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Birchcliff Energy

BIR.TO
50
Oil & Gas Exploration & Production · Energy
Exchange
Toronto Stock Exchange
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Good
Cash Flow
Strong
Stability
Strong
Valuation
Strong
Dividends
Weak
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Winston Score History

The full picture

Birchcliff Energy is a Canadian oil and gas company that drills for and produces natural gas and natural gas liquids. It operates almost entirely in the Montney and Doig formations in Alberta and northeastern British Columbia, selling its output mainly to large energy marketers and utilities. The company is a mid-sized, pure-play natural gas producer focused on a single, well-defined resource area.

Birchcliff makes money by selling the natural gas and liquids it pulls out of the ground, so its revenue rises and falls with commodity prices. It operates exclusively in western Canada and had a market cap of roughly $1.9 billion, with decent margins supported by relatively low-cost Montney wells. The company's main competitive edge is its concentrated land position in a proven, low-cost formation, but its biggest risk is heavy exposure to Canadian natural gas prices, which have historically been weak and volatile compared to U.S. benchmarks.

Growth Profile

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

Revenue Growth

-0.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+191.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

2.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 months

C$30M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Birchcliff Energy has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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
21.9%
Thin — 21.9% gross margin
Profit after running costs
Operating Margin
15.5%
Healthy — 15.5% operating margin
Return on the money invested
ROCE
5.2%
Weak — 5.2% 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
+11.1%
Steady sales growth (+11.1% YoY)
Profit growth
EPS YoY
+22.8%
Earnings growing fast (+22.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
443%
Turns 443% of profit into real cash
Spare cash per sale
FCF Margin
10.1%
Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.20
Conservative — low debt load (0.20)
Covers its interest
Interest Cover
3.68x
Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
18.6x
no trend
Fair value — P/E 18.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+11.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (18.6 → 7.2)

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Dividends

Dividend
Dividend Yield
1.95%
no trend
Small dividend — 1.95% yield

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

Dividend record
Dividend Growth
-53.8%
no trend
Dividend cut (-53.8% YoY) — warning sign

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