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Journey Energy

JRNGF
61
Oil & Gas Exploration & Production · Energy
Price
$4.23
-0.05 (-1.17%)
Market Cap
$285.4M
Exchange
Other OTC
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 1, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Good
Cash Flow
Good
Stability
Strong
Valuation
Good
Dividends
Exceptional

Share count rising — dilution

+32.2% over 4y

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

Diluted shares outstanding: 51.3M (2021) → 67.8M (2025)

Winston Score History

The full picture

Journey Energy is a Canadian oil and gas company that explores for, develops, and produces crude oil and natural gas. Its operations are concentrated in the provinces of Alberta and Saskatchewan, where it holds a portfolio of conventional oil and gas properties. The company also has a growing power generation business, operating facilities that produce electricity to supplement its energy operations.

Journey makes money primarily by selling the oil, natural gas, and natural gas liquids it produces to commodity markets. It is a small-cap producer with a market capitalization around $0.3 billion, competing in a crowded field of junior Canadian energy companies. Its diversification into power generation provides a modest additional revenue stream and helps differentiate it from pure-play peers. The company's performance is heavily tied to commodity prices, and sustained weakness in oil or natural gas prices remains the primary risk to its profitability and growth plans.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
39.2%
Modest — 39.2% gross margin
Profit after running costs
Operating Margin
34.5%
Excellent — 34.5% operating margin
Return on the money invested
ROCE
5.4%
Weak — 5.4% 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
-18.8%
Shrinking sales (-18.8% YoY)
Profit growth
EPS YoY
+48.6%
Earnings growing fast (+48.6% YoY)

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

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
219%
Turns 219% of profit into real cash
Spare cash per sale
FCF Margin
-0.2%
Burning cash (-0.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.12
Conservative — low debt load (0.12)
Covers its interest
Interest Cover
2.98x
Tight — interest eats into profit (3.0x)

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)
11.4x
Attractive valuation — P/E 11.4

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
-8.3
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
8.48%
Healthy income — 8.48% yield

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

Dividend record
Dividend Growth
+10.6%
Dividend growing fast (10.6% YoY)

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