Calfrac Well Services (CFW) AI Stock Analysis

• Market Cap: C$591.87M
• Dividend Yield: N/A
• Average Volume (3M): 19.55K
• Price to Earnings (P/E): 15.4
• Beta (1Y): 0.61
• Revenue Growth: -8.13%
• EPS Growth: -28.00%
• Country: CA
• Employees: 2,200
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.06
• Shares Outstanding: 99,641,840
• 10 Day Avg. Volume: 13,347
• 30 Day Avg. Volume: 19,551
• PEG Ratio: 0.07
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 0.27
• P/FCF Ratio: 5.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$6.25
• Price Target Upside: 5.22% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.29
• Revenue Forecast (FY): C$1.32B

• Rating: 71 Outperform
• Price Target: C$6.50 ▲(9.43% Upside)
• Action: Upgraded Date: 03/21/26
• Date: Action: Upgraded 03/21/26

The score is driven primarily by improved financial health versus prior loss years (profitability and reduced leverage), supported by strong current technical momentum with the stock in a clear uptrend. The main constraints are recent revenue contraction and earnings/FCF volatility versus the 2023 peak, while valuation appears broadly reasonable based on the P/E.

Positive Factors

Sustained profitability

Calfrac’s shift from losses to multi-year profitability (2022–2025) reflects durable operational improvement and restored unit economics. Sustained profits provide internal funding for fleet maintenance, improve supplier/customer credibility for repeat work, and create a financial cushion through cycles.

Improved balance sheet

Meaningful debt reduction and equity growth have strengthened the capital structure, lowering refinancing and interest-rate risk. A healthier balance sheet increases flexibility to fund maintenance capex, selectively invest in fleet upgrades, and endure lower activity periods without immediate distress.

Positive cash generation

Consistent positive operating and free cash flow supports self-funded operations, deleveraging and reinvestment in assets. For a capital-intensive services firm, sustained cash generation is a durable indicator of operational health and reduces dependency on external financing through commodity cycles.

Negative Factors

Declining revenue

Two consecutive years of revenue decline point to weakening utilization or pricing in core fracturing services, which can erode scale economics. Persistent top-line contraction limits margin recovery, pressures coverage of fixed fleet costs, and constrains long-term revenue visibility.

Earnings and FCF volatility

Material swings in earnings and free cash flow versus a 2023 peak indicate high cyclicality. Such volatility complicates capital allocation and multi-year planning for a capital-intensive business, making it harder to commit to fleet expansion or long-term service contracts sustainably.

Residual leverage risk

Even after deleveraging, remaining debt exposure elevates risk if E&P activity weakens. In a cyclical industry, material leverage can force constrained capex, opportunistic asset sales, or refinancing pressures during downturns, limiting strategic flexibility and recovery speed.

Calfrac Well Services Business Overview & Revenue Model

Company Description

Calfrac Well Services Ltd., together with its subsidiaries, provides specialized oilfield services in Canada, the United States, and Argentina. It offers hydraulic fracturing, coiled tubing, cementing, and other well stimulation services, as well as pressure pumping services to oil and natural gas industries. The company was founded in 1999 and is headquartered in Calgary, Canada.

How the Company Makes Money

CFW makes money by contracting with E&P operators to perform well completion and stimulation work, with revenue primarily earned on a job-by-job basis for hydraulic fracturing (pressure pumping) services. Key revenue streams generally include: (1) fracturing and pumping service fees tied to the use of its fracturing fleets (horsepower), crews, and time on location; (2) pass-through or bundled charges for consumables and job inputs required to execute a frac (e.g., proppant/sand, chemicals, water handling and logistics), depending on contract structure; and (3) ancillary completion-related services and equipment provided in support of stimulation operations (e.g., blending, hydration, data/monitoring, and other on-site support activities). Earnings are influenced by fleet utilization, pricing per stage/job, the mix of fixed-price versus variable/pass-through contract terms, and the overall level of drilling and completion activity. Significant factors affecting profitability include input costs (diesel/natural gas for pumps, labor, sand/chemicals), equipment maintenance and capital intensity, and customer concentration within E&P spending cycles. Specific partnership arrangements: null.

Calfrac Well Services Financial Statement Overview

Summary

Financials show a clear turnaround from 2020–2021 losses to sustained profitability (2022–2025) and improving leverage. Offsetting that, revenue has contracted in 2024 and 2025 and results are notably below the 2023 peak, pointing to cyclicality and less stable momentum.

Income Statement

Profitability has improved materially from the 2020–2021 loss period to solid profits in 2022–2025, with 2025 showing higher operating profit versus 2024. However, revenue has been shrinking recently (down in both 2024 and 2025), and earnings appear volatile versus the 2023 peak (net income fell sharply from 2023 to 2024/2025). Overall: clear recovery and positive profitability, but weaker top-line momentum and cyclicality keep the score mid-range.

Balance Sheet

Leverage has improved meaningfully: total debt has come down from 2021–2022 levels and equity has grown, supporting a stronger capital structure. Returns on equity are positive again, though well below the exceptional 2023 level, indicating normalized profitability. Overall balance sheet risk looks moderated versus prior years, but the business still carries notable debt for a cyclical services company.

