Obsidian Energy

OBE

Oil & Gas Exploration & Production · Energy

Also trades as: OBE.TO

Price

$10.59

-0.14 (-1.30%)

Market Cap

$712.8M

Exchange

New York Stock Exchange American

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−7.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 77.6M (2021) → 71.8M (2025)

Obsidian Energy is a Canadian oil and gas company that drills for and produces crude oil and natural gas. Its main assets are located in Alberta, Canada, with the Cardium formation in the Pembina area being its most important producing region. The company sells its oil and natural gas to energy marketers and refiners, primarily within Canada.

Obsidian makes money by extracting and selling oil and natural gas, so its revenue rises and falls with commodity prices. It operates entirely in Canada and is a small-to-mid-size producer with a market cap around $700 million. The company has been working to grow production through drilling in the Cardium and Peace River areas, but its low return on invested capital and thin operating margins highlight the main risk: when oil prices drop, profitability can disappear quickly, leaving little cushion for a smaller producer with limited pricing power.

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

-29.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-233.3% 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

11.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~0 months

$2M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Obsidian Energy has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

60.9%

Premium pricing power — 60.9% gross margin

Operating Margin

19.6%

Healthy — 19.6% operating margin

ROCE

1.8%

Weak — 1.8% 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

-32.4%

Shrinking sales (-32.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

16645%

Turns 16645% of profit into real cash

FCF Margin

-12.4%

Burning cash (-12.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.18

Conservative — low debt load (0.18)

Interest Cover

2.03x

Tight — interest eats into profit (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/A

Data not available

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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