Comprehensive Stock Comparison
Compare Baytex Energy Corp. (BTE) vs Obsidian Energy Ltd. (OBE) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | OBE | 28.2% revenue growth vs BTE's 24.4% |
| Value | OBE | Lower P/E (35.0x vs 35.8x) |
| Quality / Margins | BTE | 5.6% net margin vs OBE's -33.7% |
| Stability / Safety | OBE | Beta 1.39 vs BTE's 1.63, lower leverage |
| Dividends | BTE | 1.7% yield; 1-year raise streak; OBE pays no meaningful dividend |
| Momentum (1Y) | BTE | +72.8% vs OBE's +43.5% |
| Efficiency (ROA) | BTE | 2.8% ROA vs OBE's -13.2%, ROIC 9.1% vs -10.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Baytex Energy is an oil and gas exploration and production company focused on developing crude oil and natural gas reserves in Western Canada and the Eagle Ford shale in Texas. It generates revenue primarily from crude oil sales — about 80% of total revenue — with the remainder from natural gas and natural gas liquids. The company's competitive advantage lies in its concentrated, high-quality asset base in low-decline basins — particularly its Eagle Ford position — which provides stable production and attractive economics.
Obsidian Energy is an oil and natural gas exploration and production company operating primarily in the Western Canada Sedimentary Basin. It generates revenue through the sale of crude oil (roughly 70% of production) and natural gas liquids, with natural gas making up the remainder. The company's competitive advantage lies in its extensive, low-decline asset base in established Canadian basins — which provides operational efficiency and predictable production.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
BTE leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). OBE leads in 2 (Valuation Metrics, Total Returns). 1 tied.
Financial Metrics (TTM)
BTE is the larger business by revenue, generating $3.8B annually — 5.4x OBE's $705M. BTE is the more profitable business, keeping 5.6% of every revenue dollar as net income compared to OBE's -33.7%. On growth, BTE holds the edge at +9.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BTEBaytex Energy Cor… | OBEObsidian Energy L… |
|---|---|---|
| RevenueTrailing 12 months | $3.8B | $705M |
| EBITDAEarnings before interest/tax | $1.9B | $311M |
| Net IncomeAfter-tax profit | $215M | -$237M |
| Free Cash FlowCash after capex | $420M | -$5M |
| Gross MarginGross profit ÷ Revenue | +27.0% | -1.8% |
| Operating MarginEBIT ÷ Revenue | +16.1% | -44.3% |
| Net MarginNet income ÷ Revenue | +5.6% | -33.7% |
| FCF MarginFCF ÷ Revenue | +11.0% | -0.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | +9.0% | -32.4% |
| EPS Growth (YoY)Latest quarter vs prior year | -82.6% | -42.9% |
Valuation Metrics
On an enterprise value basis, OBE's 2.6x EV/EBITDA is more attractive than BTE's 2.9x.
| Metric | BTEBaytex Energy Cor… | OBEObsidian Energy L… |
|---|---|---|
| Market CapShares × price | $3.0B | $527M |
| Enterprise ValueMkt cap + debt − cash | $4.6B | $777M |
| Trailing P/EPrice ÷ TTM EPS | 17.52x | -4.02x |
| Forward P/EPrice ÷ next-FY EPS est. | 35.75x | 35.04x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 2.92x | 2.58x |
| Price / SalesMarket cap ÷ Revenue | 0.96x | 0.86x |
| Price / BookPrice ÷ Book value/share | 1.01x | 0.58x |
| Price / FCFMarket cap ÷ FCF | 6.80x | — |
Profitability & Efficiency
BTE delivers a 5.1% return on equity — every $100 of shareholder capital generates $5 in annual profit, vs $-17 for OBE. OBE carries lower financial leverage with a 0.24x debt-to-equity ratio, signaling a more conservative balance sheet compared to BTE's 0.55x. On the Piotroski fundamental quality scale (0–9), BTE scores 6/9 vs OBE's 5/9, reflecting solid financial health.
| Metric | BTEBaytex Energy Cor… | OBEObsidian Energy L… |
|---|---|---|
| ROE (TTM)Return on equity | +5.1% | -16.9% |
| ROA (TTM)Return on assets | +2.8% | -13.2% |
| ROICReturn on invested capital | +9.1% | -10.3% |
| ROCEReturn on capital employed | +10.9% | -12.9% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.55x | 0.24x |
| Net DebtTotal debt minus cash | $2.3B | $343M |
| Cash & Equiv.Liquid assets | $17M | — |
| Total DebtShort + long-term debt | $2.3B | $343M |
| Interest CoverageEBIT ÷ Interest expense | 2.81x | -13.27x |
Total Returns (with DRIP)
A $10,000 investment in OBE five years ago would be worth $57,721 today (with dividends reinvested), compared to $39,639 for BTE. Over the past 12 months, BTE leads with a +72.8% total return vs OBE's +43.5%. The 3-year compound annual growth rate (CAGR) favors OBE at 3.5% vs BTE's 1.1% — a key indicator of consistent wealth creation.
