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what it is
Expro helps oil and gas operators build, complete, and maintain wells onshore and offshore in about 50 countries.
how it gets paid
Last year Expro Hldgs made $1.6B in revenue. Tubular Running Services was the main engine at $0.74B, or 46% of sales.
why growth slowed
Revenue fell 6.2% last year. EPS improved from losses in early 2024 to $0.19 in the December 2024 quarter.
what just happened
Revenue of $1.2B and EPS of $0.40, with profit finally moving the right way.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
24.5x trailing p/e — priced about right
3.6% return on capital — nothing to write home about
$0.45 fy2024 eps est
xvary composite: 54/100 — below average
What they do
Expro helps oil and gas operators build, complete, and maintain wells onshore and offshore in about 50 countries.
When your well is offshore, you do not swap service crews lightly. Expro has more than 8,500 employees and works in about 50 countries, which means your operator can hire one provider across the well life cycle instead of stitching together several vendors. Switching costs (changing providers mid-job) → delays, retraining, and execution risk → so what: that scale gives Expro a seat on complex jobs smaller rivals cannot cover.
How they make money
$1.6B
annual revenue · their business grew -6.2% last year
Tubular Running Services
$0.74B
+4.0%
Well Construction
$0.34B
3.0%
Well Intervention
$0.27B
+2.0%
Tubulars
$0.16B
8.0%
Cementing Equipment
$0.09B
6.0%
The products that matter
drilling and completion services
Well Construction
linked to $2.5B backlog
this work sits inside a $2.5B backlog, which gives you visibility even if near-term growth has stalled.
backlog anchor
production optimization and testing
Well Flow Management
22% adj. EBITDA margin
margin reached 22%, up from 14% in 2021. that's why management keeps talking about cash and mix, not just revenue.
margin driver
deepwater intervention services
Subsea Well Access
60-country footprint
the service footprint spans 60 countries with more than 8,000 employees. scale helps you show up where offshore work still needs specialized crews.
global reach
Key numbers
$0.45
FY2024 EPS
Expro earned $0.45 a share in 2024 after losing $0.21 in 2023. Plain English: the turnaround finally showed up in reported profit.
5.0%
operating margin
Operating margin → profit after running the business, before interest and taxes → so what: Expro keeps only about 5 cents from each revenue dollar.
$170M
long-term debt
Long-term debt is 8% of capital. Plain English: the balance sheet is carrying debt, but not enough to dominate the story.
24.5x
trailing p/e
P/E → stock price divided by yearly profit per share → so what: you are paying a full price for a business with a 5.0% operating margin.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $170M (8% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for XPRO right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue of $1.2B and EPS of $0.40, with profit finally moving the right way.
Quarterly EPS improved from losses in early 2024 to $0.19 in the December 2024 quarter, and annual EPS reached $0.45 for 2024 after a $0.21 loss in 2023. That is the whole story here: sales are soft, but profit stopped leaking.
$1.2B
revenue
$0.40
eps
5.0%
operating margin
the number that mattered
The number that mattered was $0.45 in full-year EPS, because Expro went from losing money in 2023 to making money in 2024.
source: company earnings report, 2026
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What could go wrong
the #1 risk is 2026 revenue stalling around $1.6B–$1.65B.
high
flat guidance leaves no place to hide
management guided 2026 revenue to $1.6B–$1.65B, roughly in line with 2025. that's not a disaster, but it strips the story down to margin and cash generation.
if those improvements don't show up, investors are left paying 24.5x trailing earnings for a business that isn't growing.
high
profitability is still thin
Q4 2025 produced $382M of revenue but only $6M of net income. the company is profitable, just not by a comfortable margin.
that means normal operating noise — project timing, pricing pressure, or utilization slippage — can hit earnings fast.
med
regional softness is already visible
Europe & Sub-Saharan Africa fell 8%, and Asia-Pacific fell 15%. North & Latin America did the carrying at $1.0B.
if the strongest geography slows too, the flat 2026 guide starts looking optimistic rather than conservative.
med
oilfield spending is still the real customer
expro sells services to operators, which means your revenue depends on their willingness to keep spending in the field.
a weaker capex cycle would pressure backlog conversion and make that $2.5B backlog feel less comforting than it looks on paper.
a flat $1.6B–$1.65B revenue base means almost the entire near-term thesis rides on better margins, steadier cash flow, and no further regional deterioration.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
margin holding above 22%
the whole rerating case runs through operating discipline. if adjusted EBITDA margin slips back from 22%, the market will notice quickly.
calendar
Q1 2026 results
management said 2026 would be about margins and free cash flow. the first quarterly print is where that promise starts getting graded.
trend
regional mix
North & Latin America carried the business at $1.0B. keep an eye on whether weaker regions stabilize or keep shrinking.
risk
post-downgrade sentiment
one Sell rating took 5% off the stock. if more firms echo the no-growth concern, valuation support gets thinner.
Analyst rankings
earnings predictability
30 / 100
in human-speak: analysts do not see this as a clean, easy-to-model earnings story.
risk rank
2
this measure says the balance sheet risk is manageable. the bigger issue is business volatility, not solvency.
price stability
10 / 100
the stock itself is jumpy. if you own it, expect mood swings.
source: institutional data
Institutional activity
institutional ownership data for XPRO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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