2M CAD | 215.4M CAD | 164.6M CAD |
| Property, Plant & Equipment | 603.9M CAD | 1.16B CAD | 1.22B CAD | 1.20B CAD | 944.9M CAD | 2.24B CAD | 4.42B CAD | 4.01B CAD | 3.77B CAD | 3.20B 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 | 663.6M CAD | 1.21B CAD | 1.26B CAD | 1.25B CAD | 1.03B CAD | 2.33B CAD | 4.62B CAD | 4.21B CAD | 3.99B CAD | 3.36B CAD |
| Accounts Payable | 25.0M CAD | 51.1M CAD | 42.0M CAD | 37.8M CAD | 38.9M CAD | 72.2M CAD | 219.9M CAD | 201.5M CAD | 199.8M CAD | 145.2M CAD |
| Short-term Debt | 0 | 0 | 0 | 0 | 1.6M CAD | 292,000 CAD | 265.0M CAD | 56.7M CAD | 2.6M CAD | 7.6M CAD |
| Total Current Liabilities | 35.7M CAD | 59.0M CAD | 44.4M CAD | 47.4M CAD | 58.9M CAD | 94.5M CAD | 642.9M CAD | 375.4M CAD | 275.4M CAD | 183.5M CAD |
| Long-term Debt | 45.2M CAD | 163.9M CAD | 161.5M CAD | 192.9M CAD | 210.9M CAD | 477.4M CAD | 930.2M CAD | 769.6M CAD | 758.2M CAD | 673.7M CAD |
| Total Liabilities | 193.8M CAD | 434.0M CAD | 451.5M CAD | 473.3M CAD | 518.1M CAD | 1.07B CAD | 2.46B CAD | 2.03B CAD | 1.87B CAD | 1.54B CAD |
| Retained Earnings | -89.8M CAD | -103.7M CAD | -66.9M CAD | -105.9M CAD | -417.2M CAD | -26.7M CAD | 259.0M CAD | 269.6M CAD | 339.9M CAD | 163.3M CAD |
| Total Equity | 469.7M CAD | 773.9M CAD | 812.6M CAD | 773.8M CAD | 509.5M CAD | 1.26B CAD | 2.16B CAD | 2.17B CAD | 2.12B CAD | 1.83B CAD |
| Total Debt | 45.2M CAD | 163.9M CAD | 161.5M CAD | 205.1M CAD | 221.0M CAD | 488.0M CAD | 1.22B CAD | 839.1M CAD | 771.9M CAD | 697.5M CAD |
| Net Debt | 45.2M CAD | 161.9M CAD | 141.0M CAD | 217.2M CAD | 231.2M CAD | 498.5M CAD | 1.30B CAD | 836.9M CAD | 764.5M CAD | 692.1M CAD |
| Working Capital | -17.8M CAD | -15.3M CAD | -258,000 CAD | -3.1M CAD | -25.9M CAD | -6.8M CAD | -458.9M CAD | -180.2M CAD | -60.0M CAD | -18.9M CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | 2.7M CAD | 5.4M CAD | 12.2M CAD | 508.3M CAD |
| Total Assets | 3.47B CAD | 3.36B CAD | 3.42B CAD | 3.10B CAD |
| Total Liabilities | 1.64B CAD | 1.54B CAD | 1.65B CAD | 1.24B CAD |
| Total Equity | 1.83B CAD | 1.83B CAD | 1.76B CAD | 1.86B CAD |
| Total Debt | 714.0M CAD | 680.7M CAD | 686.0M CAD | 340.3M CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -27.8M CAD | -13.9M CAD | 38.3M CAD | -39.0M CAD | -311.4M CAD | 390.5M CAD | 345.2M CAD | 94.2M CAD | 162.2M CAD | -36.3M CAD |
| Depreciation & Amortization | 67.1M CAD | 152.4M CAD | 181.7M CAD | 171.4M CAD | 123.2M CAD | 212.3M CAD | 377.7M CAD | 639.1M CAD | 584.2M CAD | 526.2M CAD |
| Stock-based Compensation | 3.5M CAD | 4.4M CAD | 8.9M CAD | 9.7M CAD | 5.5M CAD | 6.0M CAD | 3.9M CAD | 5.5M CAD | 11.2M CAD | 12.2M CAD |
| Change in Working Capital | -2.6M CAD | -7.3M CAD | 12.1M CAD | -11.0M CAD | 6.4M CAD | -29.8M CAD | 19.9M CAD | -120.0M CAD | -4.6M CAD | -7.0M CAD |
| Operating Cash Flow | 60.7M CAD | 144.5M CAD | 236.7M CAD | 205.2M CAD | 125.3M CAD | 297.9M CAD | 805.4M CAD | 631.6M CAD | 833.2M CAD | 778.9M CAD |
| Capital Expenditure | -141.9M CAD | -308.7M CAD | -229.1M CAD | -188.9M CAD | -103.5M CAD | -647.4M CAD | -1.41B CAD | -516.5M CAD | -450.9M CAD | -400.0M CAD |
| Acquisitions | -82.9M CAD | -111.1M CAD | 7.0M CAD | -9.9M CAD | -98.8M CAD | -410.0M CAD | -872.0M CAD | -17.5M CAD | 0 | 31.4M CAD |
