Obsidian Energy Ltd. (OBE) Key Metrics
OBE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsOBE returns How much profit the business earns on the capital it uses.
OBE financial health Debt, liquidity and how easily interest is covered.
OBE efficiency & capital use Working capital cycle and where the cash goes.
OBE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
OBE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
OBE cash returned to shareholders
OBE key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 1.8% | −9.2% | 5.1% | 51.0% | 60.2% | −85.6% | −41.1% | −11.1% | −3.0% | −20.0% |
| Return on invested capital (ROIC) | 2.5% | 5.0% | 4.6% | 16.4% | 5.1% | 0.2% | −1.8% | −2.7% | −3.3% | −3.0% |
| Return on assets (ROA) | 1.3% | −6.5% | 3.7% | 32.9% | 27.4% | −42.2% | −26.7% | −7.9% | −2.1% | −11.2% |
| Return on tangible assets | 1.4% | −6.7% | 3.6% | 27.1% | 22.9% | −62.8% | −31.9% | −8.4% | −2.2% | −15.5% |
| Free cash flow margin | −15.1% | −12.7% | 12.1% | 24.1% | 16.3% | 10.4% | −8.8% | −23.1% | −4.8% | −50.1% |
| Income quality (OCF / net income) | 9.36 | — | 4.33 | 0.76 | 0.61 | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | C$199.8M | C$342.5M | C$228.0M | C$231.3M | C$399.7M | C$462.2M | C$574.3M | C$421.0M | C$359.0M | C$469.0M |
| Cash & short-term investments | — | — | C$500,000 | C$800,000 | C$7.3M | C$8.1M | C$1.0M | C$2.0M | C$2.0M | C$11.0M |
| Net debt | C$199.8M | C$342.5M | C$227.5M | C$230.5M | C$392.4M | C$454.1M | C$573.3M | C$419.0M | C$357.0M | C$458.0M |
| Debt / equity | 0.14 | 0.24 | 0.14 | 0.15 | 0.52 | 1.43 | 0.53 | 0.23 | 0.17 | 0.21 |
| Debt / assets | 0.11 | 0.16 | 0.10 | 0.10 | 0.28 | 0.48 | 0.30 | 0.16 | 0.12 | 0.14 |
| Net debt / EBITDA | 0.77 | 0.94 | 0.67 | 0.61 | 1.99 | 4.22 | 3.78 | 3.11 | 2.74 | 3.09 |
| Current ratio | 0.54 | 1.79 | 0.41 | 0.45 | 0.16 | 0.11 | 0.28 | 0.40 | 0.66 | 0.99 |
| Quick ratio | 0.54 | 1.79 | 0.41 | 0.42 | 0.16 | 0.11 | 0.14 | 0.35 | 0.44 | 0.41 |
| Interest coverage | 2.5 | 4.6 | 4.7 | 7.3 | 3.3 | 0.1 | -1.4 | -5.4 | -6.0 | -1.7 |
| Working capital | −C$77.5M | C$216.8M | −C$135.4M | −C$122.6M | −C$443.4M | −C$488.7M | −C$434.7M | −C$114.0M | −C$97.0M | −C$3.0M |
| Invested capital | C$1.59B | C$1.75B | C$1.87B | C$1.81B | C$1.16B | C$777.2M | C$1.67B | C$2.29B | C$2.52B | C$2.71B |
| Tangible asset value | C$1.39B | C$1.41B | C$1.64B | C$1.58B | C$763.5M | C$323.1M | C$1.09B | C$1.87B | C$2.17B | C$2.25B |
| Net current asset value | −C$373.1M | −C$216.7M | −C$512.0M | −C$524.3M | −C$578.6M | −C$582.1M | −C$642.6M | −C$706.0M | −C$653.0M | −C$751.0M |
| Capital allocation | ||||||||||
| Dividends paid | C$0 | C$0 | C$0 | C$0 | C$0 | — | — | — | — | C$0 |
| Share buybacks (net) | C$54.9M | C$41.7M | C$47.4M | C$0 | C$0 | — | — | — | — | C$0 |
| Dividend payout ratio | 0.0% | — | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | — | — | 79.5% | 0.0% | 0.0% | — | — | — | — | — |
| Capex / revenue | 76.0% | 83.9% | 59.5% | 56.1% | 39.7% | 26.7% | 34.4% | 56.2% | 42.1% | 18.8% |
