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Gran Tierra Energy

GTE on NYSEAmerican. Crude petroleum & natural gas. Market value $371m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Energy stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
57.0%very high

For every $100 of what the whole company costs, it produced $57.04 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
9.3%five-year median

Each dollar kept in the business earns 9 cents a year. Above 10 is good.

Quality score: 72 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.

$10.46 a share, 239% above its 1-year low

Over the past year the price has ranged from $3.09 to $11.52.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.2
0.0
0.0
0.0
0.2
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $211 million in the past 12 months, $37 million in the year to December 2025.

Revenue
$474m$711m$637m$622m$597m
Operating margin
16.4%41.0%25.4%20.1%-22.0%
Debt to equity
2.181.411.401.813.09
Shares outstanding
0.37bn0.03bn0.03bn0.04bn0.04bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt3.09× equity
  • Revenue growth, five yearsStrong, 20.2% a year
  • Buying back its own sharesYes, 90% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $187 million last quarter, up 25% on a year ago.
  • Profit: $25 million, after a loss of $13 million a year ago.
  • Spare cash over the past 12 months: $211 million. A year earlier it spent $61 million more than it brought in.
  • About the same number of shares as a year ago.
  • Debt is $471 million more than cash, down from $712 million a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$151m
December 2024$147m
March 2025$168m
June 2025$149m
September 2025$149m
December 2025$130m
March 2026$172m
June 2026$187m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$1m
December 2024-$34m
March 2025-$19m
June 2025-$13m
September 2025-$20m
December 2025-$141m
March 2026-$119m
June 2026$25m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
4 March 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

None of the long-term investors we follow own it. 69 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Daniel Lau
    Passive investor
    at least 13.6%+1.6 pts
    (filed with 4 related holders)
    Since 30 June 2026
  • LM Asset (IM) Inc.
    Passive investor
    10.4%+2.5 pts
    Since 17 December 2025
  • Equinox Partners, L.P.
    Passive investor
    at least 4.8%−2.4 pts
    (filed with 2 related holders)
    Since 11 August 2026
  • at least 4.3%−5.5 pts
    (filed with 4 related holders)
    Since 11 September 2026
  • Sold down below 5%
    Since 30 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $5m of shares on the open market. 2 sold $276,299.

  • Morin Sebastien
    Chief Operating Officer
    Sold
    Date
    30 March 2026
    Shares
    26,750
    Price
    $9.42
    Value
    $251,985
  • Evans Jim
    EVP, Corporate Services
    Sold
    Date
    12 December 2025
    Shares
    6,140
    Price
    $3.96
    Value
    $24,314
  • Equinox Partners Investment Management LLC
    Director
    Bought
    Date
    26 November 2025
    Shares
    4,100
    Price
    $4.36
    Value
    $17,876
  • KUROTO FUND LP
    Director
    Bought
    Date
    25 November 2025
    Shares
    80,408
    Price
    $4.23
    Value
    $340,126
  • KUROTO FUND LP
    Director
    Bought
    Date
    24 November 2025
    Shares
    27,067
    Price
    $4.35
    Value
    $117,741
  • KUROTO FUND LP
    Director
    Bought
    Date
    21 November 2025
    Shares
    50,000
    Price
    $4.35
    Value
    $217,500
  • Equinox Partners Investment Management LLC
    Director
    Bought
    Date
    19 November 2025
    Shares
    30,400
    Price
    $4.36
    Value
    $132,544
  • Equinox Partners Investment Management LLC
    Director
    Bought
    Date
    18 November 2025
    Shares
    35,780
    Price
    $4.23
    Value
    $151,349
  • Equinox Partners Investment Management LLC
    Director
    Bought
    Date
    17 November 2025
    Shares
    126,126
    Price
    $4.21
    Value
    $530,990
  • Equinox Partners Investment Management LLC
    Director
    Bought
    Date
    14 November 2025
    Shares
    77,412
    Price
    $4.32
    Value
    $334,420

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 69% last year. Losing that customer would hurt.

    “For the year ended December 31, 2025, the Company had one customer (2024 - one and 2023 - one) which accounted for over 69 % of sales.”

    From the 10-K filed 4 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 3.1× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.