Tearsheet

Vermilion Energy (VET)

Market Price (3/26/2026): $13.22 | Market Cap: $2.0 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Vermilion Energy (VET)

Market Price (3/26/2026): $13.22
Market Cap: $2.0 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%	Weak multi-year price returns 2Y Excs Rtn is -3.6%, 3Y Excs Rtn is -47%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63%
1	Attractive yield FCF Yield is 25%	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -16%
2	Megatrend and thematic drivers Megatrends include Energy Security. Themes include Oil & Gas Production, Natural Gas Supply, and Crude Oil Supply.		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 65%
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34%
4			Key risks VET key risks include [1] geopolitical tensions and [2] adverse regulatory and tax policy changes, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%
1	Attractive yield FCF Yield is 25%
2	Megatrend and thematic drivers Megatrends include Energy Security. Themes include Oil & Gas Production, Natural Gas Supply, and Crude Oil Supply.
3	Weak multi-year price returns 2Y Excs Rtn is -3.6%, 3Y Excs Rtn is -47%
4	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63%
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -16%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 65%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34%
9	Key risks VET key risks include [1] geopolitical tensions and [2] adverse regulatory and tax policy changes, Show more.

Valuation, Metrics & Events

	3/26/26	2025	2024	2023	2022
Share Price CYE	$13.22	$8.34	$9.40	$12.06	$17.70
Market Cap CYE ($ Bil)	2.0	1.3	1.5	2.0	2.9
Total Debt ($ Bil)	1.3	1.3	1.0	0.9	1.1
Total Cash ($ Bil)	0.0	0.0	0.1	0.1	0.0
Enterprise Value ($ Bil)	3.3	2.6	2.5	2.9	4.0
Valuation Ratios
P/S TTM	1.0	0.6	0.8	0.9	0.8
P/EBIT TTM	-11.5	-7.2	53.7	-10.2	1.4
P/E TTM	-3.1	-2.0	-31.2	-8.3	2.2
P/FCF TTM	4.1	2.6	4.2	4.6	2.0
Sector Ratios
P/S TTM (Sector)	1.9	1.4	1.5	1.6	1.3
P/EBIT TTM (Sector)	9.3	6.9	6.6	5.9	3.9
P/E TTM (Sector)	14.0	10.4	10.3	8.2	5.3
P/FCF TTM (Sector)	11.1	8.1	7.1	7.6	5.1

	3/26/26	2025	2024
Share Price CYE	$13.22	$8.34	$9.40
Market Cap CYE ($ Bil)	2.0	1.3	1.5
Total Debt ($ Bil)	1.3	1.3	1.0
Total Cash ($ Bil)	0.0	0.0	0.1
Enterprise Value ($ Bil)	3.3	2.6	2.5
Valuation Ratios
P/S TTM	1.0	0.6	0.8
P/EBIT TTM	-11.5	-7.2	53.7
P/E TTM	-3.1	-2.0	-31.2
P/FCF TTM	4.1	2.6	4.2
Sector Ratios
P/S TTM (Sector)	1.9	1.4	1.5
P/EBIT TTM (Sector)	9.3	6.9	6.6
P/E TTM (Sector)	14.0	10.4	10.3
P/FCF TTM (Sector)	11.1	8.1	7.1

	VET	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	2.0
Rev Chg Q	9.7%	7.3%
Rev Chg LTM	13.3%	6.7%
Rev Chg 3Y Avg	-16.0%	5.7%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.9
Net Inc LTM ($ Bil)	-0.7
Op Mgn LTM	9.2%	18.6%
CFO/Rev LTM	47.6%	20.7%
Net Inc Mgn	-32.9%	12.8%
VALUATION	LOW
P/S	1.0	3.1
P/CFO	2.1	15.0
P/FCF	4.1	19.6
P/E	-3.1	24.0
STABILITY	POOR
Debt/Equity	0.64	0.22
Cash/Assets	0.00	0.07

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Metric	Value	Date	Source
Q4 2025 Production Guidance	119,000 - 121,000 boe/d	12312025	Link
Full Year 2025 Production Guidance	119,500 boe/d	12312025	Link
Full Year 2026 Production Guidance	118,000 - 122,000 boe/d	12312026	Link
2025 Natural Gas Weighting Guidance	65%	12312025	Link
2026 Natural Gas Weighting Guidance	70%	12312026	Link
Q3 2025 Average Production	119,062 boe/d	9302025	Link
2025 Hedged European Gas Production	56%	12312025	Link
2026 Hedged European Gas Production	49%	12312026	Link
Shares Repurchased and Retired Since Program Inception	20 million	11062025	Link
Germany 2P Reserves Discovery (2024)	60 Bcf (net)	12312024	Link
Montney Asset Expected Production (2028)	28,000 boe/d	12312028	Link

Recent
3/04/2026	Earnings Release	Rev: $312 Mil (A) vs. $377 Mil (E) EPS: 0.63 (A) vs. $0.12 (E)
3/13/2026	Dividend	Amount: $0.10 Payment On: 3/31/2026
Upcoming
5/06/2026	Earnings Release	Rev: $375 Mil (E) EPS: $0.23 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Vermilion Energy (VET) stock has gained about 45% since 11/30/2025 because of the following key factors:

1. Robust Financial Performance and Debt Reduction. Vermilion Energy demonstrated strong financial performance, reporting $254 million in fund flows from operations and $108 million in free cash flow for Q3 2025, alongside a substantial reduction of net debt by over $650 million since Q1 2025. This positive trend was reinforced by a Q4 2025 earnings per share (EPS) of $0.63, surpassing the consensus estimate of $0.30 by $0.33.

2. Increased Production and Reserves Driven by Strategic Acquisition. The company's Q4 2025 production grew to 121,308 boe/d, marking a 45% year-over-year increase, predominantly attributed to the acquisition of Westbrick Energy in early 2025. This operational success was further highlighted by a 25% increase in proved developed producing reserves and a 36% increase in total proved plus probable reserves, reaching 592 MMboe.

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Stock Movement Drivers

Fundamental Drivers

The 45.9% change in VET stock from 11/30/2025 to 3/25/2026 was primarily driven by a 42.4% change in the company's P/S Multiple.

(LTM values as of)	11302025	3252026	Change
Stock Price ($)	9.06	13.22	45.9%
Change Contribution By:
Total Revenues ($ Mil)	1,943	1,984	2.1%
P/S Multiple	0.7	1.0	42.4%
Shares Outstanding (Mil)	154	153	0.3%
Cumulative Contribution			45.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/25/2026

	Return	Correlation
VET	45.9%
Market (SPY)	-3.6%	5.5%
Sector (XLE)	35.1%	57.3%

Fundamental Drivers

The 81.1% change in VET stock from 8/31/2025 to 3/25/2026 was primarily driven by a 70.4% change in the company's P/S Multiple.

(LTM values as of)	8312025	3252026	Change
Stock Price ($)	7.30	13.22	81.1%
Change Contribution By:
Total Revenues ($ Mil)	1,881	1,984	5.5%
P/S Multiple	0.6	1.0	70.4%
Shares Outstanding (Mil)	154	153	0.7%
Cumulative Contribution			81.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/25/2026

	Return	Correlation
VET	81.1%
Market (SPY)	2.4%	10.8%
Sector (XLE)	36.3%	64.7%

Fundamental Drivers

The 64.7% change in VET stock from 2/28/2025 to 3/25/2026 was primarily driven by a 53.6% change in the company's P/S Multiple.

(LTM values as of)	2282025	3252026	Change
Stock Price ($)	8.02	13.22	64.7%
Change Contribution By:
Total Revenues ($ Mil)	1,892	1,984	4.9%
P/S Multiple	0.7	1.0	53.6%
Shares Outstanding (Mil)	157	153	2.2%
Cumulative Contribution			64.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/25/2026

	Return	Correlation
VET	64.7%
Market (SPY)	11.8%	50.5%
Sector (XLE)	37.6%	77.6%

Fundamental Drivers

The 10.7% change in VET stock from 2/28/2023 to 3/25/2026 was primarily driven by a 89.3% change in the company's P/S Multiple.

(LTM values as of)	2282023	3252026	Change
Stock Price ($)	11.95	13.22	10.7%
Change Contribution By:
Total Revenues ($ Mil)	3,632	1,984	-45.4%
P/S Multiple	0.5	1.0	89.3%
Shares Outstanding (Mil)	164	153	7.0%
Cumulative Contribution			10.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/25/2026

	Return	Correlation
VET	10.7%
Market (SPY)	72.4%	39.9%
Sector (XLE)	60.2%	75.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
VET Return	183%	42%	-30%	-19%	-7%	62%	240%
Peers Return	129%	55%	-4%	-13%	11%	42%	369%
S&P 500 Return	27%	-19%	24%	23%	16%	-4%	75%
Monthly Win Rates [3]
VET Win Rate	67%	58%	33%	33%	42%	100%
Peers Win Rate	73%	60%	43%	37%	62%	93%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
VET Max Drawdown	-2%	-0%	-38%	-26%	-42%	-6%
Peers Max Drawdown	-2%	0%	-23%	-19%	-24%	-7%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[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 3/25/2026 (YTD)

How Low Can It Go

Unique Key	Event	VET	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-63.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	170.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-89.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	880.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	695 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-69.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	228.3%	24.7%
2018 CorrectionTime to Breakeven	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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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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Vermilion Energy (VET) is like:

A global oil and gas explorer and producer, similar to a smaller BP or Chevron.
An ExxonMobil or Shell that specializes purely in finding and extracting oil and gas, with operations spanning North America, Europe, and Australia.

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Crude Oil: Production and sale of light and medium crude oil extracted from various onshore and offshore fields.
Natural Gas: Production and sale of conventional natural gas from its wells and fields across different regions.

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Major Customers of Vermilion Energy (VET)

Vermilion Energy Inc. is an upstream oil and natural gas exploration and production company. As such, it produces crude oil and natural gas, which are raw commodities.

Vermilion Energy's major customers are typically other companies within the energy sector, rather than individual consumers. These customers generally include:

Midstream companies: Companies that process, store, and transport crude oil and natural gas via pipelines, rail, or tankers.
Refineries: Facilities that purchase crude oil to process it into refined products such as gasoline, diesel, jet fuel, and petrochemical feedstocks.
Utility companies and large industrial consumers: Companies that purchase natural gas for power generation or industrial processes.
Energy trading houses: Firms that buy and sell crude oil and natural gas commodities on behalf of other companies or for speculative purposes.

Specific names of major customer companies are generally not publicly disclosed by Vermilion Energy in standard company descriptions, as these are typically large, industrial-scale transactions rather than direct sales to retail entities.

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Dion Hatcher President & Chief Executive Officer

Dion Hatcher has over 25 years of industry experience, focusing on production and operations engineering, asset management, and business development across Europe and Canada. He joined Vermilion in 2006 as an exploitation engineer for the France team. Mr. Hatcher progressed through various leadership roles within the company, including France Exploitation Manager, Director Alberta Foothills, Vice President Canada Business Unit, and Vice President North America, before being promoted to President and Chief Executive Officer in March 2023. Prior to joining Vermilion, he held engineering, operations, exploitation, and project management positions with Chevron Canada Resources.

Lars Glemser Vice President & Chief Financial Officer

Lars Glemser brings over 20 years of experience, primarily in the financial area of oil and gas operations. He joined Vermilion in 2015 as Operations Controller. Mr. Glemser subsequently held roles in Investor Relations and as Director of Finance before his appointment as Vice President & Chief Financial Officer in April 2018. Before his tenure at Vermilion, he held positions at Lightstream Resources Ltd, TriStar Oil & Gas, and Deloitte & Touche.

Darcy Kerwin Vice President, International & HSE

Darcy Kerwin has been with Vermilion Energy since 2005. His experience at the company spans various business units, including Canada, France, Australia, and Ireland. Before assuming his current role, he served as Vice President, Strategic Planning.

Randy McQuaig Vice President, North America

Randy McQuaig serves as the Vice President for North America. No further detailed background information is available in the provided sources.

Geoff MacDonald Vice President, Geosciences

Geoff MacDonald holds the position of Vice President, Geosciences. No further detailed background information is available in the provided sources.

