Spartan Delta Corp (SDE) - Net Assets
Based on the latest financial reports, Spartan Delta Corp (SDE) has net assets worth CA$643.17 Million CAD (≈ $465.26 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$1.35 Billion ≈ $975.36 Million USD) and total liabilities (CA$705.17 Million ≈ $510.11 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Spartan Delta Corp tangible equity quality to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$643.17 Million |
| % of Total Assets | 47.7% |
| Annual Growth Rate | 22.23% |
| 5-Year Change | -26.84% |
| 10-Year Change | 70383.44% |
| Growth Volatility | 252.84 |
Spartan Delta Corp - Net Assets Trend (2006–2025)
This chart illustrates how Spartan Delta Corp's net assets have evolved over time, based on quarterly financial data. See operational self-sufficiency of Spartan Delta Corp to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Spartan Delta Corp (2006–2025)
The table below shows the annual net assets of Spartan Delta Corp from 2006 to 2025. For live valuation and market cap data, see SDE market cap overview.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$648.63 Million ≈ $469.21 Million |
+37.59% |
| 2024-12-31 | CA$471.43 Million ≈ $341.02 Million |
+9.71% |
| 2023-12-31 | CA$429.72 Million ≈ $310.85 Million |
-71.67% |
| 2022-12-31 | CA$1.52 Billion ≈ $1.10 Billion |
+71.07% |
| 2021-12-31 | CA$886.65 Million ≈ $641.39 Million |
+544.65% |
| 2020-12-31 | CA$137.54 Million ≈ $99.49 Million |
+436.42% |
| 2019-12-31 | CA$25.64 Million ≈ $18.55 Million |
+742.33% |
| 2018-12-31 | CA$3.04 Million ≈ $2.20 Million |
-48.15% |
| 2017-12-31 | CA$5.87 Million ≈ $4.25 Million |
+537.89% |
| 2016-12-31 | CA$920.26K ≈ $665.70K |
+1214.86% |
| 2015-12-31 | CA$-82.55K ≈ $-59.71K |
-116.81% |
| 2014-12-31 | CA$490.95K ≈ $355.15K |
-90.36% |
| 2013-12-31 | CA$5.09 Million ≈ $3.68 Million |
+38.57% |
| 2012-12-31 | CA$3.68 Million ≈ $2.66 Million |
-8.76% |
| 2011-12-31 | CA$4.03 Million ≈ $2.91 Million |
-40.66% |
| 2010-12-31 | CA$6.79 Million ≈ $4.91 Million |
-28.50% |
| 2009-12-31 | CA$9.50 Million ≈ $6.87 Million |
-20.69% |
| 2008-12-31 | CA$11.97 Million ≈ $8.66 Million |
-31.07% |
| 2007-12-31 | CA$17.37 Million ≈ $12.56 Million |
+21.43% |
| 2006-12-31 | CA$14.30 Million ≈ $10.35 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Spartan Delta Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 52118966400.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$521.00 Million | 80.32% |
| Common Stock | CA$112.35 Million | 17.32% |
| Other Components | CA$15.29 Million | 2.36% |
| Total Equity | CA$648.63 Million | 100.00% |
Spartan Delta Corp Competitors by Market Cap
The table below lists competitors of Spartan Delta Corp ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Tootsie Roll Industries Inc
NYSE:TR
|
$1.65 Billion |
|
Israel Canada
TA:ISCN
|
$1.65 Billion |
|
Beach Energy Ltd
AU:BPT
|
$1.65 Billion |
|
Thaifoods Group Public Company Limited
BK:TFG-R
|
$1.65 Billion |
|
HuBei SanFeng Intelligent Conveying Equipment Co Ltd
SHE:300276
|
$1.64 Billion |
|
Syndax Pharmaceuticals Inc
NASDAQ:SNDX
|
$1.64 Billion |
|
Blackline Inc
NASDAQ:BL
|
$1.64 Billion |
|
Usha Martin Limited
NSE:USHAMART
|
$1.64 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Spartan Delta Corp's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 471,427,000 to 648,633,000, a change of 177,206,000 (37.6%).
- Net income of 70,015,000 contributed positively to equity growth.
- Share repurchases of 93,170,000 reduced equity.
- New share issuances of 93,170,000 increased equity.
