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TSX
C$65.86
+1.98% · delayed ~15 min
Updated
C$25.49B market value
From Tourmaline Oil Corp.'s FY2025 annual-report
It took in C$6.30B last year, which makes it a mid-sized company. Of every dollar it sells, about 4 cents is left as profit.
The financial picture is led by accounting, with profitability and growth worth watching, while debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Tourmaline Oil Corp.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Operating income
C$1.17B → C$38.1M
Profit
C$1.26B → C$262.7M
Gross margin
62.3% → 42.4%
Operating margin
20.8% → 0.6%
Measured against FY2024, from the annual-report
Deteriorated: -96.8%
C$1.17B to C$38.1MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -79.2%
C$1.26B to C$262.7MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
TOU.TO rose 1.98% on the latest quote. The S&P/TSX Composite moved −0.45%. That is 2.4 points above the market.
No filing from TOU.TO and no news item about it appeared in the last 3 days.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
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The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 4 cents of every dollar of sales as profit, earning C$262.7M last year.
Slowly. Sales grew 11.6% last year.
No. Its borrowings would take under a year of cash flow to clear. For every $1 it owes, it owns $3.15 in assets. Its operating profit does not cover its interest bill — 0.54x against the interest it owes.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned C$262.7M and generated C$3.39B of cash from operations.
Reported annual figures
As reported to the SEC, in CAD. Hover or show sources to see where each figure came from.
| Income statement | FY2025annual-report | FY2024annual-report | FY2023annual-report | FY2022annual-report | FY2021annual-report | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | C$6.30B | C$5.65B | C$6.24B | C$8.68B | — | +11.6% |
| Cost of revenue | C$3.63B | C$2.13B | C$1.97B | C$2.34B | — | +70.5% |
| Gross profit | C$2.67B | C$3.52B | C$4.27B | C$6.33B | — | −24.1% |
| Gross marginGross profit ÷ revenueWhat is this? | 42.4% | 62.3% | 68.4% | 73.0% | — | −19.9 pts |
| Selling, general and administrative | C$251.5M | C$228.0M | C$178.5M | C$132.1M | — | +10.3% |
| Operating income | C$38.1M | C$1.17B | C$2.21B | C$4.50B | — | −96.8% |
| Operating marginOperating income ÷ revenueWhat is this? | 0.6% | 20.8% | 35.5% | 51.8% | — | −20.1 pts |
| Interest expense | C$70.4M | C$81.4M | C$38.2M | C$29.9M | — | −13.4% |
| Income before tax | C$343.9M | C$1.66B | C$2.18B | C$5.91B | — | −79.3% |
| Net income | C$262.7M | C$1.26B | C$1.74B | C$4.49B | — | −79.2% |
| Net marginNet income ÷ revenueWhat is this? | 4.2% | 22.4% | 27.8% | 51.7% | — | −18.2 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | C$0.6786 | C$3.38 | C$4.94 | C$13.25 | — | −79.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Nothing recent
No insider trades, pending-sale notices or 5% stake filings from TOU.TO in the last few months. That is the ordinary case, not a gap.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Write down why you are following Tourmaline Oil Corp., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to one of these filings.
Straight from SEC EDGAR — the original source for every figure above
No filings found
This company has no recent filings indexed on EDGAR.
Coverage from the last 30 days
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from TOU.TO's annual-report for fiscal year 2025 (period ending 2025-12-31), reported under the US GAAP taxonomy.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Every check behind the three models, and what each one tests
5 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
2.76
In the safe zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-3.11
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Deteriorated: −19.9 pts
62.3% to 42.4%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: −20.2 pts
20.8% to 0.6%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −18.2 pts
22.4% to 4.2%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -79.9%
C$3.38 to C$0.68Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -24.1%
C$3.52B to C$2.67BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Deteriorated: -19.4%
C$470.6M to C$379.1MSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: -17.3%
C$1.27B to C$1.05BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Changed: +33.1%
C$2.26B to C$3.01BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +11.6%
C$5.65B to C$6.30BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: +3.6%
373.7M to 387.1MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Figures compare the two most recent annual filings. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
The trailing P/E is 97.0x — a high multiple relative to the current trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
Tourmaline Oil (TSX:TOU) After Its Dividend Declaration And The Undervalued Narrative
Yahoo Finance ·
Primary sources and further research