| Stock Repurchased | 0 | 0 | -11.7M CAD | -11.9M CAD | -5.1M CAD | -13.0M CAD | -35.9M CAD | -9.6M CAD | -147.0M CAD | -203.5M CAD |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -55.3M CAD | -83.5M CAD | -81.5M CAD | -77.0M CAD |
| Free Cash Flow | -81.1M CAD | -164.2M CAD | 7.6M CAD | 16.3M CAD | 21.7M CAD | -349.5M CAD | -606.5M CAD | 115.2M CAD | 380.6M CAD | 378.9M CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | 226.2M CAD | 175.6M CAD | 183.3M CAD | 313.3M CAD |
| Capital Expenditure | -158.5M CAD | -45.6M CAD | -93.5M CAD | -107.1M CAD |
| Free Cash Flow | 67.7M CAD | 130.0M CAD | 89.9M CAD | 206.1M CAD |
| Dividends Paid | -18.9M CAD | -19.3M CAD | -19.3M CAD | -19.2M CAD |
| Stock-based Compensation | 0 | 6.3M CAD | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +145.6% | +40.8% | -4.2% | -42.0% | +215.7% | +108.4% | -3.7% | +23.8% | -22.6% |
| Net Income Growth (YoY) | | +50.0% | +375.1% | -201.8% | -698.2% | +225.4% | -11.6% | -72.7% | +72.2% | -122.4% |
| EPS Growth (YoY) | | +73.1% | +375.1% | -200.0% | -723.5% | +178.6% | -31.8% | -77.3% | +76.5% | -124.2% |
| Shares Change (YoY) | | +84.3% | +3.7% | -3.6% | -1.1% | +61.9% | +28.7% | +20.6% | -2.3% | -8.4% |
| FCF Growth (YoY) | | -102.4% | +104.6% | +115.5% | +33.2% | -1,707.2% | -73.5% | +119.0% | +230.4% | -0.4% |
| Gross Margin | -2.4% | 8.3% | 22.1% | 22.6% | -4.3% | 38.3% | 42.1% | 29.7% | 33.5% | 37.0% |
| Operating Margin | -13.3% | 1.1% | 15.5% | 15.8% | -12.3% | 32.0% | 35.8% | 25.2% | 25.7% | 32.2% |
| EBITDA Margin | 33.0% | 50.0% | 62.3% | 33.3% | -119.6% | 107.5% | 59.3% | 62.9% | 50.8% | 41.0% |
| Net Margin | -24.1% | -4.9% | 9.6% | -10.2% | -140.2% | 55.7% | 23.6% | 6.7% | 9.3% | -2.7% |
| FCF Margin | -70.2% | -57.9% | 1.9% | 4.3% | 9.8% | -49.9% | -41.5% | 8.2% | 21.9% | 28.1% |
| Effective Tax Rate | 14.2% | 20.6% | 35.2% | 27.0% | 21.9% | 24.9% | 22.4% | 33.4% | 22.5% | 9.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.66 | $-0.73 | $0.03 | $0.07 | $0.10 | $-0.97 | $-1.31 | $0.21 | $0.70 | $0.76 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.12 | $0.15 | $0.15 | $0.15 |
| Shares Outstanding (Basic) | 121.0 M | 225.3 M | 227.7 M | 225.2 M | 222.8 M | 353.6 M | 460.3 M | 556.5 M | 542.5 M | 501.2 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 | 1.34% |
| Return on Invested Capital | 15.71% |
| Return on Assets | 0.79% |
| Gross Margin | 45.80% |
| Operating Margin | 39.16% |
| Net Margin | 1.50% |
Financial Health
| Debt / Equity | 0.18 |
| Current Ratio | 2.30 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.45 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -15.04 | -48.54 | 13.88 | -11.76 | -0.91 | 3.50 | 5.95 | 18.06 | 15.97 | -110.07 |
| P/B | 0.89 | 0.87 | 0.66 | 0.58 | 0.56 | 1.08 | 0.95 | 0.79 | 1.22 | 2.19 |
| P/S | 3.62 | 2.38 | 1.35 | 1.18 | 1.27 | 1.94 | 1.41 | 1.21 | 1.49 | 2.97 |
| Gross Margin | -2.4% | 8.3% | 22.1% | 22.6% | -4.3% | 38.3% | 42.1% | 29.7% | 33.5% | 37.0% |
| Operating Margin | -13.3% | 1.1% | 15.5% | 15.8% | -12.3% | 32.0% | 35.8% | 25.2% | 25.7% | 32.2% |
| Net Margin | -24.1% | -4.9% | 9.6% | -10.2% | -140.2% | 55.7% | 23.6% | 6.7% | 9.3% | -2.7% |