Spartan Delta

SDE.TO

Oil & Gas Exploration & Production · Energy

Exchange

Toronto Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Good

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Spartan Delta Corp. is a Canadian oil and natural gas company that finds and pulls fossil fuels out of the ground. It focuses on exploration and production in the Western Canadian Sedimentary Basin, mainly in Alberta. The company sells crude oil, natural gas, and natural gas liquids to energy marketers, refiners, and utilities.

Spartan Delta makes money by selling the oil and gas it produces, so its revenue rises and falls with commodity prices. It operates entirely in Canada, making it a mid-sized domestic producer with a relatively low-cost asset base in the Montney and Deep Basin formations, which gives it some cost advantage over higher-cost peers. The biggest risk the company faces is its direct exposure to volatile oil and natural gas prices, since a sharp drop in commodity prices can quickly shrink margins and reduce the value of its reserves.

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

+84.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+23.5% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

10.8%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~2 months

C$28M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Spartan Delta grew revenue 85% 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

72.1%

Premium pricing power — 72.1% gross margin

Profit after running costs

Operating Margin

66.7%

Excellent — 66.7% operating margin

Return on the money invested

ROCE

19.3%

Strong — 19.3% 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

+58.2%

Fast-growing sales (+58.2% YoY)

Profit growth

EPS YoY

+80.5%

Earnings growing fast (+80.5% YoY)

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

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

458%

Turns 458% of profit into real cash

Spare cash per sale

FCF Margin

-25.1%

Burning cash (-25.1%)

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

0.28

Conservative — low debt load (0.28)

Covers its interest

Interest Cover

18.57x

Comfortably covers interest (18.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

37.0x

no trend

Pricey — P/E 37.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+29.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (37.0 → 7.9)

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Dividends

Not applicable for this business.

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