NYSE : BTE
Baytex Energy Corp. — Financial statements
Energy · Oil & Gas Exploration & Production · Canada
Last price 5.37 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.76B
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Financial statements
Baytex Energy Corp. (BTE) reported revenue of 1.67B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.67B | 1.48B | 1.61B | 2.71B | 2.33B | 1.53B |
| Cost of Revenue | 686.01M | 653.00M | 685.76M | 933.99M | 660.68M | 460.95M |
| Gross Profit | 987.61M | 827.81M | 927.08M | 1.78B | 1.67B | 1.07B |
| Selling, General & Admin | 71.52M | 67.90M | 58.36M | 69.79M | 50.27M | 40.80M |
| Other Operating Expenses | 135.52M | 36.19M | 15.16M | -4.29M | 214.69M | 300.25M |
| Operating Expenses | 914.26M | 766.60M | 569.49M | 1.99B | 643.56M | -710.43M |
| Operating Income | 73.35M | 61.22M | 357.59M | -214.82M | 1.02B | 1.78B |
| Interest Expense | -134.38M | -217.55M | -203.34M | -171.77M | -86.67M | -96.93M |
| Currency Exchange Gain (Loss) | -12.06M | 94.02M | -155.90M | 10.85M | -43.44M | 2.87M |
| Other Non Operating Income (Expenses) | -6.63M | -7.97M | 5.14M | 456.00K | -3.24M | 2.56M |
| EBT Excluding Unusual Items | -69.04M | -70.28M | 3.50M | -375.29M | 888.48M | 1.69B |
| Gain (Loss) on Sale of Assets | 5.37M | 2.53M | 4.13M | -141.29M | 4.90M | 9.67M |
| Other Unusual Items | -88.41M | -85.36M | -24.35M | -2.46M | -1.85M | |
| Pretax Income | -152.08M | -153.11M | -16.72M | -516.58M | 890.91M | 1.69B |
| Income Tax Expense | 121.52M | 123.73M | 80.73M | -283.23M | 35.31M | 81.24M |
| Earnings From Continuing Operations | -273.60M | -276.85M | -97.45M | -233.36M | 855.61M | 1.61B |
| Earnings From Discontinued Operations | -443.78M | -326.93M | 334.05M | |||
| Net Income | -717.38M | -603.78M | 236.60M | -233.36M | 855.61M | 1.61B |
| Net Income to Common | -717.38M | -603.78M | 236.60M | -233.36M | 855.61M | 1.61B |
| Shares Outstanding (Basic) | 751.20M | 769.18M | 803.43M | 704.90M | 557.99M | 563.67M |
| Shares Outstanding (Diluted) | 751.20M | 769.18M | 807.71M | 704.90M | 563.84M | 571.61M |
| EPS (Basic) | -0.95 | -0.78 | 0.29 | -0.33 | 1.53 | 2.86 |
| EPS (Diluted) | -0.95 | -0.79 | 0.29 | -0.33 | 1.52 | 2.82 |
| Free Cash Flow | 263.50M | 207.47M | 593.85M | 239.61M | 648.83M | 396.62M |
| Free Cash Flow Per Share | 0.35 | 0.27 | 0.73 | 0.34 | 1.15 | 0.69 |
| Dividend Per Share | 0.09 | 0.09 | 0.09 | 0.04 | ||
| Gross Margin | 59.01% | 55.90% | 57.48% | 65.57% | 71.60% | 69.85% |
| Operating Margin | 4.38% | 4.13% | 22.17% | -7.92% | 43.93% | 116.32% |
| Profit Margin | -42.86% | -40.77% | 14.67% | -8.60% | 36.78% | 105.53% |
