Vermilion Energy (VET)
Market Price (1/27/2026): $9.35 | Market Cap: $1.4 BilSector: Energy | Industry: Oil & Gas Exploration & Production
Vermilion Energy (VET)
Market Price (1/27/2026): $9.35Market Cap: $1.4 BilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% | Trading close to highsDist 52W High is 0.0% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% | Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -111% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10.0% |
| Attractive yieldDividend Yield is 2.7%, FCF Yield is 26% | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.24 | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| Megatrend and thematic driversMegatrends include Energy Security. Themes include Oil & Gas Production, Natural Gas Supply, and Crude Oil Supply. | Key risksVET key risks include [1] geopolitical tensions and [2] adverse regulatory and tax policy changes, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Attractive yieldDividend Yield is 2.7%, FCF Yield is 26% |
| Megatrend and thematic driversMegatrends include Energy Security. Themes include Oil & Gas Production, Natural Gas Supply, and Crude Oil Supply. |
| Trading close to highsDist 52W High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -111% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.24 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 87% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -10.0% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| Key risksVET key risks include [1] geopolitical tensions and [2] adverse regulatory and tax policy changes, Show more. |
Qualitative Assessment
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Vermilion Energy (VET) stock has gained about 25% since 9/30/2025 because of the following key factors:
1. Strong Q3 2025 Results and Improved Guidance: Vermilion Energy reported robust financial performance for the third quarter of 2025 on November 5, 2025. The company generated $254 million in fund flows from operations and significantly reduced its net debt by over $650 million since Q1 2025, bringing the total net debt to $1.38 billion as of September 30, 2025. Furthermore, Vermilion demonstrated improved capital efficiency by lowering the upper end of its 2025 capital expenditure guidance by $20 million to $640 million and reducing annual operating cost guidance by more than $10 million.
2. Strategic Shift to High-Margin European Natural Gas and US Exit: The company bolstered investor confidence through its strategic emphasis on high-margin European natural gas assets and the Canadian Montney region, alongside confirming plans to exit its US operations. This "Global Gas" strategy, which includes allocating approximately 85% of its 2026 capital budget to global gas assets, aims to concentrate capital and technical expertise on more profitable opportunities. The increased exposure to European gas prices, which historically command a premium, is expected to significantly boost free cash flow projections.
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1. Strong Q3 2025 Results and Improved Guidance: Vermilion Energy reported robust financial performance for the third quarter of 2025 on November 5, 2025. The company generated $254 million in fund flows from operations and significantly reduced its net debt by over $650 million since Q1 2025, bringing the total net debt to $1.38 billion as of September 30, 2025. Furthermore, Vermilion demonstrated improved capital efficiency by lowering the upper end of its 2025 capital expenditure guidance by $20 million to $640 million and reducing annual operating cost guidance by more than $10 million.
2. Strategic Shift to High-Margin European Natural Gas and US Exit: The company bolstered investor confidence through its strategic emphasis on high-margin European natural gas assets and the Canadian Montney region, alongside confirming plans to exit its US operations. This "Global Gas" strategy, which includes allocating approximately 85% of its 2026 capital budget to global gas assets, aims to concentrate capital and technical expertise on more profitable opportunities. The increased exposure to European gas prices, which historically command a premium, is expected to significantly boost free cash flow projections.
