# Baytex Energy (BTE.US)

Canonical: https://gigainvestors.com/s/BTE

Analysis as of: 2026-10-16T07:27:07.655Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $5.16 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 6

- Operating margin variation: 3.00×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.43×

- FY2017: -0.08×

- FY2018: 0.04×

- FY2019: 0.11×

- FY2020: -0.18×

- FY2021: 0.34×

- FY2022: 0.41×

- FY2023: 0.24×

- FY2024: 0.22×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: -5.0%

- Typical minus recent gross margin: -3.4 pp

- Typical gross margin (annual median): 18.1%

- Recent gross margin (lower of latest and 3-year median): 21.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 38.0%

- ROIC including acquisitions, ten-year median: -4.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -5.6%

- FY2017: -1.5%

- FY2018: 0.6%

- FY2019: 2.7%

- FY2020: -5.0%

- FY2021: 13.9%

- FY2022: 22.9%

- FY2023: 8.2%

- FY2024: 4.4%

- FY2025: 11.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.66×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 1.2B

- Net income, five-year total: CAD 1.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: -6.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.09×

- FY2022: 1.07×

- FY2023: 1.00×

- FY2024: -2.55×

- FY2025: 1.02×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -1.5% vs 8.2%

- Per-share earnings: -2.09 to -0.33 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 13.8%

- Ordinary dilution, 5-year annual growth: 6.5%

- Market cap gain: CAD 1.9B

- Cumulative retained earnings: CAD -1,000M

- Diluted shares, 10-year annual growth: 13.8%

- Diluted shares, 5-year annual growth: 6.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CAD 1.76

- Per-share value, starting three-year median: CAD -2.09

- Per-share value, ending three-year median: CAD -0.33

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 4.9%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 0

- Cumulative net income, 10 years: CAD -1.3B

- ROIC, first three-year median: -1.5%

- ROIC, last three-year median: 8.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD -2.09

- FY2017: CAD 0.37

- FY2018: CAD -0.58

- FY2019: CAD -0.02

- FY2020: CAD -4.36

- FY2021: CAD 2.84

- FY2022: CAD 1.50

- FY2023: CAD -0.33

- FY2024: CAD 0.29

- FY2025: CAD -0.78

### accounting: pass

- Sloan accruals: -62.5%

- Receivables to sales index (DSRI): 0.38×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -16.0%

- FY2017: -5.4%

- FY2018: -12.7%

- FY2019: -14.3%

- FY2020: -82.1%

- FY2021: 18.9%

- FY2022: -6.4%

- FY2023: -20.5%

- FY2024: -21.5%

- FY2025: -62.5%

## Holders

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 19% since Oct 2023 · "Baytex Energy (BTE) Increases 2026 Production Guidance Following Strong Q1 Results" (finance.yahoo.com, May 2026) · sales -8.2%

Story as of 2026-10-16T09:58:26.201Z; price observation 2026-10-15.

- 2025-08-01: Baytex outlines commercialization plan targeting 20,000–25,000 BOE/d by 2029 amid Duvernay efficiency gains ([seekingalpha.com](https://seekingalpha.com/news/4476724-baytex-outlines-commercialization-plan-targeting-20000-25000-boe-d-by-2029-amid-duvernay?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-30: Baytex Q3 Profit Falls 83% on Lower Commodity Prices, Higher Costs ([finance.yahoo.com](https://finance.yahoo.com/news/baytex-q3-profit-falls-83-214056239.html))

### Sales · FY2024–2025

sales -8.2%; source https://www.sec.gov/Archives/edgar/data/1279495/000127949526000007/bte-20251231.htm; observed 2026-03-05.

- FY2016: CAD 606M 

- FY2017: CAD 871M 

- FY2018: CAD 1.1B 

- FY2019: CAD 1.5B 

- FY2020: CAD 814M 

- FY2021: CAD 1.5B 

- FY2022: CAD 2.3B 

- FY2023: CAD 2.7B 

- FY2024: CAD 1.6B 

- FY2025: CAD 1.5B 

### Gross margin · FY2025

gross margin 21.5%; source https://www.sec.gov/Archives/edgar/data/1279495/000127949526000007/bte-20251231.htm; observed 2026-03-05.

- FY2018: 9.6% 

- FY2019: 14.7% 

- FY2021: 37.7% 

- FY2022: 44.4% 

- FY2023: 27.7% 

- FY2024: 26.5% 

- FY2025: 21.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas e&p; annual sales are CAD 1.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1279495/000127949526000007/bte-20251231.htm (filed 2026-03-05); FY2025: revenue 1479608233; grossProfit 317971662; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BTE.US: Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin. It offers light oil and condensate, heavy oil, natural gas liquids, and natural gas. The company also holds 100% interest in Duvernay and Peace River properties in Alberta; and Lloydminster property in Alberta and Saskatchewan. Baytex Energy Corp. was incorporated in 1993 and is headquartered in Calgary, Canada.

