Vermilion Energy Inc. (VET.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

+84.9%

CA$32.20

vs CA$17.42 price

Levered DCF

CA$29.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.48

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	-2.69×	-45.1×	-11.01×	2.99×	2.23×	-0.59×	101.1×	14.9×
P/B	0.79×	0.76×	0.86×	1.15×	1.24×	0.97×	1.34×	1.44×
P/S	1×	1.03×	1.36×	1.05×	1.15×	0.72×	1.72×	2.41×
EV / EBITDA	5.51×	3.62×	5.72×	2.03×	2.07×	-2.46×	5.69×	5.57×
Gross margin	16.5%	54.0%	18.6%	69.7%	59.4%	34.7%	44.5%	54.6%
Operating margin	9.5%	12.0%	12.2%	50.4%	32.1%	-15.1%	9.9%	21.7%
Net margin	-37.0%	-2.3%	-12.3%	35.3%	51.6%	-121.6%	1.7%	16.2%
Current ratio	0.84×	0.95×	1.18×	0.8×	0.63×	0.6×	0.84×	0.76×
Debt / equity	0.59×	0.36×	0.31×	0.34×	0.84×	2.2×	0.83×	0.68×
Interest coverage	1.26×	2.95×	2.77×	22.64×	9.79×	-2.51×	2.33×	5×
Dividend yield	5.6%	3.4%	2.4%	0.8%	0.0%	13.1%	11.9%	8.2%
Payout ratio	-15.1%	-156.3%	-26.1%	2.5%	0.0%	-7.8%	1193.8%	121.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-29.4%	-1.7%	-7.8%	38.6%	55.6%	-164.0%	1.3%	9.6%
Return on invested capital	3.5%	4.5%	3.6%	19.6%	11.5%	-4.1%	0.8%	4.9%
Return on assets	-12.2%	-0.8%	-3.8%	18.8%	19.5%	-36.9%	0.6%	4.3%
Free cash flow yield	18.6%	15.5%	11.2%	32.2%	17.9%	14.8%	9.1%	0.5%
Earnings yield	-37.2%	-2.2%	-9.1%	33.5%	44.8%	-169.2%	1.0%	6.7%
Enterprise value	CA$3B	CA$3B	CA$3.4B	CA$5.1B	CA$4.3B	CA$2.9B	CA$5.3B	CA$5.9B
Net debt / EBITDA	2.33×	1.06×	1.35×	0.46×	0.83×	-1.71×	2.16×	1.78×
Cash conversion cycle (days)	-46	-95	-24	-113	-95	-58	-37	-146