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1. Commodity Price Volatility: Vermilion Energy's revenue and profitability are highly dependent on the global prices of crude oil and natural gas. Fluctuations in these commodity prices, driven by supply and demand imbalances, geopolitical events, global economic conditions, and decisions by major oil-producing nations, can significantly impact the company's financial performance, cash flow, and investment decisions.

2. Regulatory and Environmental Risks: Operating across North America, Europe, and Australia, Vermilion is exposed to a diverse and evolving landscape of environmental regulations, climate change policies, and carbon pricing mechanisms. Particularly in Europe, stringent regulations and increasing societal pressure for energy transition could lead to higher operating costs, delays in project approvals, limitations on exploration and development activities, and potential asset impairments.

3. Geopolitical and Operational Risks Associated with International Operations: Vermilion's extensive international footprint, including operations in various European countries (France, Netherlands, Germany, Croatia, Hungary, Slovakia, Ireland), North America, and Australia, exposes it to a range of geopolitical and operational risks. These include political instability, changes in government policy, regulatory and fiscal regime alterations, expropriation risks, currency fluctuations, and challenges in securing social license to operate in diverse communities.

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The rapid acceleration of the global energy transition, driven by significant advancements and widespread adoption of renewable energy technologies (such as solar and wind power, coupled with increasingly efficient and affordable battery storage solutions) and electric vehicles, poses an emerging threat. This could lead to a precipitous decline in demand for crude oil and natural gas, potentially rendering Vermilion Energy's fossil fuel assets economically unviable or significantly devalued much sooner than currently projected.

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Vermilion Energy Inc. primarily operates in the acquisition, exploration, development, and production of petroleum (crude oil) and natural gas. The addressable markets for these main products are substantial across the regions where the company has a presence.

Crude Oil Market

Global: The global crude oil market was valued at approximately USD 763.75 billion in 2025 and is projected to reach USD 867.16 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 1.6% from 2026 to 2033. Global oil demand is estimated at 103.8 million barrels per day (mb/d) in 2025 and is forecast to increase to 104.5 mb/d in 2026. The world produced roughly 106 million barrels of oil per day in 2025.
North America: North America stands as the world's largest oil-producing region, accounting for 29.9% of global output in 2025, with an average production of 31.8 million barrels per day. The North America Oil Exploration and Production market size was USD 936.21 million in 2024 and is forecasted to reach USD 1,256.85 million by 2031, growing at a CAGR of 4.30% from 2024 to 2031. U.S. crude oil production is projected to be around 13.5 million metric tons per day in 2025.
Europe: Europe (excluding Russia) accounted for less than 4% of total global oil production in 2025, representing the smallest regional share.
Australia: The Australia oil and gas market (combined) reached USD 432.1 million in 2025 and is projected to grow to USD 736.8 million by 2034, with a CAGR of 5.93% during 2026–2034. More specifically for crude oil, the Australia Crude Oil Market size is anticipated to expand at a CAGR of 3.31% during 2025-2031. The market volume for Australia's oil and gas reached 159.66 thousand barrels in 2025.

Natural Gas Market

Global: The global natural gas market was valued at USD 1.30 trillion in 2025 and is poised to grow to USD 2.30 trillion by 2033, at a CAGR of 7.4% during the forecast period (2026–2033). Another estimate indicates the global natural gas market size grew from USD 1,478.66 billion in 2025 to USD 1,591.93 billion in 2026, at a CAGR of 7.7%. Global natural gas production reached 3,506 billion cubic meters for the first ten months of 2025.
North America: The North America natural gas market generated a revenue of USD 505.7 million in 2025 and is expected to grow at a CAGR of 4.4% from 2026 to 2033, reaching USD 710.3 million by 2033. The U.S. Natural Gas Market is projected to grow from an estimated USD 473.4 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 3.5% until 2032. The U.S. consumed 91.6 billion cubic feet per day (Bcf/d) of natural gas in 2025.
Europe: The Europe natural gas market was valued at USD 104.83 billion in 2025, is estimated to reach USD 108.16 billion in 2026, and is projected to reach USD 138.85 billion by 2034, growing at a CAGR of 3.17% during the forecast period. European gas requirements were forecast to be just under 449 Bcm in 2025. EU gas use reached approximately 335 billion cubic meters (bcm) in 2025, with a projected stabilization in 2026 to 337–340 bcm.
Australia: The Australia natural gas market size reached USD 34.46 billion in 2025 and is projected to reach USD 73.82 billion by 2034, growing at a compound annual growth rate of 8.83% from 2026 to 2034.

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Vermilion Energy (VET) is expected to drive future revenue growth over the next two to three years through several key strategies and market advantages:

Increased Production Volumes from Strategic Assets: Vermilion Energy anticipates higher production volumes, particularly from its North American and European assets. The company projects Q1 2026 production to average between 122,000 and 124,000 boe/d, with full-year 2026 production guidance set at 118,000 to 122,000 boe/d, with approximately 70% natural gas. This growth is partly fueled by a significant drilling program in the Deep Basin, targeting liquids-rich gas wells, and the ramp-up of Montney production in Canada. Investments in German deep gas projects and infrastructure in the Montney and Deep Basin are key capital allocation areas for 2026.
Favorable European Natural Gas Prices and Hedging Strategy: The company benefits from strong realized European natural gas prices, supported by its exposure to the European market and a sophisticated hedging program. For instance, in Q4 2025, Vermilion realized an average natural gas price of Cdn$5.50 per mcf after hedging, which was more than double the AECO benchmark. This diversified asset mix and focus on natural gas allows for attractive European gas hedging, mitigating geopolitical and price volatility.
Impact of Strategic Acquisitions: The acquisition of Westbrick Energy in early 2025 significantly bolstered Vermilion's production capabilities, adding approximately 50,000 boe/d of liquids-rich gas and establishing a dominant position in the Deep Basin of Alberta. The successful integration and development of such acquisitions are expected to continue to enhance production and improve overall cash flow and cost structures.
Enhanced Operational Efficiencies and Cost Management: Vermilion Energy has demonstrated a commitment to improving its operational efficiencies, resulting in some of the lowest unit operating costs in over a decade. The 2026 budget includes a targeted 30% improvement in capital and operating efficiencies, reflecting the benefits of its repositioned global gas portfolio. These improvements are crucial for boosting profitability and allowing for more capital to be reinvested in growth initiatives.