| Capex / operating cash flow | 124.8% | 117.9% | 83.1% | 69.9% | 71.0% | 72.0% | 134.4% | 169.7% | 112.8% | — |
| Capex / depreciation | 1.47 | 1.71 | 1.30 | — | — | 0.43 | 0.41 | 0.56 | 0.59 | 0.18 |
| Stock-based compensation / revenue | 2.1% | 1.6% | 1.6% | 0.8% | 0.6% | 1.0% | 1.5% | 2.3% | 2.4% | 1.6% |
| SG&A / revenue | 8.2% | 5.6% | 7.1% | 8.2% | 15.8% | 21.1% | 17.3% | 22.1% | 20.3% | 23.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 66.8 | 56.7 | 56.5 | 48.6 | 56.4 | 94.9 | 75.1 | 96.5 | 118.7 | 111.5 |
| Days of inventory on hand | — | — | 3.2 | 4.8 | 2.1 | 73.4 | 51.7 | 37.0 | 116.1 | 118.6 |
| Days payables outstanding | 191.6 | 180.7 | 195.2 | 177.8 | 146.6 | 158.3 | 139.8 | 147.9 | 143.0 | 191.9 |
| Cash conversion cycle (days) | -124.8 | -124.0 | -135.5 | -124.4 | -88.1 | 9.9 | -13.0 | -14.4 | 91.8 | 38.2 |
| Receivables turnover | 5.47 | 6.43 | 6.46 | 7.52 | 6.47 | 3.85 | 4.86 | 3.78 | 3.08 | 3.27 |
| Payables turnover | 1.90 | 2.02 | 1.87 | 2.05 | 2.49 | 2.31 | 2.61 | 2.47 | 2.55 | 1.90 |
| Inventory turnover | — | — | 114.32 | 75.30 | 174.24 | 4.97 | 7.06 | 9.87 | 3.14 | 3.08 |
| Asset turnover | 0.20 | 0.23 | 0.22 | 0.31 | 0.30 | 0.15 | 0.13 | 0.11 | 0.11 | 0.09 |
| Average receivables | C$72.0M | C$79.0M | C$76.3M | C$75.8M | C$54.9M | C$55.6M | C$61.8M | C$79.0M | C$109.0M | C$133.5M |
| Average payables | C$165.3M | C$184.7M | C$189.6M | C$146.7M | C$91.0M | C$92.5M | C$127.0M | C$146.0M | C$162.0M | C$277.5M |
| Average inventory | — | — | C$3.1M | C$4.0M | C$1.3M | C$42.9M | C$47.0M | C$36.5M | C$131.5M | C$171.5M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from OBE's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
OBE valuation and financial ratios
Obsidian Energy earned a return on equity of 1.8% and a return on invested capital of 2.5% in fiscal 2025. It ended the year with C$199.8 million of debt and no reported cash in cash and short-term investments, net debt of C$199.8 million. It returned C$54.9 million to shareholders: C$0 in dividends and C$54.9 million in share buybacks.
See the OBE income statement, the OBE chart for price history, or the OBE stock overview for the latest quote and news.
OBE key metrics FAQ
What is Obsidian Energy's return on equity?
Obsidian Energy's return on equity (ROE) was 1.8% in fiscal 2025: net income of C$25.6 million on average shareholders' equity of C$1.4 billion.
What is Obsidian Energy's ROIC?
Obsidian Energy's return on invested capital was 2.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Obsidian Energy have?
Obsidian Energy had total debt of C$199.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.14 and C$199.8 million of net debt (0.77 times EBITDA).
Does Obsidian Energy pay a dividend?
Obsidian Energy did not pay a dividend in fiscal 2025.
Does Obsidian Energy buy back its shares?
Yes. Obsidian Energy spent C$54.9 million on net share repurchases in fiscal 2025.
What is Obsidian Energy's current ratio?
Obsidian Energy's current ratio was 0.54 at the end of fiscal 2025: current assets were 0.54 times current liabilities.