| Metric | BTEBaytex Energy Cor… | OBEObsidian Energy L… |
|---|---|---|
| YTD ReturnYear-to-date | +16.4% | +24.8% |
| 1-Year ReturnPast 12 months | +72.8% | +43.5% |
| 3-Year ReturnCumulative with dividends | +3.5% | +10.9% |
| 5-Year ReturnCumulative with dividends | +296.4% | +477.2% |
| 10-Year ReturnCumulative with dividends | +75.6% | +20.4% |
| CAGR (3Y)Annualised 3-year return | +1.1% | +3.5% |
Risk & Volatility
OBE is the less volatile stock with a 1.39 beta — it tends to amplify market swings less than BTE's 1.63 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | BTEBaytex Energy Cor… | OBEObsidian Energy L… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.63x | 1.39x |
| 52-Week HighHighest price in past year | $3.85 | $8.10 |
| 52-Week LowLowest price in past year | $1.36 | $3.88 |
| % of 52W HighCurrent price vs 52-week peak | +99.6% | +96.9% |
| RSI (14)Momentum oscillator 0–100 | 60.5 | 55.9 |
| Avg Volume (50D)Average daily shares traded | 15.2M | 436K |
Analyst Outlook
Wall Street rates BTE as "Buy" and OBE as "Hold". BTE is the only dividend payer here at 1.71% yield — a key consideration for income-focused portfolios.
| Metric | BTEBaytex Energy Cor… | OBEObsidian Energy L… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | — | — |
| # AnalystsCovering analysts | 16 | 1 |
| Dividend YieldAnnual dividend ÷ price | +1.7% | — |
| Dividend StreakConsecutive years of raises | 1 | 0 |
| Dividend / ShareAnnual DPS | $0.09 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +5.5% | +5.8% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | 100 | 337 | +237.0% |
| Obsidian Energy Ltd. (OBE) | 100 | 1,253.57 | +1153.6% |
Obsidian Energy Ltd. (OBE) returned +477% over 5 years vs Baytex Energy Corp. (BTE)'s +296%. A $10,000 investment in OBE 5 years ago would be worth $57,721 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | $1.1B | $4.2B | +272.5% |
| Obsidian Energy Ltd. (OBE) | $1.2B | $838M | -29.4% |
Baytex Energy Corp.'s revenue grew from $1.1B (2015) to $4.2B (2024) — a 15.7% CAGR. Obsidian Energy Ltd.'s revenue grew from $1.2B (2015) to $838M (2024) — a -3.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | -100.3% | 5.6% | +105.6% |
| Obsidian Energy Ltd. (OBE) | -2.2% | -24.2% | -985.0% |
Baytex Energy Corp.'s net margin went from -100% (2015) to 6% (2024). Obsidian Energy Ltd.'s net margin went from -2% (2015) to -24% (2024).
Chart 4P/E Ratio History — 5 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | 8.1 | 8.6 | +6.2% |
| Obsidian Energy Ltd. (OBE) | 0.8 | 5.3 | +562.5% |
Baytex Energy Corp. has traded in a 1x–9x P/E range over 4 years; current trailing P/E is ~18x. Obsidian Energy Ltd. has traded in a 1x–5x P/E range over 3 years; current trailing P/E is ~-4x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | -5.72 | 0.3 | +105.2% |
| Obsidian Energy Ltd. (OBE) | -36.9 | -2.67 | +92.8% |
Baytex Energy Corp.'s EPS grew from $-5.72 (2015) to $0.30 (2024). Obsidian Energy Ltd.'s EPS grew from $-36.90 (2015) to $-2.67 (2024).
Chart 6Free Cash Flow — 5 Years
Baytex Energy Corp. generated $594M FCF in 2024 (+50% vs 2021). Obsidian Energy Ltd. generated $-65M FCF in 2024 (-212% vs 2021).
BTE vs OBE: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BTE or OBE a better buy right now?
Baytex Energy Corp. (BTE) offers the better valuation at 17.5x trailing P/E (35.8x forward), making it the more compelling value choice. Analysts rate Baytex Energy Corp. (BTE) a "Buy" — based on 16 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BTE or OBE?
On forward P/E, Obsidian Energy Ltd. is actually cheaper at 35.0x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — BTE or OBE?
Over the past 5 years, Obsidian Energy Ltd. (OBE) delivered a total return of +477.2%, compared to +296.4% for Baytex Energy Corp. (BTE). A $10,000 investment in OBE five years ago would be worth approximately $58K today (assuming dividends reinvested). Over 10 years, the gap is even starker: BTE returned +75.6% versus OBE's +20.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BTE or OBE?
By beta (market sensitivity over 5 years), Obsidian Energy Ltd. (OBE) is the lower-risk stock at 1.39β versus Baytex Energy Corp.'s 1.63β — meaning BTE is approximately 18% more volatile than OBE relative to the S&P 500. On balance sheet safety, Obsidian Energy Ltd. (OBE) carries a lower debt/equity ratio of 24% versus 55% for Baytex Energy Corp. — giving it more financial flexibility in a downturn.
05Which has better profit margins — BTE or OBE?
Baytex Energy Corp. (BTE) is the more profitable company, earning 5.6% net margin versus -24.2% for Obsidian Energy Ltd. — meaning it keeps 5.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BTE leads at 18.3% versus -29.8% for OBE. At the gross margin level — before operating expenses — BTE leads at 24.4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BTE or OBE more undervalued right now?
On forward earnings alone, Obsidian Energy Ltd. (OBE) trades at 35.0x forward P/E versus 35.8x for Baytex Energy Corp. — 0.7x cheaper on a one-year earnings basis.
07Which pays a better dividend — BTE or OBE?
In this comparison, BTE (1.7% yield) pays a dividend. OBE does not pay a meaningful dividend and should not be held primarily for income.
08Is BTE or OBE better for a retirement portfolio?
For long-horizon retirement investors, Baytex Energy Corp. (BTE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (1.7% yield). Both have compounded well over 10 years (BTE: +75.6%, OBE: +20.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BTE and OBE?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: BTE is a small-cap deep-value stock; OBE is a small-cap quality compounder stock. BTE pays a dividend while OBE does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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