PHX Energy Services Corp PHX

EnergyOil & Gas Related Equipment and ServicesCanada

Last close 13.71 CAD on Nov 1, 2026, +98.4% year to date

Quant rating

Quant rating A Rank 8 of 73 in Energy

Growth B 18 of 73
Valuation C 44 of 73
Quality A 8 of 73
Revisions B 22 of 73
Momentum B 11 of 73

Wall Street consensus Buy (2.00)Average target 15.00 CAD +9.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 628M
Enterprise value: 701M
52-week range: 6.76 – 14.17
3-year range: 6.76 – 14.17
Dividend yield: 5.84%
Beta (5 years): 1.55
Shares outstanding: 45.8M
Next earnings: Nov 2, 2026

About the company

PHX Energy Services Corp. is a Canada-based oil and natural gas services company. The Company, through its directional drilling subsidiary entities, provides horizontal and directional drilling services to oil and natural gas exploration and development companies principally in Canada and the United States. In connection with the services it provides, PHX Energy engineers, develops and manufactures technologies. The Company has developed various technologies in the horizontal and directional drilling services sector. It offers survey management services and gyro surveying services. Its technologies include PowerDrive Orbit RSS, Atlas Motors, Performance Drilling Motors, Velocity Real-Time System, Echo, P-360 MWD System, E-360 MWD System, 360 CV MWD System, 360 RWD System, and North Seeking Gyro.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	710	660	656	536	340	–
Revenue growth	7.6%	0.5%	22.5%	57.6%	38.0%	23.6%
EPS (basic, normalized)	1.13	1.16	1.96	0.58	0.44	–
EPS growth	−2.6%	−40.8%	237.9%	31.8%	–	–
Gross margin	15.6%	18.9%	22.9%	20.5%	18.5%	19.3%
Net margin	7.7%	8.3%	15.0%	8.3%	6.9%	9.2%
ROE	24.2%	25.3%	51.0%	28.5%	17.5%	29.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	20.6
Current ratio	2.07x
Long-term debt (mil)	90.0
Net debt (mil)	73.7
Total equity (mil)	231
Net debt / equity	0.32x
Net debt / EBITDA	0.55x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	710	+7.6%	1.0x	133	+0.6%	5.3x	1.13	−2.6%	12.1x
2026	757	+6.7%	0.9x	149	+12.2%	4.7x	1.12	−0.9%	12.2x
2027	824	+8.8%	0.9x	173	+15.8%	4.1x	1.51	+35.3%	9.0x
2028	837	+1.6%	0.8x	180	+4.6%	3.9x	1.74	+14.9%	7.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	757	+0.4%	+1.6%	+4.4%	1.12	+14.9%	+25.1%	+13.1%
2027	824	0.0%	+1.3%	+9.1%	1.51	+9.8%	+2.4%	+31.2%
2028	837	0.0%	+2.1%	+5.4%	1.74	0.0%	+0.9%	+21.7%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	166	154	161	179	194	168	164	184	184	179
Sales mean (mil)	161	149	164	170	185	166	170	170	182	176
Surprise	+3.2%	+3.5%	−1.8%	+5.4%	+4.7%	+0.7%	−3.0%	+7.9%	+0.9%	+1.4%
EPS reported	0.37	0.26	0.22	0.30	0.44	0.17	0.16	0.35	0.20	0.21
EPS mean	0.36	0.22	0.30	0.30	0.37	0.30	0.26	0.18	0.27	0.17
Surprise	+2.8%	+18.2%	−26.7%	0.0%	+18.9%	−43.3%	−37.3%	+94.4%	−25.9%	+23.5%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PHX PHX Energy Services Corp	628M	0.55x	7.7%	2.71x	12.2x	9.0x	4.7x	4.1x
NE Noble Corporation PLC	10.9B	1.42x	6.6%	1.82x	171.3x	24.5x	10.7x	8.4x
RIG Transocean Ltd.	10.8B	3.36x	−73.5%	0.93x	66.1x	25.9x	9.0x	8.4x
VAL Valaris Ltd	10.2B	0.85x	41.5%	2.27x	37.8x	15.1x	15.6x	10.1x
SEI Solaris Energy Infrastructure, Inc.	7.9B	7.70x	4.6%	5.77x	44.4x	22.0x	16.9x	8.5x
PTEN Patterson-UTI Energy Inc	7.1B	1.14x	−1.9%	1.64x	−701.1x	33.8x	6.4x	5.6x
Mean		2.50x	−2.5%	2.52x	−61.5x	21.7x	10.6x	7.5x
Median		1.28x	5.6%	2.05x	41.1x	23.2x	9.9x	8.4x

