# Tourmaline Oil Corp. (TOU.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Energy / Oil, Gas & Consumable Fuels. Price C$62.79, market value C$24.4 billion.

## Valuation
- **P/E (trailing): 68.3×** (5-yr avg 25.2×, 3-yr avg 39.1×). Tourmaline Oil Corp. trades at 68.3× trailing earnings, well above its own five-year average of 25.2×: 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 12.5×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 4.1×**. Each dollar of revenue is priced at 4.1×.
- **Price / book: 1.5×**. The shares trade at 1.5× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 7.3×**. Enterprise value is 7.3× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 0.9%** (5-yr avg 7.4%). Free cash flow equals 0.9% of the market value, below its five-year average of 7.4%, so the shares are pricier on cash than usual.
- **Earnings yield: 1.5%**. The inverse of the P/E: 1.5% of the price is earned each year.

## Profitability
- **Gross margin: 14.0%**. Tourmaline Oil Corp. keeps 14.0% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 0.9%**. 0.9% of revenue is left after running the business, which leaves little cushion in a downturn.
- **Net margin: 4.5%**. 4.5% of each dollar of sales reaches the bottom line.
- **Return on equity: 1.7%**. 1.7% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 0.2%**. Return on all capital, debt included, is 0.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.7%**. Each dollar of assets produces 1.7% of profit.

## Growth
- **Revenue growth (1 yr): 33.7%** (3-yr -6.4%/yr, 5-yr 21.2%/yr). Revenue grew 33.7% over the last year, against 21.2% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -80.6%** (3-yr -62.7%/yr, 5-yr -21.4%/yr). Earnings per share fell 80.6%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -48.3%/yr**. Free cash flow has compounded at -48.3% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.12**. Debt is 0.12 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.5×**. It would take 0.5 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 0.7×**. Operating profit covers interest only 0.7×: fragile.
- **Current ratio: 0.83** (quick 0.83). Current liabilities exceed current assets, so the company depends on ongoing cash generation or refinancing to pay the next year's bills.
- **Altman Z-score: 3.16**. A Z-score of 3.16 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 3.19%** (C$2.00 per share, trailing). Tourmaline Oil Corp. yields 3.19%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 480%** (484% of free cash flow). The dividend exceeds earnings (480% payout), which is rarely sustainable outside REITs and one-off years.
- **Dividend growth (5 yr): 45.9%/yr** (1-yr -0.6%). The dividend has compounded at 45.9% a year over five years, doubling roughly every 2 years at that pace.
- **Shareholder yield: 3.0%**. Dividends plus net buybacks return 3.0% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (21 analysts). 21 analysts cover Tourmaline Oil Corp.; the consensus is buy, with an average price target of C$70.40 (+12% 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): 11.0%** (YTD 3.6%, 3-mo -0.7%). The shares are up 11.0% over twelve months including dividends.
- **From 52-week high: -11.0%** (8.7% above the low). Trading 11% 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): 55**. An RSI of 55 is neutral.
- **Beta (1 yr): -0.20** (volatility 26%). Beta of -0.20 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.