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Stock Movement Drivers
Fundamental Drivers
The 22.6% change in VET stock from 9/30/2025 to 1/26/2026 was primarily driven by a 18.9% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 1262026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.70 | 9.44 | 22.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,316 | 2,378 | 2.7% |
| P/S Multiple | 0.5 | 0.6 | 18.9% |
| Shares Outstanding (Mil) | 154 | 154 | 0.4% |
| Cumulative Contribution | 22.6% |
Market Drivers
9/30/2025 to 1/26/2026| Return | Correlation | |
|---|---|---|
| VET | 22.6% | |
| Market (SPY) | 4.0% | 17.7% |
| Sector (XLE) | 10.2% | 62.6% |
Fundamental Drivers
The 33.1% change in VET stock from 6/30/2025 to 1/26/2026 was primarily driven by a 24.2% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 1262026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.09 | 9.44 | 33.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,225 | 2,378 | 6.9% |
| P/S Multiple | 0.5 | 0.6 | 24.2% |
| Shares Outstanding (Mil) | 154 | 154 | 0.3% |
| Cumulative Contribution | 33.1% |
Market Drivers
6/30/2025 to 1/26/2026| Return | Correlation | |
|---|---|---|
| VET | 33.1% | |
| Market (SPY) | 12.4% | 14.1% |
| Sector (XLE) | 17.1% | 67.6% |
Fundamental Drivers
The 5.6% change in VET stock from 12/31/2024 to 1/26/2026 was primarily driven by a 25.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312024 | 1262026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.94 | 9.44 | 5.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,892 | 2,378 | 25.7% |
| P/S Multiple | 0.7 | 0.6 | -17.5% |
| Shares Outstanding (Mil) | 157 | 154 | 1.9% |
| Cumulative Contribution | 5.6% |
Market Drivers
12/31/2024 to 1/26/2026| Return | Correlation | |
|---|---|---|
| VET | 5.6% | |
| Market (SPY) | 19.2% | 53.8% |
| Sector (XLE) | 17.8% | 78.8% |
Fundamental Drivers
The -40.6% change in VET stock from 12/31/2022 to 1/26/2026 was primarily driven by a -34.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312022 | 1262026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.90 | 9.44 | -40.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,632 | 2,378 | -34.5% |
| P/S Multiple | 0.7 | 0.6 | -15.0% |
| Shares Outstanding (Mil) | 164 | 154 | 6.6% |
| Cumulative Contribution | -40.6% |
Market Drivers
12/31/2022 to 1/26/2026| Return | Correlation | |
|---|---|---|
| VET | -40.6% | |
| Market (SPY) | 87.9% | 41.9% |
| Sector (XLE) | 23.5% | 76.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VET Return | 183% | 42% | -30% | -19% | -7% | 13% | 139% |
| Peers Return | 129% | 55% | -4% | -13% | 11% | 6% | 248% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| VET Win Rate | 67% | 58% | 33% | 33% | 42% | 100% | |
| Peers Win Rate | 73% | 60% | 43% | 37% | 62% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| VET Max Drawdown | -2% | -0% | -38% | -26% | -42% | -6% | |
| Peers Max Drawdown | -2% | 0% | -23% | -19% | -24% | -6% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CNQ, CVE, OVV, DVN, MUR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/26/2026 (YTD)
How Low Can It Go
| Event | VET | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -63.0% | -25.4% |
| % Gain to Breakeven | 170.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -89.8% | -33.9% |
| % Gain to Breakeven | 880.2% | 51.3% |
| Time to Breakeven | 695 days | 148 days |
| 2018 Correction | ||
| % Loss | -69.5% | -19.8% |
| % Gain to Breakeven | 228.3% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to CNQ, CVE, OVV, DVN, MUR
In The Past
Vermilion Energy's stock fell -63.0% during the 2022 Inflation Shock from a high on 8/29/2022. A -63.0% loss requires a 170.1% gain to breakeven.
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About Vermilion Energy (VET)
Vermilion Energy Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and production of petroleum and natural gas in North America, Europe, and Australia. It owns 81% working interest in 636,714 net acres of developed land and 85% working interest in 301,026 net acres of undeveloped land; 130,715 net acres of land in the Powder River basin in the United States; 96% working interest in 248,873 net acres of developed land and 86% working interest in 134,160 net acres of undeveloped land in the Aquitaine and Paris Basins in France; 53% working interest in 901,791 net acres of land in the Netherlands; 54,625 net developed acres and 920,723 net undeveloped acres in Germany; 975,375 net acres land in Croatia; 946,666 net acres land in Hungary; and 48,954 net acres land in Slovakia. As of December 31, 2021, the company had 401 net producing conventional natural gas wells and 2,132 net producing light and medium crude oil wells in Canada; 167.6 net producing light and medium crude oil wells in the United States; 297.0 net producing light and medium crude oil wells and 3 net producing conventional natural gas wells in France; and 47 net producing natural gas wells in the Netherlands. It also owns 20% interests in the offshore Corrib natural gas field located to the northwest coast of Ireland; and 100% working interest in the Wandoo offshore oil field and related production facilities that covers 59,553 acres located on Western Australia's northwest shelf. Vermilion Energy Inc. was founded in 1994 and is headquartered in Calgary, Canada.
