Meren Energy

MER.TO

Oil & Gas Exploration & Production · Energy

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

Good

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Strong

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Winston Score History

The full picture

Meren Energy Inc. is a Canadian oil and gas company focused on exploring for and producing hydrocarbons. It finds and extracts crude oil and natural gas, then sells those resources to refiners, utilities, and other energy buyers. The company operates within Canada's upstream energy sector, competing alongside many small and mid-sized independent producers.

Meren generates revenue by selling the oil and natural gas it produces, meaning its income rises and falls with commodity prices. With a market cap of roughly $1.6 billion, it is a mid-sized Canadian producer, and its operating margin of around 20% suggests reasonable cost control relative to peers. The biggest risk the company faces is its exposure to volatile oil and gas prices, which it does not control, along with ongoing pressure to manage production costs and reserve replacement to sustain long-term output.

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

+176.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+895.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

35.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$227M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Meren Energy grew revenue 177% 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

41.6%

Healthy — 41.6% gross margin

Profit after running costs

Operating Margin

39.1%

Excellent — 39.1% operating margin

Return on the money invested

ROCE

16.4%

Strong — 16.4% 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

+395.0%

Fast-growing sales (+395.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

31.2%

Converts sales into free cash efficiently (31.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.41

Conservative — low debt load (0.41)

Covers its interest

Interest Cover

3.36x

Tight — interest eats into profit (3.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

9.04%

no trend

Healthy income — 9.04% yield

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

Dividend record

Dividend Growth

+8.5%

no trend

Dividend growing modestly (8.5% YoY)

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