Technical analysis

1M+16.1%
3M+31.8%
1Y+109.8%
3Y+152.5%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, PHX Energy Services Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	710	660	656	536	340	246
Cost of revenue	599	535	506	426	277	216
Gross profit	111	124	150	110	62.8	30.3
Selling, general & administrative expenses	64.7	68.3	69.0	68.9	46.9	30.6
Research & development	6.8	5.3	5.2	3.7	2.8	1.9
Interest expense (income), operating	5.0	5.2	3.6	3.7	2.7	3.2
Unusual expense (income)	−30.4	−24.6	−31.3	−19.5	−16.4	3.7
Other operating expenses	−0.7	0	0	−0.5	0	0
Operating income	65.5	70.3	104	53.4	26.9	−9.2
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	65.5	70.3	104	53.4	26.9	−9.2
Provision for taxes	10.8	15.7	5.1	9.0	3.6	−1.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	54.7	54.6	98.6	44.3	23.3	−7.8
Extraordinary items	–	–	0	−14.6	−0.6	–
Net income	54.7	54.6	98.6	29.8	22.7	−7.8
EBIT, normalized	40.2	50.9	75.9	37.5	13.2	−2.2
EBITDA, normalized	102	99.5	118	72.9	42.4	30.8
Basic EPS, normalized	1.13	1.16	1.96	0.58	0.44	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, PHX Energy Services Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	29.1	14.2	16.4	18.2	24.8	25.7
Receivables	148	134	125	126	76.8	43.4
Total inventory	56.3	63.1	63.2	63.1	36.7	26.7
Prepaid expenses	3.0	2.6	2.4	3.0	2.8	1.9
Other current assets	0	0	0	0	0	4.4
Total current assets	236	214	207	210	141	102
Property, plant & equipment	186	191	155	145	102	97.9
Goodwill	–	–	–	–	–	0
Intangibles	16.3	14.6	14.2	15.7	16.1	16.2
Long-term investments	2.2	2.2	3.0	3.0	3.0	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2.0	1.5	5.9	1.0	0.1	0.3
Total assets	443	423	385	375	262	217
Liabilities
Accounts payable	111	117	100	105	80.4	37.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.0	3.7	3.2	2.9	3.2	3.4
Other current liabilities	10.4	9.1	9.5	8.3	2.5	2.2
Total current liabilities	125	129	113	116	86.1	43.2
Long-term debt	62.9	48.5	41.5	59.5	32.6	35.7
Minority interest	–	–	–	–	–	–
Other liabilities	25.9	23.1	20.9	23.0	9.3	5.6
Total liabilities	214	201	176	198	128	84.5
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	202	204	223	251	235	248
Additional paid-in capital	7.3	7.2	7.2	7.0	9.5	10.1
Retained earnings (accumulated deficit)	−9.9	−28.3	−45.7	−112	−122	−137
Treasury stock	–	–	–	–	–	–
Other equity	29.9	39.5	25.8	30.6	11.2	11.3
Total equity	229	222	210	177	134	132
Total liabilities & shareholders' equity	443	423	385	375	262	217

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, PHX Energy Services Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	54.7	54.6	98.6	44.3	23.3	−6.9
Depreciation, depletion & amortization	61.8	48.6	41.8	35.4	29.2	31.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	−10.0	−1.3	−18.8	−8.4	−1.4	10.5
Changes in working capital	−33.4	−5.0	−24.8	−34.1	−5.7	32.7
Cash from operations	73.2	96.9	96.7	37.1	45.5	67.9
Investing activities
Capital expenditures	−77.0	−85.5	−64.9	−74.8	−37.1	−25.7
Other investing cash flows	42.8	36.3	44.7	27.4	13.5	6.6
Cash from investing	−34.2	−49.2	−20.3	−47.4	−23.6	−19.1
Financing activities
Financing cash flow items	–	–	–	0	0	−1.5
Cash dividends paid	−36.3	−37.6	−30.2	−15.1	−6.3	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	12.9	−13.5	−47.8	17.9	−16.4	−32.1
Cash from financing	−23.4	−51.1	−77.9	2.7	−22.7	−33.6
Foreign exchange effects	−0.6	1.1	−0.3	1.0	0	–
Net change in cash	14.9	−2.3	−1.8	−6.6	−0.9	15.2
Free cash flow	−3.8	11.4	31.8	−37.7	8.3	42.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.