Baytex Energy Corp. (BTE) 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

-38.7%

$2.99

vs $4.88 price

Levered DCF

$4.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.31

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	-5.68×	12.37×	-13.32×	3.99×	1.37×	-0.16×	-83.99×	-2.58×
P/B	1.43×	0.71×	0.81×	1.12×	1×	0.66×	0.36×	0.27×
P/S	2.3×	1.84×	1.14×	1.48×	1.43×	0.47×	0.69×	0.76×
EV / EBITDA	1.94×	7.89×	7.8×	2.83×	1.6×	6.5×	3.24×	4.91×
Gross margin	21.5%	26.5%	27.7%	44.4%	37.7%	-13.0%	14.7%	9.6%
Operating margin	15.3%	22.1%	23.7%	41.0%	34.3%	-18.4%	10.5%	3.7%
Net margin	-40.8%	14.7%	-8.6%	36.8%	105.5%	-300.5%	-0.8%	-29.2%
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×	1.73×	3.74×	14.78×	6.89×	-1.69×	1.86×	0.38×
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%	28.0%	73.5%	-422.8%	-0.4%	-10.6%
Return on invested capital	7.5%	5.0%	4.2%	18.8%	11.2%	-4.4%	0.4%	0.5%
Return on assets	-18.0%	3.0%	-3.1%	16.6%	33.6%	-71.7%	-0.2%	-5.1%
Free cash flow yield	6.1%	20.0%	7.7%	19.0%	18.0%	18.4%	26.6%	-1.5%
Earnings yield	-17.7%	8.0%	-7.5%	24.9%	73.8%	-637.7%	-1.2%	-38.6%
Enterprise value	$2.6B	$5.2B	$5.5B	$4.3B	$3.6B	$2.2B	$2.9B	$2.9B
Net debt / EBITDA	-0.63×	3.41×	3.39×	0.61×	0.62×	5.36×	2.06×	3.51×
Cash conversion cycle (days)	-41	-70	-43	-33	-28	-9	-17	-86