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- A more compact, internationally diversified **ConocoPhillips** for oil and natural gas production.
- The upstream-only equivalent of a global major like **Shell** or **BP**, but on a smaller scale.
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- Crude Oil: Vermilion extracts and sells crude oil, a major global commodity refined into various fuels and petroleum products.
- Natural Gas: The company produces and markets natural gas, a vital energy source used for heating, electricity generation, and industrial applications.
- Natural Gas Liquids (NGLs): Vermilion also sells natural gas liquids, such as propane and butane, which are valuable components separated from natural gas streams.
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Vermilion Energy (VET) is an international upstream oil and gas producer engaged in the exploration, development, acquisition, and production of crude oil, natural gas, and natural gas liquids (NGLs). As such, its products are commodities sold into the global energy market.
Vermilion Energy does not sell primarily to individuals. Instead, it sells its production primarily to a diverse group of other companies within the energy sector. These sales typically occur through various marketing arrangements and at prevailing market prices.
Due to the competitive nature of the commodity markets and the desire to maintain a diversified customer base, specific named "major customers" that account for a significant portion of Vermilion Energy's revenue are generally not disclosed in its public filings. The company's customer base is typically broad and includes, but is not limited to, the following categories of companies:
- Energy Marketing and Trading Companies: These companies purchase crude oil, natural gas, and NGLs for further resale, transportation, or processing. They act as intermediaries in the energy supply chain, facilitating the movement of commodities from producers to end-users.
- Refiners: Companies that process crude oil into refined products such as gasoline, diesel, jet fuel, and other petroleum products.
- Industrial Users and Utilities: Entities that consume natural gas directly for power generation, heating, or as a feedstock in various industrial processes.
Therefore, while Vermilion Energy primarily sells to other companies, the specific names of individual major customer companies with corresponding symbols are not publicly identified as they would be for a company selling specialized products or services, given the liquid and diverse market for crude oil and natural gas.
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Dion Hatcher, President & Chief Executive Officer
Mr. Hatcher was promoted to President and Chief Executive Officer and appointed to the Board of Directors in March 2023, having previously served as President from January 2022. He possesses over 25 years of industry experience, focusing on production and operations engineering, asset management, and business development across Europe and Canada. Mr. Hatcher joined Vermilion in 2006 as an exploitation engineer on the France team. Prior to Vermilion, he held various engineering, operations, exploitation, and project management roles with Chevron Canada Resources.
Lars Glemser, Vice President & Chief Financial Officer
Mr. Glemser has served as Vice President and Chief Financial Officer since April 2018. He brings over 20 years of experience, primarily in the financial area of oil and gas operations. Mr. Glemser joined Vermilion in 2015 as Operations Controller, later transitioning to Investor Relations in 2017, and then Director of Finance in January 2018. His prior experience includes roles at Lightstream Resources Ltd, TriStar Oil & Gas, and Deloitte & Touche.
Terry Hergott, Vice President, Marketing
Mr. Hergott has been the Vice President of Marketing since March 2012.
Averyl Schraven, Vice President, People & Culture
Ms. Schraven holds the title of Vice President, People & Culture and has been with Vermilion as Human Resources Officer since December 2013.
Darcy Kerwin, Vice President, International & HSE
Mr. Kerwin was appointed to the newly created position of Vice President, International & HSE in November 2020, overseeing Vermilion's health, safety, and environment efforts and international operations. He joined Vermilion in 2005 and has worked across the company's Canada, France, Australia, and Ireland business units, previously serving as Vice President, Strategic Planning.