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Share Repurchases

Vermilion Energy received approval for a Normal Course Issuer Bid (NCIB) to repurchase up to 15,259,187 common shares, approximately 10% of its public float, from July 12, 2025, to July 11, 2026.
In 2025, the company returned $116 million to shareholders, which included the repurchase and cancellation of 3.1 million shares under its NCIB.
During 2024, Vermilion repurchased and retired 9.1 million shares, reducing the share count by 4.8% to 154.5 million as of year-to-date.
In 2023, Vermilion returned $160 million to shareholders, with $95 million allocated to share buybacks.

Share Issuance

Information regarding significant share issuances (dollar amount) was not explicitly detailed within the provided search results for the specified timeframe.

Outbound Investments

In December 2024, Vermilion announced the acquisition of Westbrick Energy Ltd., a privately held oil and gas company, for $1.075 billion, which closed in Q1 2025. This acquisition added approximately 50,000 boe/d of production and 1.1 million acres of land.
In Q3 2025, Vermilion announced the sale of its United States oil and gas assets for $120 million in cash, as part of a strategy to focus on core operations in Canada and Europe.
In 2022, Vermilion funded over $500 million in strategic acquisitions, including the acquisition of Leucrotta Energy for $382 million in March 2022.

Capital Expenditures

For 2026, capital expenditures are projected to be approximately C$615 million to $630 million, with a primary focus on global gas assets (around 85%) and factoring in planned maintenance in Europe.
In 2025, Vermilion fully funded $635 million in exploration and development (E&D) capital expenditures. The initial budget was $600 million to $625 million, allocated across major business units, including drilling and infrastructure in BC Montney and European gas exploration.
The 2024 capital expenditure budget was between $600 million and $625 million, with increased investment in the BC Montney asset and key growth projects in Germany and Croatia.
In 2023, E&D capital expenditures totaled $590 million, with a focus on consistent investment in North America and increased allocation to continental European gas drilling.

Interactive Breakdown

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COP (-7.8%)

ConocoPhillips

EOG (-8.0%)

EOG Resources

OXY (-14.5%)

Occidental Petroleum

Higher Op Mgn LTM (Value for VET: 9.2%)

FANG (32.9%)

Diamondback Energy

EOG (32.1%)

EOG Resources

COP (19.2%)

ConocoPhillips

CNQ (18.6%)

Canadian Natural Resources

OXY (17.2%)

Occidental Petroleum

Higher CFO/Rev LTM (Value for VET: 47.6%)

TPL (68.4%)

Texas Pacific Land

EQT (61.4%)

EQT

FANG (58.7%)

Diamondback Energy

CTRA (52.6%)

Coterra Energy

OXY (48.8%)

Occidental Petroleum

Higher FCF/Rev LTM (Value for VET: 25.2%)

TALO (52.6%)

Talos Energy

EQT (34.0%)

EQT

MGY (31.2%)

Magnolia Oil & Gas

SD (26.2%)

SandRidge Energy

CRC (25.5%)

California Resources

Higher Total Yield (Value for VET: -30.4%)

CNQ (15.3%)

Canadian Natural Resources

EOG (9.3%)

EOG Resources

COP (7.5%)

ConocoPhillips

FANG (5.0%)

Diamondback Energy

OXY (3.8%)

Occidental Petroleum

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for VET: -16.0% | 1.0x)

PSX (-7.9% | 0.6x)

Phillips 66

MPC (-9.1% | 0.5x)

Marathon Petroleum

VLO (-11.2% | 0.6x)

Valero Energy

CVE (-8.3% | 0.9x)

Cenovus Energy

DINO (-11.0% | 0.4x)

HF Sinclair

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VET: -16.0% | 11.1x)

ENB (8.8% | 10.3x)

Enbridge

SU (-5.5% | 9.7x)

Suncor Energy

EOG (-8.0% | 10.6x)

EOG Resources

TRP (7.4% | 9.9x)

TC Energy

LNG (-11.6% | 6.7x)

Cheniere Energy

Higher Rev Chg LTM (Value for VET: 13.3%)

OKE (55.0%)

ONEOK

FANG (35.4%)

Diamondback Energy

LNG (27.2%)

Cheniere Energy

ENB (21.9%)

Enbridge

WMB (13.8%)

Williams Companies

Higher Rev Chg 3Y Avg (Value for VET: -16.0%)

ENB (8.8%)

Enbridge

CNQ (-3.2%)

Canadian Natural Resources

XOM (-6.4%)

Exxon Mobil

CVX (-7.6%)

Chevron

COP (-7.8%)

ConocoPhillips

Higher Op Mgn LTM (Value for VET: 9.2%)

WMB (36.9%)

Williams Companies

COP (19.2%)

ConocoPhillips

CNQ (18.6%)

Canadian Natural Resources

ENB (17.7%)

Enbridge

XOM (10.5%)

Exxon Mobil

Higher CFO/Rev LTM (Value for VET: 47.6%)

EQT (61.4%)

EQT

FANG (58.7%)

Diamondback Energy

WMB (49.4%)

Williams Companies

OXY (48.8%)

Occidental Petroleum

TRP (48.2%)

TC Energy

Higher FCF/Rev LTM (Value for VET: 25.2%)

AM (61.2%)

Antero Midstream

DTM (35.5%)

DT Midstream

EQT (34.0%)

EQT

PBA (32.2%)

Pembina Pipeline

CCJ (30.9%)

Cameco

Higher Total Yield (Value for VET: -30.4%)

CNQ (15.3%)

Canadian Natural Resources

ENB (13.2%)

Enbridge

COP (7.5%)

ConocoPhillips

XOM (6.7%)

Exxon Mobil

CVX (6.1%)

Chevron

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VET: -16.0% | 1.0x)

UNH (11.4% | 0.5x)

UnitedHealth

MCK (13.3% | 0.3x)

McKesson

CMCSA (0.6% | 0.8x)

Comcast

CVS (7.7% | 0.2x)

