TSX · Oil & Gas Midstream · CAD

Topaz Energy Corp. (TPZ.TO) Stock Analysis

Topaz Energy Corp. (TPZ.TO) is a Oil & Gas Midstream stock listed on TSX and quoted in Canadian Dollar.

Last Updated: October 21, 2026

TPZ.TO

CA$30.45

−CA$0.24 (−0.78%)

Oct 21, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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TPZ.TO Key Statistics

As of Oct 21, 2026

Trading

Open: CA$30.68
Previous Close: CA$30.69
Day's Range: 30.39–30.89
52-Week Range: 24.52–33.91
Volume: 775.10K
Beta: 0.61

Valuation

Market Cap: CA$4.72B
P/E Ratio: 27.19
Forward P/E: 24.36
P/S ratio: 12.80
EPS (ttm): 1.12

Financials (FY)

Revenue (FY): CA$324.72M+8.31%
Net Income (FY): CA$128.74M+21.85%
Profit margin: 39.24%
Shares Outstanding: 155.15M
1-Year Return: +28.24%

Dividend and dates

Dividend: CA$1.40+4.56%
Ex-Dividend Date: September 15, 2026
Earnings Date: November 2, 2026
Avg Volume: 584.05K

Only metrics the company reports are shown. Data provided by Yahoo Finance via yfinance. Updated daily.

Key facts

As of October 21, 2026, TPZ.TO closed at CA$30.45, +28.24% over 1 year.

Topaz Energy Corp. (TPZ.TO) has a market capitalization of CA$4.72B.

In fiscal 2025, TPZ.TO reported revenue of CA$324.72M.

TPZ.TO Stock Return by Calendar Year

Topaz Energy Corp. (TPZ.TO) return since Oct 2020: what CA$10,000 became

1 year: CA$10,000 CA$12,824; +28.24%
5 years: CA$10,000 CA$22,164; +121.64%
Since Oct 2020: CA$10,000 CA$31,847; +218.47%

If you had invested CA$10,000 in Topaz Energy Corp. (TPZ.TO) at the close on October 20, 2020, the earliest close on record here, it would have been worth CA$31,847 at the close on October 21, 2026: +218.47% in total, +21.29% a year, with dividends reinvested, over a partial period shorter than 10 years. A historical calculation from closing prices adjusted for splits and dividends, before fees and taxes.

Calendar-year returns computed from daily closing prices. Partial years are shown muted and marked with an asterisk.

+6.06%+38.38%+24.58%−2.50%+51.69%+4.23%+12.99%

2020*202120222023202420252026*

Year	Return
2026 (partial year)	+12.99%
2025	+4.23%
2024	+51.69%
2023	−2.50%
2022	+24.58%
2021	+38.38%
2020 (partial year)	+6.06%

As of October 21, 2026.

TPZ.TO Revenue and Earnings by Fiscal Year

FY ends December

RevenueNet income

2022202320242025

Fiscal year	Revenue	Net income	Net margin
2025	CA$324.72M	CA$128.74M	39.6%
2024	CA$299.80M	CA$105.66M	35.2%
2023	CA$306.69M	CA$47.64M	15.5%
2022	CA$356.74M	CA$99.36M	27.9%

Fiscal year	Revenue	Gross profit	Operating income	Net income	Net margin
2025	CA$324.72M	CA$189.59M	CA$164.71M	CA$128.74M	39.6%
2024	CA$299.80M	CA$175.24M	CA$152.79M	CA$105.66M	35.2%
2023	CA$306.69M	CA$89.30M	CA$70.69M	CA$47.64M	15.5%
2022	CA$356.74M	CA$147.28M	CA$130.83M	CA$99.36M	27.9%

Annual figures as reported, in the company's reporting currency. As of December 31, 2025.

TPZ.TO Dividend History

’20’21’22’23’24’25’26*

CA$1.35+3.8% vs 2024

Dividends per share, 2025 · 4 payments

Year	Dividends per share	Payments	Change
2026*	CA$1.04	3	—
2025	CA$1.35	4	+3.8%
2024	CA$1.30	4	+6.6%
2023	CA$1.22	4	+10.9%

Year	Dividends per share	Payments	Change
2026 (partial year)	CA$1.04	3	—
2025	CA$1.35	4	+3.8%
2024	CA$1.30	4	+6.6%
2023	CA$1.22	4	+10.9%
2022	CA$1.10	4	+29.4%
2021	CA$0.85	4	+325.0%
2020	CA$0.20	1	—

Most recent payment: CA$0.35 per share, ex-dividend September 15, 2026. Per-share amounts summed by calendar year from ex-dividend dates. Partial years are shown muted and marked with an asterisk.

