Vermilion Energy Inc. (VET) Balance Sheet

NYSE: VETAssets, liabilities, debt and equity over 10 years.

VET balance sheet, 2025

December 31, 2025 · Canadian dollars

C$5.34B assets = C$3.12B liabilities + C$2.22B equity

What it ownsC$5.34BCash & ST investments: C$19.1M (0.4%)Receivables: C$273.3M (5.1%)Inventory: C$46.6M (0.9%)Other current: C$128.0M (2.4%)PP&E: C$4.50B (84.3%)PP&EC$4.50B · 84%LT investments: C$43.9M (0.8%)Other non-current: C$328.2M (6.1%)Other non-current C$328.2M=How it is financedC$5.34BCurrent liabilities: C$554.1M (10.4%)C$554.1MLong-term debt: C$1.24B (23.3%)Long-term debtC$1.24B · 23%Other LT liabilities: C$1.32B (24.8%)Other LT liabilitiesC$1.32B · 25%Shareholders’ equity: C$2.22B (41.6%)Shareholders’ equityC$2.22B · 42%

Both columns are drawn to the same scale: what VET owns equals what it owes plus shareholders’ equity. Hover a block for its value.

VET financial health

Current ratio0.84
Tight · current assets cover current liabilities 0.84×
Debt / equity0.59
Moderate leverage · C$0.59 of debt for each $1 of equity
Equity / assets41.6%
Equity-funded · of assets funded by shareholders
Cash / debt1.5%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

VET balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assetsC$4.09B2016C$5.34B2025+3.0%/yr
Total liabilitiesC$2.51B2016C$3.12B2025+2.5%/yr
Shareholders’ equityC$1.58B2016C$2.22B2025+3.9%/yr
Cash & short-term investmentsC$62.8M2016C$19.1M2025−12.4%/yr
Total debtC$1.39B2016C$1.30B2025−0.7%/yr
Net cash (debt)−C$1.33B2016−C$1.28B2025+C$43.7M
Working capital−C$65.0M2016−C$87.2M2025−C$22.2M
Current ratio0.7820160.842025+0.07
Debt / equity0.8820160.592025−0.29
Shares outstanding115.7M2016153.9M2025+3.2%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

