Patterson-UTI Energy Inc PTEN

EnergyOil & Gas Related Equipment and ServicesUnited States of America

Last close 11.75 USD on Nov 3, 2026, +97.7% year to date

Quant rating

Quant rating A Rank 24 of 167 in Energy

Growth A 2 of 167
Valuation C 108 of 167
Quality C 79 of 167
Revisions A 10 of 167
Momentum A 20 of 167

Wall Street consensus Buy (2.35)Average target 14.83 USD +26.2%

Historical valuation

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

Key data

Market cap: 4.5B
Enterprise value: 5.4B
52-week range: 5.25 – 13.39
3-year range: 5.18 – 13.39
Dividend yield: 3.39%
Beta (5 years): 0.79
Shares outstanding: 381M
Next earnings: Feb 2, 2027

About the company

Patterson-UTI Energy, Inc. is a provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services. Its Drilling Services segment provides a comprehensive suite of directional drilling services in major producing onshore oil and natural gas basins in the United States, and it provides services that improve the statistical accuracy of wellbore placement for directional and horizontal wells. Its Completion Services segment consists of a well completion business consists of services for hydraulic fracturing, wireline and pumping, completion support, and cementing. Its Drilling Products segment engages in the manufacturing and distribution of drill bits throughout North America. The Company's drilling equipment is used in oil and natural gas exploration and production and in mining operations.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,827	5,378	4,146	2,648	1,357	–
Revenue growth	−10.3%	29.7%	56.6%	95.1%	20.7%	33.8%
EPS (basic, normalized)	−0.24	−2.44	0.88	0.71	−1.92	–
EPS growth	–	–	23.9%	–	–	–
Gross margin	24.2%	27.1%	32.2%	30.3%	20.3%	26.8%
Net margin	−1.9%	−18.0%	5.9%	5.8%	−48.4%	−11.3%
ROE	−2.8%	−23.4%	7.6%	9.4%	−36.2%	−9.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	337
Current ratio	1.73x
Long-term debt (mil)	1,236
Net debt (mil)	910
Total equity (mil)	3,071
Net debt / equity	0.30x
Net debt / EBITDA	0.99x

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	4,827	−10.3%	1.1x	918	−23.4%	5.9x	−0.24	+90.2%	−49.0x
2026	4,989	+3.4%	1.1x	963	+5.0%	5.6x	−0.02	+91.7%	−592.5x
2027	5,430	+8.8%	1.0x	1,103	+14.5%	4.9x	0.42	+2,215.5%	28.0x
2028	5,632	+3.7%	1.0x	1,114	+1.1%	4.8x	0.62	+47.8%	19.0x

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	4,989	+1.3%	+4.7%	+9.8%	−0.02	+11.4%	+50.6%	+90.8%
2027	5,430	+2.2%	+5.7%	+12.7%	0.42	+27.4%	+37.7%	+977.9%
2028	5,632	+3.8%	+7.2%	+12.0%	0.62	+19.4%	+15.8%	+24.7%

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)	1,510	1,348	1,357	1,162	1,281	1,219	1,176	1,151	1,117	1,228
Sales mean (mil)	1,515	1,419	1,325	1,246	1,186	1,220	1,175	1,109	1,103	1,175
Surprise	−0.3%	−5.0%	+2.4%	−6.7%	+8.0%	−0.1%	0.0%	+3.8%	+1.3%	+4.5%
EPS reported	0.15	0.03	−0.01	−0.13	0.00	−0.13	−0.10	−0.02	−0.06	−0.05
EPS mean	0.13	0.15	0.03	−0.10	−0.04	−0.04	−0.10	−0.11	−0.10	−0.04
Surprise	+19.5%	−79.6%	−136.0%	−24.8%	+100.0%	−192.6%	−3.0%	+81.8%	+40.1%	−16.7%

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
PTEN Patterson-UTI Energy Inc	4.5B	0.99x	−1.9%	1.45x	−592.5x	28.0x	5.6x	4.9x
SLB SLB N.V.	76.9B	1.29x	9.4%	2.95x	21.3x	16.9x	10.9x	9.5x
BKR Baker Hughes Company	52.4B	2.75x	9.3%	2.60x	20.4x	18.6x	12.4x	10.8x
TS Tenaris SA	29.1B	−0.72x	16.1%	1.71x	15.4x	13.8x	9.7x	8.4x
HAL Halliburton Company	28.2B	1.27x	5.8%	2.53x	14.6x	11.6x	8.3x	7.2x
FTI TechnipFMC PLC	26.0B	−0.31x	9.7%	7.81x	21.1x	17.8x	11.5x	10.4x
Mean		0.88x	8.1%	3.18x	−83.3x	17.8x	9.7x	8.6x
Median		1.13x	9.4%	2.57x	17.9x	17.4x	10.3x	9.0x

