Ithaca Energy Past Earnings Performance
Past criteria checks 2/6
Ithaca Energy's earnings have been declining at an average annual rate of -45.1%, while the Oil and Gas industry saw earnings declining at 6.2% annually. Revenues have been growing at an average rate of 11.9% per year. Ithaca Energy's return on equity is 10.8%, and it has net margins of 8.2%.
Key information
-45.13%
Earnings growth rate
-26.39%
EPS growth rate
| Oil and Gas Industry Growth | 21.81% |
| Revenue growth rate | 11.95% |
| Return on equity | 10.79% |
| Net Margin | 8.17% |
| Last Earnings Update | 30 Jun 2026 |
Recent past performance updates
Recent updates
Narrative Update • Sep 09
ITH: Rich Multiple Will Outlast Near-Term Benefit From Higher Margins
Analysts have lifted their price target on Ithaca Energy from £2.04 to £2.25, citing updated assumptions that combine slightly higher discount and revenue decline rates with a stronger profit margin outlook and a lower future P/E multiple. What’s in the News for Ithaca Energy Ithaca Energy reported record quarterly production of 131 kboe/d in the second quarter of 2026, with H1 2026 average production of 128 kboe/d, according to its operating results announcement.
Narrative Update • Aug 26
ITH: Future Returns Will Depend On £2b North Sea Deal Outlook
Analysts have raised their price target for Ithaca Energy to £2.81 from £2.72, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What’s in the News for Ithaca Energy Reports indicated that BP held talks about a potential sale of its entire North Sea oil and gas production portfolio to Ithaca Energy for around £2b, which would represent a sizeable expansion of Ithaca Energy’s position in the basin.Narrative Update • Jul 09
ITH: Future Returns Will Depend On North Sea Acquisition Execution
Analysts have raised their price target on Ithaca Energy to £2.72 from £2.24, citing updated assumptions for revenue trends, profit margins and a lower projected future P/E multiple. Together, these factors are seen as providing more support for the stock at higher levels.Narrative Update • Jun 25
ITH: Higher P/E Expectations Will Futurely Outweigh Softer Margins And Revenues
Analysts have lifted their fair value estimate for Ithaca Energy from £1.49 to £2.04, citing updated assumptions on revenue trends, profit margins and future P/E expectations as key drivers of the higher price target. What’s in the News for Ithaca Energy Reports of talks for Ithaca Energy to acquire BP’s entire North Sea oil and gas production portfolio for around £2 billion have drawn attention to potential sector consolidation and debate over the UK windfall tax.
Narrative Update • Jun 11
ITH: Higher Margins And Firm Production Guidance Will Support Future Cash Generation
Analysts have lifted their price target for Ithaca Energy from £2.60 to £3.50, citing updated assumptions on fair value, discount rate, revenue growth, profit margins and future P/E as the key drivers of the change. What's in the News Ithaca Energy reported first quarter 2026 production of 126 kboe/d, compared with 127 kboe/d in Q1 2025.Narrative Update • May 28
ITH: Dividend Strength Will Offset Softer Revenues And Lower Future P/E
Analysts have nudged their price target for Ithaca Energy slightly lower from £1.51 to £1.49, reflecting updated assumptions around a higher discount rate, softer revenue expectations, a firmer profit margin, and a modestly lower future P/E multiple. What's in the News Ithaca Energy is actively looking for M&A opportunities in the U.K. and internationally, with management emphasizing a disciplined approach and a focus on shareholder returns, including an expected 2026 dividend at the higher end of the stated range (First Quarter 2026 Results Call).Narrative Update • May 04
ITH: Dividend Payout Will Support Returns While Future Earnings Multiple Compresses
Analysts have adjusted their price target for Ithaca Energy to reflect updated views on revenue trends, profitability and a lower future P/E assumption. The revised target is £1.51 per share, unchanged from the previous £1.51.Narrative Update • Apr 20
ITH: Future Returns Will Balance Dividend Payouts And Production Execution Risks
The analyst price target for Ithaca Energy has been adjusted slightly higher to £2.24 from £2.21. Analysts cite updated fair value estimates, along with changes in revenue growth, profit margin expectations and future P/E assumptions, as key drivers of the move.Narrative Update • Apr 05
ITH: Future Profit Pressures Will Limit Upside Despite Dividend Support
Analysts have trimmed their price target on Ithaca Energy to £1.70 from £1.80, citing a fair value estimate that now points to a smaller valuation gap, as well as updated assumptions for lower revenue growth, slightly lower profit margins, a higher future P/E multiple and a modestly reduced discount rate. Analyst Commentary Recent research highlights a more balanced stance on Ithaca Energy, with the revised £1.70 price target reflecting a view that the share price is now closer to analysts’ estimates of fair value.Narrative Update • Mar 22
ITH: Overvaluation Concerns Will Persist As Dividend And Output Execution Risks Loom
Analysts have raised their fair value estimate for Ithaca Energy from £1.83 to £2.21 per share, reflecting updated assumptions on growth, profitability and the recent shift in Street views that now see a more balanced risk and reward profile. Analyst Commentary Bullish Takeaways Bullish analysts point to the upgrade to Neutral from Sell as a sign that execution risks now look more balanced against potential rewards after the recent share price underperformance.Narrative Update • Mar 08
