Expro Group Holdings (XPRO) AI Stock Analysis

• Market Cap: $1.90B
• Dividend Yield: N/A
• Average Volume (3M): 1.11M
• Price to Earnings (P/E): 30.1
• Beta (1Y): 1.07
• Revenue Growth: -1.24%
• EPS Growth: 337.41%
• Country: US
• Employees: 8,500
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.05
• Shares Outstanding: 113,560,425
• 10 Day Avg. Volume: 1,105,195
• 30 Day Avg. Volume: 1,109,371
• PEG Ratio: 0.00
• Price to Book (P/B): 1.00
• Price to Sales (P/S): 0.96
• P/FCF Ratio: 15.70
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 1.24
• Enterprise Value/Gross Profit: 9.72
• Enterprise Value/Ebitda: 6.66
• 1Y Price Target: $17.67
• Price Target Upside: -2.81% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: $20.00 ▲(10.01% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 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.

Margin and free-cash-flow recovery

Material margin expansion and a >2x increase in adjusted free cash flow reflect improving operational execution. Higher margins and positive FCF create a sustainable cash buffer to fund investment, shareholder returns and deleveraging, making performance less dependent on short-term revenue swings.

Backlog, large contract wins and tech differentiation

A sizeable, growing backlog and a multi-year $380M contract increase multi-period revenue visibility. Combined with unique tech (XRD Spider, CaTS ATX) that enables real-time data and efficiency gains, Expro has structural commercial advantages to defend margins and secure higher-return work.

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.

Regional margin volatility (Asia Pacific)

A sharp APAC margin deterioration signals exposure to unfavorable product mix and activity declines in key markets (Indonesia, India, Australia). Persistent regional weakness could erode company-level margins and challenge management’s target margin trajectory absent geographic recovery.

Weaker cash conversion in 2025

Although FCF turned positive historically, 2025 showed weaker cash conversion and a year-over-year FCF decline, implying working-capital or reinvestment pressure. Poorer cash conversion limits sustainable shareholder returns and increases sensitivity to earnings-quality swings.

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 technology solutions in drilling, tubular running services, and cementing and tubulars; and well management services, including well flow management, subsea well access, and well intervention and integrity services. It serves exploration and production companies in onshore and offshore environments in approximately 60 countries with approximately 100 locations. The company was founded in 1938 and is based in Houston, Texas.

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 and ensuring optimal production. Additionally, Expro offers subsea services, which include installation and maintenance of underwater equipment, contributing significantly to its earnings. Production solutions, which involve assisting clients in maximizing output from existing wells, also represent a key revenue stream. The company has established partnerships with major oil and gas operators, which not only provides a steady client base but also positions Expro as a critical service provider in the supply chain of energy production. Furthermore, the company's investment in digital solutions and data analytics enhances its service offerings and opens new avenues for revenue generation through technology-driven solutions.

Expro Group Holdings Financial Statement Overview

Summary

Overall financials show a recovery with profitability turning positive and a notably strong, low-leverage balance sheet. Offsets include 2025 revenue contraction and mixed earnings-quality/cash-conversion signals (weaker 2025 free-cash-flow momentum and a mismatch between positive net income and weaker underlying profitability indicators in the provided statements).

Income Statement

Revenue expanded strongly from 2020–2024 (despite a modest decline in 2025), while profitability improved meaningfully—net income moved from large losses (2020–2022) to positive results in 2024–2025. Gross margin also stepped up materially into 2025. Offsetting this, the 2025 EBITDA margin turned negative (despite positive net income), and revenue growth swung to contraction in the most recent year, suggesting earnings quality and/or cost volatility remains a risk.

Balance Sheet

The balance sheet is a clear strength: leverage is low with debt-to-equity declining to ~0.06 in 2025, and equity is sizable relative to the asset base. Returns on equity recovered from negative levels (2020–2022) to positive in 2024–2025, indicating improving profitability without relying on heavy borrowing. The main watch item is that returns are still moderate rather than high for the sector.

Cash Flow

Cash generation has improved materially: operating cash flow rose steadily from 2021 to 2025 and free cash flow turned consistently positive from 2023 onward, supporting financial flexibility. However, free cash flow declined in 2025 (negative growth), and free cash flow is less than half of net income in 2025, implying weaker cash conversion and potential working-capital or reinvestment pressure.

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	307.93M	273.95M	197.15M	161.11M	17.04M
Net Income	51.69M	51.92M	-23.36M	-20.14M	-131.89M
Balance Sheet
Total Assets	2.26B	2.41B	2.07B	1.96B	1.92B
Cash, Cash Equivalents and Short-Term Investments	196.09M	184.66M	153.17M	218.46M	239.85M
Total Debt	89.45M	203.05M	110.88M	94.72M	110.30M
Total Liabilities	725.31M	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

• Technical Analysis Sentiment: Positive
• Last Price: 18.18
• 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 XPRO, the sentiment is Positive. The current price of 18.18 is above the 20-day moving average (MA) of 16.47, above the 50-day MA of 15.19, and above the 200-day MA of 12.17, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 69.44 is Neutral, neither overbought nor oversold. The STOCH value of 81.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XPRO.

Expro Group Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OII	77 Outperform	$3.30B	10.34	39.64%	―	8.71%	72.09%
NESR	77 Outperform	$2.49B	46.94	5.45%	―	0.31%	33.08%
XPRO	73 Outperform	$1.90B	30.08	4.60%	―	-1.24%	337.41%
DNOW	72 Outperform	$3.00B	18.70	-4.59%	―	3.18%	-53.71%
LBRT	66 Neutral	$4.39B	30.33	7.29%	1.78%	-12.05%	-46.45%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

Expro Group Holdings Corporate Events

Expro Group Releases Strong Q4 2025 Results, Updates Outlook

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 $6 million and $52 million respectively and an adjusted EBITDA margin of 23.1% in Q4 and 22.0% for 2025, among the highest in its peer set. The company generated $210 million in operating cash flow and $127 million in adjusted free cash flow for 2025, materially above prior expectations, voluntarily prepaid $42 million on its revolving credit facility, repurchased $40 million of stock, ended the year with $551 million in liquidity and a $2.5 billion order backlog, and issued 2026 guidance calling for largely stable revenue and earnings with modest improvement in adjusted EBITDA and free cash flow alongside a commitment to return at least one-third of free cash flow to shareholders.

The most recent analyst rating on (XPRO) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Expro Group Holdings stock, see the XPRO Stock Forecast page.