Vermilion Energy Inc. (VET) Stock Price & How to Invest
Last updated October 2026
Short answer
Vermilion Energy (VET) is a Calgary-based oil and gas producer whose distinguishing feature is selling natural gas into Europe at prices many times what Canadian gas fetches. Owning it is a leveraged exposure to European gas and Brent oil prices and to management's debt paydown. At ~US$13.20 in mid-October 2026 (market cap ~US$2.0 billion), it is cash-generative but volatile, with a trailing GAAP loss from past writedowns.
VET stock price
As of 2026-10-16, Vermilion Energy Inc. (VET) last closed at $13.20, up 83.1% over the past year. Over the past 52 weeks it has traded between $7.21 and $14.42.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Vermilion Energy Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Vermilion Energy Inc. (VET) do?
Vermilion Energy Inc. is an international exploration and production company headquartered in Calgary, listed on both the Toronto Stock Exchange and the New York Stock Exchange under VET, and reporting in Canadian dollars. It earns its revenue by producing and selling natural gas, crude oil and natural gas liquids. In Canada, its anchor is the Alberta Deep Basin and Montney, a position that roughly doubled in scale with the ~C$1.075 billion purchase of privately held Westbrick Energy, which closed on February 26, 2025. In Europe, it produces gas in Germany, the Netherlands and Ireland (through the Corrib field), plus oil in France, and it also holds the Wandoo oil field offshore Australia. Production averaged 125,789 boe/d in the second quarter of 2026, about 71% natural gas.
Second-quarter 2026 results, released July 29, beat the company's own production guidance. Fund flows from operations were ~C$231 million (C$1.51 per share), free cash flow was ~C$122 million, and net earnings swung to ~C$134 million after a ~C$146 million loss in the first quarter. Realized gas averaged C$5.08/mcf while the Alberta AECO benchmark averaged only ~C$1.51/mcf, a gap that comes from European hubs (TTF and NBP were both up more than 30% year over year). Net debt fell to ~C$1.22 billion, or 1.3 times trailing fund flows. Management raised full-year production guidance to 121,000 to 123,000 boe/d, kept capital spending at C$600 to C$630 million, and lifted its return-of-capital target to 40% to 60% of excess free cash flow, from 40%.
The investment debate centers on how durable the European price premium is and how fast the balance sheet improves. Supporters point to a low valuation on cash flow, a simpler gas-focused portfolio after the sale of Saskatchewan and US oil assets, new German production from the Wisselshorst discovery, and a stated next milestone of C$1 billion of net debt. Skeptics point to reported earnings that swing with impairments and hedge marks, a trailing twelve-month EPS of about -US$2.05, European windfall taxes, and weak North American gas prices that weigh on the Canadian half of the business.
What's driving Vermilion Energy Inc. (VET)?
1. European gas premium
Vermilion's German, Dutch and Irish gas is priced off European hubs rather than AECO. In Q2 2026 month-ahead TTF averaged ~C$22.68/MMBtu and NBP ~C$22.33/MMBtu, while AECO averaged ~C$1.51/mcf, down 27% from a year earlier. That spread is why the company's blended realized gas price was C$5.08/mcf, above the C$4.88 of Q2 2025, even as Canadian prices fell. Europe still relies on imported LNG to replace lost Russian pipeline supply, which has kept domestic gas valuable. As long as that premium holds, the European assets generate a disproportionate share of cash flow relative to their production volumes, and they remain the single largest driver of the stock.
2. Canadian Deep Basin scale
The Westbrick deal added roughly 50,000 boe/d of mostly gas production, about 1.1 million acres of Deep Basin land, and owned processing infrastructure, making Alberta Vermilion's largest producing region. Canadian production averaged ~99,700 boe/d in the first half of 2026, compared with ~81,800 boe/d for all of 2025 when Westbrick contributed only part of the year. The Deep Basin brings a long drilling inventory and the lower capital intensity management highlights in its strategy. The trade-off is pricing: most of these volumes sell at North American benchmarks, so their contribution depends on AECO recovering, which LNG Canada export capacity could eventually support.
3. Debt reduction and capital returns
Net debt fell from ~C$1.34 billion at the end of 2025 to ~C$1.29 billion at March 31 and ~C$1.22 billion at June 30, 2026, helped by about C$219 million of free cash flow in the first half. Management has named C$1 billion as the next milestone. Its framework now returns 40% to 60% of excess free cash flow through a quarterly dividend of C$0.135 per share and buybacks under a normal course issuer bid renewed in July 2026. Buybacks were modest in Q2 at ~C$5.5 million, and basic shares outstanding were ~152.9 million, down from ~154.0 million a year earlier. Hedges on ~47% of remaining 2026 production help steady these cash flows.
4. Portfolio focus and German exploration
Vermilion has moved its Saskatchewan and US oil assets into discontinued operations and agreed in Q1 2026 to sell its SA-07 block in Croatia, concentrating the company on gas in Canada and Europe. In Germany, first production began in July 2026 from Wisselshorst, its largest European discovery at ~67 Bcf gross (~43 Bcf net), and it closed a bolt-on adding ~1,000 boe/d, 85% gas, around Osterheide. Two more Bommelsen wells are planned for early 2027, and Dutch drilling is scheduled for the second half of 2026. A narrower portfolio could lower costs and make the business easier for investors to value.
