Baytex Energy Corp. (BTE) fundamental analysis — strengths, weaknesses & financial health based on data analysis
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Baytex Energy Corp. (BTE) stock price & volume — 10-year historical chart
Baytex Energy Corp. (BTE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Baytex Energy Corp. (BTE) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 5, 2026 | $0.31vs $0.02-1650.0% | $553Mvs $544M+1.7% |
| Q2 2026 | Mar 4, 2026 | $0.31vs $0.02-1650.0% | $553Mvs $544M+1.7% |
| Q4 2025 | Oct 30, 2025 | $0.03vs $0.01+200.0% | $665Mvs $535M+24.3% |
| Q3 2025 | Aug 11, 2025 | $0.14vs $0.04+256.7% | $651Mvs $566M+15.0% |
Baytex Energy Corp. (BTE) competitors in Canadian oil sands and heavy oil producers — business model, growth, and fundamentals comparison
Baytex Energy Corp. (BTE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Baytex Energy Corp. (BTE) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 870.52M | 1.11B | 1.53B | 813.58M | 1.54B | 2.31B | 2.71B | 1.61B | 1.48B |
| Revenue Growth % | 43.55% | 27.69% | 37.3% | -46.69% | 89.37% | 49.65% | 17.67% | -40.59% | -8.2% |
| Cost of Goods Sold | 874.07M | 1.01B | 1.3B | 919.61M | 960.38M | 1.28B | 1.96B | 1.18B | 1.16B |
| COGS % of Revenue | 100.41% | 90.45% | 85.32% | 113.03% | 62.33% | 55.62% | 72.33% | 73.51% | 78.51% |
| Gross Profit | -3.55M▲ 0% | 106.16M▲ 3087.7% | 224.01M▲ 111.0% | -106.03M▼ 147.3% | 580.3M▲ 647.3% | 1.02B▲ 76.3% | 750.74M▼ 26.6% | 426.97M▼ 43.1% | 317.97M▼ 25.5% |
| Gross Margin % | -0.41% | 9.55% | 14.68% | -13.03% | 37.67% | 44.38% | 27.67% | 26.49% | 21.49% |
| Gross Profit Growth % | 98.21% | 3087.68% | 111.01% | -147.33% | 647.3% | 76.35% | -26.64% | -43.13% | -25.53% |
| Operating Expenses | 63.82M | 65.15M | 63.04M | 43.84M | 52.33M | 78.63M | 107.5M | 70.19M | 91.87M |
| OpEx % of Revenue | 7.33% | 5.86% | 4.13% | 5.39% | 3.4% | 3.41% | 3.96% | 4.35% | 6.21% |
| Selling, General & Admin | 63.82M | 65.15M | 63.04M | 43.84M | 52.33M | 78.63M | 107.5M | 70.19M | 91.87M |
| SG&A % of Revenue | 7.33% | 5.86% | 4.13% | 5.39% | 3.4% | 3.41% | 3.96% | 4.35% | 6.21% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -67.37M▲ 0% | 41.01M▲ 160.9% | 160.97M▲ 292.5% | -149.87M▼ 193.1% | 527.97M▲ 452.3% | 944.72M▲ 78.9% | 643.24M▼ 31.9% | 356.79M▼ 44.5% | 226.1M▼ 36.6% |
| Operating Margin % | -7.74% | 3.69% | 10.55% | -18.42% | 34.27% | 40.97% | 23.71% | 22.14% | 15.28% |
| Operating Income Growth % | 74.46% | 160.87% | 292.55% | -193.1% | 452.29% | 78.94% | -31.91% | -44.53% | -36.63% |
| EBITDA | 430.41M | 608.8M | 926.69M | 346.61M | 1.01B | 1.54B | 1.71B | 857.03M | 729.74M |
| EBITDA Margin % | 49.44% | 54.77% | 60.72% | 42.6% | 65.46% | 66.89% | 63.09% | 53.17% | 49.32% |
| EBITDA Growth % | 69.1% | 41.45% | 52.22% | -62.6% | 190.97% | 52.91% | 10.99% | -49.93% | -14.85% |