Technical analysis

1M+4.8%
3M+15.3%
1Y+91.3%
3Y+3.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Patterson-UTI Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,827	5,378	4,146	2,648	1,357	1,124
Cost of revenue	3,657	3,920	2,811	1,847	1,082	802
Gross profit	1,170	1,458	1,335	801	275	322
Selling, general & administrative expenses	255	268	171	117	90.9	103
Research & development	–	–	–	1.0	1.4	–
Depreciation/amortization	940	1,172	731	484	838	671
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.0	918	98.1	−10.4	22.8	433
Other operating expenses	14.6	−10.7	−17.1	−1.2	0.1	7.1
Operating income	−40.8	−890	352	211	−678	−892
Net interest income (expense)	−63.9	−66.2	−46.7	−39.9	−41.8	−39.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.7	−1.0	1.9	−3.3	−0.3	0.8
Net income before taxes	−103	−957	307	168	−720	−931
Provision for taxes	−9.9	9.5	61.2	13.2	−62.7	−127
Minority interest	−0.6	−1.6	0.3	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−93.6	−968	246	155	−657	−804
Extraordinary items	–	–	0	0	2.5	–
Net income	−93.6	−968	246	155	−655	−804
EBIT, normalized	−7.4	32.3	457	201	−655	−459
EBITDA, normalized	908	1,200	1,188	685	183	212
Basic EPS, normalized	−0.24	−2.44	0.88	0.71	−1.92	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Patterson-UTI Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	419	239	190	138	118	225
Receivables	776	822	998	566	356	165
Total inventory	160	167	181	58.0	42.4	33.1
Prepaid expenses	34.8	34.0	46.4	–	–	–
Other current assets	28.5	33.3	70.4	67.9	67.6	55.3
Total current assets	1,418	1,295	1,486	829	584	478
Property, plant & equipment	2,769	3,082	3,451	2,281	2,351	2,778
Goodwill	487	487	1,380	–	–	–
Intangibles	815	930	1,052	5.8	7.5	30.1
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	81.2	39.4	51.7	27.1	15.9	13.1
Total assets	5,570	5,833	7,420	3,144	2,958	3,299
Liabilities
Accounts payable	471	421	534	237	190	91.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	306	324	357	199	245	182
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	7.7	21.6	56.2	–	–	0
Other current liabilities	79.3	75.2	102	115	0.2	0
Total current liabilities	864	842	1,050	551	436	274
Long-term debt	1,226	1,230	1,238	831	852	901
Minority interest	6.2	10.0	8.4	–	–	–
Other liabilities	256	286	311	96.4	60.2	108
Total liabilities	2,352	2,368	2,608	1,478	1,348	1,283
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	5.2	5.2	5.2	3.0	3.0	2.7
Additional paid-in capital	6,493	6,454	6,407	3,203	3,172	2,902
Retained earnings (accumulated deficit)	−1,258	−1,039	57.0	−87.4	−198	472
Treasury stock	−2,021	−1,951	−1,658	−1,453	−1,373	−1,366
Other equity	−1.2	−2.6	0.5	0	5.9	5.4
Total equity	3,219	3,466	4,812	1,666	1,609	2,016
Total liabilities & shareholders' equity	5,570	5,833	7,420	3,144	2,958	3,299

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Patterson-UTI Energy Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−93.1	−966	246	155	−655	−804
Depreciation, depletion & amortization	940	1,172	731	484	849	671
Deferred taxes	−21.7	−1.8	51.9	7.0	−63.0	−125
Non-cash items	39.3	936	43.9	7.5	19.1	453
Changes in working capital	96.4	36.0	−67.2	−86.9	−55.3	84.1
Cash from operations	961	1,176	1,006	566	95.5	279
Investing activities
Capital expenditures	−589	−678	−616	−437	−166	−145
Other investing cash flows	21.9	23.6	−402	23.6	34.7	20.5
Cash from investing	−567	−655	−1,018	−413	−132	−125
Financing activities
Financing cash flow items	–	–	−6.3	−0.5	0	−0.6
Cash dividends paid	−122	−127	−100	−43.1	−15.6	−18.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−88.3	−348	172	−89.8	−56.3	−83.7
Cash from financing	−211	−475	65.6	−133	−71.9	−103
Foreign exchange effects	−4.0	2.8	1.2	0.4	0.6	0
Net change in cash	179	48.6	55.1	20.0	−107	50.7
Free cash flow	372	497	390	129	−70.8	133

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 3, 2026 after market close.