CVS Health

FDX (-1.4% | 0.9x)

FedEx

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VET: -16.0% | 11.1x)

VZ (0.3% | 7.3x)

Verizon Communications

T (1.3% | 8.2x)

AT&T

PFE (-12.0% | 8.9x)

Pfizer

BUD (0.9% | 8.7x)

Anheuser-Busch InBev SA/NV

BMY (1.5% | 8.7x)

Bristol-Myers Squibb

Higher Rev Chg LTM (Value for VET: 13.3%)

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

META (22.2%)

Meta Platforms

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

Higher Rev Chg 3Y Avg (Value for VET: -16.0%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for VET: 9.2%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for VET: 47.6%)

V (59.1%)

Visa

META (57.6%)

Meta Platforms

MA (53.8%)

Mastercard

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

Higher FCF/Rev LTM (Value for VET: 25.2%)

V (55.4%)

Visa

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

Higher Total Yield (Value for VET: -30.4%)

MSFT (5.2%)

Microsoft

GOOGL (4.0%)

Alphabet

AAPL (3.6%)

Apple

AMZN (3.4%)

Amazon.com

NVDA (2.8%)

NVIDIA

Best Bets in Energy

What You Pay

P/EBIT (Value for VET: -11.5x)

AM (14.9x)

Antero Midstream

HESM (5.0x)

Hess Midstream

DTM (18.2x)

DT Midstream

INSW (9.9x)

International Seaways

WHD (12.7x)

Cactus

CRC (9.3x)

California Resources

EQT (12.4x)

EQT

CTRA (10.8x)

Coterra Energy

LNG (6.6x)

Cheniere Energy

WMB (17.8x)

Williams Companies

P/E (Value for VET: -3.1x)

AM (27.2x)

Antero Midstream

HESM (14.6x)

Hess Midstream

DTM (31.4x)

DT Midstream

INSW (11.2x)

International Seaways

WHD (20.2x)

Cactus

CRC (15.6x)

California Resources

EQT (20.8x)

EQT

CTRA (15.6x)

Coterra Energy

LNG (11.4x)

Cheniere Energy

WMB (34.4x)

Williams Companies

What You Get

Rev Chg 3Y Avg (Value for VET: -16.0%)

AM (8.4%)

Antero Midstream

HESM (8.3%)

Hess Midstream

DTM (11.1%)

DT Midstream

INSW (0.5%)

International Seaways

WHD (19.3%)

Cactus

CRC (2.3%)

California Resources

EQT (1.6%)

EQT

CTRA (-0.8%)

Coterra Energy

LNG (-11.6%)

Cheniere Energy

WMB (3.2%)

Williams Companies

Rev Chg LTM (Value for VET: 13.3%)

AM (7.0%)

Antero Midstream

HESM (8.4%)

Hess Midstream

DTM (26.7%)

DT Midstream

INSW (-11.4%)

International Seaways

WHD (-4.5%)

Cactus

CRC (15.4%)

California Resources

EQT (60.0%)

EQT

CTRA (40.1%)

Coterra Energy

LNG (27.2%)

Cheniere Energy

WMB (13.8%)

Williams Companies

Rev Chg Q (Value for VET: 9.7%)

AM (3.1%)

Antero Midstream

HESM (2.1%)

Hess Midstream

DTM (27.3%)

DT Midstream

INSW (37.6%)

International Seaways

WHD (-4.0%)

Cactus

CRC (-13.8%)

California Resources

EQT (25.8%)

EQT

CTRA (40.4%)

Coterra Energy

LNG (22.9%)

Cheniere Energy

WMB (16.6%)

Williams Companies

FCF/Rev 3Y Avg (Value for VET: 21.6%)

AM (55.3%)

Antero Midstream

HESM (45.1%)

Hess Midstream

DTM (26.8%)

DT Midstream

INSW (25.7%)

International Seaways

WHD (24.0%)

Cactus

CRC (23.2%)

California Resources

EQT (22.6%)

EQT

CTRA (22.2%)

Coterra Energy

LNG (21.1%)

Cheniere Energy

WMB (20.1%)

