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what it is
Civeo houses remote workers in camps, feeds them, cleans the rooms, and keeps the lights on in Australia and Canada.
how it gets paid
Last year Civeo made $639M in revenue. Lodging and villages was the main engine at $352M, or 55% of sales.
why growth slowed
Revenue fell 6.3% last year. One quarter brought in 74.6% of full-year sales.
what just happened
$477M of revenue and a $1.04 loss per share show the quarter was busy, not profitable.
At a glance
C++ balance sheet — some cracks in the foundation
5/100 earnings predictability — expect surprises
6.4% return on capital — nothing to write home about
-$1.19 fy2024 eps est
$682M fy2024 rev est
xvary composite: 45/100 — below average
What they do
Civeo houses remote workers in camps, feeds them, cleans the rooms, and keeps the lights on in Australia and Canada.
Civeo sells contracted workforce housing, which means company-run worker camps. You get beds, food, laundry, power, security, and logistics in one bill. That matters because it runs 28 lodges and villages plus 24 customer-owned sites, covering about 47,000 rooms.
How they make money
$639M
annual revenue · their business grew -6.3% last year
Lodging and villages
$352M
Catering and food service
$115M
Facility operations and maintenance
$102M
Development and site services
$70M
The products that matter
houses remote workforces
Lodging & Accommodations
$639M linked revenue base
This is the operating core. The Australia and Canada segment figures shown here total $639M, and demand rises or falls with mining and energy site activity.
core revenue
feeds and services camp residents
Integrated Hospitality Services
26.3% gross margin in Australia
Gross margin means revenue left after direct costs. Australia improved from 26.1% to 26.3%. That helps, but company-wide net margin still landed at -3.14%. Good site economics do not automatically become shareholder profit.
margin support
regional earnings mix
Australia vs. Canada
$361M vs. $278M
One geography grew while the other shrank hard. The story hinges on Australia offsetting Canada’s 16.5% drop. That is not diversification. That is one engine working overtime.
the key split
Key numbers
$639M
annual revenue
That is the year's take. On a $639M base, every 1% move is about $6.4M.
0.6%
operating margin
Profit after running costs was only 0.6%, so a small wobble can erase the profit.
$198M
long-term debt
Long-term debt is $198M, which is 39% of capital, so lenders still have a real claim on cash.
47,000
rooms managed
You are looking at 47,000 rooms. That is not a brand story. That is a giant physical network.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $198M (39% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CVEO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
$477M of revenue and a $1.04 loss per share show the quarter was busy, not profitable.
One quarter brought in 74.6% of full-year sales, which tells you this business is lumpy. Gross margin was 24.0%, but overhead still pushed the company to a loss.
$477M
revenue
-$1.04
eps
24.0%
gross margin
quarter size
The $477M quarter was 74.6% of full-year sales, which tells you the business depends on a few very large contracts.
source: EDGAR filing, 2026
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What could go wrong
This page only gives you a few hard numbers, but they all point to the same weak spot: fixed assets plus cyclical customer demand. When occupancy slips, the income statement feels it fast.
high
customer spending follows commodity project budgets
Civeo sells beds, meals, and site services to resource customers. When mining and energy projects slow, camp occupancy usually follows. With $682M of revenue already down 2.7% last year, there is not much evidence of a business insulated from that cycle.
impact: this is the clearest threat to the full $650M–$700M 2026 revenue target
med
canada stays weak while australia carries the story
Canada produced $278M of revenue and fell 16.5%, while Australia grew 2.3% to $361M. If that gap persists, one region does all the heavy lifting and the operating story gets thinner fast.
impact: regional imbalance would pressure both revenue mix and confidence in management’s guide
med
debt reduces the company’s room for a bad quarter
Long-term debt is $198M, or 39% of capital. Management’s 1.9x debt ratio target tells you debt reduction is still an active objective, not a solved problem.
impact: if operations wobble, debt stops being a footnote and becomes the main thing investors talk about
med
adjusted EBITDA can look cleaner than actual shareholder profit
Management guided to $85M–$90M of adjusted EBITDA, but the latest quarter still ended with a $6.5M net loss. That gap is why you should track net income alongside adjusted figures, not after them.
impact: if adjusted earnings improve while net losses persist, the valuation case gets harder to defend
What would change our mind: Canada stabilizes, quarterly losses disappear, and debt starts moving down from $198M while guidance holds. If those three things do not show up, the recovery case stays more story than proof.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Estimated for Wednesday, April 29, 2026. You want the first quarter to show the year is tracking toward the $650M–$700M revenue plan, not already asking for forgiveness.
segment mix
canada vs. australia
Australia grew 2.3%. Canada fell 16.5%. If that spread stays wide, the market will keep treating CVEO as a one-region stabilization story.
profitability
net income, not just adjusted EBITDA
The guide calls for $85M–$90M of adjusted EBITDA. The catch is the recent quarter still lost $6.5M. You want those two lines moving toward each other, not away from each other.
balance sheet
debt path and discipline
With $198M of long-term debt and a 1.9x debt ratio target, capital allocation matters. If operating softness lingers, debt becomes the headline faster than you would like.
Analyst rankings
earnings predictability
5 / 100
A 5 / 100 score means the earnings line has been messy. In human-speak, analysts do not trust this business to deliver clean, repeatable quarters.
risk rank
3
Risk rank 3 sits around the middle. You are not looking at a collapse story, but you are also nowhere near a low-drama quality stock.
source: institutional data
Institutional activity
institutional ownership data for CVEO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$26
current price
n/a
target midpoint · n/a from current
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