ITH: Reset Expectations And Legal Resolution Will Shape Future Cash Generation
Analysts have reduced Ithaca Energy's price target from £1.80 to £1.70, reflecting updated assumptions for revenue growth, profit margins and future P/E. They now view these assumptions as supporting a more balanced risk and reward profile for the shares.Narrative Update • Feb 21
ITH: Reset Expectations And Balanced Risk Reward Will Support Future Cash Generation
Ithaca Energy's analyst price target has been trimmed by £0.10 to £1.70 per share, as analysts now see a more balanced risk and reward profile after the recent share price underperformance and modest tweaks to fair value, revenue growth assumptions, profit margin expectations and future P/E. Analyst Commentary Recent Street research on Ithaca Energy points to a more balanced view, with some bullish analysts seeing the current share price as better aligned with their assessment of value.Narrative Update • Feb 07
ITH: Reset Tax And Hedging Expectations Will Support Future Cash Generation
Our new analyst price target for Ithaca Energy moves modestly higher to about £2.62 from £2.55 per share. This reflects analysts' view that the recent upgrade to Neutral and reset to a 170 GBp target signal a more balanced risk and reward profile after the stock's recent underperformance.Analysis Article • Feb 03
Is Ithaca Energy (LON:ITH) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Narrative Update • Jan 24
ITH: Fair Rating Will Rely On Execution Under Tougher U.K. Tax Regime
Analysts have slightly reduced their fair value estimate for Ithaca Energy, alongside lowering the average price target to £1.70 from £1.80. This adjustment reflects updated expectations for revenue growth and profit margins, and suggests a more balanced view of risk and reward following the recent share pullback.Narrative Update • Jan 09
ITH: Premium Rating Will Rely On Execution Under Tougher U.K. Tax Regime
Analysts have trimmed their fair value estimate for Ithaca Energy to about £1.85 per share from roughly £1.93, citing the recent downgrade to Sell, the premium valuation in a tougher U.K. tax regime, relatively lower cash returns versus peers, and limited gas hedging from 2027. Analyst Commentary Recent research has put a spotlight on how Ithaca Energy is priced versus its risk profile, especially under the current U.K. tax regime and its evolving hedging strategy.Narrative Update • Dec 16
ITH: Cygnus Acquisition Will Support Cash Generation Despite Tough Tax Backdrop
Analysts have trimmed their price target on Ithaca Energy to 180 GBp from 200 GBp, citing the shares trading at a premium despite the U.K. tax regime, moderating cash returns relative to peers, and concerns about limited gas hedging beyond 2026. Analyst Commentary Bullish analysts acknowledge that Ithaca Energy faces structural challenges in the U.K. tax environment and a less favorable hedging profile beyond 2026, yet they still see selective reasons for optimism around execution and cash generation.Analysis Article • Dec 12
Lacklustre Performance Is Driving Ithaca Energy plc's (LON:ITH) 30% Price Drop
Ithaca Energy plc ( LON:ITH ) shareholders won't be pleased to see that the share price has had a very rough month...Narrative Update • Dec 02
ITH: Mixed Outlook As Tax Risks Offset Recent Operational Progress
Analysts have raised their price target for Ithaca Energy from £1.84 to £1.93. This change reflects underlying shifts in profitability and cash flow expectations, despite concerns over its premium valuation and the evolving U.K. tax environment.Narrative Update • Nov 18
ITH: Lower Discount Rate Will Fail To Justify Recent Share Offering
Analysts have raised their price target for Ithaca Energy from £1.73 to £1.84, citing a slightly lower discount rate in addition to a modest adjustment to revenue growth and profit margin forecasts. What's in the News Ithaca Energy has completed the acquisition of an additional 46.25% interest in the Cygnus gas field, increasing its operated stake to 85%.Narrative Update • Nov 03
ITH: Incremental Changes In Discount Rate Will Limit Share Upside
Analysts have modestly revised their price target for Ithaca Energy, adjusting the fair value estimate from £1.73 to £1.73 per share. They cite incremental changes in the company’s discount rate and future P/E outlook as underlying factors for the update.Analysis Article • Oct 28
Why We're Not Concerned About Ithaca Energy plc's (LON:ITH) Share Price
With a median price-to-sales (or "P/S") ratio of close to 1.8x in the Oil and Gas industry in the United Kingdom, you...Narrative Update • Oct 20
North Sea Projects Will Shape The Future Despite Energy Transition
Analysts have raised their price target for Ithaca Energy from £1.60 to £1.73 per share. They cite improved revenue growth projections and a stronger profit margin outlook as the reasons for this adjustment.Narrative Update • Aug 27
Rosebank And Captain EOR Risks Will Undermine Oil Operations
Despite a sharp downgrade in revenue growth expectations, Ithaca Energy’s future P/E has dropped substantially, improving valuation and likely driving the consensus price target up from £1.54 to £1.61. What's in the News Upgraded FY2025 production guidance to 119–125 kboe/d from prior 109–119 kboe/d, reflecting strong core asset performance.
