OBE Energy

Obsidian Energy Ltd.

$10.45+0.77%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Energy
Industry: Oil & Gas E&P
Country: Canada
Market cap: 697.3M USD
Enterprise value: 935.6M USD
Full-time employees: 148

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: less short-term liquidity (current ratio 0.54 vs a peer median of 1.37)less liquidity (current ratio 0.54 vs peers 1.37)
About average: growth, valuation and risk (debt, liquidity and share-price swings)growth, valuation and risk

Ranks #194 of 363 energy companies (bottom 47%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Obsidian Energy reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Returning more cash than it generates. Paid out CAD 144M vs CAD 20M of free cash flow over the 3 fiscal years to 2025.
Obsidian Energy returned CAD 144M to shareholders over three years, 724% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Obsidian Energy made a profit per share in its latest year after a loss the year before.
Valuation signals disagree. Cheaper than 76% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 76% of peers on operating cash profit, but only 0% on free cash flow.
Relative to its operating cash profit (EBITDA), Obsidian Energy looks cheaper than 76% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Obsidian Energy looks cheaper than 76% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

50/ 100▲ 1 since Oct 27 close

Oct 5 50 → Nov 4 50

Valuation

Is the price right?

58/100

Moderate▲ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 55 → 58

Share price -8.7%+6
Company's reported figures updated-1
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ EBITDA yield
▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rateReported value30% base weight · Z-score -0.48Sector median: 0.0522 · MAD: 0.0351

EBITDA yield19.5%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · CAD→USD convertedReported value50% base weight · Z-score 1.44Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield-6.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield140.2%

SEC filings (IFRS mapped) · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

46/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

12-month revenue fell 26.6%

Why it changed since the Oct 27, 2026 close: Score 45 → 46

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ EPS growth
▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 3.84Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth-12.6%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -1.39Sector median: -0.0135 · MAD: 0.0807

Revenue growth-26.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.36Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

34/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: Mixed

Turned profitable over the last 12 months
Net margin rose 30.7 points to 5.9%
Free cash flow turned negative over the last 12 months

Why it changed since the Oct 27, 2026 close: Score 35 → 34

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin8.6%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score -0.33Sector median: 0.1169 · MAD: 0.0936

Return on assets1.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.84Sector median: 0.0444 · MAD: 0.0302

Return on invested capital11.3%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 0.30Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin59.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity2.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Debt down 46%

Why

Mixed versus peers:

▲ Debt / equity
▲ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.32

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 1.01Sector median: 0.5680 · MAD: 0.2415

Current ratio0.54×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -1.65Sector median: 1.3710 · MAD: 0.5060

Debt / equity0.13×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 1.05Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Obsidian Energy

Is Obsidian Energy getting weaker?: Its latest SEC filing (Feb 19, 2026) was mixed: some things better, some worse: turned profitable over the last 12 months; net margin rose 30.7 points to 5.9%. Its overall score is 50/100, up 1 since Oct 28, 2026.
How is Obsidian Energy valued vs its peers?: Priced about in line with its peers. Valuation scores 58/100 against 404 energy peers. EBITDA yield 19.5% vs a peer median of 12.1% (stronger than 76% of peers).EBITDA yield 19.5% vs peers 12.1% (stronger than 76% of peers). Free cash flow yield -6.0% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -6.0% vs peers 6.2% (weaker than 100% of peers).
Is Obsidian Energy growing?: At about the same pace as its peers. Growth scores 46/100 against 404 energy peers. Revenue growth -26.6% vs a peer median of 0.5% (weaker than 100% of peers).Revenue growth -26.6% vs peers 0.5% (weaker than 100% of peers).
How profitable is Obsidian Energy?: Less profitable than most of its peers. Profitability scores 34/100 against 404 energy peers. Return on assets 1.9% vs a peer median of 4.4% (weaker than 71% of peers).Return on assets 1.9% vs peers 4.4% (weaker than 71% of peers).
How risky is Obsidian Energy?: Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.13× vs a peer median of 0.47× (stronger than 84% of peers).Debt / equity 0.13× vs peers 0.47× (stronger than 84% of peers). Current ratio 0.54× vs a peer median of 1.37× (weaker than 94% of peers).Current ratio 0.54× vs peers 1.37× (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Feb 19, 2026 · compared with the year ended Dec 31, 2024

Mixed: some things better, some worse

Turned profitable over the last 12 months
Net margin rose 30.7 points to 5.9%
12-month revenue fell 26.6%
Debt down 46%
Free cash flow turned negative over the last 12 months