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The key risks to Vermilion Energy (VET) are primarily driven by the inherent volatility of the energy sector and its international operational footprint.
- Commodity Price Volatility: As an oil and natural gas producer, Vermilion Energy's financial performance is highly sensitive to fluctuations in global oil and natural gas prices. Volatility in these commodity prices directly impacts the company's revenues, cash flow, and overall profitability.
- Geopolitical Risks, Government Regulations, and Policy Changes: Vermilion Energy operates in multiple international jurisdictions, including Canada, Europe, and Australia, exposing it to diverse geopolitical tensions, regulatory hurdles, and shifts in government legislation. This includes environmental regulations, climate change policies, and potential for new taxes (such as windfall taxes previously experienced in Europe), all of which can affect operations, increase costs, and impact profitability.
- Increased Operating Costs and Inflationary Pressures: The company faces risks associated with rising operating costs and broader inflationary pressures. These factors can erode profit margins and negatively affect Vermilion's financial results.
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Accelerated global energy transition away from fossil fuels, driven by increasing regulatory pressures (e.g., carbon pricing, emissions mandates, bans on new fossil fuel developments), rapid technological advancements and cost reductions in renewable energy sources (solar, wind, battery storage), and evolving investor and societal preferences towards decarbonization. This directly threatens long-term demand for Vermilion's primary products (oil and natural gas), potentially impacting asset valuations, access to capital, and future development opportunities across its operating jurisdictions.
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Vermilion Energy (symbol: VET) operates primarily in the oil and natural gas sectors across North America, Europe, and Australia. The company's main products include natural gas, light oil, and natural gas liquids.
The addressable markets for their main products and services are sized as follows:
- Global Oil and Gas Market: The overall global oil and gas market was valued at approximately USD 20.3 billion in 2024 and is projected to reach USD 72.6 billion by 2033. Another source indicates the global oil and gas market size was USD 7.97 trillion in 2024, expected to grow to USD 8.33 trillion in 2025. The global oil & gas exploration and production market was valued at USD 4.4 trillion in 2024.
- Global Crude Oil Market: The global crude oil market was valued at USD 751.72 billion in 2024 and is poised to grow to USD 853.5 billion by 2032.
- North America Natural Gas Market: This market was valued at approximately USD 435.26 billion in 2024 and is expected to reach USD 622.63 billion by 2030. North American gas demand is projected to grow from 95 billion cubic feet per day (bcfd) to 125 bcfd by 2035.
- North America Oil Exploration and Production Market: This market was valued at USD 936.21 million in 2024 and is forecasted to reach USD 1,256.85 million by 2031.
- Europe Natural Gas Market: The European gas market was valued at USD 130.31 billion in 2024 and is expected to be worth USD 198.71 billion by 2033.
- Australia Oil and Gas Market: Specific addressable market sizes for oil and gas in Australia were not readily available in the provided information.
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Vermilion Energy (VET) is expected to drive future revenue growth over the next 2-3 years through the following key initiatives: * Increased Production from Core Global Gas Assets: Vermilion is strategically focusing approximately 85% of its capital and production on its global gas portfolio. This includes ramping up a three-rig drilling program in the Deep Basin, bringing on production from liquid-rich gas wells, and expanding Montney infrastructure in North America. Internationally, the company plans significant investments in European natural gas exploration and development, including bringing the Wisselshorst discovery well in Germany online by mid-2026 and preparing for follow-up wells in early 2027. These efforts are projected to result in an average annual production of 118,000 to 122,000 barrels of oil equivalent per day (boe/d) in 2026, with a 70% natural gas weighting. * Enhanced Capital Efficiency and Optimized Operating Costs: The company's strategic asset repositioning has led to a structural improvement in capital efficiency and a reduction in operating costs by 30% compared to 2024. This allows Vermilion to maintain or increase production targets with lower capital expenditure, contributing positively to netbacks and, consequently, revenue. The 2026 capital budget of $600 million to $630 million reflects these improved efficiencies. * Strategic Acquisitions and Asset Repositioning: The acquisition of Westbrick Energy Ltd. in early 2025 is expected to enhance Vermilion's asset base and production capabilities, particularly in the Deep Basin, where additional wells are being drilled. This strategic repositioning, which included the divestment of Saskatchewan and U.S. assets, concentrates the company's efforts on more efficient, longer-duration assets, thereby improving the overall cost structure and potential for sustained revenue generation. * Leveraging Premium European Gas Prices: Vermilion's significant exposure to the European natural gas market, where it realizes natural gas prices approximately seven to nine times the AECO 5A benchmark, provides a strong revenue driver. The company has demonstrated a strategy of optimizing margins by temporarily shutting in gas production during periods of weak pricing, with plans to bring these volumes back online when pricing is more favorable. Further exploration and development in Germany are expected to more than double current European 2P gas reserves, potentially boosting revenue through higher production at these premium prices.AI Analysis | Feedback
Share Repurchases
- Vermilion Energy launched a Normal Course Issuer Bid (NCIB) approved to repurchase up to 15,259,187 common shares, representing approximately 10% of its public float, from July 12, 2025, to July 11, 2026.
