Calfrac Well Services (TSE:CFW)
TSX:CFW
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Calfrac Well Services
(TSX:CFW)
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Rating:66Neutral
Price Target:
C$6.00
▲(12.78% Upside)
Action:Downgraded
Date:05/14/26
The score is primarily driven by solid financial stability and cash generation (strong TTM operating and free cash flow, manageable leverage) and an attractive P/E valuation. These positives are tempered by weakening top-line trends and currently modest margins versus peak-cycle levels, plus mixed/neutral technical indicators with a negative MACD.
Positive Factors
Improved leverage
Material debt reduction and equity growth have strengthened Calfrac's capital structure, lowering solvency and refinancing risk. For a cyclical oilfield services firm, reduced leverage increases resilience through commodity cycles, improves access to credit, and supports strategic investments or fleet maintenance over multiple quarters.
Negative Factors
Top-line contraction
Declining revenue undermines scale economics and can pressure utilization of pressure‑pumping fleets. Persistently lower top-line receipts constrain margin recovery, limit pricing leverage with E&P customers, and raise the risk that fixed costs and maintenance needs will outpace sales across future quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage
Material debt reduction and equity growth have strengthened Calfrac's capital structure, lowering solvency and refinancing risk. For a cyclical oilfield services firm, reduced leverage increases resilience through commodity cycles, improves access to credit, and supports strategic investments or fleet maintenance over multiple quarters.
Read all positive factors
Calfrac Well Services (CFW) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$632.19M
Dividend YieldN/A
Average Volume (3M)19.55K
Price to Earnings (P/E)14.5
Beta (1Y)0.56
Revenue Growth-17.68%
EPS Growth123.13%
CountryCA
Employees2,200
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.47
Shares Outstanding99,871,574
10 Day Avg. Volume13,347
30 Day Avg. Volume19,551
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.56
Price to Sales (P/S)0.27
P/FCF Ratio5.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$7.75Price Target Upside45.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.49
Revenue Forecast (FY)C$1.32B
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 ...
How the Company Makes Money
Calfrac makes money primarily by providing hydraulic fracturing (pressure pumping) and related completion services to exploration and production (E&P) companies under service contracts. Revenue is generally generated on a per-job basis (or based o...
Calfrac Well Services Earnings Call Summary
Earnings Call Date:Mar 13, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed sentiment. While Calfrac achieved significant safety milestones and expanded operations in Argentina, financial metrics showed notable declines, particularly in North America due to market challenges and asset write-offs. The company's focus on fleet modernization and Argentina's growth prospects offer positive outlooks, but tariff uncertainties and U.S. market pressures pose challenges.Positive Updates
Record Safety Performance
Calfrac achieved a new record in safety with a TRIF of 0.92, improved from 1.05 in 2023, demonstrating a strong safety culture.
Negative Updates
Revenue and EBITDA Decline
Q4 2024 revenue was $381.2 million, down 10% from the same period in 2023. Adjusted EBITDA fell 45% to $34.5 million due to lower utilization in North America and weaker pricing in the U.S.
Read all updates
Q4-2024 Updates
Positive
Negative
Record Safety Performance
Calfrac achieved a new record in safety with a TRIF of 0.92, improved from 1.05 in 2023, demonstrating a strong safety culture.
Read all positive updates
Company Guidance
During the Calfrac Well Services Limited Fourth Quarter 2024 earnings call, the company provided several key metrics and guidance for the future. The fourth quarter revenue from continuing operations was reported at $381.2 million, a 10% decrease compared to the same period in 2023, primarily due to lower activity and pricing in the U.S. Adjusted EBITDA was $34.5 million, marking a 45% decline year-over-year. The company recorded a net loss of $6.4 million, contrasted with a net income of $13.2 million in the previous year, affected by a $12.7 million write-off of obsolete assets and a 12.2 impact on depreciation expense. Calfrac's working capital stood at $273.9 million, including $44 million in cash. The Board approved a capital budget of $135 million for 2025, with $50 million allocated for expansion in Argentina. The company ended the year with a net debt to adjusted EBITDA ratio of 1.57. Looking ahead, Calfrac plans to operate five Tier IV fracturing fleets in North America by the end of the first quarter and continue expanding in Argentina with two large fracturing fleets in the Vaca Muerta shale play. The company remains optimistic about its prospects in 2025, despite challenges such as tariffs affecting input costs and seasonal slowdowns.Calfrac Well Services Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.32B | 1.39B | 1.57B | 1.86B | 1.50B | 880.25M |
| Gross Profit | 144.03M | 151.25M | 110.49M | 268.13M | 154.61M | -18.62M |
| EBITDA | 196.26M | 217.07M | 177.35M | 352.93M | 193.06M | 44.06M |
| Net Income | 43.54M | 30.27M | 10.38M | 190.67M | 11.68M | -82.81M |
Balance Sheet | ||||||
| Total Assets | 1.08B | 1.05B | 1.23B | 1.13B | 995.75M | 892.96M |
| Cash, Cash Equivalents and Short-Term Investments | 1.40M | 6.66M | 44.05M | 34.14M | 8.50M | -20.56M |
| Total Debt | 175.22M | 221.94M | 344.39M | 275.20M | 354.91M | 410.39M |
| Total Liabilities | 386.16M | 382.92M | 581.51M | 510.29M | 572.78M | 564.12M |
| Stockholders Equity | 696.16M | 664.28M | 653.33M | 615.90M | 422.97M | 328.84M |
Cash Flow | ||||||
| Free Cash Flow | 138.34M | 70.56M | -58.95M | 113.00M | 27.72M | -78.77M |
| Operating Cash Flow | 243.88M | 199.59M | 127.18M | 281.63M | 107.53M | -15.34M |
| Investing Cash Flow | -100.83M | -124.63M | -169.65M | -144.77M | -74.33M | -61.29M |
| Financing Cash Flow | -145.80M | -87.00M | 43.94M | -84.13M | -33.53M | 45.85M |
Calfrac Well Services Technical Analysis
Positive
5.32
Price Trends
5.90
Positive
5.55
Positive
4.44
Positive
Market Momentum
0.13
Negative
62.06
Neutral
83.17
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 5.32 is below the 20-day moving average (MA) of 5.77, below the 50-day MA of 5.90, and above the 200-day MA of 4.44, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 62.06 is Neutral, neither overbought nor oversold. The STOCH value of 83.17 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$1.57B | 14.20 | 17.25% | 3.57% | 20.60% | 6.72% | |
66 Neutral | C$632.19M | 14.52 | 6.49% | ― | -17.68% | 123.13% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
60 Neutral | C$3.33B | 45.70 | 9.99% | 0.43% | 65.16% | -18.37% | |
55 Neutral | C$178.41M | 28.85 | 2.93% | ― | -8.55% | -80.24% | |
52 Neutral | C$47.79M | -3.83 | -45.78% | ― | -68.06% | -3256.10% |
* Energy Sector Average
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Calfrac Well Services
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3.04
92.23%
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Calfrac Well Services Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Calfrac Names New CFO as Part of Leadership and Efficiency Overhaul
Positive
Apr 9, 2026
Calfrac Well Services has appointed Scarlett Crockatt as its new chief financial officer, effective April 9, 2026, succeeding long-serving finance chief Mike Olinek, who is retiring after nearly two decades with the company. Crockatt brings more t...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Calfrac Boosts Profitability and Cuts Debt as New CEO Sets Course for 2026
Positive
Mar 19, 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 ...
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.