| Free Cash Flow Margin | 15.74% | 14.01% | 36.82% | 8.83% | 27.89% | 25.94% |
| EBITDA | 725.97M | 699.68M | 841.68M | 1.70B | 1.39B | 2.33B |
| EBITDA Margin | 43.38% | 47.25% | 52.19% | 62.52% | 59.63% | 152.18% |
| D&A For EBITDA | 652.62M | 638.47M | 484.09M | 1.91B | 365.23M | 548.36M |
| EBIT | 73.35M | 61.22M | 357.59M | -214.82M | 1.02B | 1.78B |
| EBIT Margin | 4.38% | 4.13% | 22.17% | -7.92% | 43.93% | 116.32% |
| Effective Tax Rate | 3.96% | 4.79% | ||||
| Revenue as Reported | 1.67B | 1.48B | 1.61B | 2.71B | 2.33B | 1.53B |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 720.34M | 953.11M | 16.61M | 55.81M | 5.46M | |
| Cash & Short-Term Investments | 720.34M | 953.11M | 16.61M | 55.81M | 5.46M | |
| Receivables | 188.26M | 135.23M | 387.27M | 339.40M | 200.91M | 173.41M |
| Prepaid Expenses | 36.05M | 35.01M | 20.18M | 21.53M | 6.38M | |
| Other Current Assets | 10.61M | 67.02M | 25.57M | 23.27M | 31.30M | 8.65M |
| Total Current Assets | 964.02M | 1.19B | 449.63M | 440.02M | 244.05M | 182.06M |
| Property, Plant & Equipment | 2.17B | 2.08B | 7.08B | 6.75B | 4.80B | 4.65B |
| Long-Term Deferred Tax Assets | 15.59M | 46.34M | 178.21M | 213.15M | 57.24M | |
| Other Long-Term Assets | 24.66M | 28.22M | 56.29M | 61.73M | ||
| Total Assets | 3.17B | 3.35B | 7.76B | 7.46B | 5.10B | 4.83B |
| Accounts Payable | 275.03M | 236.37M | 512.47M | 477.30M | 227.33M | 190.69M |
| Current Portion of Leases | 10.45M | 7.17M | 9.19M | 13.39M | 3.52M | 2.94M |
| Other Current Liabilities | 33.49M | 86.63M | 52.06M | 67.34M | 57.68M | 145.10M |
| Total Current Liabilities | 342.38M | 330.18M | 573.73M | 558.02M | 288.53M | 338.73M |
| Long-Term Debt | 89.23M | 94.97M | 2.26B | 2.41B | 930.63M | 1.38B |
| Long-Term Leases | 49.81M | 15.84M | 15.46M | 16.06M | 3.02M | 4.83M |
| Long-Term Deferred Tax Liabilities | 88.56M | 21.33M | 265.86M | 167.46M | ||
| Other Long-Term Liabilities | 535.25M | 515.37M | 653.75M | 629.32M | 585.32M | 732.60M |
| Total Liabilities | 1.02B | 956.37M | 3.59B | 3.64B | 2.07B | 2.62B |
| Common Stock | 5.61B | 6.07B | 6.14B | 6.53B | 5.50B | 5.74B |
| Additional Paid-In Capital | 547.90M | 397.68M | 361.85M | 193.08M | 89.88M | 13.56M |
| Retained Earnings | -4.02B | -4.09B | -3.42B | -3.59B | -3.32B | -4.17B |
| Comprehensive Income & Other | 13.57M | 13.36M | 1.09B | 690.92M | 756.20M | 632.10M |
| Shareholders' Equity | 2.15B | 2.39B | 4.17B | 3.83B | 3.03B | 2.21B |
| Total Liabilities & Equity | 3.17B | 3.35B | 7.76B | 7.46B | 5.10B | 4.83B |
| Total Debt | 149.49M | 117.99M | 2.28B | 2.44B | 937.17M | 1.39B |
| Net Cash (Debt) | 570.85M | 835.12M | -2.27B | -2.38B | -931.70M | -1.39B |