TPZ.TO Valuation vs Oil & Gas Midstream Median

Median of 63 stocks

Metric	TPZ.TO	Oil & Gas Midstream median	vs median
P/E	27.19	14.11	93% above
P/S ratio	12.80	2.67	4.8x the median
Profit margin	39.24%	22.05%	17.2 pts above

Medians across 63 Oil & Gas Midstream stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of October 21, 2026.

Analysis

Data-derived

Company Overview

Topaz Energy Corp. (TPZ.TO) is capitalised at CA$4.72B on the latest close. The company sits in the Energy sector, in the Oil & Gas Midstream industry. Headcount on file is 13.

The most recent close on file for TPZ.TO is CA$30.45, dated October 21, 2026. That is −CA$0.24 (−0.78%) against the previous close. Over the past 52 weeks the price has ranged from CA$24.52 to CA$33.91. The latest close sits 24.18% above that 52-week low.

Financial Health

Fiscal 2025 revenue came to CA$324.72M. Against the prior fiscal year total of CA$299.80M, that is a change of +8.31%. The same year closed with net income of CA$128.74M. That is +21.85% against the prior fiscal year. The reported profit margin is 39.24%. That is 17.2 percentage points above the Oil & Gas Midstream median of 22.05%. Earnings per share on a trailing basis come to 1.12.

Across the 4 fiscal years on file, revenue moves from CA$356.74M in 2022 to CA$324.72M in 2025. Of those 4 years, 4 report positive net income.

Valuation Assessment

On trailing earnings, the shares are priced at 27.19 times earnings. That is 92.7% above the Oil & Gas Midstream median of 14.11. The forward P/E on file is 24.36. Measured against sales, the shares trade at 12.8 times revenue. On price-to-sales that is 4.8 times the Oil & Gas Midstream median of 2.67. The medians here are taken across 63 Oil & Gas Midstream companies that report the metric.

Over the trailing twelve months the total return is +28.24%. Measured over 5 years, that is +17.25% a year compounded. The reported beta is 0.61. Annualized volatility over the trailing 6 years is 23.71%.

Growth & Income

Shareholders receive a dividend, yielding 4.56% on the latest price. That is 0.9 percentage points below the Oil & Gas Midstream median yield of 5.41%. At the indicated rate that is CA$1.40 a share a year. The ex-dividend date on file is September 15, 2026. Dividends are recorded for 7 calendar years; 2026 shows 3 payments totalling CA$1.04 a share. The year before, 2025, totalled CA$1.35 a share.

So far in 2026 the total return is +12.99%. The strongest complete calendar year on file is 2024 at +51.69%; the weakest is 2023 at −2.50%. Of the 5 complete calendar years on file, 4 finished higher.

Peer Comparison

Topaz Energy Corp. (TPZ.TO) operates in the Oil & Gas Midstream industry. Here is how it compares to its closest peers by market capitalization:

Company	Ticker	Market Cap	P/E Ratio
Topaz Energy Corp.	TPZ.TO	CA$4.72B	27.2
Enbridge Inc.	ENB	$107.01B	25.7
The Williams Companies, Inc.	WMB	$89.05B	29.0
Enterprise Products Partners L.P.	EPD	$79.02B	12.7

Market caps are shown in each company's own trading currency, without conversion, and the peers are listed in order of these unconverted figures.

The Oil & Gas Midstream industry average P/E ratio is 14.1x. Topaz Energy Corp. trades at a P/E of 27.2.

Every figure above is read from this page's own data on each daily rebuild. Informational only, not financial advice. As of October 21, 2026.

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About Topaz Energy Corp.

Topaz Energy Corp. operates as a royalty and infrastructure energy company in Canada. It operates through Royalty Production and Infrastructure segments. The company holds royalty interests on approximately 9 million gross acres of developed and undeveloped lands. It is also involved in operating natural gas processing facilities; and associated crude oil and condensate handling facilities, as well as water management infrastructure. The company was formerly known as Exshaw Oil Corp. and changed its name to Topaz Energy Corp. in November 2019. Topaz Energy Corp. was incorporated in 2006 and is based in Calgary, Canada.

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