Williams Companies

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

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Trade Ideas

Select ideas related to VET.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	82.3%	82.3%	-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	NOV	NOV	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	23.6%	23.6%	-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	RIG	Transocean	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	56.9%	56.9%	-7.0%
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	31.6%	31.6%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	41.7%	41.7%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SRPT	Sarepta Therapeutics	2.4	35.0%	10.5%
BRZE	Braze	2.3	19.9%	-37.0%
CORT	Corcept Therapeutics	4.2	19.7%	16.3%
LWLG	Lightwave Logic	1.1	16.9%	165.1%
FLY	Firefly Aerospace	2.6	16.0%	23.1%
SMMT	Summit Therapeutics	13.3	15.4%	2.6%
LUNR	Intuitive Machines	2.4	14.7%	26.6%
ELVN	Enliven Therapeutics	2.2	14.1%	130.7%
JBLU	JetBlue Airways	1.8	13.4%	4.4%
CHWY	Chewy	11.0	13.3%	-19.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MAZE	Maze Therapeutics	1.5	-35.2%	-23.4%
TASK	TaskUs	0.6	-34.1%	-42.1%
ADMA	ADMA Biologics	2.3	-15.0%	-47.2%
DAVE	Dave	2.4	-12.3%	-18.2%
FRMI	Fermi	3.9	-10.7%	-16.8%
NTGR	Netgear	0.6	-8.5%	-8.7%
DKNG	DraftKings	10.6	-8.1%	-37.8%
SEZL	Sezzle	2.3	-7.8%	8.4%
FOUR	Shift4 Payments	3.3	-6.9%	-22.4%
WGO	Winnebago Industries	0.9	-6.9%	-18.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PL	Planet Labs PBC	10.9	42.6%	79.4%
SRPT	Sarepta Therapeutics	2.4	38.5%	10.5%
AXTI	AXT	3.0	38.1%	311.9%
ELVN	Enliven Therapeutics	2.2	30.4%	130.7%
GTN-A	Gray Media	1.3	30.2%	15.9%
LWLG	Lightwave Logic	1.1	28.8%	165.1%
AAOI	Applied Optoelectronics	7.2	23.5%	228.2%
DELL	Dell Technologies	123.5	23.3%	46.8%
INDI	Indie Semiconductor	0.6	22.5%	-10.5%
FN	Fabrinet	21.9	22.3%	34.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PIPR	Piper Sandler Cos	1.2	-74.8%	-10.6%
TASK	TaskUs	0.6	-36.8%	-42.1%
ADMA	ADMA Biologics	2.3	-35.2%	-47.2%
MAZE	Maze Therapeutics	1.5	-34.5%	-23.4%
AEBI	Aebi Schmidt	0.7	-25.3%	-24.1%
CSIQ	Canadian Solar	1.0	-22.7%	-39.8%
CRCL	Circle Internet	23.9	-21.8%	31.0%
YEXT	Yext	0.5	-21.8%	-45.7%
SMCI	Super Micro Computer	14.4	-20.8%	-17.8%
TMC	TMC The Metals	1.9	-20.5%	-25.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LWLG	Lightwave Logic	1.1	114.2%	165.1%
AAOI	Applied Optoelectronics	7.2	103.3%	228.2%
AXTI	AXT	3.0	92.0%	311.9%
SOC	Sable Offshore	1.8	89.2%	96.1%
VG	Venture Global	40.7	79.0%	145.4%
DAWN	Day One Biopharmaceuticals	2.2	77.8%	129.3%
BW	Babcock & Wilcox Enterprises	1.6	70.3%	146.5%
CRCL	Circle Internet	23.9	69.2%	31.0%
FSLY	Fastly	4.4	68.6%	192.6%
AMPX	Amprius Technologies	2.3	66.0%	127.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MNKD	MannKind	0.7	-58.8%	-59.8%
EOSE	Eos Energy Enterprises	1.4	-55.6%	-55.5%
VITL	Vital Farms	0.6	-47.4%	-57.6%
OLMA	Olema Pharmaceuticals	1.2	-42.6%	-43.3%
ADMA	ADMA Biologics	2.3	-38.0%	-47.2%
FWRD	Forward Air	0.5	-37.2%	-33.6%
ERII	Energy Recovery	0.5	-36.9%	-24.8%
EL	Estee Lauder Companies	26.5	-36.6%	-30.0%
CWH	Camping World	0.4	-35.7%	-28.3%
TPB	Turning Point Brands	1.6	-35.4%	-18.4%

Peer Comparisons

Peers to compare with:

Financials

	VET	CNQ	CVE	OVV	DVN	MUR	Median
Name	Vermilio.	Canadian.	Cenovus .	Ovintiv	Devon En.	Murphy O.
Mkt Price	13.22	49.18	25.93	60.14	50.41	39.97	44.58
Mkt Cap	2.0	102.4	47.2	15.2	31.3	5.7	23.2
Rev LTM	1,984	44,167	54,278	8,908	17,188	2,690	13,048
Op Inc LTM	183	8,226	4,627	2,064	3,856	426	2,960
FCF LTM	499	8,379	3,321	1,505	2,797	198	2,151
FCF 3Y Avg	426	7,976	3,544	1,449	1,514	555	1,481
CFO LTM	944	15,106	8,228	3,652	6,711	1,248	5,182
CFO 3Y Avg	979	13,615	8,284	3,847	6,618	1,575	5,232

Growth & Margins

	VET	CNQ	CVE	OVV	DVN	MUR	Median
Name	Vermilio.	Canadian.	Cenovus .	Ovintiv	Devon En.	Murphy O.
Rev Chg LTM	13.3%	6.4%	-8.5%	-2.7%	7.8%	-10.9%	1.9%
Rev Chg 3Y Avg	-16.0%	-3.2%	-8.3%	-10.4%	-2.7%	-13.9%	-9.4%
Rev Chg Q	9.7%	-3.2%	-14.3%	-1.9%	-6.4%	-8.4%	-4.8%
QoQ Delta Rev Chg LTM	2.1%	-0.8%	-4.1%	-0.5%	-1.6%	-2.1%	-1.2%
Op Mgn LTM	9.2%	18.6%	8.5%	23.2%	22.4%	15.9%	17.2%
Op Mgn 3Y Avg	11.6%	22.6%	9.0%	24.0%	27.0%	23.3%	22.9%
QoQ Delta Op Mgn LTM	-4.6%	-1.6%	0.9%	0.0%	-0.4%	-2.0%	-1.0%
CFO/Rev LTM	47.6%	34.2%	15.2%	41.0%	39.0%	46.4%	40.0%
CFO/Rev 3Y Avg	49.8%	32.2%	14.6%	40.0%	41.1%	51.5%	40.5%
FCF/Rev LTM	25.2%	19.0%	6.1%	16.9%	16.3%	7.4%	16.6%
FCF/Rev 3Y Avg	21.6%	18.9%	6.2%	15.2%	9.3%	17.8%	16.5%

Valuation

	VET	CNQ	CVE	OVV	DVN	MUR	Median
Name	Vermilio.	Canadian.	Cenovus .	Ovintiv	Devon En.	Murphy O.
Mkt Cap	2.0	102.4	47.2	15.2	31.3	5.7	23.2
P/S	1.0	2.3	0.9	1.7	1.8	2.1	1.8
P/EBIT	-11.5	7.3	9.2	13.3	7.9	20.5	8.5
P/E	-3.1	9.5	12.0	12.3	11.8	54.7	11.9
P/CFO	2.1	6.8	5.7	4.2	4.7	4.6	4.6
Total Yield	-30.4%	15.3%	9.0%	10.2%	10.4%	5.1%	9.6%
Dividend Yield	1.9%	4.8%	0.7%	2.0%	2.0%	3.3%	2.0%
FCF Yield 3Y Avg	28.3%	11.6%	12.0%	13.5%	5.8%	11.0%	11.8%
D/E	0.6	0.2	0.3	0.4	0.3	0.4	0.3
Net D/E	0.6	0.2	0.2	0.4	0.2	0.3	0.3

