Baytex Energy Corp. is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
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Baytex Energy Corp. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.06bn, down 10.0% on a year earlier, a smaller fall than the 41.4% decline a quarter earlier. Free-cash-flow margin rose to 67.6% from 16.2% a year earlier. The diluted share count is down 4.8% on a year earlier, which lifts each remaining share. It passes 2 of our 2 financial-health checks.
Our model value for Baytex Energy is under review, so past values are not shown until it is resolved.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Baytex Energy Corp.'s trailing-twelve-month revenue fell 10.0% year on year, with a free-cash-flow margin of 67.6%.
Our discounted-cash-flow model values the business at ~$8.9 per share in the base case (~$6.9–$12 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth accelerating: TTM revenue growth rose to -10.0% (+31.4pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for BTE from the sources we follow. See filings →
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Baytex Energy Corp. as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.62 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$18 ~$12–$28 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$11 ~$9.2–$14 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Baytex Energy Corp. with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 5, 2026, after the close.
No analyst estimates are published for Baytex Energy Corp.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.08 | $0.23 | +192.5% |
| Mar 2026 | $0.01 | −$0.09 | −1844.0% |
| Dec 2025 | $0.01 | −$0.26 | −2685.5% |
| Sept 2025 | $0.07 | $0.04 | −43.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $1.1B |
| FY20 Q4 | $605.3M |
| FY21 Q4 | $1.2B |
| FY22 Q4 | $1.8B |
| FY23 Q4 | $2B |
| FY24 Q4 | $1.2B |
| FY25 Q4 | $1.1B |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | -45.9% |
| FY21 Q4 | 101.6% |
| FY22 Q4 | 46.6% |
| FY23 Q4 | 12.4% |
| FY24 Q4 | -41.4% |
| FY25 Q4 | -10.0% |
Source: SEC EDGAR filings. Retrieved November 2, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY19 Q4 | 6.9% |
| FY20 Q4 | -16.4% |
| FY21 Q4 | 16.2% |
| FY22 Q4 | 25.2% |
| FY23 Q4 | 9.1% |
| FY24 Q4 | 88.4% |
| FY25 Q4 | 67.6% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 1,120 | 605 | 1,220 | 1,789 | 2,011 | 1,178 | 1,060 |
| Net income | −9 | −1,819 | 1,288 | 658 | −173 | 173 | −432 |
| Diluted EPS | −$0.02 | −$3.24 | $2.25 | $1.17 | −$0.24 | $0.21 | −$0.56 |
| Growth (year on year) | |||||||
| Revenue | — | −45.9% | +101.6% | +46.6% | +12.4% | −41.4% | −10.0% |
| Net income | — | — | — | −48.9% | −126.3% | — | −350.2% |
| Diluted EPS | — | — | — | −48.1% | −120.9% | — | −363.7% |
| Margins | |||||||
| Net margin | −0.8% | −300.5% | 105.5% | 36.8% | −8.6% | 14.7% | −40.8% |
| Cash flow | |||||||
| Cash from operations | 629 | 263 | 569 | 902 | 960 | 1,393 | 1,064 |
| Balance sheet | |||||||
| Cash | 4 | 0 | 0 | 4 | 42 | 12 | 695 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −4 | 0 | 0 | −4 | −42 | −12 | −695 |
| Diluted shares | 557m | 561m | 572m | 564m | 705m | 808m | 769m |
| Returned to shareholders | |||||||
| Dividends | — | — | — | 0 | 28 | 53 | 50 |
| Buybacks | — | — | 0 | 122 | 164 | 162 | 21 |
| Total returned | — | — | 0 | 122 | 192 | 215 | 71 |
| Last 12 months unless stated | BTE | TPL | VET | MNR | MGY | GPOR | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.1bn | $898m | $1.3bn | $1.4bn | $1.5bn | $1.5bn | $1.3bn |
| Revenue growth, last 12 months | −10.0% | 20.8% | 11.9% | 34.4% | 11.4% | 35.2% | 10.1% |
| Revenue growth, 3-year average | — | 11.3% | — | 14.8% | 1.4% | −11.4% | 1.4% |
| Revenue growth, latest quarter | — | 31.2% | — | 40.7% | 50.1% | −27.8% | 31.5% |
| Operating margin | — | 74.9% | — | 14.4% | 38.0% | 45.0% | 21.1% |
| Operating margin, 3-year average | — | 76.6% | — | 27.5% | 39.2% | 25.2% | 16.5% |
| Net margin | −40.8% | 60.3% | −37.0% | 7.4% | 28.8% | 32.3% | 9.9% |
| Cash from operations / revenue | 100.3% | 67.2% | 62.6% | 41.3% | 70.1% | 54.4% | 42.7% |
| Free-cash-flow margin | 67.6% | 59.7% | 26.1% | 19.3% | 36.9% | 16.2% | 20.5% |
| Free-cash-flow margin, 3-year average | — | 63.7% | 5.6% | 25.9% | 34.2% | 17.2% | 19.1% |
| Stock pay / revenue | — | 1.9% | — | 0.9% | 2.4% | 0.7% | 1.5% |
| Change in share count | −4.8% | −0.2% | −2.7% | 46.5% | −2.5% | 4.7% | 0.3% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Connor, Clark & Lunn Investment Management Ltd. | $197M | 49.2M | 12.4% | ▲ 23.5% |
| Juniper Capital Advisors, L.P. | $126M | 31.4M | 7.9% | ▼ 36.8% |
| D. E. Shaw & Co., Inc. | $98.2M | 24.5M | 6.2% | ▲ 8.7% |
| Vanguard Capital Management LLC | $76.1M | 19.0M | 4.8% | ▼ 4.0% |
| Arrowstreet Capital, Limited Partnership | $74.5M | 18.6M | 4.7% | ▼ 15.4% |
| American Century Companies Inc | $72.8M | 18.2M | 4.6% | ▲ 5.1% |
| Ninepoint Partners LP | $68M | 17.0M | 4.3% | New |
| Royal Bank Of Canada | $63M | 15.7M | 4.0% | ▲ 97.8% |
| TD Asset Management Inc | $60.5M | 15.1M | 3.8% | ▲ 11.9% |
| Webs Creek Capital Management LP | $51.1M | 12.8M | 3.2% | ▲ 38.1% |
| Goldman Sachs Group Inc | $51M | 12.8M | 3.2% | ▲ 19.1% |
| Alliancebernstein L.P. | $46.9M | 10.5M | 3.0% | ▲ 2.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Baytex Energy Corp.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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