### Why customers stay

Margins ranged from 21.5% to 27.7% during 2023–25; it earns 3.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 27.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 26.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1279495/000127949526000007/bte-20251231.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 21.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 10-year return on capital observations [[2016,-0.055712913113697686],[2017,-0.014844898293601794],[2018,0.006377289277374501],[2019,0.026553465403884275],[2020,-0.049693872372771945],[2021,0.1393735261197698],[2022,0.22898784492807508],[2023,0.08183178374476979],[2024,0.04379251055577377],[2025,0.11494815786069744]]; median 0.03517298797982902. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back CAD 29.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2017: growth capex 0; upkeep 398147000; owner earnings 172230612. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2019: growth capex 0; upkeep 556510000; owner earnings 162377309. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2021: growth capex 0; upkeep 315767000; owner earnings 1774687736. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2022: growth capex 0; upkeep 524042000; owner earnings 911088240. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,37519000],[2024,71985000],[2025,69187000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1279495/000127949526000007/bte-20251231.htm (filed 2026-03-05); FY2025: cash repurchases 29420000 CAD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BTE.US SharesStats.PercentInsiders = 0.618 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Closing price 5.16 USD; reporting-to-trading FX 0.7047; FY2025 annual sales per share 1.92361766166567; price multiple 3.806507363416895. FY2025 cash earnings/share -0.8022594945266388. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $3.85 per share

- 2016-11: $4.29 per share

- 2016-12: $4.88 per share

- 2017-01: $4.00 per share

- 2017-02: $3.63 per share

- 2017-03: $3.42 per share

- 2017-04: $3.02 per share

- 2017-05: $2.91 per share

- 2017-06: $2.43 per share

- 2017-07: $2.79 per share

- 2017-08: $2.54 per share

- 2017-09: $3.01 per share

- 2017-10: $2.76 per share

- 2017-11: $3.36 per share

- 2017-12: $3.00 per share

- 2018-01: $3.04 per share

- 2018-02: $2.55 per share

- 2018-03: $2.74 per share

- 2018-04: $4.47 per share

- 2018-05: $4.18 per share

- 2018-06: $3.33 per share

- 2018-07: $3.11 per share

- 2018-08: $2.99 per share

- 2018-09: $2.91 per share

- 2018-10: $2.04 per share

- 2018-11: $1.84 per share

- 2018-12: $1.76 per share

- 2019-01: $1.68 per share

- 2019-02: $1.79 per share

- 2019-03: $1.69 per share

- 2019-04: $2.03 per share

- 2019-05: $1.54 per share

- 2019-06: $1.54 per share

- 2019-07: $1.52 per share

- 2019-08: $1.28 per share

- 2019-09: $1.48 per share

- 2019-10: $1.12 per share

- 2019-11: $1.08 per share

- 2019-12: $1.45 per share

- 2020-01: $1.11 per share

- 2020-02: $1.00 per share

- 2020-03: $0.23 per share

- 2020-04: $0.33 per share

- 2020-05: $0.31 per share

- 2020-06: $0.50 per share

- 2020-07: $0.47 per share

- 2020-08: $0.51 per share

- 2020-09: $0.35 per share

- 2020-10: $0.30 per share

- 2020-11: $0.51 per share

- 2020-12: $0.54 per share

- 2021-01: $0.60 per share

- 2021-02: $0.98 per share

- 2021-03: $1.03 per share

- 2021-04: $1.20 per share

- 2021-05: $1.53 per share

- 2021-06: $1.94 per share

- 2021-07: $1.72 per share

- 2021-08: $1.72 per share

- 2021-09: $2.73 per share

- 2021-10: $3.36 per share

- 2021-11: $2.84 per share

- 2021-12: $3.09 per share

- 2022-01: $3.73 per share

- 2022-02: $4.57 per share

- 2022-03: $4.36 per share

- 2022-04: $5.13 per share

- 2022-05: $5.52 per share

- 2022-06: $4.87 per share

- 2022-07: $5.39 per share

- 2022-08: $5.19 per share

- 2022-09: $4.22 per share

- 2022-10: $5.43 per share

- 2022-11: $5.11 per share

- 2022-12: $4.51 per share

- 2023-01: $4.63 per share

- 2023-02: $3.87 per share

- 2023-03: $3.75 per share

- 2023-04: $3.77 per share

- 2023-05: $3.16 per share

- 2023-06: $3.26 per share

- 2023-07: $4.04 per share

- 2023-08: $4.07 per share

- 2023-09: $4.41 per share

- 2023-10: $4.32 per share

- 2023-11: $3.85 per share

- 2023-12: $3.32 per share

- 2024-01: $3.18 per share

- 2024-02: $3.19 per share

- 2024-03: $3.63 per share

- 2024-04: $3.71 per share

- 2024-05: $3.68 per share

- 2024-06: $3.48 per share

- 2024-07: $3.70 per share

- 2024-08: $3.56 per share

- 2024-09: $2.97 per share

- 2024-10: $2.83 per share

- 2024-11: $2.85 per share

- 2024-12: $2.58 per share

- 2025-01: $2.40 per share

- 2025-02: $2.26 per share

- 2025-03: $2.23 per share

- 2025-04: $1.54 per share

- 2025-05: $1.61 per share

- 2025-06: $1.79 per share

- 2025-07: $2.13 per share

- 2025-08: $2.23 per share

- 2025-09: $2.34 per share

- 2025-10: $2.42 per share

- 2025-11: $3.22 per share

- 2025-12: $3.23 per share

- 2026-01: $3.43 per share

- 2026-02: $3.84 per share

- 2026-03: $4.47 per share

- 2026-04: $5.06 per share

- 2026-05: $4.89 per share

- 2026-06: $4.00 per share

- 2026-07: $4.56 per share

- 2026-08: $4.87 per share

- 2026-09: $4.53 per share

- 2026-10: $4.81 per share

## Annual estimated value (USD per share)

- FY2021: low $2.21 per share, central $2.51 per share, high $2.92 per share

- FY2022: low $3.35 per share, central $3.81 per share, high $4.43 per share

- FY2023: low $3.16 per share, central $3.59 per share, high $4.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1279495/000127949526000007/bte-20251231.htm); period 2025-12-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.