Cardinal Energy

CJ.TO

Oil & Gas Exploration & Production · Energy

Price

C$12.05

-0.04 (-0.33%)

Market Cap

C$2.12B

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Share count rising — dilution

+4.7% over 4y

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

Diluted shares outstanding: 154.6M (2021) → 161.9M (2025)

Winston Score History

The full picture

Cardinal Energy is a Canadian oil and gas company that drills for and produces crude oil and natural gas in Western Canada. Its main products are conventional heavy oil and light oil, which it sells to refineries and energy marketers. The company operates primarily in Alberta and Saskatchewan, focusing on lower-risk, established oil fields rather than exploring for new discoveries.

Cardinal makes money by selling the oil and gas it pumps out of the ground, so its revenue rises and falls with commodity prices. It is a mid-sized producer with a market cap around $2.1 billion, and its competitive position relies on low-cost operations in mature, well-understood reservoirs. The company returns a significant portion of cash flow to shareholders through dividends, which is a key part of its appeal — but because its earnings depend heavily on oil prices, a sustained drop in crude prices remains the central risk to its business.

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

+81.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+303.3% 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

22.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$0 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Cardinal Energy grew revenue 81% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

68.3%

Premium pricing power — 68.3% gross margin

Profit after running costs

Operating Margin

40.9%

Excellent — 40.9% operating margin

Return on the money invested

ROCE

15.5%

Strong — 15.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+2.0%

Nearly flat sales (+2.0% YoY)

Profit growth

EPS YoY

-36.0%

Earnings shrinking (-36.0% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

412%

Turns 412% of profit into real cash

Spare cash per sale

FCF Margin

17.9%

Converts sales into free cash efficiently (17.9%)

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

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

10.29x

Comfortably covers interest (10.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

34.4x

Pricey — P/E 34.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+24.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.4 → 10.5)

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Dividends

Dividend

Dividend Yield

6.35%

Healthy income — 6.35% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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