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Civeo
(NYSE:CVEO)
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Rating:53Neutral
Price Target:
$33.00
▼(-4.82% Downside)
Action:Reiterated
Date:07/31/26
CVEO scores in the low-to-mid range primarily due to weak financial performance driven by recent losses and a sharply higher leverage profile, despite some TTM stabilization and improved free cash flow. The earnings call improved the outlook with maintained guidance, better cash flow trends, and enhanced financing flexibility, helping offset balance-sheet risk. Technically, shares show mild short-term softness but a stronger longer-term trend, while valuation is held back by negative earnings and no dividend yield data.
Positive Factors
Large bid pipeline & capacity
A sizable, qualified bid pipeline and large deployable room base provide durable revenue optionality as projects FID and mobilize. With constrained industry capacity, Civeo’s asset footprint and bids position it to convert multi-year project demand into sustained contracted revenue as awards occur.
Negative Factors
Rising leverage
Rapidly higher leverage reduces financial flexibility and raises refinancing and interest-rate exposure over the medium term. Elevated net debt relative to EBITDA can constrain ability to bid selectively, fund expansions organically, or absorb delays in award timing without additional capital actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Large bid pipeline & capacity
A sizable, qualified bid pipeline and large deployable room base provide durable revenue optionality as projects FID and mobilize. With constrained industry capacity, Civeo’s asset footprint and bids position it to convert multi-year project demand into sustained contracted revenue as awards occur.
Read all positive factors
Civeo (CVEO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$325.71M
Dividend YieldN/A
Average Volume (3M)42.56K
Price to Earnings (P/E)―
Beta (1Y)0.19
Revenue Growth8.01%
EPS Growth51.71%
CountryUS
Employees2,100
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)-1.17
Shares Outstanding10,336,859
10 Day Avg. Volume48,128
30 Day Avg. Volume42,561
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)1.66
Price to Sales (P/S)0.45
P/FCF Ratio134.71
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$44.00Price Target Upside26.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.24
Revenue Forecast (FY)$695.07M
Civeo Business Overview & Revenue Model
Company Description
Civeo Corporation specializes in providing comprehensive hospitality and lodging solutions for the natural resource sector across Canada, Australia, and the United States. The company constructs and operates both permanent and temporary workforce ...
How the Company Makes Money
Civeo makes money by contracting with resource and industrial companies to provide lodging and site-support services for employees working away from home, often in remote regions. Its revenue is primarily generated from (1) accommodation fees tied...
Civeo Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call presented a constructive operational and financial picture with notable revenue growth (+11% consolidated), a swing to positive operating cash flow, strengthened balance sheet flexibility via a $115M convertible note offering, and continued capital returns through share buybacks. These positives are tempered by a modest decline in adjusted EBITDA, transitory cost inflation and diesel availability issues in Australia that compressed casual occupancy and margins, and start-up costs in Canada that reduced segment profitability. The substantial and diversified North American pipeline (> $1.5B), available deployable capacity (~9,700–10,700 rooms), maintained 2026 guidance, and explicit plans to deploy capital opportunistically suggest management believes near-term headwinds are temporary and that the company is positioned for upside as projects FID and mobilize.Positive Updates
Consolidated Revenue Growth
Total revenues for Q2 2026 were $180.0 million, up from $162.7 million in Q2 2025, an increase of approximately 11% (≈ $17.3 million year-over-year).
Negative Updates
Adjusted EBITDA Decline
Adjusted EBITDA decreased to $23.8 million in Q2 2026 from $25.0 million in Q2 2025 (down $1.2 million, ~4.8% year-over-year), driven by start-up costs and transitory cost inflation.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Total revenues for Q2 2026 were $180.0 million, up from $162.7 million in Q2 2025, an increase of approximately 11% (≈ $17.3 million year-over-year).
