Baytex Energy

BTE

Oil & Gas Exploration & Production · Energy

Price

$4.13

-0.19 (-4.40%)

Market Cap

$2.94B

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 28, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+34.6% over 4y

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

Diluted shares outstanding: 571.6M (2021) → 769.2M (2025)

Baytex Energy is a Canadian oil and gas company that drills for and produces crude oil and natural gas. Its main products are heavy oil, light oil, and natural gas, which it sells to refiners and energy traders. The company operates in two main regions: the Western Canadian Sedimentary Basin in Alberta and Saskatchewan, and the Eagle Ford shale play in Texas.

Baytex makes money by selling the oil and natural gas it pulls out of the ground, so its revenue rises and falls with commodity prices. It is a mid-sized producer with a market cap around $2.9 billion, and it expanded significantly in the US after acquiring Ranger Oil in 2023. The company carries a meaningful debt load from that acquisition, which is its biggest financial risk — if oil prices drop sharply, covering interest payments and funding drilling programs becomes much harder.

Winston Score History

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

-48.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-200.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.3%ownership

Relatively low insider ownership

Cash Runway

~6 years

$760M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$760M cash & investments at current burn rate

Revenue declining

Baytex Energy's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Gross Margin

22.8%

Thin — 22.8% gross margin

Operating Margin

11.6%

Modest — 11.6% operating margin

ROCE

2.1%

Weak — 2.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-84.2%

Shrinking sales (-84.2% YoY)

EPS YoY

-338.4%

Earnings shrinking (-338.4% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

36.4%

Converts sales into free cash efficiently (36.4%)

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

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

0.46x

Dangerous — barely covers interest (0.5x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.59%

Small dividend — 1.59% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+1.6%

Dividend flat

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