Trican Well Service (TCW) AI Stock Analysis

• Market Cap: C$1.55B
• Dividend Yield: 3.57%
• Average Volume (3M): 612.74K
• Price to Earnings (P/E): 12.6
• Beta (1Y): 0.78
• Revenue Growth: 9.24%
• EPS Growth: 6.35%
• Country: CA
• Employees: 1,200
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.15
• Shares Outstanding: 210,792,250
• 10 Day Avg. Volume: 505,243
• 30 Day Avg. Volume: 612,738
• PEG Ratio: -5.24
• Price to Book (P/B): 2.10
• Price to Sales (P/S): 1.05
• P/FCF Ratio: 12.85
• 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$7.49
• Price Target Upside: 2.14% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: C$8.00 ▲(9.14% Upside)

Trican Well Service is well-positioned in the Oil & Gas Equipment & Services industry, with strong financial performance and attractive valuation. The positive technical indicators and optimistic earnings call further support its potential for growth, despite some risks related to cash flow and market volatility.

Positive Factors

Balance Sheet Health

Conservative leverage and a strong equity base give Trican durable financial flexibility to fund maintenance capex, electrification projects, dividends and buybacks, and to absorb cyclical downturns without forcing distress sales or deep cuts to operations.

Revenue Growth & Profitability

Sustained top-line growth with healthy gross, EBIT and EBITDA margins indicates durable demand for pressure-pumping services and operational efficiency, supporting ongoing cash generation and the ability to reinvest in fleet and technology over the medium term.

Market Position & Customer Retention

Strong foothold in key basins and logistical capabilities create a competitive moat, enabling stable utilization and repeat business that support revenue resilience and pricing negotiation power over multiple cycles.

Negative Factors

Free Cash Flow Decline

A sharp drop in free cash flow growth reduces the company’s ability to self-fund fleet upgrades, electrification and shareholder returns without relying on external financing, making capital allocation more constrained if the trend persists.

Commodity Price Volatility

Revenue and utilization are directly exposed to commodity cycles; customer project delays from price shocks can quickly reduce activity and underutilize specialized equipment, pressuring margins and leading to lumpy cash flows over the medium term.

Pricing Pressure & Rig Count Decline

Sustained competitive pricing pressure and lower rig activity can erode pricing power and utilization rates, forcing margin compression and making it harder to recover fixed costs, especially if the competitive landscape remains aggressive.

Trican Well Service Business Overview & Revenue Model

Company Description

Trican Well Service Ltd., an equipment services company, provides various specialized products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells in Canada. The company offers cementing solutions, including pre-flushes and spacers, cement plugs, lost circulation, cement design, and laboratory solutions, as well as surface, intermediate, production, liner, horizontal, and remedial/squeeze cementing services; and cement pumpers, bulk equipment, and cement auxiliary equipment. It also provides reservoir solutions, such as exploration, production analysis, and simulation and modeling services; and coiled tubing solutions comprising coiled tubing fracturing and acidizing, specially designed tools, in-house engineering, well cleanouts, milling, high pressure jetting, e-coil, nitrogen gas lifting, and production enhancement, as well as equipment and tools. In addition, the company offers acidizing and production enhancement services that include production and injection well enhancement services, and equipment; well intervention tools; and fracturing solutions and equipment. Trican Well Service Ltd. was incorporated in 1979 and is headquartered in Calgary, Canada.

How the Company Makes Money

Trican Well Service generates revenue primarily through its pressure pumping services, which include hydraulic fracturing and cementing. The company charges clients based on the volume of services provided and the complexity of the operations performed. Key revenue streams include contracts with oil and gas exploration and production companies, which often involve multi-year agreements that provide steady cash flow. Additionally, TCW benefits from partnerships with major energy firms, allowing it to secure substantial projects and maintain a competitive edge in the market. Fluctuations in oil and gas prices, as well as demand for energy services, significantly influence the company's earnings, making it sensitive to market conditions.

Trican Well Service Financial Statement Overview

Summary

Trican Well Service shows strong financial health with robust revenue growth and profitability margins, supported by a solid balance sheet with low leverage. However, the decline in free cash flow growth is a potential risk.

Income Statement

Trican Well Service has demonstrated strong revenue growth with an 8.14% increase in TTM, indicating robust demand for its services. The company maintains healthy profitability margins, with a gross profit margin of 19.17% and a net profit margin of 10.66%. EBIT and EBITDA margins are also strong at 14.27% and 22.17%, respectively, showcasing operational efficiency. However, the slight decline in EBIT and EBITDA margins compared to the previous year suggests some pressure on operational costs.