- Other factors increased equity by 107,191,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$70.02 Million | +10.79% |
| Share Repurchases | CA$93.17 Million | -14.36% |
| Share Issuances | CA$93.17 Million | +14.36% |
| Other Changes | CA$107.19 Million | +16.53% |
| Total Change | CA$- | 37.59% |
Book Value vs Market Value Analysis
This analysis compares Spartan Delta Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.51x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 0.03x to 3.51x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2006-12-31 | CA$324.80 | CA$11.22 | x |
| 2007-12-31 | CA$268.16 | CA$11.22 | x |
| 2008-12-31 | CA$184.72 | CA$11.22 | x |
| 2009-12-31 | CA$135.73 | CA$11.22 | x |
| 2010-12-31 | CA$79.11 | CA$11.22 | x |
| 2011-12-31 | CA$46.94 | CA$11.22 | x |
| 2012-12-31 | CA$42.81 | CA$11.22 | x |
| 2013-12-31 | CA$52.34 | CA$11.22 | x |
| 2014-12-31 | CA$4.39 | CA$11.22 | x |
| 2015-12-31 | CA$-0.72 | CA$11.22 | x |
| 2016-12-31 | CA$6.52 | CA$11.22 | x |
| 2017-12-31 | CA$14.69 | CA$11.22 | x |
| 2018-12-31 | CA$2.75 | CA$11.22 | x |
| 2019-12-31 | CA$12.85 | CA$11.22 | x |
| 2020-12-31 | CA$2.48 | CA$11.22 | x |
| 2021-12-31 | CA$6.64 | CA$11.22 | x |
| 2022-12-31 | CA$8.64 | CA$11.22 | x |
| 2023-12-31 | CA$2.48 | CA$11.22 | x |
| 2024-12-31 | CA$2.69 | CA$11.22 | x |
| 2025-12-31 | CA$3.20 | CA$11.22 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Spartan Delta Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.79%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 18.92%
- • Asset Turnover: 0.32x
- • Equity Multiplier: 1.81x
- Recent ROE (10.79%) is above the historical average (-68.87%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2006 | -1.33% | -68.40% | 0.02x | 1.03x | CA$-1.62 Million |
| 2007 | -6.78% | -389.32% | 0.02x | 1.03x | CA$-2.91 Million |
| 2008 | -48.72% | -167.99% | 0.27x | 1.09x | CA$-7.03 Million |
| 2009 | -95.78% | -522.88% | 0.17x | 1.10x | CA$-10.04 Million |
| 2010 | -41.24% | -91.81% | 0.39x | 1.15x | CA$-3.48 Million |
| 2011 | -2.96% | -3.81% | 0.65x | 1.19x | CA$-522.09K |
| 2012 | -12.21% | -18.50% | 0.58x | 1.15x | CA$-816.15K |
| 2013 | -43.57% | -85.67% | 0.42x | 1.21x | CA$-2.73 Million |
| 2014 | -1222.28% | -583.50% | 0.85x | 2.47x | CA$-6.05 Million |
| 2015 | 0.00% | -1759.29% | 0.12x | 0.00x | CA$-673.06K |
| 2016 | -42.52% | -73.92% | 0.05x | 10.70x | CA$-483.35K |
| 2017 | -38.31% | -100.43% | 0.15x | 2.59x | CA$-2.84 Million |
| 2018 | -103.68% | -155.18% | 0.17x | 4.03x | CA$-3.46 Million |
| 2019 | -7.68% | -119.43% | 0.05x | 1.34x | CA$-4.53 Million |
| 2020 | 34.65% | 47.80% | 0.30x | 2.41x | CA$33.91 Million |
| 2021 | 37.69% | 54.01% | 0.36x | 1.97x | CA$245.56 Million |
| 2022 | 44.90% | 46.17% | 0.70x | 1.38x | CA$529.40 Million |
| 2023 | 154.31% | 100.11% | 0.81x | 1.91x | CA$620.14 Million |
| 2024 | 7.27% | 11.16% | 0.33x | 1.98x | CA$-12.86 Million |
| 2025 | 10.79% | 18.92% | 0.32x | 1.81x | CA$5.15 Million |
Industry Comparison
This section compares Spartan Delta Corp's net assets metrics with peer companies in the Oil & Gas E&P industry.
Industry Context
- Industry: Oil & Gas E&P
- Average net assets among peers: $468,854,611
- Average return on equity (ROE) among peers: -17.80%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Spartan Delta Corp (SDE) | CA$643.17 Million | -1.33% | 1.10x | $1.64 Billion |
| Advantage Oil & Gas Ltd. (AAV) | $1.56 Billion | 21.64% | 0.42x | $1.17 Billion |
| Africa Energy Corp (AFE) | $265.56 Million | 18.32% | 0.01x | $67.59 Million |
| Alvopetro Energy (ALV) | $95.37 Million | 24.22% | 0.47x | $235.69 Million |
| Africa Oil Corp (AOI) | $24.87 Million | -14.72% | 0.42x | $820.85 Million |
| Altima Resources Ltd (ARH) | $19.56 Million | -8.72% | 0.40x | $19.37 Million |
| ARC Resources Ltd. (ARX) | $2.10 Billion | 25.38% | 0.79x | $12.87 Billion |
| Athabasca Oil Corp (ATH) | $567.02 Million | -127.10% | 1.51x | $3.78 Billion |
| Altai Resources Inc. (ATI) | $22.21 Million | -2.68% | 0.02x | $1.12 Million |
| Avanti Energy Inc (AVN) | $2.38 Million | -86.78% | 0.06x | $24.04 Million |
| Arrow Exploration Corp (AXL) | $27.18 Million | -27.59% | 0.08x | $102.36 Million |
About Spartan Delta Corp
Spartan Delta Corp. engages in the exploration, development, and production of crude oil and natural gas properties in Western Canada. Its assets are in Duvernay and Deep Basin in Canada. The company was formerly known as Return Energy Inc. and changed its name to Spartan Delta Corp. in May 2020. Spartan Delta Corp. was incorporated in 2006 and is headquartered in Calgary, Canada.