| D&A (Non-Cash Add-back) | 497.78M | 567.79M | 765.72M | 496.48M | 480.59M | 597.43M | 1.07B | 500.24M | 503.64M |
| EBIT | -67.37M | 41.01M | 160.97M | -149.87M | 527.97M | 944.72M | 643.24M | 356.79M | 226.1M |
| Net Interest Income | -104.96M | -108.17M | -86.49M | -88.82M | -76.63M | -63.94M | -171.77M | -206.1M | -217.37M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 104.96M | 108.17M | 86.49M | 88.82M | 76.63M | 63.94M | 171.77M | 206.1M | 217.37M |
| Other Income/Expense | -2.9M | -466.73M | -242.04M | -2.46B | 1.18B | -61.64M | -1.16B | -373.49M | -379.09M |
| Pretax Income | -70.27M▲ 0% | -425.72M▼ 505.9% | -81.07M▲ 81.0% | -2.61B▼ 3113.5% | 1.71B▲ 165.6% | 883.08M▼ 48.3% | -516.63M▼ 158.5% | -16.71M▲ 96.8% | -152.99M▼ 815.7% |
| Pretax Margin % | -8.07% | -38.3% | -5.31% | -320.22% | 110.84% | 38.3% | -19.04% | -1.04% | -10.34% |
| Income Tax | -158.72M | -101.44M | -68.27M | -160.76M | 81.86M | 35M | -283.25M | 80.68M | 123.63M |
| Effective Tax Rate % | 225.88% | 23.83% | 84.21% | 6.17% | 4.79% | 3.96% | 54.83% | -482.92% | -80.81% |
| Net Income | 88.45M▲ 0% | -324.28M▼ 466.6% | -12.8M▲ 96.1% | -2.44B▼ 18999.4% | 1.63B▲ 166.5% | 848.08M▼ 47.8% | -233.38M▼ 127.5% | 236.44M▲ 201.3% | -603.29M▼ 355.2% |
| Net Margin % | 10.16% | -29.17% | -0.84% | -300.46% | 105.53% | 36.78% | -8.6% | 14.67% | -40.77% |
| Net Income Growth % | 118.1% | -466.63% | 96.05% | -18999.43% | 166.51% | -47.84% | -127.52% | 201.31% | -355.16% |
| Net Income (Continuing) | 88.45M | -324.28M | -12.8M | -2.44B | 1.63B | 848.08M | -233.38M | -97.39M | -276.62M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 333.83M | -326.67M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.37▲ 0% | -0.93▼ 351.4% | -0.02▲ 97.6% | -4.35▼ 19319.6% | 2.82▲ 164.8% | 1.52▼ 46.1% | -0.33▼ 121.7% | 0.30▲ 190.9% | -0.78▼ 360.0% |
| EPS Growth % | 116.16% | -351.35% | 97.59% | -19319.64% | 164.83% | -46.1% | -121.71% | 190.91% | -360% |
| EPS (Basic) | 0.37 | -0.93 | -0.02 | -4.35 | 2.86 | 1.53 | -0.33 | 0.29 | -0.78 |
| Diluted Shares Outstanding | 237.25M | 351.54M | 557.05M | 560.66M | 571.61M | 563.84M | 704.9M | 800.22M | 769.18M |
| Basic Shares Outstanding | 234.79M | 349.79M | 557.05M | 560.66M | 563.67M | 557.99M | 704.9M | 805.3M | 769.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 30.45% | - |
Baytex Energy Corp. (BTE) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 131.35M | 191.15M | 184.77M | 112.53M | 182.06M | 244.05M | 440.02M | 449.63M | 1.19B |
| Cash & Short-Term Investments | 18.51M | 79.58M | 5.57M | -11.08M | -7.76M | 5.46M | 55.81M | 16.61M | 952.34M |
| Cash Only | 0 | 0 | 5.57M | -11.08M | -7.76M | 5.46M | 55.81M | 16.61M | 952.34M |
| Short-Term Investments | 18.51M | 79.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 112.84M | 111.56M | 173.76M | 107.48M | 173.41M | 200.91M | 338.4M | 387.27M | 135.12M |