VET assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

VET liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

VET debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

VET balance sheet in Canadian dollars

2025202420232022202120202019201820172016
Assets
Cash & short-term investmentsC$19.1MC$131.7MC$141.5MC$13.8MC$6.0MC$6.9MC$29.0MC$26.8MC$46.6MC$62.8M
Cash & equivalentsC$19.1MC$131.7MC$141.5MC$13.8MC$6.0MC$6.9MC$29.0MC$26.8MC$46.6MC$62.8M
Short-term investments——C$661,000C$135,000C$127,000C$127,000C$130,000C$95.7MC$18.0MC$4.3M
ReceivablesC$273.3MC$298.5MC$242.9MC$373.7MC$328.6MC$196.1MC$211.4MC$260.3MC$165.8MC$131.7M
InventoryC$46.6MC$40.7MC$57.3MC$19.7MC$20.1MC$13.4MC$29.4MC$27.8MC$17.1MC$14.5M
Other current assetsC$128.0MC$111.4MC$381.8MC$307.3MC$118.2MC$44.6MC$77.9MC$115.0MC$32.4MC$16.9M
Total current assetsC$466.9MC$582.3MC$823.5MC$714.4MC$472.8MC$261.0MC$347.7MC$429.9MC$261.8MC$225.9M
Property, plant & equipment (net)C$4.50BC$5.24BC$5.08BC$5.96BC$5.06BC$3.36BC$5.30BC$5.62BC$3.63BC$3.71B
Goodwill & intangible assetsC$0C$0C$0C$0C$0C$0C$0C$0C$0C$0
Long-term investmentsC$43.9MC$78.9MC$73.3MC$56.4MC$0C$0C$0C$0C$0C$0
Other non-current assetsC$328.2MC$211.6MC$258.2MC$258.1MC$375.0MC$486.9MC$216.7MC$220.6MC$82.9MC$153.2M
Total assetsC$5.34BC$6.12BC$6.24BC$6.99BC$5.91BC$4.11BC$5.87BC$6.27BC$3.97BC$4.09B
Liabilities
Accounts payableC$461.2MC$425.4MC$380.4MC$481.4MC$440.7MC$297.7MC$312.4MC$449.7MC$219.1MC$181.6M
Short-term debtC$9.2MC$12.2MC$21.1MC$39.0MC$15.0MC$22.9MC$23.7MC$24.9MC$5.6MC$6.5M
Deferred revenue——−C$21.1M−C$19.5M−C$15.0M−C$22.9M−C$23.7M−C$24.9M−C$5.6M−C$6.5M
Total current liabilitiesC$554.1MC$610.6MC$696.1MC$892.0MC$746.8MC$433.1MC$416.2MC$563.2MC$363.3MC$290.9M
Long-term debtC$1.24BC$963.5MC$914.0MC$1.08BC$1.71BC$2.01BC$2.02BC$1.90BC$1.29BC$1.38B
Lease obligationsC$49.3MC$55.0MC$33.0MC$51.5MC$60.2MC$76.5MC$93.1MC$108.2MC$15.8MC$19.6M
Other long-term liabilitiesC$1.32BC$1.73BC$1.59BC$1.62BC$1.38BC$740.2MC$978.9MC$985.8MC$782.6MC$836.0M
Total liabilitiesC$3.12BC$3.30BC$3.20BC$3.59BC$3.84BC$3.18BC$3.41BC$3.45BC$2.43BC$2.51B
Shareholders' equity
Common stock & paid-in capitalC$3.87BC$3.92BC$4.14BC$4.24BC$4.24BC$4.18BC$4.12BC$4.01BC$2.65BC$2.45B
Retained earnings (deficit)−C$1.98B−C$1.29B−C$1.26B−C$1.00B−C$2.25B−C$3.40B−C$1.79B−C$1.39B−C$1.26B−C$1.01B
Treasury stock——————C$0C$0C$0C$0
Accumulated other comprehensive incomeC$283.5MC$135.8MC$109.3MC$123.5MC$28.5MC$78.0MC$49.6MC$118.2MC$71.8MC$30.3M
Minority interest——————C$0C$0C$0C$0
Total shareholders' equityC$2.22BC$2.81BC$3.03BC$3.40BC$2.07BC$925.4MC$2.45BC$2.82BC$1.54BC$1.58B
Key figures
Total debtC$1.30BC$1.02BC$947.0MC$1.13BC$1.73BC$2.03BC$2.04BC$1.93BC$1.29BC$1.39B
Net cash (debt)−C$1.28B−C$886.7M−C$805.6M−C$1.12B−C$1.72B−C$2.03B−C$2.01B−C$1.90B−C$1.25B−C$1.33B
Working capital−C$87.2M−C$28.3MC$127.4M−C$177.6M−C$274.0M−C$172.1M−C$68.5M−C$133.3M−C$101.5M−C$65.0M
Tangible book valueC$2.22BC$2.81BC$3.03BC$3.40BC$2.07BC$925.4MC$2.45BC$2.82BC$1.54BC$1.58B
Shares outstanding153.9M158.1M163.7M168.4M164.8M157.9M156.1M142.3M122.4M115.7M
Current ratio0.840.951.180.800.630.600.840.760.720.78
Quick ratio0.530.700.550.430.450.470.580.510.580.67
Debt / equity0.590.360.310.330.842.200.830.680.840.88
Equity / assets41.6%46.0%48.6%48.6%35.0%22.5%41.8%44.9%38.8%38.6%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 4, 2026); data from EODHD.

VET financial position

At the end of fiscal 2025 (December 31, 2025), Vermilion Energy had total assets of C$5.3 billion (down 12.7% from a year earlier), total liabilities of C$3.1 billion and shareholders' equity of C$2.2 billion. It held C$19.1 million in cash and short-term investments against C$1.3 billion of debt, net debt of C$1.3 billion. Its current ratio was 0.84. In the latest quarter (ended June 30, 2026) total assets were C$5.5 billion and equity C$2.2 billion.

Related: VET income statement, VET cash flow statement, VET key metrics. See the VET stock overview for the latest quote and news.

VET balance sheet FAQ

What are Vermilion Energy's total assets?

Vermilion Energy reported total assets of C$5.3 billion at the end of fiscal 2025 (December 31, 2025), compared with C$6.1 billion a year earlier.

How much debt does Vermilion Energy have?

Vermilion Energy had C$1.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.59.

How much cash does Vermilion Energy have?

Vermilion Energy held C$19.1 million in cash and short-term investments at the end of fiscal 2025; with C$1.3 billion of debt that is net debt of C$1.3 billion.

What is Vermilion Energy's book value?

Vermilion Energy's shareholders' equity (book value) was C$2.2 billion at the end of fiscal 2025.

What is Vermilion Energy's current ratio?

Vermilion Energy had current assets of C$466.9 million and current liabilities of C$554.1 million, a current ratio of 0.84 (current liabilities exceed current assets).

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