Expro Group Holdings (XPRO)
NYSE:XPRO
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Expro Group Holdings
(NYSE:XPRO)
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Rating:73Outperform
Price Target:
$20.00
▲(16.89% Upside)
Action:ReiteratedDate:02/20/26
XPRO scores well on improving financial performance (especially balance-sheet strength) and positive technical trend/momentum. The main offsets are a less-attractive valuation (P/E ~30) and an earnings outlook that targets margin/FCF gains but with a flat 2026 revenue profile and some regional/seasonal softness.
Positive Factors
Balance-sheet strength
Very low leverage and a sizable equity base give Expro durable financial flexibility over the next 2–6 months. This supports voluntary revolver paydowns, disciplined buybacks, selective M&A and CapEx without relying on new debt, lowering bankruptcy and refinancing risk in cyclical oil services.
Negative Factors
Flat near-term revenue guidance
Management's flat 2026 revenue outlook implies limited top-line growth in the near term, leaving EPS and shareholder returns dependent on margin expansion and share buybacks. Sustained value creation therefore hinges on execution rather than market-driven volume growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Very low leverage and a sizable equity base give Expro durable financial flexibility over the next 2–6 months. This supports voluntary revolver paydowns, disciplined buybacks, selective M&A and CapEx without relying on new debt, lowering bankruptcy and refinancing risk in cyclical oil services.
Read all positive factors
Expro Group Holdings (XPRO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.95B
Dividend YieldN/A
Average Volume (3M)1.11M
Price to Earnings (P/E)29.7
Beta (1Y)0.96
Revenue Growth-1.24%
EPS Growth337.41%
CountryUS
Employees8,500
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.05
Shares Outstanding113,765,564
10 Day Avg. Volume1,105,195
30 Day Avg. Volume1,109,371
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.00
Price to Sales (P/S)0.96
P/FCF Ratio15.70
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue1.20
Enterprise Value/Gross Profit9.38
Enterprise Value/Ebitda6.58
Forecast
1Y Price Target
$20.00Price Target Upside16.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.32
Revenue Forecast (FY)$1.61B
Expro Group Holdings Business Overview & Revenue Model
Company Description
Expro Group Holdings N.V. engages in the provision of energy services in North and Latin America, Europe and Sub-Saharan Africa, the Middle East and North Africa, and the Asia-Pacific. The company provides well construction services, such as techn...
How the Company Makes Money
Expro Group Holdings generates revenue through multiple streams tied to its core services. The primary revenue source comes from well testing and completion services, where the company charges fees for its expertise in assessing well performance a...
Expro Group Holdings Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, margin expansion (annual margin +170 bps YoY), a meaningful increase in free cash flow (more than doubled YoY), a growing backlog ($2.5B, +$196M Q4), major contract wins (4-year $380M) and continued technology and safety achievements. Offsetting these positives were a flat revenue outlook for 2026, expected Q1 seasonality weakness, sequential revenue softness in several regions (notably APAC margin down ~400 bps), and a slight shortfall on planned share repurchases. On balance, tangible improvements in margins, cash flow, backlog and balance sheet strength materially outweigh the near-term top-line and regional softness, supporting a constructive outlook.Positive Updates
Full-Year Revenue and Margin Expansion
2025 revenue of just over $1.6 billion with adjusted EBITDA of $353 million, representing a 22% margin (annual margin up ~170 basis points year-over-year). Financial performance was within guidance ranges.
Negative Updates
Flat Top-Line Outlook for 2026
Guidance for 2026 projects revenue at similar levels to 2025 (flat), indicating limited top-line growth in the near term despite margin and cash-flow improvements.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue and Margin Expansion
2025 revenue of just over $1.6 billion with adjusted EBITDA of $353 million, representing a 22% margin (annual margin up ~170 basis points year-over-year). Financial performance was within guidance ranges.