| Days Sales Outstanding | 47.31 | 36.63 | 41.56 | 48.22 | 41.08 | 31.81 | 45.53 | 87.7 | 33.33 |
| Inventory | -18.51M | -79.58M | 0 | 11.08M | 7.76M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 4.4 | 2.95 | - | - | - | - |
| Other Current Assets | 18.51M | 79.58M | 5.43M | 5.06M | 8.65M | 31.3M | 24.27M | 45.75M | 101.94M |
| Total Non-Current Assets | 4.24B | 6.19B | 5.73B | 3.3B | 4.65B | 4.86B | 7.02B | 7.31B | 2.15B |
| Property, Plant & Equipment | 4.24B | 6.19B | 5.73B | 3.29B | 4.65B | 4.8B | 6.75B | 7.08B | 1.95B |
| Fixed Asset Turnover | 0.21x | 0.18x | 0.27x | 0.25x | 0.33x | 0.48x | 0.40x | 0.23x | 0.76x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 274.87M | 56.29M | 161.68M |
| Total Assets | 4.37B▲ 0% | 6.38B▲ 45.9% | 5.91B▼ 7.3% | 3.41B▼ 42.4% | 4.83B▲ 41.9% | 5.1B▲ 5.6% | 7.46B▲ 46.2% | 7.76B▲ 4.0% | 3.34B▼ 56.9% |
| Asset Turnover | 0.20x | 0.17x | 0.26x | 0.24x | 0.32x | 0.45x | 0.36x | 0.21x | 0.44x |
| Asset Growth % | -4.83% | 45.86% | -7.26% | -42.37% | 41.86% | 5.57% | 46.18% | 4% | -56.92% |
| Total Current Liabilities | 197.21M | 260.1M | 233.5M | 198.86M | 338.73M | 288.53M | 558.02M | 573.73M | 329.91M |
| Accounts Payable | 144.54M | 258.11M | 207.45M | 155.96M | 190.69M | 227.33M | 477.3M | 512.47M | 236.18M |
| Days Payables Outstanding | 60.36 | 93.7 | 58.15 | 61.9 | 72.47 | 64.71 | 88.78 | 157.88 | 74.21 |
| Short-Term Debt | 0 | 0 | 0 | 4.29M | 2.94M | 0 | 0 | 0 | 7.17M |
| Deferred Revenue (Current) | 2.57M | 1.99M | 11.58M | 11.82M | 11.08M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 52.67M | 0 | 8.67M | 22.5M | 131.08M | 57.68M | 67.34M | 34.46M | 86.56M |
| Current Ratio | 0.67x | 0.73x | 0.79x | 0.57x | 0.54x | 0.85x | 0.79x | 0.78x | 3.61x |
| Quick Ratio | 0.76x | 1.04x | 0.79x | 0.51x | 0.51x | 0.85x | 0.79x | 0.78x | 3.61x |
| Cash Conversion Cycle | - | - | - | -9.29 | -28.44 | - | - | - | - |
| Total Non-Current Liabilities | 2.26B | 3.06B | 2.73B | 2.63B | 2.28B | 1.78B | 3.08B | 3.02B | 625.68M |
| Long-Term Debt | 1.69B | 2.1B | 1.83B | 1.79B | 1.38B | 930.63M | 2.41B | 2.26B | 94.89M |
| Capital Lease Obligations | 0 | 0 | 8.09M | 6.79M | 4.83M | 3.02M | 16.06M | 15.46M | 15.83M |
| Deferred Tax Liabilities | 204.7M | 310.84M | 235.31M | 93.59M | 167.46M | 265.86M | 21.33M | 88.56M | 0 |
| Other Non-Current Liabilities | 573.69M | 957.73M | 656.39M | 748.56M | 732.6M | 585.32M | 629.32M | 653.75M | 514.95M |
| Total Liabilities | 2.46B | 3.32B | 2.97B | 2.83B | 2.62B | 2.07B | 3.64B | 3.59B | 955.59M |
| Total Debt | 1.69B | 2.1B | 1.85B | 1.79B | 1.39B | 937.17M | 2.44B | 2.28B | 117.89M |
| Net Debt | 1.69B | 2.1B | 1.84B | 1.8B | 1.4B | 931.7M | 2.38B | 2.27B | -834.44M |
| Debt / Equity | 0.88x | 0.69x | 0.63x | 3.10x | 0.63x | 0.31x | 0.64x | 0.55x | 0.05x |
| Debt / EBITDA | 3.92x | 3.46x | 1.99x | 5.17x | 1.38x | 0.61x | 1.43x | 2.66x | 0.16x |
