Latest Ratios: P/E Ratio -3.9x · EV/EBITDA 4.1x · ROE -26.0%. (1996–2025 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 | $1.8B | $1.3B | $1.5B | $2.0B | $3.0B | $2.1B | $703M | $2.6B | $3.0B | $4.4B | $4.9B |
| Enterprise Value | $2.7B | $2.6B | $2.4B | $2.8B | $4.1B | $3.8B | $2.7B | $4.5B | $4.9B | $5.7B | $6.2B |
| P/E Ratio → | -3.92 | — | — | — | 2.27 | 1.81 | — | 77.90 | 11.03 | 71.22 | — |
| P/S Ratio | 1.44 | 0.73 | 0.72 | 0.90 | 0.80 | 0.93 | 0.56 | 1.67 | 1.79 | 4.05 | 5.53 |
| P/B Ratio | 1.15 | 0.58 | 0.53 | 0.65 | 0.88 | 1.00 | 0.76 | 1.04 | 1.06 | 2.88 | 3.09 |
| P/FCF | 7.80 | 3.93 | 4.31 | 6.76 | 2.36 | 4.51 | 5.29 | 8.50 | 139.56 | 18.09 | 28.94 |
| P/OCF | 2.70 | 1.36 | 1.54 | 1.93 | 1.64 | 2.49 | 1.40 | 3.10 | 3.68 | 7.49 | 9.58 |
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 | — | 1.45 | 1.14 | 1.26 | 1.10 | 1.70 | 2.17 | 2.98 | 2.91 | 5.17 | 7.02 |
| EV / EBITDA | 4.09 | 2.74 | 2.54 | 2.71 | 1.68 | 2.99 | — | 2.84 | 4.86 | 9.13 | 13.94 |
| EV / EBIT | 22.85 | — | 30.41 | — | 1.92 | 2.60 | — | 21.69 | 11.41 | 52.79 | — |
| EV / FCF | — | 7.86 | 6.88 | 9.52 | 3.25 | 8.22 | 20.35 | 15.13 | 226.93 | 23.13 | 36.76 |
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 | 16.5% | 16.5% | 54.0% | 50.8% | 69.7% | 59.4% | 34.7% | 66.4% | 54.6% | 48.5% | 34.0% |
| Operating Margin | 9.5% | 9.5% | 12.0% | 14.3% | 50.1% | 31.2% | — | 58.3% | 21.7% | 9.5% | -12.2% |
| Net Profit Margin | -37.0% | -37.0% | -2.3% | -10.8% | 35.3% | 51.6% | -121.6% | 2.1% | 16.2% | 5.7% | -18.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.0% | -26.0% | -1.6% | -7.4% | 48.0% | 76.8% | -89.8% | 1.2% | 12.5% | 4.0% | -9.3% |
| ROA | -11.4% | -11.4% | -0.8% | -3.6% | 20.4% | 22.9% | -30.4% | 0.5% | 5.3% | 1.5% | -3.9% |
| ROIC | 3.5% | 3.5% | 5.0% | 5.6% | 33.7% | 15.5% | — | 14.6% | 7.3% | 2.7% | -2.6% |
| ROCE | 3.3% | 3.3% | 4.5% | 5.4% | 33.1% | 15.7% | — | 16.0% | 7.8% | 2.8% | -2.9% |
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 | 0.59 | 0.59 | 0.36 | 0.31 | 0.33 | 0.83 | 2.17 | 0.82 | 0.68 | 0.83 | 0.88 |
| Debt / EBITDA | 1.39 | 1.39 | 1.09 | 0.92 | 0.46 | 1.35 | — | 1.26 | 1.90 | 2.07 | 3.11 |
| Net Debt / Equity | — | 0.58 | 0.32 | 0.27 | 0.33 | 0.83 | 2.16 | 0.81 | 0.67 | 0.80 | 0.84 |
| Net Debt / EBITDA | 1.37 | 1.37 | 0.95 | 0.78 | 0.46 | 1.35 | — | 1.24 | 1.87 | 1.99 | 2.97 |
| Debt / FCF | — | 3.93 | 2.57 | 2.76 | 0.89 | 3.71 | 15.07 | 6.62 | 87.37 | 5.04 | 7.82 |
| Interest Coverage | -1.45 | -1.45 | 0.92 | -2.27 | 25.75 | 19.91 | -24.01 | 2.57 | 5.87 | 1.88 | -2.92 |
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 | 0.84 | 0.84 | 0.95 | 1.18 | 0.80 | 0.63 | 0.60 | 0.84 | 0.76 | 0.72 | 0.78 |
| Quick Ratio | 0.76 | 0.76 | 0.89 | 1.10 | 0.78 | 0.61 | 0.57 | 0.76 | 0.71 | 0.67 | 0.73 |
| Cash Ratio | 0.03 | 0.03 | 0.22 | 0.20 | 0.02 | 0.01 | 0.02 | 0.07 | 0.05 | 0.13 | 0.22 |
| Asset Turnover | — | 0.33 | 0.34 | 0.35 | 0.53 | 0.38 | 0.30 | 0.26 | 0.27 | 0.28 | 0.22 |
| Inventory Turnover | 31.62 | 31.62 | 23.44 | 18.86 | 57.38 | 45.09 | 60.80 | 17.44 | 27.43 | 33.10 | 40.08 |
| Days Sales Outstanding | — | 56.55 | 52.52 | 40.31 | 36.65 | 53.86 | 57.37 | 50.56 | 56.62 | 55.06 | 54.46 |
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 | 3.8% | 7.7% | 4.9% | 3.1% | 1.1% | — | 16.8% | 15.3% | 11.0% | 4.5% | 2.1% |
| Payout Ratio | — | — | — | — | 2.5% | — | — | 1193.8% | 121.6% | 321.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 44.1% | 55.4% | — | 1.3% | 9.1% | 1.4% | — |
| FCF Yield | 12.8% | 25.4% | 23.2% | 14.8% | 42.3% | 22.2% | 18.9% | 11.8% | 0.7% | 5.5% | 3.5% |
| Buyback Yield | 1.4% | 2.8% | 9.5% | 4.8% | 2.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.2% | 10.4% | 14.4% | 7.9% | 3.5% | 0.0% | 16.8% | 15.3% | 11.0% | 4.5% | 2.1% |
| Shares Outstanding | — | $154M | $158M | $164M | $168M | $165M | $158M | $156M | $142M | $122M | $116M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VET stock.