Read all positive updates
Company Guidance
Expro's 2026 guidance calls for revenue roughly flat to 2025 (2025 revenue just over $1.6B) while prioritizing margin and cash‑flow improvement: 2025 adjusted EBITDA was $353M (22% margin) with Q4 revenue $382M and Q4 adjusted EBITDA ~$88M (~23% / 23.1% per management), and 2025 adjusted free cash flow was $127M (more than double 2024) with Q4 FCF $28M (7% of revenue). Backlog provides visibility at $2.5B (up $196M in Q4) including a 4‑year $380M award; management expects 2026 CapEx roughly in line with 2025 and a sequential increase in adjusted EBITDA, EBITDA margins (toward a longer‑term ~25% goal) and free cash flow, noting a seasonal Q1 dip and stronger back half into 2027. Liquidity stood at $551M (cash $198M) after a $20M voluntary revolver paydown (drawn balance $79M), and capital allocation targets returning at least one‑third of FCF (just under 32% returned in 2025).Expro Group Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
86
Very Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.61B | 1.71B | 1.51B | 1.28B | 825.76M |
| Gross Profit | 205.22M | 233.17M | 110.61M | 82.29M | 731.00K |
| EBITDA | 292.73M | 273.95M | 197.15M | 161.11M | 17.04M |
| Net Income | 51.69M | 51.92M | -23.36M | -20.14M | -131.89M |
Balance Sheet | |||||
| Total Assets | 2.35B | 2.41B | 2.07B | 1.96B | 1.92B |
| Cash, Cash Equivalents and Short-Term Investments | 197.47M | 184.66M | 153.17M | 218.46M | 239.85M |
| Total Debt | 224.62M | 203.05M | 110.88M | 94.72M | 110.30M |
| Total Liabilities | 814.17M | 916.47M | 769.74M | 678.54M | 626.11M |
| Stockholders Equity | 1.53B | 1.49B | 1.30B | 1.29B | 1.30B |
Cash Flow | |||||
| Free Cash Flow | 97.78M | 25.90M | 16.20M | -1.74M | -65.37M |
| Operating Cash Flow | 210.17M | 169.48M | 138.31M | 80.17M | 16.14M |
| Investing Cash Flow | -107.39M | -165.14M | -148.23M | -71.21M | 112.05M |
| Financing Cash Flow | -96.72M | 29.57M | -49.34M | -25.61M | -7.18M |
Expro Group Holdings Technical Analysis
Positive
17.11
Price Trends
16.85
Positive
15.55
Positive
13.48
Positive
Market Momentum
0.06
Positive
51.07
Neutral
34.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XPRO, the sentiment is Positive. The current price of 17.11 is above the 20-day moving average (MA) of 17.03, above the 50-day MA of 16.85, and above the 200-day MA of 13.48, indicating a bullish trend. The MACD of 0.06 indicates Positive momentum. The RSI at 51.07 is Neutral, neither overbought nor oversold. The STOCH value of 34.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XPRO.
Expro Group Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.61B | 6.88 | 39.31% | ― | 8.71% | 72.09% | |
74 Outperform | $2.42B | 30.15 | 5.41% | ― | 0.31% | 33.08% | |
73 Outperform | $1.95B | 29.70 | 3.41% | ― | -1.24% | 337.41% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $4.56B | 20.22 | 7.25% | 1.78% | -12.05% | -46.45% | |
54 Neutral | $2.29B | -3.49 | -5.25% | ― | 3.18% | -53.71% |
* Energy Sector Average
XPRO
Expro Group Holdings
16.69
8.99
116.75%
OII
Oceaneering International
36.45
20.13
123.35%
DNOW
Now
12.25
-2.84
-18.82%
LBRT
Liberty Energy
27.20
16.74
159.96%
NESR
National Energy Services Reunited
23.81
17.77
294.21%
Expro Group Holdings Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Expro Group Releases Strong Q4 2025 Results, Updates Outlook
Positive
Feb 19, 2026
Expro Group Holdings reported its financial and operational results for the fourth quarter and full year ended Dec. 31, 2025 on Feb. 19, 2026, highlighting revenue of $382 million for the quarter and $1.61 billion for the year, with net income of ...
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.