| Net Debt / EBITDA | 3.92x | 3.46x | 1.99x | 5.21x | 1.38x | 0.60x | 1.39x | 2.64x | -1.14x |
| Interest Coverage | -0.64x | 0.38x | 1.86x | -1.69x | 6.89x | 14.78x | 3.74x | 1.73x | 1.04x |
| Total Equity | 1.91B▲ 0% | 3.06B▲ 59.6% | 2.95B▼ 3.5% | 578.21M▼ 80.4% | 2.21B▲ 282.4% | 3.03B▲ 37.0% | 3.83B▲ 26.2% | 4.17B▲ 9.0% | 2.39B▼ 42.8% |
| Equity Growth % | -3.24% | 59.56% | -3.54% | -80.38% | 282.44% | 37.04% | 26.22% | 9.04% | -42.77% |
| Book Value per Share | 8.07 | 8.69 | 5.29 | 1.03 | 3.87 | 5.37 | 5.43 | 5.21 | 3.10 |
| Total Shareholders' Equity | 1.91B | 3.06B | 2.95B | 578.21M | 2.21B | 3.03B | 3.83B | 4.17B | 2.39B |
| Common Stock | 4.44B | 5.7B | 5.72B | 5.73B | 5.74B | 5.5B | 6.53B | 6.14B | 6.07B |
| Retained Earnings | -3.01B | -3.33B | -3.35B | -5.78B | -4.17B | -3.32B | -3.59B | -3.42B | -4.09B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 463.1M | 667.87M | 556.22M | 618.98M | 632.1M | 756.2M | 690.92M | 1.09B | 13.35M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Baytex Energy Corp. (BTE) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 325.21M | 485.32M | 834.94M | 353.1M | 712.38M | 1.17B | 1.3B | 1.91B | 1.48B |
| Operating CF Margin % | 37.36% | 43.66% | 54.71% | 43.4% | 46.24% | 50.87% | 47.76% | 118.4% | 100.35% |
| Operating CF Growth % | 31.47% | 49.23% | 72.04% | -57.71% | 101.75% | 64.64% | 10.48% | 47.27% | -22.19% |
| Net Income | 87.17M | -325.31M | -12.46M | -2.44B | 1.61B | 855.61M | -233.36M | 236.6M | -276.62M |
| Depreciation & Amortization | 481.93M | 558.68M | 937.33M | 2.87B | -985.77M | 587.05M | 2.02B | 0 | 0 |
| Stock-Based Compensation | 15.51M | 19.53M | 15.89M | 7.22M | 6.39M | 3.16M | 37.7M | 0 | 0 |
| Deferred Taxes | -155.34M | -101.73M | -68.56M | -160.97M | 79.97M | 31.72M | -297.63M | 114.93M | 0 |
| Other Non-Cash Items | -95.1M | 294.7M | 14.79M | 23.62M | 24.78M | -330.73M | -7.9M | 1.57B | 1.74B |
| Working Capital Changes | -8.96M | 39.45M | -52.07M | 48.76M | -26.58M | 26.07M | -220.9M | -17.92M | 18.1M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -352.68M | -463.27M | -617.51M | -314.47M | -310.76M | -488.99M | -1.51B | -1.28B | 1.78B |
| Capital Expenditures | -398.15M | -498.23M | -556.51M | -282.62M | -315.77M | -524.04M | -1.06B | -1.31B | -1.24B |
| CapEx % of Revenue | 45.74% | 44.82% | 36.46% | 34.74% | 20.5% | 22.73% | 38.93% | 81.55% | 83.76% |
| Acquisitions | -59.86M | 1.82M | -2.18M | 182K | 6.25M | 25.65M | -662.58M | 0 | 3.02B |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 45.47M | 34.95M | -58.82M | -32.03M | -1.24M | 9.4M | 207.07M | 35.12M | 3.04M |
| Cash from Financing | 24.77M | -22.05M | -211.86M | -44.2M | -401.62M | -678.42M | 266.25M | -668.17M | -2.33B |
| Debt Issued (Net) | 24.77M | -21.3M | -211.86M | -44.2M | -401.62M | -517.3M | 569.19M | -355.16M | -2.21B |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | -158.98M | -221.93M | -222.2M | -29.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -37.52M | -71.98M | -69.13M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -158.98M | -221.93M | -222.2M | -29.4M |
