Birchcliff Energy

BIREF

Oil & Gas Exploration & Production · Energy

Price

$4.72

+0.11 (+2.34%)

Market Cap

$1.29B

Exchange

Other OTC

Winston Score

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. Its operations are focused almost entirely in the Montney/Doig resource play in Alberta and northeastern British Columbia — one of Canada's largest and most productive natural gas formations. The company sells its gas and liquids to energy marketers and utilities, primarily within Canada.

Birchcliff makes money by selling the hydrocarbons it produces, so its revenue rises and falls with commodity prices. It operates exclusively in western Canada, making it a mid-sized regional producer with low per-unit production costs in the Montney as its main competitive advantage. The biggest risk the company faces is its heavy exposure to AECO natural gas prices, which are the Canadian benchmark and have historically traded at a significant discount to U.S. Henry Hub prices — limiting revenue even when North American gas demand is strong.

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

-0.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+191.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.1%ownership

Relatively low insider ownership

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.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 274.4M (2021) → 274.2M (2025)

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

+0.5%

Nearly flat sales (+0.5% YoY)

Profit growth

EPS YoY

+28.0%

Earnings growing fast (+28.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

402%

Turns 402% of profit into real cash

Spare cash per sale

FCF Margin

10.5%

Modest free cash flow (10.5%)

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

3.90x

Tight — interest eats into profit (3.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

13.2x

Attractive valuation — P/E 13.2

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

+5.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (13.2 → 7.6)

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Dividends

Dividend

Dividend Yield

1.92%

Small dividend — 1.92% yield

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

Dividend record

Dividend Growth

-53.5%

Dividend cut (-53.5% YoY) — warning sign

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