# Kelt Exploration Ltd. (KEL.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Energy / Oil, Gas & Consumable Fuels. Price C$10.27, market value C$2.1 billion.

## Valuation
- **P/E (trailing): 38.0×** (5-yr avg 16.5×, 3-yr avg 22.8×). Kelt Exploration Ltd. trades at 38.0× trailing earnings, well above its own five-year average of 16.5×: investors are paying up relative to the company's past. The Energy median in the September 2026 study was 16.8×. Forward P/E is 12.2×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.35**. A PEG of 0.35 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 3.4×**. Each dollar of revenue is priced at 3.4×.
- **Price / book: 1.7×**. The shares trade at 1.7× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 7.8×**. Enterprise value is 7.8× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -3.5%** (5-yr avg -4.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 2.6%**. The inverse of the P/E: 2.6% of the price is earned each year.

## Profitability
- **Gross margin: 24.7%**. Kelt Exploration Ltd. keeps 24.7% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 16.0%**. 16.0% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 13.5%**. 13.5% of each dollar of sales reaches the bottom line.
- **Return on equity: 5.5%**. 5.5% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 5.6%**. Return on all capital, debt included, is 5.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.6%**. Each dollar of assets produces 3.6% of profit.

## Growth
- **Revenue growth (1 yr): -0.3%** (3-yr -8.7%/yr, 5-yr 17.7%/yr). Revenue fell 0.3% over the last year, against 17.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 34.8%** (3-yr -27.4%/yr). Earnings per share rose 34.8%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 0.16**. Debt is 0.16 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.6×**. It would take 0.6 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 8.0×**. Operating profit covers interest 8.0× over, a safe margin.
- **Current ratio: 1.00** (quick 1.00). Current assets cover the next year's liabilities 1.00 times.
- **Altman Z-score: 4.11**. A Z-score of 4.11 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Kelt Exploration Ltd. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: strong_buy** (11 analysts). 11 analysts cover Kelt Exploration Ltd.; the consensus is strong_buy, with an average price target of C$12.39 (+21% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 52.8%** (YTD 33.9%, 3-mo 5.7%). The shares are up 52.8% over twelve months including dividends.
- **From 52-week high: -6.6%** (72.3% above the low). Trading 7% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 0.10** (volatility 40%). Beta of 0.10 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=KEL.TO · Page: https://foliofundamentals.com/stocks/kel.to

Not investment advice.