Saturn Oil & Gas

OILSF

Oil & Gas Exploration & Production · Energy

Price

$4.74

+0.17 (+3.61%)

Market Cap

$859.9M

Exchange

Other OTC

Winston Score

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

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

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Share count rising — dilution

+954.0% over 4y

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

Diluted shares outstanding: 19.3M (2021) → 203.8M (2025)

Winston Score History

The full picture

Saturn Oil & Gas is a Canadian company that drills for and produces crude oil and natural gas. It operates primarily in Saskatchewan and Alberta, focusing on light and medium crude oil. Through a series of acquisitions, Saturn has grown from a small producer into one of the larger junior oil and gas companies in Canada.

The company makes money by selling the oil and gas it extracts to refiners and commodity traders at market prices. It has grown rapidly by acquiring producing assets at attractive valuations, using cash flow to pay down debt. Saturn trades on the TSX Venture Exchange and has a market cap around $0.9 billion. Its key growth strategy centers on continuing to integrate past acquisitions while improving well productivity, but the business remains heavily exposed to swings in global oil prices, which represents its primary risk.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

46.5%

Healthy — 46.5% gross margin

Profit after running costs

Operating Margin

43.3%

Excellent — 43.3% operating margin

Return on the money invested

ROCE

16.5%

Strong — 16.5% 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

-4.3%

Shrinking sales (-4.3% YoY)

Profit growth

EPS YoY

-75.9%

Earnings shrinking (-75.9% YoY)

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

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

899%

Turns 899% of profit into real cash

Spare cash per sale

FCF Margin

19.2%

Converts sales into free cash efficiently (19.2%)

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

0.82

Moderate — manageable debt (0.82)

Covers its interest

Interest Cover

3.23x

Tight — interest eats into profit (3.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.1x

Fair value — P/E 19.1

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

+15.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.1 → 4.0)

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Dividends

Not applicable for this business.

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