Baytex Energy's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Baytex Energy (BTE) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Baytex Energy vs Its Competitors
- TTM: Trailing 12-month revenue of 1,134M vs 448M combined for tracked competitors (71.7% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months), vs accelerating (+300.0%) for its tracked peer group.
- Growth: Baytex Energy generated -55.5% revenue growth year over year in Q4 2025, vs -26.1% for its tracked competitors combined.
- Profitability: Its -40.8% net margin compares with 8.1% for the peer group.
- Scale: Baytex Energy ranks #6 of 15 companies by market capitalization in the Oil Well Services & Equipment industry, holding 9.2% of industry market cap.
- Peer revenue share: Baytex Energy accounted for 71.7% of combined revenue among its tracked peer group, down from 80.8% a year earlier.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
BTE Sales vs. its Competitors, Q4 2025
Baytex Energy reported revenue contraction of 55.52 % year on year in Q4 2025, below its competitors' combined revenue change of -26.11 %.
With a net margin of -40.77 %, Baytex Energy reported lower profitability than its competitors (8.13 %).
Baytex Energy generated 71.70 % of the combined sales of its peer group, down from 80.80 % a year earlier.
Baytex Energy vs. its Competitors, Q4 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Baytex Energy and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Baytex Energy Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Baytex Energy's competitor groups requires a Commercial License.
For context: the Oil Well Services & Equipment industry grew revenue -11.7% year over year, combined, vs -55.5% for Baytex Energy. Baytex Energy's share of combined industry revenue moved from 12.64% to 6.37%, a loss of 6.27 percentage points.
Baytex Energy's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Baytex Energy Corp | No | No | No | No |
| Competitors combined (1) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 25.00 % (2 of 8) | 25.00 % (2 of 8) | 0.00 % (0 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
BTE Stock Performance relative to its Competitors
BTE Stock Performance relative to Similar-Size Competitors
BTE Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Greenfire Resources Ltd | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Baytex Energy's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Baytex Energy's Comment on Competition and Industry Peers
Publicly Traded Peers of Baytex Energy Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Baytex Energy Corp | 3,438.23 | 1,134.30 |
| Greenfire Resources Ltd | 413.11 | 447.65 |
| SUBTOTAL | 3,851.35 | 1,581.95 |
Sources: Baytex Energy Corp's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Baytex Energy Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Baytex Energy's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Baytex Energy Corp | 3,438 | 3,447,733 | -1,405,759 |
| Greenfire Resources Ltd | 413 | - | - |
| PEERS TOTAL | 413 | - | - |
Baytex Energy's Position in Industry Market Structure
Market-capitalization share and concentration across all 15 companies in Baytex Energy's industry classification, broader than the peer set above. Market cap in millions of $.Baytex Energy ranks #6 of 15 companies by market capitalization in its industry, holding 9.15 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,191, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Noble Corporation Plc | 6,682 | 17.79 % |
| 2 | Transocean ltd | 6,196 | 16.49 % |
| 3 | Valaris Limited | 5,489 | 14.61 % |
| 4 | Patterson uti Energy Inc | 4,007 | 10.67 % |
| 5 | Helmerich and Payne inc | 1,234 | 5.2% |
| 6 | Baytex Energy Corp | 3,438 | 9.15 % |
| 7 | Seadrill Limited | 1,234 | 5.2% |
| 8 | Precision Drilling Corporation | 1,234 | 5.2% |
| 9 | Nabors Industries Ltd | 1,234 | 5.2% |
| 10 | Borr Drilling Limited | 1,234 | 5.2% |
Market cap and industry share for the rest of Baytex Energy's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-29.
Baytex Energy's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Noble Corporation Plc | 6,682 | 43.26 % |
| 2 | Transocean ltd | 6,196 | 61.60 % |
| 3 | Valaris Limited | 5,489 | 54.71 % |
| 4 | Patterson uti Energy Inc | 4,007 | 88.89 % |
| 5 | Helmerich and Payne inc | 1,234 | 12.3% |
| 6 | Baytex Energy Corp | 3,438 | 77.38 % |
| 7 | Seadrill Limited | 1,234 | 12.3% |
| 8 | Precision Drilling Corporation | 1,234 | 12.3% |
| 9 | Nabors Industries Ltd | 1,234 | 12.3% |
| 10 | Borr Drilling Limited | 1,234 | 12.3% |
| 11 | Highpeak Energy Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Baytex Energy's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-29. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Baytex Energy's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Oil Well Services & Equipment industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (31 companies). See the full Oil Well Services & Equipment industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.00 % | 36.50 % (avg) | -36.5 pp |
| Operating Margin | 44.48 % | industry median | +36.2 pp |
| EBITDA Margin | 66.71 % | 10.27 % (avg) | +56.4 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 12.97 % (avg) | -13.0 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Baytex Energy's Valuation vs Competitive Position
Valuation multiples vs the Oil Well Services & Equipment industry average (31 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Oil Well Services & Equipment industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 16.5x | - |
| EV / EBITDA | 1.9x | 18.0x | -16.1x |
| P/B | 1.2x | 1.8x | -0.6x |
| Return on Equity | -25.27 % | industry aggregate | -18.89 % |
| Return on Invested Capital | 12.19 % | 1.13 % (avg) | 11.06 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Baytex Energy's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | 16.16 % | 22.71 % | -55.52 % |
| Operating Margin | 40.66 % | 65.74 % | 44.48 % |
| Return on Invested Capital | 10.28 % | 19.27 % | 12.19 % |
| P/E | - | 9.8x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Baytex Energy's Strategic Group Map
Every company in Baytex Energy's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Baytex Energy is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Baytex Energy's BCG Growth-Share Matrix
Relative market share (vs Baytex Energy's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Baytex Energy falls in the Dog quadrant: relative market share of 0.51x vs its largest competitor, in an industry growing revenue -6.9% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Baytex Energy's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,191 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 12.97 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Baytex Energy's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Baytex Energy's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Baytex Energy's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Baytex Energy falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Baytex Energy's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 36.2 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 18.9 points below the industry aggregate.
Opportunities
No rule matched.
Threats
- Losing revenue share to the broader industry (-6.3 points over the past year).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Baytex Energy's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Baytex Energy Corp | 2.89 | 3.61 | - |
| Greenfire Resources Ltd | 0.44 | 1.56 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Baytex Energy's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Baytex Energy Corp | Q4 2025 | -55.5 % | - |
| Greenfire Resources Ltd | Q4 2025 | -26.1 % | -60.9 % |
| PEERS TOTAL | -49.9 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Baytex Energy's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Baytex Energy Corp | Q4 2025 | - | - |
| Greenfire Resources Ltd | Q4 2025 | +54.9 % | +27.9 % |
Baytex Energy's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Baytex Energy Corp | - | - | - |
| Greenfire Resources Ltd | 3.70% | 3.99% | 4.07% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Baytex Energy's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Baytex Energy Corp | - | 3.03 |
| Greenfire Resources Ltd | 8.64 | 0.92 |
| PEERS AVERAGE | - | 2.43 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.