Returns

	VET	CNQ	CVE	OVV	DVN	MUR	Median
Name	Vermilio.	Canadian.	Cenovus .	Ovintiv	Devon En.	Murphy O.
1M Rtn	26.0%	17.2%	16.0%	19.0%	16.0%	21.2%	18.1%
3M Rtn	62.1%	50.5%	56.3%	58.9%	40.0%	28.4%	53.4%
6M Rtn	65.5%	53.4%	48.0%	42.4%	44.8%	40.8%	46.4%
12M Rtn	68.9%	65.9%	87.1%	41.1%	39.9%	51.5%	58.7%
3Y Rtn	19.8%	120.6%	84.0%	92.5%	20.7%	29.9%	56.9%
1M Excs Rtn	31.8%	21.4%	21.7%	25.6%	21.9%	31.7%	23.7%
3M Excs Rtn	67.4%	58.2%	61.1%	64.3%	43.8%	32.1%	59.6%
6M Excs Rtn	71.1%	57.9%	53.5%	47.1%	49.4%	47.1%	51.4%
12M Excs Rtn	55.4%	54.0%	74.2%	30.1%	26.2%	40.5%	47.2%
3Y Excs Rtn	-46.7%	54.0%	10.4%	24.7%	-46.3%	-37.1%	-13.4%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	3/4/2026	3/4/2026	3/5/2025	3/6/2024	3/9/2023	3/7/2022	3/8/2021
Key Financials
Total Revenue	1,984	1,884	1,639	2,200	3,721	2,227	1,247
EBITDA	567	551	698	520	2,711	2,027	-1,222
Operating Income	183	168	187	314	1,865	694	-191
Net Income	-654	-654	-47	-238	1,313	1,149	-1,517
EPS	-4.24	-4.25	-0.30	-1.45	8.03	7.13	-9.61
Growth Rates
Total Revenue Growth	13.3%	14.9%	-25.5%	-40.9%	67.1%	78.5%	-34.7%
EBITDA Growth	-20.3%	-21.0%	34.3%	-80.8%	33.8%	265.9%	-236.1%
Operating Income Growth	-8.7%	-10.4%	-40.5%	-83.1%	168.8%	462.3%	-204.9%
Net Income Growth	-1298.4%	-1298.4%	80.3%	-118.1%	14.3%	175.7%	-4726.4%
Margins
EBITDA Margin	28.5%	29.3%	42.6%	23.6%	72.9%	91.0%	-98.0%
Operating Income Margin	9.2%	8.9%	11.4%	14.3%	50.1%	31.2%	-15.4%
Net Income Margin	-32.9%	-34.7%	-2.9%	-10.8%	35.3%	51.6%	-121.6%
Cash & Debt
Total Cash	19	19	132	141	14	6	7
Total Debt	1,293	1,293	1,018	947	1,133	1,712	2,010
Net Debt / (Cash)	1,274	1,274	887	806	1,119	1,706	2,003
Cash Flows
Net Cash from Operations	944	944	968	1,025	1,814	834	500
Free Cash from Operations	499	309	345	292	1,262	460	133
Returns to Shareholders
Dividends	98	98	73	62	33	-0	118
Share Repurchases	36	36	141	95	72	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	3/4/2026	11/7/2025	8/8/2025	5/8/2025	3/5/2025	11/7/2024	8/1/2024	5/2/2024	3/6/2024	11/2/2023	8/3/2023	5/4/2023
Key Financials Quarterly
Total Revenue	462	465	472	585	421	403	381	546	561	527	510	602
Ebitda	-251	230	349	237	101	254	103	252	-633	239	356	558
Operating Income	-4	31	44	112	83	38	18	62	32	101	68	114
Net Income	-438	3	-233	15	-18	52	-82	2	-803	57	128	380
EPS	-2.85	0.02	-1.51	0.10	-0.12	0.33	-0.52	0.01	-4.90	0.35	0.78	2.34
Key Financials TTM
Total Revenue TTM	1,984	1,943	1,881	1,790	1,752	1,892	2,016	2,144	2,200	2,531	3,052	3,465
Ebitda TTM	567	918	942	696	710	-24	-38	214	520	2,209	2,536	2,839
Operating Income TTM	183	269	275	250	200	150	213	262	314	691	1,162	1,557
Net Income TTM	-654	-234	-185	-34	-47	-832	-826	-616	-238	961	1,175	1,409
Growth Rates Quarterly
Total Revenue Growth	9.7%	15.4%	23.9%	7.1%	-24.9%	-23.6%	-25.2%	-9.2%	-37.1%	-49.7%	-44.7%	-29.9%
EBITDA Growth	-348.8%	-9.4%	238.1%	-5.9%	115.9%	6.1%	-70.9%	-54.8%	-159.9%	-57.7%	-46.1%	29.9%
Operating Income Growth	-104.3%	-18.0%	139.4%	81.3%	155.6%	-62.6%	-73.1%	-45.9%	-92.1%	-82.4%	-85.4%	-73.0%
Net Income Growth	-2289.5%	-95.1%	-183.2%	548.7%	97.7%	-9.8%	-164.4%	-99.4%	-303.1%	-78.9%	-64.7%	33.9%
Margins Quarterly
EBITDA Margin	-54.2%	49.6%	74.0%	40.6%	23.9%	63.1%	27.1%	46.2%	-112.8%	45.5%	69.8%	92.7%
Operating Income Margin	-0.8%	6.6%	9.2%	19.1%	19.6%	9.3%	4.8%	11.3%	5.7%	19.1%	13.3%	18.9%
Net Income Margin	-94.6%	0.6%	-49.4%	2.6%	-4.3%	12.8%	-21.6%	0.4%	-143.1%	10.9%	25.1%	63.2%
Cash & Debt
Total Cash	19	46	69	24	132	191	268	255	141	0	51	100
Total Debt	1,293	1,315	2,004	1,931	1,018	1,025	1,009	962	947	1,003	955	980
Net Debt / (Cash)	1,274	1,269	1,935	1,907	887	834	741	708	806	1,003	904	880
Cash Flows Quarterly
FCF from Operations	133	389	140	280	213	135	266	354	344	118	174	389
Cash Flows TTM
FCF from Operations TTM	944	1,023	768	894	968	1,099	1,083	990	1,025	1,176	1,505	1,862
Returns to Shareholders Quarterly
Dividends	40	20	20	19	19	19	19	16	16	16	16	13
Share Repurchases	7	6	6	17	18	40	47	36	29	12	24	30
Return on Invested Capital (ROIC) Quarterly
ROIC	-0.2%	2.2%	1.7%	3.9%	1.4%	2.3%	1.5%	0.2%	2.2%	6.4%	3.7%	8.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.3%	3.6%	4.1%	3.5%	4.0%	3.0%	4.2%	5.3%	5.3%	8.3%	14.2%	19.2%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	1,546	2,008
Crude oil and condensate sales			1,692	1,163	816
Natural gas liquids (NGL) sales			134	105	43
Natural gas sales			1,651	812	261
Royalties			-306	-186	-107
Sales of purchased commodities			245	147	128
Total	1,546	2,008	3,415	2,041	1,141