| Net Cash Per Share | 0.76 | 1.09 | -2.80 | -3.38 | -1.65 | -2.43 |
| Filing Date Shares Outstanding | 699.20M | 765.57M | 773.59M | 821.70M | 544.93M | 564.20M |
| Total Common Shares Outstanding | 708.89M | 765.57M | 773.59M | 821.68M | 544.93M | 564.21M |
| Working Capital | 621.64M | 860.19M | -124.10M | -118.00M | -44.48M | -156.67M |
| Book Value Per Share | 3.04 | 3.12 | 5.39 | 4.66 | 5.56 | 3.92 |
| Tangible Book Value | 2.15B | 2.39B | 4.17B | 3.83B | 3.03B | 2.21B |
| Tangible Book Value Per Share | 3.04 | 3.12 | 5.39 | 4.66 | 5.56 | 3.92 |
| Machinery | 7.26M | 7.65M | 8.03M | 7.94M | 6.57M | 7.12M |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -717.38M | -603.78M | 236.60M | -233.36M | 855.61M | 1.61B |
| Depreciation & Amortization | 658.24M | 638.47M | 484.09M | 1.91B | 365.23M | -1.05B |
| Other Amortization | -5.33M | 11.94M | 6.29M | 4.86M | ||
| Loss (Gain) From Sale of Assets | 485.52M | 508.08M | 1.22M | 141.29M | -4.90M | -9.67M |
| Stock-Based Compensation | 4.86M | 16.24M | 3.16M | 6.39M | ||
| Other Operating Activities | 246.81M | 145.32M | 301.68M | -330.36M | -78.58M | 174.03M |
| Change in Other Net Operating Assets | 8.24M | 18.11M | -17.92M | -220.90M | 26.07M | -26.58M |
| Operating Cash Flow | 1.05B | 1.49B | 1.91B | 1.30B | 1.17B | 712.38M |
| Capital Expenditures | -789.89M | -1.28B | -1.31B | -1.06B | -524.04M | -315.77M |
| Sale of Property, Plant & Equipment | 3.07B | 3.04B | 46.49M | 160.26M | 25.65M | 7.80M |
| Cash Acquisitions | -662.58M | |||||
| Other Investing Activities | -51.66M | 17.82M | -11.38M | 46.81M | 9.40M | -2.80M |
| Investing Cash Flow | 2.23B | 1.78B | -1.28B | -1.51B | -488.99M | -310.76M |
| Long-Term Debt Issued | 780.94M | 1.52B | ||||
| Long-Term Debt Repaid | -2.23B | -1.14B | -954.39M | -517.30M | -401.62M | |
| Lease Payments | -10.91M | -13.27M | -15.51M | -11.53M | -3.73M | -4.33M |
| Net Debt Issued (Repaid) | -2.18B | -2.23B | -355.16M | 569.19M | -517.30M | -401.62M |
| Repurchase of Common Stock | -328.58M | -29.42M | -222.20M | -221.93M | -158.98M | |
| Common Dividends Paid | -67.34M | -69.19M | -71.98M | -37.52M | ||
| Other Financing Activities | 6.16M | -4.62M | -18.82M | -43.49M | -2.14M | |
| Financing Cash Flow | -2.57B | -2.33B | -668.17M | 266.25M | -678.42M | -401.62M |
| Net Cash Flow | 711.38M | 936.50M | -39.20M | 50.35M | 5.46M | |
| Free Cash Flow | 263.50M | 207.47M | 593.85M | 239.61M | 648.83M | 396.62M |
| Free Cash Flow Margin | 15.74% | 14.01% | 36.82% | 8.83% | 27.89% | 25.94% |
| Free Cash Flow Per Share | 0.35 | 0.27 | 0.73 | 0.34 | 1.15 | 0.69 |
