Obsidian Energy
OBE Energy Oil & Gas E&P
Obsidian Energy’s revenue for fiscal 2025 (year ended December 2025) was $429.3 million, down 28.0% from fiscal 2024. In the quarter to June 2026, revenue grew 58.9%, EPS grew 187.5%, free cash flow fell 143.7% and total debt rose 59.1%, each against the same quarter a year earlier.
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Obsidian Energy (OBE) Altman Z-score
Obsidian Energy's Altman Z-score for fiscal 2025 is 0.56, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.56 | 0.43 |
| FY2024 | 0.13 | (0.73) |
| FY2023 | 0.86 | (0.51) |
| FY2022 | 1.37 | 1.61 |
| FY2021 | −0.23 | 5.52 |
| FY2020 | −5.76 | (3.60) |
| FY2019 | −2.16 | (1.92) |
| FY2018 | −0.24 | (0.71) |
| FY2017 | 0.47 | 3.35 |
| FY2016 | −2.88 | (0.48) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.05 | |
| Retained earnings / total assets | (0.43) | — | −0.61 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 1.28 | — | 0.77 | |
| Sales / total assets | 0.32 | — | 0.32 | |
| Altman Z-score | Distress zone | 0.56 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.72 | ||
Z and Z″ put Obsidian Energy in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| VTS Vitesse Energy, Inc. compare | 2.0× |
| REPX Riley Exploration Permian, Inc. compare | 1.7× |
| GPRK Geopark Ltd compare | 1.4× |
| GRNT Granite Ridge Resources, Inc. compare | 1.2× |
| EGY Vaalco Energy Inc compare | 0.9× |
| OBE Obsidian Energy | 0.6× |
| INR Infinity Natural Resources Inc. compare | 0.5× |
| WTI W&T Offshore, Inc. compare | −0.7× |
| TXO TXO Partners LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets