Civeo Corp CVEO

IndustrialsReal Estate OperationsUnited States of America

Last close 36.11 USD on Nov 2, 2026, +57.9% year to date

Quant rating

Quant rating C Rank 309 of 486 in Industrials

Growth B 127 of 486
Valuation C 198 of 486
Quality D 426 of 486
Revisions D 385 of 486
Momentum A 36 of 486

Wall Street consensus Strong Buy (1.50)Average target 43.41 USD +20.2%

Historical valuation

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

Key data

Market cap: 373M
Enterprise value: 561M
52-week range: 20.94 – 37.81
3-year range: 18.68 – 37.81
Dividend yield: 0.00%
Beta (5 years): 0.70
Shares outstanding: 10.3M
Next earnings: Mar 1, 2027

About the company

Civeo Corporation is engaged in providing hospitality services. The Company’s segments include Canada and Australia. The Company offers hospitality services for its guests in the natural resources industry, including lodging, catering and food service, housekeeping and maintenance at accommodation facilities. It provides services that support the day-to-day operations of these facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. It also manages development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing management and site construction, along with providing hospitality services once the facility is constructed. It owns and operates 28 lodges and villages with over 27,500 rooms. In Canada, it also offers a fleet of mobile assets which serve shorter term projects, such as pipeline construction.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	639	682	701	697	594	–
Revenue growth	−6.3%	−2.7%	0.5%	17.3%	12.2%	3.8%
EPS (basic, normalized)	−1.59	−1.19	0.12	−0.21	−0.04	–
EPS growth	–	–	–	–	–	–
Gross margin	23.7%	21.9%	24.4%	28.0%	28.9%	25.4%
Net margin	−3.1%	−2.5%	4.3%	0.3%	−0.1%	−0.2%
ROE	−9.8%	−6.1%	9.7%	1.2%	0.4%	−0.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	24.3
Current ratio	1.89x
Long-term debt (mil)	209
Net debt (mil)	188
Total equity (mil)	144
Net debt / equity	1.30x
Net debt / EBITDA	2.13x

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	639	−6.3%	0.9x	88.2	+3.1%	6.4x	−1.59	−33.6%	−22.7x
2026	706	+10.6%	0.8x	89.2	+1.2%	6.3x	−1.19	+25.2%	−30.3x
2027	734	+3.9%	0.8x	93.5	+4.8%	6.0x	0.20	+116.7%	182.1x
2028	779	+6.3%	0.7x	95.8	+2.5%	5.9x	1.20	+502.5%	30.2x

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	706	+1.9%	+1.7%	+2.9%	−1.19	+6.7%	+3.8%	−78.5%
2027	734	+1.8%	+1.3%	+1.6%	0.20	−41.4%	−36.5%	−74.1%
2028	779	+3.4%	+3.4%	+4.6%	1.20	–	–	–

Earnings surprises EPS beat in 1 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	189	176	151	144	163	170	162	173	180
Sales mean (mil)	155	174	169	162	148	163	174	170	155	171
Surprise	+7.4%	+8.6%	+4.5%	−7.1%	−2.8%	−0.2%	−1.8%	−5.0%	+11.6%	+5.3%
EPS reported	−0.35	0.56	−0.36	−1.10	−0.72	−0.01	−0.04	−0.56	−0.34	−0.23
EPS mean	−0.20	0.21	−0.02	−0.27	−0.80	−0.03	0.21	−0.43	−0.61	−0.15
Surprise	−78.0%	+166.7%	−1,443.1%	−302.4%	+9.6%	+70.0%	−119.0%	−31.2%	+44.0%	−53.3%

Peer comparison Real Estate Operations

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
CVEO Civeo Corp	373M	2.13x	−3.1%	2.49x	−30.3x	182.1x	6.3x	6.0x
BDI Black Diamond Group Ltd	1.1B	3.09x	7.6%	3.60x	49.2x	25.3x	13.2x	10.5x
Mean		2.61x	2.2%	3.04x	9.4x	103.7x	9.7x	8.3x
Median		2.61x	2.2%	3.04x	9.4x	103.7x	9.7x	8.3x

