Kelt Exploration

KELTF

Oil & Gas Exploration & Production · Energy

Price

$7.44

+0.17 (+2.34%)

Market Cap

$1.50B

Exchange

Other OTC

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

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Strong

Valuation

Strong

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Share count rising — dilution

+5.9% over 4y

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

Diluted shares outstanding: 190.8M (2021) → 202.1M (2025)

Winston Score History

The full picture

Kelt Exploration Ltd. is a Canadian oil and gas company that finds and produces crude oil and natural gas. It focuses on properties in western Canada, mainly in British Columbia and Alberta, selling its output to energy buyers and refiners. The company is known for its concentrated position in the Montney formation, one of the largest natural gas and liquids-rich resource plays in North America.

Kelt makes money by selling the oil, natural gas, and natural gas liquids it produces from its wells. It operates entirely in Canada, making it a relatively small, focused producer compared to major integrated energy companies. Its competitive edge comes from owning a large undeveloped land base in the Montney, which gives it years of potential drilling inventory. The main risk is that its revenue depends heavily on commodity prices, which can swing sharply and are outside the company's control.

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

+66.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+43.8% 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

18.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~0 months

C$3M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Kelt Exploration grew revenue 66% 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.

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Quality

Profit per sale

Gross Margin

32.4%

Modest — 32.4% gross margin

Profit after running costs

Operating Margin

30.0%

Excellent — 30.0% operating margin

Return on the money invested

ROCE

7.2%

Weak — 7.2% 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

+20.0%

Fast-growing sales (+20.0% YoY)

Profit growth

EPS YoY

-20.6%

Earnings shrinking (-20.6% YoY)

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

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

547%

Turns 547% of profit into real cash

Spare cash per sale

FCF Margin

-12.4%

Burning cash (-12.4%)

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

0.16

Conservative — low debt load (0.16)

Covers its interest

Interest Cover

7.97x

Adequate interest coverage (8.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

25.5x

Growth-priced — P/E 25.5

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

Cheaper or dearer next year

P/E vs Forward

+14.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.5 → 11.2)

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Dividends

Not applicable for this business.

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