What are the risks to Vermilion Energy Inc. (VET)?
Vermilion's cash flow is highly sensitive to European gas and Brent oil prices. If new global LNG supply pushes TTF and NBP back toward historical levels, the premium that sets it apart from Canadian peers would shrink, and the company would look more like a typical Deep Basin producer. Canadian gas remains weak, with AECO averaging only ~C$1.51/mcf in Q2 2026. Europe carries its own political and fiscal risk: governments have imposed windfall taxes on energy producers before, and drilling permits in countries such as the Netherlands and Germany can be slow or contested. Reported earnings are volatile because of impairments (a ~C$372 million writedown on discontinued assets in Q2 2025) and swings in unrealized hedge values, which is why trailing EPS is negative. Net debt of ~C$1.22 billion is meaningful against a ~US$2.0 billion market cap. Production dips during maintenance (Q3 2026 guidance is 116,000 to 118,000 boe/d), and the stock has traded between roughly US$7.11 and US$14.82 over the past 52 weeks.
Is VET a buy or a sell?
We give no verdict on Vermilion Energy Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. European gas premium. Vermilion's German, Dutch and Irish gas is priced off European hubs rather than AECO.
The case against. Vermilion's cash flow is highly sensitive to European gas and Brent oil prices.
Read the full bull and bear case on VET, including what would have to change to break either one. Walnut is not an investment adviser.
How is Vermilion Energy Inc. (VET) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Vermilion Energy Inc.'s investor relations page or your broker.
- Share price (NYSE, Oct 16, 2026 close): ~US$13.20
- Market cap: ~US$2.0 billion
- Q2 2026 sales (continuing operations): ~C$554 million
- EPS (TTM): ~-US$2.05 (impairment-driven loss); P/E not meaningful
- Q2 2026 fund flows from operations: ~C$231 million (C$1.51/share)
- Net debt (June 30, 2026): ~C$1.22 billion (1.3x fund flows)
Because trailing GAAP earnings are negative after writedowns and hedge marks, investors usually value Vermilion on fund flows and free cash flow rather than on a trailing P/E. First-half 2026 fund flows were C$3.04 per share, which annualizes to about C$6 per share against a Toronto price of roughly C$18.50. On forward estimates, the P/E is about 10. The C$0.135 quarterly dividend implies a yield of roughly ~3%. Third-quarter 2026 results are expected in late October or early November 2026, and will reflect planned maintenance downtime.
Who competes with Vermilion Energy Inc. (VET)?
Canadian gas-weighted producers
Tourmaline Oil, ARC Resources, Peyto Exploration and Birchcliff Energy operate in the same Deep Basin and Montney plays and are the most common peer set for Vermilion's Canadian business. They compete for drilling locations, pipeline capacity and investor capital, but sell almost entirely at North American gas prices, so they lack Vermilion's European pricing exposure.
Mid-size Canadian oil and gas producers
Whitecap Resources, Baytex Energy and Obsidian Energy compete with Vermilion for the same pool of investors looking for mid-cap Canadian energy with dividends and buybacks. They are generally more oil-weighted and more purely North American, which makes them a useful comparison for how much of Vermilion's valuation reflects its international mix.
European gas producers
Harbour Energy (which absorbed most of Wintershall Dea's upstream assets) and Equinor supply European gas markets, where Vermilion earns its premium pricing. They are much larger, but their results move with the same TTF and NBP benchmarks, so they are the clearest read-across for European gas pricing, regulation and windfall-tax exposure.
What stocks are similar to Vermilion Energy Inc. (VET)?
Other names that sit close to VET: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Vermilion Energy Inc. (VET)
There are three common ways to get VET exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so VET sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where VET fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Vermilion Energy Inc. (VET)
VET is a gas-weighted, debt-reducing small-cap producer with strong free cash flow at current European prices, offset by commodity-driven volatility and trailing GAAP earnings that remain negative as of October 2026.
More on Vermilion Energy Inc. (VET)
Whether VET is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is VET a buy or a sell?, and where the stock could go from here in the VET stock forecast.
For income investors, whether VET pays a dividend and how the payout looks is covered in does VET pay a dividend? And to weigh VET against a peer, read the full side-by-side comparisons: VET vs BTE and VET vs EQT.
Wondering how VET fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Vermilion Energy Inc. with AI
Connect the broker you already use and ask Walnut's AI how VET fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Vermilion Energy do?
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Vermilion Energy is a Calgary-based international oil and gas producer. It explores for, develops and produces natural gas, crude oil and natural gas liquids, and earns its revenue by selling them at market prices. Its largest region is the Deep Basin and Montney in Alberta and British Columbia, expanded through the 2025 Westbrick acquisition. In Europe it produces gas in Germany, the Netherlands and Ireland, including the Corrib field, and oil in France, and it owns the Wandoo oil field offshore Australia. Production averaged 125,789 barrels of oil equivalent per day in Q2 2026, about 71% natural gas. Over the past two years it has sold Saskatchewan and US oil assets and agreed to sell a Croatian block, so the company is increasingly a gas producer focused on Canada and Europe.