- As of June 30, 2025, under its prior NCIB (July 12, 2024, to July 11, 2025), the company repurchased 5,631,463 common shares at a weighted average price of $12.96 per share.
- Since initiating its share buyback program in July 2022, Vermilion has repurchased and retired 16.8 million shares, including 9.1 million shares year-to-date in 2024, reducing the share count by 4.8% to 154.5 million.
Outbound Investments
- Vermilion Energy entered into an agreement to acquire Westbrick Energy Ltd., a privately held oil and gas company, for a total consideration of $1.075 billion, with the acquisition expected to close in Q1 2025. This acquisition added approximately 50,000 boe/d of liquids-rich natural gas production in the Deep Basin.
- The company announced the sale of its U.S. assets for $120 million and its Saskatchewan assets for C$415 million, with these divestments closing in July 2025.
Capital Expenditures
- The updated 2025 capital expenditure budget for exploration and development (E&D) is $730 million to $760 million, with 68% allocated to North America and 32% to International assets, and over 70% of total capital invested in its global gas franchise.
- Vermilion executed a $623 million E&D capital expenditures program in 2024. The initial 2024 capital expenditure budget was between $600 million and $625 million.
- The approved E&D capital budget for 2026 is $600 million to $630 million, with approximately 85% allocated to its global gas portfolio, focusing on drilling and strategic infrastructure investment in the Montney asset, Deep Basin, Germany, and the Netherlands.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.44 |
| Mkt Cap | 17.4 |
| Rev LTM | 13,210 |
| Op Inc LTM | 3,014 |
| FCF LTM | 2,151 |
| FCF 3Y Avg | 1,567 |
| CFO LTM | 5,280 |
| CFO 3Y Avg | 5,282 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.7% |
| Rev Chg 3Y Avg | -8.3% |
| Rev Chg Q | 1.1% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Mgn LTM | 19.1% |
| Op Mgn 3Y Avg | 23.7% |
| QoQ Delta Op Mgn LTM | -1.2% |
| CFO/Rev LTM | 40.4% |
| CFO/Rev 3Y Avg | 40.1% |
| FCF/Rev LTM | 15.9% |
| FCF/Rev 3Y Avg | 17.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 17.4 |
| P/S | 1.3 |
| P/EBIT | 8.2 |
| P/E | 11.0 |
| P/CFO | 3.3 |
| Total Yield | 9.3% |
| Dividend Yield | 2.8% |
| FCF Yield 3Y Avg | 12.8% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.4% |
| 3M Rtn | 13.8% |
| 6M Rtn | 15.3% |
| 12M Rtn | 9.7% |
| 3Y Rtn | -17.4% |
| 1M Excs Rtn | 8.7% |
| 3M Excs Rtn | 10.3% |
| 6M Excs Rtn | 9.6% |
| 12M Excs Rtn | -5.8% |
| 3Y Excs Rtn | -91.6% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single Segment | 2,008 | ||||
| Crude oil and condensate sales | 1,692 | 1,163 | 816 | 1,302 | |
| Natural gas liquids (NGL) sales | 134 | 105 | 43 | 40 | |
| Natural gas sales | 1,651 | 812 | 261 | 348 | |