New Narrative • Feb 12
Rosebank Delays And High Capital Expenditures Will Strain Cash Flow In 2024
Heavy capital investment and ongoing projects may strain cash flow and impact future revenue due to potential delays and cost overruns.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Ithaca Energy makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 3,186 | 260 | 47 | 0 |
| 31 Mar 26 | 3,121 | 242 | 46 | 0 |
| 31 Dec 25 | 2,947 | -84 | 44 | 0 |
| 30 Sep 25 | 2,905 | -101 | 40 | 0 |
| 30 Jun 25 | 2,594 | -170 | 43 | 0 |
| 31 Mar 25 | 2,209 | -148 | 43 | 0 |
| 31 Dec 24 | 1,982 | 153 | 41 | 0 |
| 30 Sep 24 | 1,727 | 189 | 48 | 0 |
| 30 Jun 24 | 1,914 | 239 | 39 | 0 |
| 31 Mar 24 | 2,156 | 177 | 32 | 0 |
| 31 Dec 23 | 2,320 | 293 | 34 | 0 |
| 30 Sep 23 | 2,418 | -122 | 15 | 0 |
| 30 Jun 23 | 2,509 | -367 | 30 | 0 |
| 31 Mar 23 | 2,503 | 428 | 38 | 0 |
| 31 Dec 22 | 2,598 | 1,032 | 42 | 0 |
| 30 Sep 22 | 2,475 | 1,590 | 51 | 0 |
| 30 Jun 22 | 2,147 | 1,867 | 33 | 0 |
| 31 Mar 22 | 1,824 | 1,152 | 24 | 0 |
| 31 Dec 21 | 1,428 | 426 | 15 | 0 |
| 30 Sep 21 | 1,239 | 584 | 11 | 0 |
| 30 Jun 21 | 1,171 | 486 | 14 | 0 |
| 31 Mar 21 | 1,173 | 430 | 15 | 0 |
| 31 Dec 20 | 1,176 | -402 | 18 | 0 |
| 30 Sep 20 | 1,200 | -784 | 20 | 0 |
| 30 Jun 20 | 1,001 | -803 | 15 | 0 |
| 31 Mar 20 | 822 | -826 | 11 | 0 |
| 31 Dec 19 | 582 | -15 | 5 | 0 |
| 30 Sep 19 | 344 | 127 | 5 | 0 |
| 30 Jun 19 | 384 | 145 | 5 | 0 |
| 31 Mar 19 | 380 | 129 | 5 | 0 |
| 31 Dec 18 | 326 | 118 | 4 | 0 |
| 30 Sep 18 | 348 | -51 | 5 | 0 |
| 30 Jun 18 | 314 | -59 | 5 | 0 |
| 31 Mar 18 | 258 | -32 | 4 | 0 |
| 31 Dec 17 | 242 | -26 | 4 | 0 |
| 30 Sep 17 | 190 | 38 | 4 | 0 |
| 30 Jun 17 | 161 | -36 | 4 | 0 |
| 31 Mar 17 | 148 | -61 | 5 | 0 |
| 31 Dec 16 | 144 | -54 | 5 | 0 |
| 30 Sep 16 | 138 | -242 | 6 | 0 |
| 30 Jun 16 | 135 | -129 | 8 | 0 |
| 31 Mar 16 | 170 | -77 | 8 | 0 |
| 31 Dec 15 | 207 | -121 | 10 | 0 |
| 30 Sep 15 | 261 | 7 | 11 | 0 |
Quality Earnings: ITH has high quality earnings.
Growing Profit Margin: ITH became profitable in the past.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ITH's earnings have declined by 45.1% per year over the past 5 years.
Accelerating Growth: ITH has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: ITH has become profitable in the last year, making it difficult to compare its past year earnings growth to the Oil and Gas industry (107.7%).
Return on Equity
High ROE: ITH's Return on Equity (10.8%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/16 17:43 |
| End of Day Share Price | 2026/09/16 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Ithaca Energy plc is covered by 23 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| "Naisheng Cui | Barclays |
| Lydia Rainforth | Barclays |
| James Hosie | Barclays |