Civeo Corp (CVEO)
NYSE:CVEO
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Civeo
(NYSE:CVEO)
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Rating:57Neutral
Price Target:
$37.00
▲(22.60% Upside)
Action:Reiterated
Date:05/02/26
The score is held back primarily by weakened financial quality (margin compression, ongoing net losses, and higher leverage with thin free cash flow). Technicals and the latest earnings call are supportive—showing strong recent operating momentum and improved guidance—but cost inflation and project timing uncertainty temper the outlook.
Positive Factors
Top-line momentum & pipeline
Sustained top-line growth and a much larger bid pipeline increase revenue visibility and imply repeatable commercial traction across infrastructure and resources end markets. This durable demand backdrop supports multi‑period contract wins and underpins capacity utilization and margin recovery over the next 2–6 months.
Negative Factors
Materially higher leverage
Leverage has climbed materially, tightening the margin for error on earnings shortfalls. Higher debt amplifies interest and covenant sensitivity, constrains strategic optionality, and increases refinancing and liquidity risk if cash conversion or project timing deteriorates over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Top-line momentum & pipeline
Sustained top-line growth and a much larger bid pipeline increase revenue visibility and imply repeatable commercial traction across infrastructure and resources end markets. This durable demand backdrop supports multi‑period contract wins and underpins capacity utilization and margin recovery over the next 2–6 months.
Read all positive factors
Civeo (CVEO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$368.46M
Dividend Yield4.25%
Average Volume (3M)42.56K
Price to Earnings (P/E)―
Beta (1Y)0.20
Revenue Growth1.13%
EPS Growth25.94%
CountryUS
Employees2,600
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)-1.19
Shares Outstanding10,943,296
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 Cap1.57
Enterprise Value/Revenue0.87
Enterprise Value/Gross Profit4.08
Enterprise Value/Ebitda6.68
Forecast
1Y Price Target
$37.00Price Target Upside22.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.67
Revenue Forecast (FY)$686.19M
Civeo Business Overview & Revenue Model
Company Description
Civeo Corporation provides hospitality services to the natural resource industry in Canada, Australia, and the United States. The company develops lodges and villages; and mobile accommodations, including modular, skid-mounted accommodation, and c...
How the Company Makes Money
Civeo makes money by contracting with industrial and resource-sector customers to provide workforce housing and on-site hospitality services. Its core revenue stream comes from operating accommodations (rooms/beds) at remote lodges or villages, wh...
Civeo Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and commercial trajectory: strong Q1 revenue growth (+20%) and large adjusted EBITDA improvement (+78%), improved Canadian profitability, meaningful contributions from acquired Australian villages, an expanded and healthy bid pipeline (> $1.5B), and proactive capital allocation (share repurchases, amended credit facility). Offsetting risks include near-term margin pressure from higher diesel and inflation (particularly in Australia), seasonal negative operating cash flow, labor constraints, modest softness in portions of legacy Australian villages, and timing/FID risk that may delay revenue recognition from large infrastructure opportunities into 2027. Overall, the company is growing top-line and improving margins while maintaining financial flexibility, but management is cautious on EBITDA given cost/inflation dynamics and project timing uncertainty.Positive Updates
Strong Consolidated Top-Line and Margin Expansion
Total revenue of $172.7M in Q1 2026, up ~20% year-over-year (from $144M). Adjusted EBITDA of $22.5M, up 78% YoY (from $12.7M). Net loss narrowed to $3.8M ($0.34/diluted) from $9.8M ($0.72/diluted).
Negative Updates
Adjusted EBITDA Guidance Maintained Despite Revenue Upside
Company maintained full-year adjusted EBITDA guidance at $85M–$90M despite raising revenue guidance, citing inflationary pressures (diesel and broader costs) and customer cost discipline that may compress near-term margins.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Consolidated Top-Line and Margin Expansion
Total revenue of $172.7M in Q1 2026, up ~20% year-over-year (from $144M). Adjusted EBITDA of $22.5M, up 78% YoY (from $12.7M). Net loss narrowed to $3.8M ($0.34/diluted) from $9.8M ($0.72/diluted).
