Baytex Energy

BTE.TO

Oil & Gas Exploration & Production · Energy

Price

C$6.61

-0.06 (-0.90%)

Market Cap

C$4.71B

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Weak

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Share count rising — dilution

+34.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 571.6M (2021) → 769.2M (2025)

Winston Score History

The full picture

Baytex Energy is a Canadian oil and gas company that drills for and produces crude oil and natural gas. Its main products are heavy oil, light oil, and natural gas, which it sells to refineries and energy traders. The company operates in two main regions: the Western Canadian Sedimentary Basin in Alberta and Saskatchewan, and the Eagle Ford shale play in Texas.

Baytex makes money by selling the oil and gas it pulls out of the ground, so its revenue rises and falls with commodity prices. It is a mid-sized producer with a market cap around $5 billion, and it significantly expanded its U.S. footprint after acquiring Ranger Oil in 2023. The company carries a meaningful debt load from that acquisition, and with a gross margin currently negative, controlling production costs and managing debt repayment are the central challenges it faces as oil prices remain unpredictable.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-38.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+20.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.4%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

C$720M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Baytex Energy's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

40.7%

Healthy — 40.7% gross margin

Profit after running costs

Operating Margin

36.9%

Excellent — 36.9% operating margin

Return on the money invested

ROCE

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-85.5%

Shrinking sales (-85.5% YoY)

Profit growth

EPS YoY

-295.3%

Earnings shrinking (-295.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

55.7%

Converts sales into free cash efficiently (55.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

1.47x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.60%

Small dividend — 1.60% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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