Price Behavior

Price Behavior

Market Price	$13.22
Market Cap ($ Bil)	2.0
First Trading Date	09/10/2010
Distance from 52W High	-8.3%
	50 Days	200 Days
DMA Price	$10.61	$8.47
DMA Trend	up	up
Distance from DMA	24.6%	56.0%
	3M	1YR
Volatility	50.5%	55.4%
Downside Capture	-162.79	33.63
Upside Capture	97.44	83.69
Correlation (SPY)	7.0%	50.4%

VET Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.30	0.76	0.63	0.61	1.56	1.22
Up Beta	2.57	2.30	2.15	0.96	1.73	1.46
Down Beta	3.49	1.71	0.95	1.44	2.35	1.85
Up Capture	111%	103%	60%	67%	82%	31%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	13	26	35	66	125	374
Down Capture	-59%	-155%	-51%	-47%	79%	95%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	8	14	24	54	117	364

[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	69.5%	55.3%	1.15	-
Sector ETF (XLE)	33.9%	24.8%	1.13	79.0%
Equity (SPY)	15.5%	18.8%	0.63	50.2%
Gold (GLD)	51.3%	27.2%	1.51	16.4%
Commodities (DBC)	17.8%	17.5%	0.84	70.2%
Real Estate (VNQ)	0.7%	16.4%	-0.13	42.2%
Bitcoin (BTCUSD)	-19.2%	43.9%	-0.36	25.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VET
VET	13.6%	52.8%	0.44	-
Sector ETF (XLE)	24.2%	26.0%	0.83	78.4%
Equity (SPY)	12.4%	17.0%	0.57	35.3%
Gold (GLD)	20.9%	17.5%	0.97	18.1%
Commodities (DBC)	12.0%	18.9%	0.52	65.6%
Real Estate (VNQ)	3.1%	18.8%	0.07	25.6%
Bitcoin (BTCUSD)	4.1%	56.7%	0.29	15.6%

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	-3.8%	56.7%	0.17	-
Sector ETF (XLE)	11.2%	29.4%	0.42	81.0%
Equity (SPY)	14.3%	17.9%	0.68	44.6%
Gold (GLD)	13.3%	15.8%	0.70	9.8%
Commodities (DBC)	8.3%	17.6%	0.39	62.6%
Real Estate (VNQ)	4.9%	20.7%	0.20	37.3%
Bitcoin (BTCUSD)	67.1%	66.8%	1.06	12.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	15.8 Mil
Short Interest: % Change Since 2282026	-8.6%
Average Daily Volume	3.1 Mil
Days-to-Cover Short Interest	5.2 days
Basic Shares Quantity	153.2 Mil
Short % of Basic Shares	10.3%

Returns Analyses

null

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
12/31/2025	03/04/2026	40-F
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

Recent Forward Guidance [BETA]

Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Expand for Morenull

VET Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing VET?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What VET Makes & Who Pays

TTM figures based on

VET Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Vermilion Energy (VET)

Market Price (3/26/2026): $13.22 | Market Cap: $2.0 BilSector: Energy | Industry: Oil & Gas Exploration & Production

Vermilion Energy (VET)

Market Price (3/26/2026): $13.22Market Cap: $2.0 BilSector: EnergyIndustry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Vermilion Energy (VET)

Major Customers of Vermilion Energy (VET)

Crude Oil Market

Natural Gas Market

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Vermilion Energy (VET)

INDUSTRY: Oil & Gas Exploration & Production

Higher Rev Chg 3Y Avg | Lower P/S (Values for VET: -16.0% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VET: -16.0% | 11.1x)

Higher Rev Chg LTM (Value for VET: 13.3%)

Higher Rev Chg 3Y Avg (Value for VET: -16.0%)

Higher Op Mgn LTM (Value for VET: 9.2%)

Higher CFO/Rev LTM (Value for VET: 47.6%)

Higher FCF/Rev LTM (Value for VET: 25.2%)

Higher Total Yield (Value for VET: -30.4%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for VET: -16.0% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VET: -16.0% | 11.1x)

Higher Rev Chg LTM (Value for VET: 13.3%)

Higher Rev Chg 3Y Avg (Value for VET: -16.0%)

Higher Op Mgn LTM (Value for VET: 9.2%)

Higher CFO/Rev LTM (Value for VET: 47.6%)

Higher FCF/Rev LTM (Value for VET: 25.2%)

Higher Total Yield (Value for VET: -30.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VET: -16.0% | 1.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VET: -16.0% | 11.1x)

Higher Rev Chg LTM (Value for VET: 13.3%)

Higher Rev Chg 3Y Avg (Value for VET: -16.0%)

Higher Op Mgn LTM (Value for VET: 9.2%)

Higher CFO/Rev LTM (Value for VET: 47.6%)

Higher FCF/Rev LTM (Value for VET: 25.2%)

Higher Total Yield (Value for VET: -30.4%)

Best Bets in Energy

P/EBIT (Value for VET: -11.5x)

P/E (Value for VET: -3.1x)

Rev Chg 3Y Avg (Value for VET: -16.0%)

Rev Chg LTM (Value for VET: 13.3%)

Rev Chg Q (Value for VET: 9.7%)

FCF/Rev 3Y Avg (Value for VET: 21.6%)

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Market Price (3/26/2026): $13.22 | Market Cap: $2.0 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (3/26/2026): $13.22
Market Cap: $2.0 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production