| Royalties | -306 | -186 | -107 | -164 | |
| Sales of purchased commodities | 245 | 147 | 128 | 221 | |
| Total | 2,008 | 3,415 | 2,041 | 1,141 | 1,747 |
Price Behavior
Price Behavior
| Market Price | $9.44 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 09/10/2010 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $8.62 | $7.55 |
| DMA Trend | up | up |
| Distance from DMA | 9.5% | 25.1% |
| 3M | 1YR | |
| Volatility | 45.1% | 54.5% |
| Downside Capture | -63.49 | 93.74 |
| Upside Capture | 85.44 | 82.17 |
| Correlation (SPY) | 1.1% | 55.1% |
VET Betas & Captures as of 12/31/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.16 | 0.25 | 0.84 | 0.66 | 1.53 | 1.23 |
| Up Beta | 0.33 | 0.05 | 0.26 | 0.02 | 1.68 | 1.41 |
| Down Beta | -1.04 | -0.13 | 1.27 | 1.41 | 2.26 | 1.77 |
| Up Capture | -37% | 103% | 98% | 63% | 70% | 29% |
| Bmk +ve Days | 11 | 23 | 37 | 72 | 143 | 431 |
| Stock +ve Days | 10 | 20 | 31 | 57 | 116 | 363 |
| Down Capture | 155% | -2% | 68% | 43% | 97% | 102% |
| Bmk -ve Days | 11 | 18 | 27 | 55 | 108 | 320 |
| Stock -ve Days | 11 | 20 | 32 | 64 | 126 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VET | |
|---|---|---|---|---|
| VET | -0.2% | 54.4% | 0.19 | - |
| Sector ETF (XLE) | 9.4% | 25.0% | 0.32 | 79.8% |
| Equity (SPY) | 14.7% | 19.3% | 0.58 | 55.1% |
| Gold (GLD) | 84.5% | 20.5% | 2.90 | 12.7% |
| Commodities (DBC) | 9.2% | 15.4% | 0.37 | 68.5% |
| Real Estate (VNQ) | 4.0% | 16.5% | 0.06 | 43.8% |
| Bitcoin (BTCUSD) | -14.0% | 39.8% | -0.29 | 29.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VET | |
|---|---|---|---|---|
| VET | 14.0% | 54.3% | 0.45 | - |
| Sector ETF (XLE) | 22.0% | 26.5% | 0.76 | 78.6% |
| Equity (SPY) | 14.3% | 17.1% | 0.67 | 35.6% |
| Gold (GLD) | 22.1% | 15.7% | 1.14 | 18.6% |
| Commodities (DBC) | 12.0% | 18.7% | 0.52 | 65.0% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.19 | 26.0% |
| Bitcoin (BTCUSD) | 20.0% | 57.9% | 0.55 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VET | |
|---|---|---|---|---|
| VET | -4.3% | 56.9% | 0.17 | - |
| Sector ETF (XLE) | 10.4% | 29.7% | 0.39 | 81.4% |
| Equity (SPY) | 15.8% | 17.9% | 0.76 | 45.4% |
| Gold (GLD) | 16.2% | 14.9% | 0.90 | 8.8% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 63.0% |
| Real Estate (VNQ) | 5.9% | 20.8% | 0.25 | 37.9% |
| Bitcoin (BTCUSD) | 73.4% | 66.6% | 1.12 | 12.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/07/2025 | 6-K |
| 06/30/2025 | 08/08/2025 | 6-K |
| 03/31/2025 | 05/08/2025 | 6-K |
| 12/31/2024 | 03/05/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 03/06/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 03/09/2023 | 40-F |
| 09/30/2022 | 11/10/2022 | 6-K |
| 06/30/2022 | 08/12/2022 | 6-K |
| 03/31/2022 | 05/12/2022 | 6-K |
| 12/31/2021 | 03/07/2022 | 40-F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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