Read all positive updates
Company Guidance
Civeo raised its full‑year 2026 revenue guidance to $675–700 million (up from $650–700M), with the midpoint implying roughly 8% revenue growth, while maintaining adjusted EBITDA guidance of $85–90 million due to temporary inflationary pressures (notably higher diesel); 2026 capex is expected to be $25–30 million. Q1 results underpinning the outlook included revenue of $172.7M (+20% y/y), adjusted EBITDA of $22.5M (+78%), operating cash flow of negative $9.7M, capex $4.1M, and share repurchases of ~500,000 shares for ~$14.4M at an average $28.06; regionally Australia drove $123M of Q1 revenue and $21.8M of adjusted EBITDA (676k billed rooms, ARRs of $83 vs $75 LY), Canada delivered $49.6M revenue and $5.2M adjusted EBITDA (434k billed rooms, ARR $99 vs $93 LY). Balance sheet and liquidity metrics include total liquidity ~$68M, total debt $215M, net debt $199M (net leverage ~2.2x), an increased revolver to $285M with maturity extended to April 2030, and a live bid pipeline in excess of $1.5 billion (with 2,500 mobile camp rooms and ~7,000 redeployable lodge rooms positioned for North American opportunities).Civeo Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
42
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 667.47M | 638.85M | 682.12M | 700.80M | 697.05M | 594.46M |
| Gross Profit | 141.81M | 151.09M | 149.46M | 170.52M | 179.99M | 158.00M |
| EBITDA | 86.56M | 77.58M | 70.07M | 128.68M | 109.95M | 101.94M |
| Net Income | -14.04M | -20.07M | -17.07M | 30.16M | 4.00M | 1.35M |
Balance Sheet | ||||||
| Total Assets | 491.61M | 477.41M | 405.07M | 548.06M | 566.18M | 672.73M |
| Cash, Cash Equivalents and Short-Term Investments | 16.55M | 14.44M | 5.20M | 3.32M | 7.95M | 6.28M |
| Total Debt | 226.32M | 193.98M | 55.75M | 79.19M | 143.72M | 192.85M |
| Total Liabilities | 330.86M | 303.03M | 168.07M | 225.02M | 262.48M | 309.62M |
| Stockholders Equity | 160.75M | 174.38M | 236.37M | 320.17M | 300.14M | 361.50M |
Cash Flow | ||||||
| Free Cash Flow | 1.99M | 2.15M | 57.37M | 64.93M | 66.35M | 72.96M |
| Operating Cash Flow | 21.04M | 22.34M | 83.51M | 96.56M | 91.77M | 88.53M |
| Investing Cash Flow | -88.94M | -90.11M | -14.94M | -14.52M | -8.95M | -706.00K |
| Financing Cash Flow | 53.96M | 74.72M | -65.20M | -86.80M | -79.66M | -86.51M |
Civeo Technical Analysis
Positive
30.18
Price Trends
29.84
Positive
28.02
Positive
25.26
Positive
Market Momentum
1.20
Negative
62.32
Neutral
53.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVEO, the sentiment is Positive. The current price of 30.18 is below the 20-day moving average (MA) of 32.19, above the 50-day MA of 29.84, and above the 200-day MA of 25.26, indicating a bullish trend. The MACD of 1.20 indicates Negative momentum. The RSI at 62.32 is Neutral, neither overbought nor oversold. The STOCH value of 53.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.83B | -17.95 | -11.10% | ― | -7.43% | -198.60% | |
67 Neutral | $1.20B | -10.23 | 5.44% | ― | -49.16% | -91.38% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $1.16B | 165.11 | 2.62% | ― | -0.02% | -154.82% | |
57 Neutral | $368.46M | -19.32 | -7.72% | 4.25% | 1.13% | 25.94% |
* Consumer Cyclical Sector Average
CVEO
Civeo
33.67
12.77
61.10%
PRSU
Pursuit Attractions and Hospitality
43.92
16.65
61.06%
BV
BrightView Holdings
12.40
-3.55
-22.26%
TH
Target Hospitality
18.26
10.66
140.26%
Civeo Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Civeo Expands Syndicated Credit Facility to Enhance Flexibility
Positive
Apr 28, 2026
On April 23, 2026, Civeo Corporation entered into an Amended and Restated Syndicated Facility Agreement that replaces its prior 2021 facility, extending the maturity date to April 23, 2030 and increasing total aggregate revolving loan commitments ...
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.