Balance Sheet

The balance sheet is solid, with a low debt-to-equity ratio of 0.041, indicating conservative leverage and financial stability. The return on equity is impressive at 21.23%, reflecting effective use of shareholder funds. The equity ratio stands at 65.86%, highlighting a strong equity base relative to total assets. Despite these strengths, the slight increase in debt levels warrants monitoring.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth by 38.58% in TTM, which could impact future investment capabilities. However, the operating cash flow to net income ratio of 2.04 indicates strong cash generation relative to earnings. The free cash flow to net income ratio of 0.71 suggests adequate cash flow coverage, though the decline in free cash flow growth is a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.05B	980.84M	972.68M	866.29M	562.48M	397.02M
Gross Profit	202.54M	190.00M	201.15M	150.34M	43.29M	-40.57M
EBITDA	222.80M	225.54M	238.76M	190.68M	101.76M	-144.44M
Net Income	107.85M	109.48M	121.01M	79.22M	12.06M	-233.32M
Balance Sheet
Total Assets	1.04B	683.07M	710.44M	671.12M	577.84M	563.21M
Cash, Cash Equivalents and Short-Term Investments	8.53M	26.28M	88.75M	58.11M	29.51M	22.61M
Total Debt	165.16M	20.01M	18.14M	42.39M	10.32M	13.77M
Total Liabilities	356.18M	194.68M	193.38M	166.45M	88.44M	70.94M
Stockholders Equity	687.09M	488.39M	517.07M	504.67M	489.40M	492.27M
Cash Flow
Free Cash Flow	94.83M	79.78M	169.17M	48.61M	20.21M	57.98M
Operating Cash Flow	161.15M	154.84M	248.46M	152.23M	74.10M	70.77M
Investing Cash Flow	-139.12M	-75.92M	-75.09M	-85.80M	-39.35M	13.26M
Financing Cash Flow	-16.53M	-141.39M	-142.73M	-37.83M	-27.84M	-68.67M

Trican Well Service Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.33
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TCW, the sentiment is Positive. The current price of 7.33 is above the 20-day moving average (MA) of 6.60, above the 50-day MA of 6.16, and above the 200-day MA of 5.43, indicating a bullish trend. The MACD of 0.32 indicates Negative momentum. The RSI at 78.62 is Negative, neither overbought nor oversold. The STOCH value of 87.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TCW.

Trican Well Service Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TCW	78 Outperform	C$1.55B	12.56	18.06%	3.57%	9.24%	6.35%
TOT	78 Outperform	C$616.17M	10.32	10.51%	2.57%	15.58%	47.55%
EFX	75 Outperform	C$2.89B	17.36	12.48%	0.74%	5.92%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CFW	65 Neutral	C$500.44M	21.94	3.20%	―	-8.13%	-28.00%
NOA	63 Neutral	C$593.81M	15.18	8.81%	2.56%	8.24%	-36.88%

Trican Well Service Corporate Events

Trican Sets Date for Q4 2025 Results and Investor Conference Call

Trican Well Service Ltd. will release its fourth-quarter 2025 financial results after markets close on February 18, 2026, and will host a conference call and webcast the following day to discuss the quarter’s performance. The earnings call, which will be accessible to investors via webcast and phone and later archived on the company’s website, underscores Trican’s ongoing efforts to maintain transparency with shareholders and provides a key upcoming milestone for analysts and stakeholders tracking activity levels and profitability in Canada’s oilfield services sector.

The most recent analyst rating on (TSE:TCW) stock is a Buy with a C$7.00 price target. To see the full list of analyst forecasts on Trican Well Service stock, see the TSE:TCW Stock Forecast page.

Trican Well Service Expands and Extends Credit Facility

Trican Well Service Ltd. has successfully expanded and extended its Revolving Credit Facility from $150 million to $200 million, with a new maturity date set for December 5, 2028. This move enhances the company’s financial flexibility, supporting its operational needs and strategic growth initiatives, and highlights its strong financial position and commitment to delivering long-term value to stakeholders.

The most recent analyst rating on (TSE:TCW) stock is a Buy with a C$6.50 price target. To see the full list of analyst forecasts on Trican Well Service stock, see the TSE:TCW Stock Forecast page.

Trican Well Service Unveils $122 Million Capital Budget for 2026

Trican Well Service Ltd. has announced a 2026 capital budget of $122 million, focusing on maintenance and targeted growth to ensure reliability and efficiency across its divisions. The budget includes $40 million for Canada’s first 100% natural gas-fueled hydraulic fracturing fleet, expected to be operational in the latter half of 2026, positioning the company for future opportunities and long-term growth.

The most recent analyst rating on (TSE:TCW) stock is a Buy with a C$6.50 price target. To see the full list of analyst forecasts on Trican Well Service stock, see the TSE:TCW Stock Forecast page.