| Levered Free Cash Flow | -225.58M | -759.45M | -750.95M | 776.78M | 353.69M | -227.33M |
| Unlevered Free Cash Flow | -136.27M | -623.49M | -623.87M | 872.19M | 401.58M | -171.61M |
| Free Cash Flow After Leases | 252.59M | 194.20M | 578.34M | 228.09M | 645.10M | 392.28M |
| Cash Interest Paid | 117.16M | 202.49M | 200.22M | 153.22M | 84.22M | 93.11M |
| Cash Income Tax Paid | 24.63M | 22.09M | 19.43M | 3.60M | 2.30M | 253.00K |
| Change in Working Capital | 8.24M | 18.11M | -17.92M | -220.90M | 26.07M | -26.58M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.36B | 2.49B | 2.07B | 2.73B | 2.45B | 1.74B |
| Enterprise Value | 2.95B | 3.95B | 3.64B | 4.73B | 3.26B | 2.96B |
| Last Close Price | 5.38 | 3.20 | 2.48 | 3.12 | 4.21 | 2.88 |
| PE Ratio | 12.59 | 3.88 | 1.37 | |||
| PS Ratio | 3.20 | 2.30 | 1.85 | 1.33 | 1.43 | 1.44 |
| PB Ratio | 2.49 | 1.43 | 0.71 | 0.94 | 1.09 | 1.00 |
| P/TBV Ratio | 2.49 | 1.43 | 0.71 | 0.94 | 1.09 | 1.00 |
| P/FCF Ratio | 20.00 | 16.44 | 5.02 | 15.07 | 5.11 | 5.56 |
| P/OCF Ratio | 5.00 | 2.30 | 1.56 | 2.79 | 2.83 | 3.10 |
| EV/Sales Ratio | 2.85 | 3.66 | 3.25 | 2.30 | 1.90 | 2.45 |
| EV/EBITDA Ratio | 6.57 | 7.74 | 6.23 | 3.69 | 3.18 | 1.61 |
| EV/EBIT Ratio | 65.04 | 88.44 | 14.66 | 4.31 | 2.11 | |
| EV/FCF Ratio | 17.83 | 26.10 | 8.82 | 26.09 | 6.79 | 9.45 |
| Debt / Equity Ratio | 0.07 | 0.05 | 0.55 | 0.64 | 0.31 | 0.63 |
| Debt / EBITDA Ratio | 0.20 | 0.17 | 2.71 | 1.44 | 0.68 | 0.60 |
| Debt / FCF Ratio | 0.57 | 0.57 | 3.84 | 10.19 | 1.44 | 3.50 |
| Net Debt / Equity Ratio | -0.27 | -0.35 | 0.54 | 0.62 | 0.31 | 0.63 |
| Net Debt / EBITDA Ratio | -0.79 | -1.19 | 2.69 | 1.41 | 0.67 | 0.60 |
| Net Debt / FCF Ratio | -2.17 | -4.03 | 3.81 | 9.95 | 1.44 | 3.50 |
| Asset Turnover | 0.31 | 0.27 | 0.21 | 0.43 | 0.47 | 0.37 |
| Quick Ratio | 2.65 | 3.30 | 0.70 | 0.71 | 0.71 | 0.51 |
| Current Ratio | 2.82 | 3.60 | 0.78 | 0.79 | 0.85 | 0.54 |
| Return on Equity (ROE) | -8.77% | -8.44% | -2.44% | -6.81% | 32.65% | 115.69% |
| Return on Assets (ROA) | 0.85% | 0.69% | 2.94% | -2.14% | 12.85% | 26.97% |
| Return on Invested Capital (ROIC) | 4.73% | 1.53% | 5.66% | -4.22% | 25.96% | 56.73% |
| Return on Capital Employed (ROCE) | 2.60% | 2.00% | 5.00% | -3.10% | 21.20% | 39.60% |
| Earnings Yield | -14.25% | -17.70% | 7.94% | -6.46% | 25.79% | 73.14% |
| FCF Yield | 5.00% | 6.08% | 19.94% | 6.64% | 19.55% | 17.98% |
| Dividend Yield | 1.36% | 2.02% | 2.34% | 1.02% | ||
| Payout Ratio | 30.43% | |||||
| Buyback Yield / Dilution | 4.16% | 4.77% | -14.59% | -25.02% | 1.36% | -1.95% |
| Total Shareholder Return | 5.50% | 6.79% | -12.25% | -23.99% | 1.36% | -1.95% |