| Other Financing | 0 | -755K | 0 | 0 | 0 | -2.14M | -43.49M | -18.82M | -17.87M |
| Net Change in Cash | -89.35M▲ 0% | 106.14M▲ 218.8% | 5.57M▼ 94.8% | -5.57M▼ 200.0% | 0▲ 100.0% | 5.46M▲ 0% | 50.35M▲ 821.5% | -39.2M▼ 177.9% | 936.5M▲ 2488.7% |
| Free Cash Flow | -72.94M▲ 0% | -12.9M▲ 82.3% | 278.43M▲ 2257.7% | 70.48M▼ 74.7% | 396.62M▲ 462.8% | 648.83M▲ 63.6% | 239.61M▼ 63.1% | 593.85M▲ 147.8% | 246.32M▼ 58.5% |
| FCF Margin % | -8.38% | -1.16% | 18.24% | 8.66% | 25.74% | 28.14% | 8.83% | 36.84% | 16.65% |
| FCF Growth % | -424.68% | 82.31% | 2257.7% | -74.69% | 462.77% | 63.59% | -63.07% | 147.83% | -58.52% |
| FCF per Share | -0.31 | -0.04 | 0.50 | 0.13 | 0.69 | 1.15 | 0.34 | 0.74 | 0.32 |
| FCF Conversion (FCF/Net Income) | 3.68x | -1.50x | -65.24x | -0.14x | 0.44x | 1.38x | -5.55x | 8.07x | -2.46x |
| Interest Paid | 98.1M | 0 | 112.24M | 102.36M | 93.11M | 84.22M | 153.22M | 200.22M | 0 |
| Taxes Paid | 49K | 0 | 1.16M | 1.16M | 253K | 2.3M | 3.6M | 19.43M | 0 |
Baytex Energy Corp. (BTE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -22.25% | 4.54% | -13.05% | -0.43% | -138.68% | 116.57% | 32.36% | -6.81% | 5.91% | -18.4% |
| Return on Invested Capital (ROIC) | -4.95% | -1.38% | 0.7% | 2.43% | -3.13% | 13.22% | 18.72% | 9.49% | 4.23% | 4.25% |
| Gross Margin | -32.74% | -0.41% | 9.55% | 14.68% | -13.03% | 37.67% | 44.38% | 27.67% | 26.49% | 21.49% |
| Net Margin | -80.6% | 10.16% | -29.17% | -0.84% | -300.46% | 105.53% | 36.78% | -8.6% | 14.67% | -40.77% |
| Debt / Equity | 0.89x | 0.88x | 0.69x | 0.63x | 3.10x | 0.63x | 0.31x | 0.64x | 0.55x | 0.05x |
| Interest Coverage | -2.54x | -0.64x | 0.38x | 1.86x | -1.69x | 6.89x | 14.78x | 3.74x | 1.73x | 1.04x |
| FCF Conversion | -0.51x | 3.68x | -1.50x | -65.24x | -0.14x | 0.44x | 1.38x | -5.55x | 8.07x | -2.46x |
| Revenue Growth | -31.57% | 43.55% | 27.69% | 37.3% | -46.69% | 89.37% | 49.65% | 17.67% | -40.59% | -8.2% |
Baytex Energy Corp. (BTE) stock FAQ — growth, dividends, profitability & financials explained
Baytex Energy Corp. (BTE) reported $913.0M in revenue for fiscal year 2025. This represents a 5716% increase from $15.7M in 1996.
Baytex Energy Corp. (BTE) saw revenue decline by 8.2% over the past year.
Baytex Energy Corp. (BTE) reported a net loss of $602.9M for fiscal year 2025.
Yes, Baytex Energy Corp. (BTE) pays a dividend with a yield of 1.36%. This makes it attractive for income-focused investors.
Baytex Energy Corp. (BTE) has a return on equity (ROE) of -18.4%. Negative ROE indicates the company is unprofitable.
Baytex Energy Corp. (BTE) generated $246.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Baytex Energy Corp. (BTE) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates