Latest Ratios: P/E Ratio 23.8x · EV/EBITDA 3.9x · ROE 2.5%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $554M | $440M | $440M | $570M | $560M | $320M | $49M | $52M | $204M | $625M | $889M |
| Enterprise Value | $706M | $656M | $783M | $798M | $791M | $712M | $503M | $626M | $623M | $982M | $1.3B |
| P/E Ratio → | 23.84 | 12.51 | — | 5.30 | 0.69 | 0.77 | — | — | — | — | — |
| P/S Ratio | 1.28 | 0.72 | 0.53 | 0.87 | 0.61 | 0.71 | 0.18 | 0.13 | 0.46 | 1.43 | 1.46 |
| P/B Ratio | 0.60 | 0.32 | 0.31 | 0.35 | 0.35 | 0.42 | 0.15 | 0.05 | 0.11 | 0.29 | 0.40 |
| P/FCF | — | — | — | 9.57 | 4.08 | 5.54 | 2.21 | — | — | — | — |
| P/OCF | 3.34 | 1.87 | 1.22 | 1.62 | 1.23 | 1.61 | 0.62 | 0.68 | 2.06 | 5.00 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.07 | 0.93 | 1.22 | 0.86 | 1.59 | 1.84 | 1.51 | 1.40 | 2.25 | 2.22 |
| EV / EBITDA | 3.91 | 2.56 | 1.90 | 1.36 | 1.08 | 2.11 | 2.02 | — | 8.09 | 6.63 | — |
| EV / EBIT | 18.98 | 9.38 | — | 4.62 | 1.31 | 1.57 | 13.53 | — | — | — | — |
| EV / FCF | — | — | — | 13.38 | 5.76 | 12.34 | 22.67 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.4% | 54.4% | 7.4% | 62.7% | 75.6% | 64.2% | -275.0% | -160.3% | -36.3% | -21.1% | -57.7% |
| Operating Margin | 8.6% | 8.6% | -29.8% | 57.3% | 54.6% | 56.4% | 43.2% | -175.7% | -49.8% | -34.8% | -118.9% |
| Net Profit Margin | 5.7% | 5.7% | -24.2% | 16.5% | 88.1% | 92.2% | -282.9% | -189.4% | -68.7% | -19.2% | -114.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.5% | 2.5% | -13.3% | 6.7% | 69.1% | 76.2% | -109.1% | -53.2% | -15.1% | -3.8% | -26.9% |
| ROA | 1.8% | 1.8% | -9.3% | 4.8% | 44.6% | 34.6% | -53.8% | -34.6% | -10.8% | -2.6% | -15.0% |
| ROIC | 2.4% | 2.4% | -10.3% | 15.2% | 25.4% | 19.7% | 7.2% | -27.7% | -6.9% | -4.4% | -14.3% |
| ROCE | 3.0% | 3.0% | -12.9% | 18.7% | 34.9% | 38.5% | 13.7% | -38.9% | -8.5% | -5.3% | -17.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.24 | 0.14 | 0.15 | 0.52 | 1.43 | 0.53 | 0.23 | 0.17 | 0.21 |
| Debt / EBITDA | 0.84 | 0.84 | 0.83 | 0.39 | 0.32 | 1.18 | 1.86 | — | 5.47 | 2.43 | — |
| Net Debt / Equity | — | 0.16 | 0.24 | 0.14 | 0.15 | 0.51 | 1.41 | 0.53 | 0.22 | 0.16 | 0.20 |
| Net Debt / EBITDA | 0.84 | 0.84 | 0.83 | 0.39 | 0.31 | 1.16 | 1.82 | — | 5.44 | 2.41 | — |
| Debt / FCF | — | — | — | 3.82 | 1.68 | 6.80 | 20.45 | — | — | — | — |
| Interest Coverage | 3.05 | 3.05 | -6.96 | 5.43 | 18.18 | 15.33 | 1.27 | -24.03 | -13.52 | -3.22 | -7.32 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.54 | 0.54 | 1.79 | 0.41 | 0.45 | 0.16 | 0.11 | 0.28 | 0.40 | 0.66 | 0.99 |
| Quick Ratio | 0.54 | 0.54 | 1.79 | 0.41 | 0.42 | 0.16 | 0.11 | 0.14 | 0.35 | 0.44 | 0.41 |
| Cash Ratio | — | — | — | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.03 |
| Asset Turnover | — | 0.33 | 0.40 | 0.29 | 0.42 | 0.31 | 0.28 | 0.22 | 0.17 | 0.15 | 0.18 |
| Inventory Turnover | — | — | — | — | 36.18 | 0.06 | 1295.75 | 12.74 | 67.22 | 8.27 | 4.82 |
| Days Sales Outstanding | — | 33.32 | 38.34 | 39.11 | 32.77 | 56.02 | 54.59 | 61.86 | 43.57 | 87.70 | 67.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 8.0% | — | 18.9% | 144.6% | 129.6% | — | — | — | — | — |
| FCF Yield | — | — | — | 10.5% | 24.5% | 18.0% | 45.2% | — | — | — | — |
| Buyback Yield | 7.1% | 12.6% | 9.5% | 8.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.1% | 12.6% | 9.5% | 8.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $72M | $76M | $84M | $84M | $78M | $73M | $73M | $72M | $72M | $72M |
Commodity Price Realization Volatility
According to current market data, Obsidian trades at a forward P/E of 4.83, which suggests that investors are heavily discounting future earnings potential compared to historical averages, likely due to the inherent volatility of its WCSB-focused production profile and the persistent uncertainty surrounding regional commodity price realizations.
The divergence between the TTM P/E of 23.54 and the forward multiple indicates that the market is pricing in a significant recovery in earnings, yet the low P/B of 0.60 suggests a lack of confidence in the underlying asset base's long-term value. This valuation gap warrants further investigation into whether the market is correctly pricing the company's heavy oil development inventory or simply applying a legacy discount.
Based on reported financial statements, Obsidian's ROIC has fluctuated significantly, reaching a low of -14.7% in 2024Q4, which highlights the difficulty in compounding returns on invested capital given the company's high capital intensity and the cyclical nature of its heavy oil production in the Peace River region.
The erratic trend in ROIC suggests that the company struggles to maintain consistent capital efficiency, likely due to the high maintenance capital required to offset natural production declines in mature Cardium assets. Investors should monitor whether recent appraisal successes in the Bluesky formation can drive a sustained improvement in returns above the cost of capital.
As indicated by the quarterly data, Obsidian's asset turnover remains persistently low at approximately 0.05 to 0.10, reflecting an asset-heavy business model where the company must deploy significant capital to generate each dollar of revenue, further complicated by inconsistent management of its working capital cycles.
The variability in DSO and the lack of consistent DIO data suggest that the company's operational efficiency is highly sensitive to external logistics and pipeline egress constraints within the WCSB. This lack of operational fluidity may indicate that the company is a price-taker in its marketing arrangements, limiting its ability to optimize cash conversion.
Based on the most recent quarterly filings, Obsidian's current ratio of 0.58 indicates a strained liquidity position, as the company maintains minimal cash reserves relative to its immediate operational obligations, leaving it highly vulnerable to sudden shifts in commodity pricing or unexpected increases in capital expenditure requirements.
The consistent trend of current ratios below 1.0 suggests that the company operates with very little margin for error, relying heavily on ongoing cash flow to fund operations. This liquidity profile warrants close monitoring, as any disruption in production or a widening of the WCS-WTI differential could rapidly exhaust available working capital.
While the reported debt-to-equity ratio of 0.16% is often cited as a sign of financial strength, this metric obscures the significant environmental and retirement liabilities inherent in the company's legacy asset base, which are not fully captured in traditional leverage calculations for this specific business model.
Investors should prioritize the analysis of Asset Retirement Obligations (ARO) over simple debt-to-equity ratios, as these off-balance-sheet environmental commitments represent a material claim on future cash flows. Relying solely on debt metrics may lead to an overestimation of the company's financial flexibility and an underestimation of the true cost of its long-term asset stewardship.
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Quick answers to the most common questions about buying OBE stock.
Obsidian Energy Ltd.'s current P/E ratio is 23.8x. The historical average is 11.9x. This places it at the 82th percentile of its historical range.
Obsidian Energy Ltd.'s current EV/EBITDA is 3.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.5x.
Obsidian Energy Ltd.'s return on equity (ROE) is 2.5%. The historical average is -0.2%.
Based on historical data, Obsidian Energy Ltd. is trading at a P/E of 23.8x. This is at the 82th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Obsidian Energy Ltd. has 54.4% gross margin and 8.6% operating margin.
Obsidian Energy Ltd.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.