	Previous year	Latest year	Change
Revenue (12 months)	817.5M CAD	599.8M CAD	−26.6%
Net income (12 months)	−202.6M CAD	35.2M CAD	turned positive
Free cash flow (12 months)	18.8M CAD	−59.1M CAD	turned negative
Debt	339.2M CAD	184.0M CAD	−45.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	86.7%	90.3%	15.0%	-24.8%	5.9%	▲ 31 pts
Return on assets (ROA)	29.0%	36.8%	4.8%	-9.6%	1.9%	▲ 11 pts
Return on equity (ROE)	54.2%	51.3%	6.6%	-14.4%	2.5%	▲ 17 pts
Free cash flow margin	12.1%	15.8%	8.4%	2.3%	-9.9%	▼ 12 pts
Current ratio	0.16×	0.45×	0.41×	1.79×	0.54×	▼ 70%
Debt to equity	0.51×	0.15×	0.14×	0.24×	0.13×	▼ 45%

OBE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: less short-term liquidity (current ratio 0.54 vs a peer median of 1.37)less liquidity (current ratio 0.54 vs peers 1.37)

About average: growth, valuation and risk (debt, liquidity and share-price swings)growth, valuation and risk

Ranks #194 of 363 energy companies (bottom 47%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Obsidian Energy reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Returning more cash than it generates. Paid out CAD 144M vs CAD 20M of free cash flow over the 3 fiscal years to 2025.

Obsidian Energy returned CAD 144M to shareholders over three years, 724% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Obsidian Energy made a profit per share in its latest year after a loss the year before.

Valuation signals disagree. Cheaper than 76% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 76% of peers on operating cash profit, but only 0% on free cash flow.

Relative to its operating cash profit (EBITDA), Obsidian Energy looks cheaper than 76% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Obsidian Energy looks cheaper than 76% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Obsidian Energy

Is Obsidian Energy getting weaker?

Its latest SEC filing (Feb 19, 2026) was mixed: some things better, some worse: turned profitable over the last 12 months; net margin rose 30.7 points to 5.9%. Its overall score is 50/100, up 1 since Oct 28, 2026.

How is Obsidian Energy valued vs its peers?

Priced about in line with its peers. Valuation scores 58/100 against 404 energy peers. EBITDA yield 19.5% vs a peer median of 12.1% (stronger than 76% of peers).EBITDA yield 19.5% vs peers 12.1% (stronger than 76% of peers). Free cash flow yield -6.0% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -6.0% vs peers 6.2% (weaker than 100% of peers).

Is Obsidian Energy growing?

At about the same pace as its peers. Growth scores 46/100 against 404 energy peers. Revenue growth -26.6% vs a peer median of 0.5% (weaker than 100% of peers).Revenue growth -26.6% vs peers 0.5% (weaker than 100% of peers).

How profitable is Obsidian Energy?

Less profitable than most of its peers. Profitability scores 34/100 against 404 energy peers. Return on assets 1.9% vs a peer median of 4.4% (weaker than 71% of peers).Return on assets 1.9% vs peers 4.4% (weaker than 71% of peers).

How risky is Obsidian Energy?

Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.13× vs a peer median of 0.47× (stronger than 84% of peers).Debt / equity 0.13× vs peers 0.47× (stronger than 84% of peers). Current ratio 0.54× vs a peer median of 1.37× (weaker than 94% of peers).Current ratio 0.54× vs peers 1.37× (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

817.5M CAD

599.8M CAD

−26.6%

Net income (12 months)

−202.6M CAD

35.2M CAD

turned positive

Free cash flow (12 months)

18.8M CAD

−59.1M CAD

turned negative

Debt

339.2M CAD

184.0M CAD

−45.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

86.7%

90.3%

15.0%

-24.8%

5.9%

▲ 31 pts

Return on assets (ROA)

29.0%

36.8%

4.8%

-9.6%

1.9%

▲ 11 pts

Return on equity (ROE)

54.2%

51.3%

6.6%

-14.4%

2.5%

▲ 17 pts

Free cash flow margin

12.1%

15.8%

8.4%

2.3%

-9.9%

▼ 12 pts

Current ratio

0.16×

0.45×

0.41×

1.79×

0.54×

▼ 70%

Debt to equity

0.51×

0.15×

0.14×

0.24×

0.13×

▼ 45%