Read all positive updates
Company Guidance
Management maintained full‑year 2026 guidance of $675–700 million in revenues, $85–90 million of adjusted EBITDA and $25–30 million of capital expenditures, while reiterating a capital return framework to return at least 75% of annual free cash flow; they expect ~20% year‑over‑year revenue growth in H2 2026 (Canada vs H2 2025), some Q4 mobile‑camp mobilizations, and noted turnaround work shifted into Q3. Australia is expected to face temporary headwinds through year‑end despite metallurgical coal near $220+/tonne and the integrated services business targeting an AUD 500 million run‑rate by year‑end 2027; the North American bid pipeline remains >$1.5 billion of total contract value. Balance‑sheet metrics as of June 30 were liquidity ≈$82 million, total debt ≈$209 million, net debt ≈$191 million (net leverage ≈2.1x); subsequent financing included $115 million of 4.5% convertible notes due 2031 (initial conversion price $40.51, a 20% premium) used to repurchase ~660,297 shares for ≈$22.3 million (YTD repurchases ≈$36.7 million) and repay revolver borrowings.Civeo Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
38
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 684.79M | 638.85M | 682.12M | 700.80M | 697.05M | 594.46M |
| Gross Profit | 126.14M | 151.09M | 149.46M | 170.52M | 179.99M | 158.00M |
| EBITDA | 87.16M | 77.58M | 70.07M | 128.68M | 109.95M | 101.94M |
| Net Income | -13.24M | -20.07M | -17.07M | 30.16M | 4.00M | 1.35M |
Balance Sheet | ||||||
| Total Assets | 487.86M | 477.41M | 405.07M | 548.06M | 566.18M | 672.73M |
| Cash, Cash Equivalents and Short-Term Investments | 20.61M | 14.44M | 5.20M | 3.32M | 7.95M | 6.28M |
| Total Debt | 221.50M | 193.98M | 55.75M | 79.19M | 143.72M | 192.85M |
| Total Liabilities | 328.45M | 303.03M | 168.07M | 225.02M | 262.48M | 309.62M |
| Stockholders Equity | 159.41M | 174.38M | 236.37M | 320.17M | 300.14M | 361.50M |
Cash Flow | ||||||
| Free Cash Flow | 16.72M | 2.15M | 57.37M | 64.93M | 66.35M | 72.96M |
| Operating Cash Flow | 34.99M | 22.34M | 83.51M | 96.56M | 91.77M | 88.53M |
| Investing Cash Flow | -22.30M | -90.11M | -14.94M | -14.52M | -8.95M | -706.00K |
| Financing Cash Flow | -6.07M | 74.72M | -65.20M | -86.80M | -79.66M | -86.51M |
Civeo Technical Analysis
Negative
34.67
Price Trends
33.38
Negative
31.83
Negative
28.18
Positive
Market Momentum
-0.54
Positive
39.97
Neutral
26.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVEO, the sentiment is Negative. The current price of 34.67 is above the 20-day moving average (MA) of 33.12, above the 50-day MA of 33.38, and above the 200-day MA of 28.18, indicating a neutral trend. The MACD of -0.54 indicates Positive momentum. The RSI at 39.97 is Neutral, neither overbought nor oversold. The STOCH value of 26.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CVEO.
Civeo Risk Analysis
Civeo disclosed 37 risk factors in its most recent earnings report. Civeo reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Civeo Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $1.38B | 45.94 | 5.44% | ― | -49.16% | -91.38% | |
54 Neutral | $1.51B | -34.70 | -11.10% | ― | -7.43% | -198.60% | |
53 Neutral | $325.71M | -27.01 | -7.82% | ― | 8.01% | 51.71% | |
51 Neutral | $1.22B | -238.83 | 1.24% | ― | -0.02% | -154.82% |
* Consumer Cyclical Sector Average
CVEO
Civeo
30.76
7.56
32.59%
PRSU
Pursuit Attractions and Hospitality
45.67
11.16
32.34%
BV
BrightView Holdings
11.45
-3.54
-23.62%
TH
Target Hospitality
16.51
8.34
102.08%
Civeo Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
Civeo Reports Strong Q2 Results and Balance Sheet Moves
Positive
Jul 30, 2026
Civeo reported second-quarter 2026 revenues of $180 million, up 11% year-on-year, alongside a narrowed net loss of $2.5 million and adjusted EBITDA of $23.8 million, reflecting integrated services growth and stronger Australian dollar tailwinds of...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
Civeo Completes Convertible Notes Offering and Share Repurchase
Positive
Jul 8, 2026
On July 7, 2026, Civeo completed a private, unregistered offering of $100 million of 4.50% Convertible Senior Notes due 2031, issued under an indenture with U.S. Bank Trust Company as trustee. The notes pay semi-annual interest, mature on August 1...
Business Operations and StrategyPrivate Placements and Financing
Civeo renews major Canadian contract and boosts financing
Positive
Jul 2, 2026
On July 1, 2026, Civeo announced that one of its Western Canada joint ventures secured a six-year contract renewal to provide workforce accommodations and hospitality services, extending existing arrangements from 2027 through June 30, 2032. The r...
Executive/Board ChangesShareholder Meetings
Civeo Shareholders Approve Directors, Compensation and Equity Plan
Positive
May 27, 2026
At its 2026 Annual General Meeting of Shareholders, Civeo Corporation’s investors elected six nominees to serve as Class II and Class III directors and, on an advisory basis, approved the compensation packages of the company’s named ex...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.