Cash Flow

Cash generation strengthened: operating cash flow and free cash flow turned solidly positive in 2023 and remained positive in 2025, with free cash flow improving sharply from 2024’s negative level. The main weakness is year-to-year volatility in free cash flow (negative in 2024 despite positive earnings), which suggests working-capital and/or capital spending swings. Overall: good recent cash performance, but consistency is not yet steady.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.39B	1.57B	1.86B	1.50B	880.25M
Gross Profit	151.25M	110.49M	268.13M	154.61M	-18.62M
EBITDA	217.07M	177.35M	352.93M	193.06M	44.06M
Net Income	30.27M	10.38M	190.67M	11.68M	-82.81M
Balance Sheet
Total Assets	1.05B	1.23B	1.13B	995.75M	892.96M
Cash, Cash Equivalents and Short-Term Investments	6.66M	44.05M	34.14M	8.50M	-20.56M
Total Debt	221.94M	344.39M	275.20M	354.91M	410.39M
Total Liabilities	382.92M	581.51M	510.29M	572.78M	564.12M
Stockholders Equity	664.28M	653.33M	615.90M	422.97M	328.84M
Cash Flow
Free Cash Flow	70.56M	-58.95M	113.00M	27.72M	-78.77M
Operating Cash Flow	199.59M	127.18M	281.63M	107.53M	-15.34M
Investing Cash Flow	-124.63M	-169.65M	-144.77M	-74.33M	-61.29M
Financing Cash Flow	-87.00M	43.94M	-84.13M	-33.53M	45.85M

Calfrac Well Services Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.94
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CFW, the sentiment is Positive. The current price of 5.94 is above the 20-day moving average (MA) of 5.42, above the 50-day MA of 5.27, and above the 200-day MA of 3.86, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 68.18 is Neutral, neither overbought nor oversold. The STOCH value of 84.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CFW.

Calfrac Well Services Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TCW	76 Outperform	C$1.55B	10.23	18.06%	3.57%	9.24%	6.35%
CFW	71 Outperform	C$591.87M	15.42	3.06%	―	-8.13%	-28.00%
SHLE	67 Neutral	C$209.81M	6.13	15.59%	―	-0.39%	-86.01%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
TVK	54 Neutral	C$2.97B	26.86	14.09%	0.43%	50.38%	25.63%
SFD	44 Neutral	C$33.88M	-7.96	-45.78%	―	418.77%	56.71%

Calfrac Well Services Corporate Events

Calfrac Boosts Profitability and Cuts Debt as New CEO Sets Course for 2026

Calfrac reported its fourth-quarter and full-year 2025 results, highlighting improved financial and operational strength as it enters 2026 under new leadership. Newly appointed CEO Dave Mullen emphasized a strategy centered on safety, operational excellence and data-driven optimization, as well as continued support for customers in key resource plays across North America and Argentina.

For 2025, revenue from continuing operations declined 11% to $1.39 billion, but adjusted EBITDA rose 18% to $224.7 million and net income surged to $41.9 million, reflecting stronger profitability. The company cut capital expenditures by 22%, reduced long-term debt by 37% and lowered net debt by 28%, while completing its North American fleet modernization and strengthening its position in Argentina’s Vaca Muerta shale, moves that collectively enhance balance-sheet resilience and long-term value potential for shareholders.

The most recent analyst rating on (TSE:CFW) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Calfrac Well Services stock, see the TSE:CFW Stock Forecast page.

Calfrac Well Services Names Tyler Dahlseide as New CEO to Drive Strategic Growth

Calfrac Well Services has appointed Tyler Dahlseide as its new Chief Executive Officer, effective February 4, 2026, elevating him from his recent role as Vice President of Optimization and Strategy. Dahlseide brings extensive oilfield services and industrial gas experience from his leadership at Ferus Inc. and his tenure as chairman of Enserva, and the board expects his background in growth and organizational transformation to be central to advancing Calfrac’s strategic plans and driving shareholder value.

The most recent analyst rating on (TSE:CFW) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Calfrac Well Services stock, see the TSE:CFW Stock Forecast page.

Calfrac Raises $35 Million in Oversubscribed Rights Offering to Accelerate Debt Reduction

Calfrac Well Services has closed an oversubscribed rights offering to existing shareholders, issuing 13.0 million new common shares at $2.69 each for gross proceeds of about $35 million, bringing its total shares outstanding to roughly 98.9 million. The transaction, which saw 96.7% of rights exercised and insiders taking up about 63% of the offering, forms part of a broader refinancing that includes draws on the company’s credit facilities to fully redeem US$120 million of high‑coupon second lien notes, extending Calfrac’s nearest long‑term debt maturity to mid‑2028 and supporting its deleveraging strategy, with year‑end long‑term debt expected at the low end of its guidance range and more than $100 million lower than a year earlier.

The most recent analyst rating on (TSE:CFW) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Calfrac Well Services stock, see the TSE:CFW Stock Forecast page.