Tourmaline Oil Corp. (TOU.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

+7.1%

CA$72.23

vs CA$67.43 price

Levered DCF

CA$98.45

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.89

Grey zone

Rating

Overall 3 / 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	89.23×	18.79×	11.71×	5.11×	6.29×	7.56×	12.9×	11.47×
P/B	1.52×	1.53×	1.45×	1.68×	1.1×	0.53×	0.53×	0.61×
P/S	4.04×	5.45×	4.2×	3.23×	2.67×	2.1×	2.25×	2.73×
EV / EBITDA	7.43×	7.98×	6.44×	3.34×	5.28×	4.41×	4.8×	4.44×
Gross margin	5.5%	50.4%	61.0%	75.7%	71.9%	58.9%	56.9%	59.3%
Operating margin	1.2%	40.8%	46.4%	83.9%	54.4%	30.4%	19.8%	37.0%
Net margin	4.5%	29.0%	35.9%	63.2%	42.5%	27.8%	17.4%	23.8%
Current ratio	0.83×	0.89×	0.81×	1.56×	0.66×	1.22×	0.65×	0.58×
Debt / equity	0.12×	0.08×	0.08×	0.05×	0.08×	0.22×	0.21×	0.2×
Interest coverage	0.99×	21.86×	58.77×	199.03×	70.79×	16.03×	6.13×	12.76×
Dividend yield	5.4%	5.0%	11.0%	11.6%	3.7%	3.5%	3.0%	2.2%
Payout ratio	480.4%	93.8%	128.3%	59.1%	23.1%	26.1%	39.1%	25.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.7%	8.1%	12.4%	32.8%	17.5%	7.0%	4.1%	5.3%
Return on invested capital	0.2%	6.4%	9.5%	25.7%	13.8%	5.1%	3.2%	4.2%
Return on assets	1.1%	5.6%	8.5%	23.6%	12.5%	4.5%	2.8%	3.6%
Free cash flow yield	1.6%	2.0%	8.2%	12.0%	6.8%	1.0%	-1.6%	1.3%
Earnings yield	1.1%	5.3%	8.5%	19.6%	15.9%	13.2%	7.7%	8.7%
Enterprise value	CA$25.4B	CA$25.1B	CA$21.4B	CA$23.6B	CA$13.6B	CA$6.4B	CA$5.8B	CA$6.1B
Net debt / EBITDA	0.55×	0.42×	0.34×	0.09×	0.34×	1.2×	1.36×	1.08×
Cash conversion cycle (days)	-40	-155	-158	-158	-161	-120	-138	-220