Why does Vermilion get higher gas prices than other Canadian producers?
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A large share of Vermilion's gas comes from Germany, the Netherlands and Ireland and is sold at European benchmark prices, mainly the Dutch TTF and the UK NBP hubs. Europe has paid far more for gas than North America since it lost most Russian pipeline supply and began relying on imported LNG. In Q2 2026, TTF averaged about C$22.68/MMBtu and NBP about C$22.33/MMBtu, while Alberta's AECO benchmark averaged only about C$1.51/mcf. That mix lifted Vermilion's average realized gas price to C$5.08/mcf, more than triple AECO. Most Canadian peers sell nearly all their gas at North American prices, so this European exposure is the main thing that separates Vermilion from them, and also the main thing that makes its results sensitive to European market conditions.
Is Vermilion Energy profitable?
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On a cash basis, yes. Vermilion generated about C$231 million of fund flows from operations and C$122 million of free cash flow in Q2 2026, and about C$464 million and C$219 million respectively in the first half of the year. Reported earnings are much lumpier. Q2 2026 showed net earnings of about C$134 million, Q1 2026 a loss of about C$146 million, and the first half a small net loss of about C$11 million. Trailing twelve-month EPS is about -US$2.05, reflecting impairments on assets the company has been exiting and swings in the unrealized value of its hedges. This gap between cash flow and accounting earnings is why analysts and investors tend to look at fund flows per share, free cash flow and net debt rather than at a trailing P/E ratio.
Does Vermilion Energy pay a dividend?
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Yes. As of October 2026, Vermilion pays a quarterly dividend of C$0.135 per share, most recently paid on September 29, 2026 to holders of record on September 15. For US holders of the NYSE shares that works out to about US$0.097 per quarter at recent exchange rates, or a yield of roughly 3%. The dividend has risen in Canadian dollars from about C$0.12 per quarter in 2024. In July 2026 the company raised its return-of-capital target to 40% to 60% of excess free cash flow, from 40%, split between the dividend and share buybacks. Canadian dividends paid to non-residents are generally subject to Canadian withholding tax, which a tax treaty may reduce, so the amount a US investor actually receives can be lower than the declared figure.
When does Vermilion Energy report earnings?
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Vermilion reported its second-quarter 2026 results on July 29, 2026, and third-quarter 2026 results are expected in late October or early November 2026; earnings calendars list dates between October 28 and November 4, so the company's own announcement is the reliable source. The Q2 report beat the top of the company's production guidance and raised its full-year outlook to 121,000 to 123,000 boe/d. For the third quarter, management has guided production lower, to 116,000 to 118,000 boe/d, because of planned maintenance in Ireland, Germany and Canada. Investors will likely focus on fund flows, free cash flow, the pace of debt reduction toward the C$1 billion milestone, and any updates on 2027 capital plans and the European drilling program.
How much debt does Vermilion have?
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Net debt was about C$1.22 billion at June 30, 2026, down roughly C$68 million during the second quarter and about C$118 million since the end of 2025. That equals about 1.3 times trailing four-quarter fund flows from operations, a moderate level for a producer of its size. Management has said its next milestone is C$1 billion of net debt, and expected proceeds from asset sales such as the Croatian SA-07 block are part of how it gets there. The debt rose meaningfully with the ~C$1.075 billion Westbrick purchase in early 2025, and paying it back down has been a priority since. Relative to a market cap of about US$2.0 billion, the debt load is still significant, so lower commodity prices would slow the paydown.
Where does VET trade, and how does the dual listing work?
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Vermilion's common shares trade under the ticker VET on both the Toronto Stock Exchange, in Canadian dollars, and the New York Stock Exchange, in US dollars. These are the same shares, not an ADR, so one NYSE share equals one TSX share, and prices on the two exchanges stay closely linked through the exchange rate. The company reports its financial results, guidance and dividend in Canadian dollars, so US investors see the dividend converted and the share price affected by moves in the Canadian dollar. As of the October 16, 2026 close, the NYSE shares traded at about US$13.20, with a 52-week range of roughly US$7.11 to US$14.82. Vermilion files its annual and quarterly reports with the SEC on Forms 40-F and 6-K.
Is Vermilion Energy stock a good investment?
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It depends on what an investor wants exposure to, and there are clear arguments on both sides. The bull case is that Vermilion trades at about 10 times forward earnings and roughly three times annualized fund flows, generates steady free cash flow, is paying down debt, is returning 40% to 60% of excess free cash flow, and offers rare exposure to premium European gas prices. The bear case is that this premium could fade as global LNG supply grows, that Canadian AECO gas is very weak, that European governments can impose windfall taxes, and that reported earnings have been negative on a trailing basis because of impairments. Of the analysts tracked, five rate it a buy or strong buy and six a hold. This is descriptive information, not investment advice.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Vermilion Energy Inc.'s investor relations page or your broker before making investment decisions.