Vermilion Energy Inc.'s current P/E ratio is -3.9x. The historical average is 34.7x.
Vermilion Energy Inc.'s current EV/EBITDA is 4.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
Vermilion Energy Inc.'s return on equity (ROE) is -26.0%. The historical average is 12.4%.
Based on historical data, Vermilion Energy Inc. is trading at a P/E of -3.9x. Compare with industry peers and growth rates for a complete picture.
Vermilion Energy Inc.'s current dividend yield is 3.84%.
Vermilion Energy Inc. has 16.5% gross margin and 9.5% operating margin.
Vermilion Energy Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
European regulatory and tax exposure
Margin Volatility Masks Underlying Earning Power
Gross margin swung from 58.9% in 2025Q3 to 6.6% in 2025Q4, then recovered to 31.8% in 2026Q2, reflecting impairments and windfall taxes, as per financial statements.
The extreme quarterly swings in gross and net margins—net margin hit -101.8% in 2025Q4—suggest that reported profitability is heavily distorted by non-cash impairments and European solidarity contributions. The 2026Q2 net margin of 25.9% appears to be a partial normalization, but the volatility indicates that headline margins are not a reliable gauge of underlying earning power. Investors should focus on cash-based metrics like operating cash flow, which has remained positive despite accounting losses.
Return on Capital Remains Subdued
ROIC has hovered between -0.1% and 3.9% over the past ten quarters, with 2026Q2 at 3.0%, as reported in financial statements, indicating limited value creation above cost of capital.
Despite a recovery in 2026Q2, ROIC remains well below the cost of capital, suggesting that the company is not generating sufficient returns on its invested capital. The negative ROE in several quarters, including -17.7% in 2025Q4, reflects the impact of impairments and windfall taxes on equity. The Corrib acquisition may improve long-term returns if European gas prices hold, but current data suggests a capital-intensive model with modest returns.
Working Capital Efficiency Improves with Negative CCC
The cash conversion cycle turned increasingly negative, reaching -47 days in 2026Q2, as per financial statements, driven by extended payables and efficient receivables collection.
The negative CCC indicates that Vermilion is effectively using supplier financing to fund its working capital needs, which is a positive sign for liquidity. DPO has risen to 109 days in 2026Q2, while DSO remains stable around 50 days, suggesting strong bargaining power with suppliers. However, asset turnover is extremely low at 0.09, reflecting the capital-intensive nature of the business, which requires significant fixed assets to generate revenue.
Leverage Creeps Higher but Coverage Improves
Debt-to-equity rose from 0.32 in 2024Q1 to 0.63 in 2026Q2, while interest coverage improved to 5.15x in 2026Q2, as reported in financial statements, indicating manageable debt service.
The increase in leverage is partly attributable to the Corrib acquisition, but the D/EBITDA ratio of 4.24x in 2026Q2 remains within a reasonable range for an E&P company. Interest coverage of 5.15x suggests that operating income is sufficient to cover interest expenses, although the negative coverage in 2025Q4 and 2026Q1 highlights vulnerability to commodity price shocks. The reported D/E may understate true leverage if decommissioning liabilities are not fully captured, warranting further investigation.
Liquidity Buffer Thins as Cash Declines
The current ratio fell to 1.00 in 2026Q2, with cash dropping to $81.8M, as per balance sheet data, indicating a shrinking liquidity cushion.
The current ratio of 1.00 suggests that current assets barely cover current liabilities, leaving little room for unexpected cash outflows. The quick ratio of 0.90 indicates that inventory is not a significant buffer, which is typical for an E&P company. The decline in cash from $254.7M in 2024Q1 to $81.8M in 2026Q2, combined with negative FCF in some quarters, suggests that liquidity could become strained if commodity prices weaken further.
EV/EBITDA Misleads on Earnings Quality
EV/EBITDA of 4.23x appears cheap, but EBITDA is inflated by non-cash add-backs, obscuring the true cash-generative ability, as per financial statements.
The low EV/EBITDA multiple may attract value investors, but it fails to account for the significant non-cash impairments and windfall taxes that have depressed net income. EBITDA does not capture the cash impact of decommissioning liabilities or the volatility of European gas prices. A more appropriate metric would be EV/Operating Cash Flow or EV/FCF, which better reflect the company's ability to generate cash after maintenance capex and taxes.