Technical analysis

1M+8.9%
3M+14.6%
1Y+73.8%
3Y+82.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Civeo Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	639	682	701	697	594	530
Cost of revenue	488	533	530	502	423	367
Gross profit	151	149	171	195	172	163
Selling, general & administrative expenses	75.3	73.3	72.8	84.9	74.6	68.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	72.6	68.0	75.1	87.2	83.1	96.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	5.8	−17.2	5.7	8.4	145
Other operating expenses	−1.0	0.9	0.5	0.1	0.3	0.5
Operating income	4.1	1.3	39.5	17.0	5.6	−148
Net interest income (expense)	−11.3	−7.8	−13.0	−11.4	−13.0	−16.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.7	0.5	13.9	5.1	13.2	20.8
Net income before taxes	−6.5	−5.9	40.4	10.7	5.9	−143
Provision for taxes	13.6	12.5	10.6	4.4	3.4	−10.6
Minority interest	0	1.4	0.4	−2.3	−1.1	−1.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−20.1	−17.1	30.2	4.0	1.4	−134
Extraordinary items	–	–	–	–	–	–
Net income	−20.1	−17.1	30.2	4.0	1.4	−134
EBIT, normalized	4.1	7.2	22.3	22.7	14.0	−3.1
EBITDA, normalized	76.7	75.2	97.4	110	97.1	93.5
Basic EPS, normalized	−1.59	−1.19	0.12	−0.21	−0.04	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Civeo Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	14.4	5.2	3.3	8.0	6.3	6.2
Receivables	91.8	89.0	143	120	115	89.8
Total inventory	6.2	7.5	7.0	6.9	6.5	6.2
Prepaid expenses	17.2	7.5	8.4	7.2	6.9	7.0
Other current assets	1.5	1.2	13.3	11.7	22.7	10.1
Total current assets	131	110	175	154	157	119
Property, plant & equipment	262	217	284	318	408	510
Goodwill	7.5	7.0	7.7	7.7	8.2	8.7
Intangibles	70.4	66.5	78.0	81.7	93.6	99.7
Long-term investments	–	–	–	–	–	–
Note receivable	2.7	–	–	–	–	–
Other long-term assets	3.4	4.1	3.5	5.6	5.4	3.6
Total assets	477	405	548	566	673	741
Liabilities
Accounts payable	44.3	40.0	58.7	51.1	49.3	42.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	30.6	34.7	40.1	40.1	34.9	28.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.8	0.6	0.2	28.4	30.6	34.6
Other current liabilities	9.2	17.4	15.3	8.6	22.2	11.4
Total current liabilities	84.9	92.6	114	128	137	117
Long-term debt	185	45.5	66.2	103	143	214
Minority interest	0	0.6	2.9	3.6	1.6	0.7
Other liabilities	32.9	30.0	44.6	31.7	30.1	34.7
Total liabilities	303	169	228	266	311	366
Shareholders' equity
Preferred stock	–	–	0	0	61.9	60.0
Common stock	0	0	0	0	0	0
Additional paid-in capital	1,635	1,632	1,629	1,625	1,582	1,578
Retained earnings (accumulated deficit)	−1,059	−981	−919	−930	−913	−908
Treasury stock	−10.8	−10.1	−9.1	−9.1	−8.1	−6.9
Other equity	−391	−405	−381	−385	−362	−349
Total equity	174	236	320	300	361	375
Total liabilities & shareholders' equity	477	405	548	566	673	741

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Civeo Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−20.1	−18.4	29.7	6.3	2.5	−133
Depreciation, depletion & amortization	72.6	68.0	75.1	87.2	83.1	96.5
Deferred taxes	−4.4	−7.7	6.8	4.2	3.1	−11.1
Non-cash items	3.1	9.8	−13.5	8.0	8.6	145
Changes in working capital	−28.9	31.8	−1.6	−13.9	−8.8	19.9
Cash from operations	22.3	83.5	96.6	91.8	88.5	117
Investing activities
Capital expenditures	−20.2	−26.1	−31.6	−25.4	−15.6	−10.1
Other investing cash flows	−69.9	11.2	17.1	16.5	14.9	8.3
Cash from investing	−90.1	−14.9	−14.5	−8.9	−0.7	−1.8
Financing activities
Financing cash flow items	−1.1	−4.0	0	−1.1	−5.5	−4.0
Cash dividends paid	−3.4	−14.4	−7.4	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	79.2	−46.7	−79.4	−78.6	−81.0	−110
Cash from financing	74.7	−65.2	−86.8	−79.7	−86.5	−114
Foreign exchange effects	2.3	−1.5	0.1	−1.5	−1.2	1.4
Net change in cash	9.2	1.9	−4.6	1.7	0.1	2.8
Free cash flow	2.1	57.4	64.9	66.4	73.0	107

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 2, 2026 after market close.