Baytex Energy Corp. (BTE.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-27.7%

CA$4.84

vs CA$6.69 price

Levered DCF

CA$5.72

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.38

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-5.69×	12.76×	-13.27×	3.97×	1.37×	-0.16×	-83.48×	-2.59×
P/B	1.43×	0.71×	0.81×	1.12×	1×	0.67×	0.35×	0.28×
P/S	2.31×	0.71×	1.14×	1.17×	1.18×	0.4×	0.58×	0.59×
EV / EBITDA	5.04×	2.64×	7.92×	2.76×	1.59×	-1.09×	3.77×	12.29×
Gross margin	21.5%	24.4%	27.7%	37.3%	32.3%	-8.5%	13.5%	9.7%
Operating margin	15.3%	18.3%	23.7%	32.7%	27.9%	-15.5%	8.8%	2.9%
Net margin	-40.8%	5.6%	-8.6%	29.6%	86.4%	-250.0%	-0.7%	-22.8%
Current ratio	3.61×	0.78×	0.79×	0.85×	0.54×	0.57×	0.79×	0.73×
Debt / equity	0.05×	0.55×	0.64×	0.31×	0.63×	3.1×	0.63×	0.69×
Interest coverage	1.04×	3.46×	3.74×	11.74×	5.67×	-1.42×	1.48×	0.39×
Dividend yield	2.0%	2.4%	1.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-11.5%	30.4%	-16.1%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-25.3%	5.7%	-6.1%	28.2%	73.0%	-421.8%	-0.4%	-10.6%
Return on invested capital	7.5%	6.8%	4.2%	18.8%	11.0%	-4.4%	0.4%	0.5%
Return on assets	-18.0%	3.0%	-3.1%	16.8%	33.4%	-71.6%	-0.2%	-5.1%
Free cash flow yield	7.2%	20.0%	7.8%	19.1%	18.0%	18.2%	26.7%	-1.5%
Earnings yield	-17.7%	8.0%	-7.6%	25.2%	73.2%	-630.5%	-1.2%	-38.6%
Enterprise value	CA$2.6B	CA$5.2B	CA$5.5B	CA$4.3B	CA$3.6B	CA$2.2B	CA$2.9B	CA$2.9B
Net debt / EBITDA	-1.63×	1.14×	3.45×	0.6×	0.61×	-0.89×	2.41×	8.77×
Cash conversion cycle (days)	-41	-23	-43	-18	-21	-14	-13	-45