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Expro Ltd
🏹 Trader: 🚀 Stage 2 + Near High 📈 Stage 2 🎯 Near 52W High | BRS 76 Ready View all →
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$2.0B
Market Cap
29.7
P/E
2.11
PEG
4.7%
ROCE
3.4%
ROE
0.11
D/E
7.3%
OPM
-7.3%
% from 52W High
77
α RS
🔍 XPRO is showing a sector-leadership setup because Sector RRG has Energy in the Leading quadrant with the trail still strengthening, it matches 2 of 39 tracked screener presets, and RS Rating is 77. Net: Broad signal stack, not a recommendation. ? RRG Conviction RS Rating
Sources
Energy in Leading quadrant · Conviction 2/39 · RS Rating 77
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Currency-adjusted total returns for XPRO including FX impact
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📈 Price History
Ratio Health
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About

Expro Ltd provides energy services in North and Latin America, Europe and Sub-Saharan Africa, the Middle East and North Africa, and the Asia-Pacific. It provides well construction products and services, such as technology solutions in tubular running services, tubular products, cementing, drilling, and wellbore cleanup; and well management services comprising well flow management, subsea well access, and well intervention and integrity solutions. The company serves exploration and production companies in onshore and offshore environments. Expro Ltd was formerly known as Expro Group Holdings N.V. Expro Ltd was founded in 1938 and is based in Houston, Texas.

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📊 MIXED Expro Q1 2026 revenue $368M, EBITDA $63M (17% margin); acquires Enhanced Drilling for ~$215M.
Revenue & Profitability
Q1 2026 revenue was $368 million, down sequentially due to normal seasonality and a slight impact from the Middle East conflict. Adjusted EBITDA was $63 million (17.1% margin), and adjusted free cash flow was $3 million, affected by working capital changes. The company repurchased ~1.2 million shares for ~$20 million in the quarter.
Outlook
Management remains constructive for 2026 and beyond, noting that global energy security concerns and capital discipline favor offshore/deepwater developments. They expect a resolution to the Middle East conflict by end of Q2 2026, with sequential revenue and EBITDA improvements each quarter. The second half of 2026 is expected to see a meaningful ramp, and 2027-2028 outlook is even more robust.
Growth Drivers
Key growth levers include: subsea well access and well flow management in the Gulf of America; tubular sales and well intervention in Colombia; North Africa production solutions; APAC well construction in Southeast Asia and subsea equipment sales in China; Coretrax product line expansion across regions; and internationalization of Enhanced Drilling's MPD technology into basins like Guyana, Brazil, West Africa, and Australia.
Balance Sheet & CapEx
Capital expenditures are guided to be invested in organic growth projects with known return profiles, enhancing core capabilities and supporting innovation. Specific CapEx guidance for 2026 was not provided in this call, but the company maintains a disciplined approach with most CapEx tied to specific customer projects.
Margins
Q1 2026 adjusted EBITDA margin was 17.1%, down from prior quarter due to seasonality and Middle East impact. Management expects sequential margin expansion through the rest of 2026, with a long-term target of >25% adjusted EBITDA margins. Enhanced Drilling brings >30% EBITDA margins, contributing to further expansion. The Drive 25 initiative has delivered more than $40M in cost savings, providing operational leverage.
Key Risks
Key risks include: (1) prolonged Middle East conflict causing $10-15M revenue impact in Q2 with high EBITDA decrementals; (2) normal Q1 seasonality from winter weather and customer budget cycles; (3) working capital timing affecting free cash flow; (4) geopolitical uncertainty and commodity price volatility. Management assumes resolution by end of Q2 for the rest of the year guidance.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-28
Q2 2026 saw strong sequential growth in revenue, EBITDA, and free cash flow, despite Middle East conflict impacts. Enhanced Drilling acquisition and Drive25 cost savings support margin expansion, with H2 2026 guidance projecting further improvements. Conservative outlook reflects ongoing geopolitical risks.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 saw typical seasonality with $368M revenue and $63M adjusted EBITDA, minor Middle East conflict impact, and the accretive Enhanced Drilling acquisition announced. Guidance for 2026 is unchanged, with sequential improvements and margin expansion expected in H2.
Q4 2025 Q4 2025 2026-02-19
Delivered strong 2025 results with $1.6B revenue and $353M Adjusted EBITDA, exceeding free cash flow guidance. 2026 outlook is flat revenue but higher margins and cash flow, supported by a $2.5B backlog and robust offshore/international activity.
Q3 2025 Q3 2025 2025-10-23
Record Q3 free cash flow and margin expansion led to raised 2025 guidance for EBITDA and free cash flow. Regional performance was mixed, with strong results in the Americas and margin gains in Europe/Africa, while Asia-Pacific lagged. Strategic wins, technology innovation, and disciplined capital allocation support a positive long-term outlook.
Q2 2025 Q2 2025 2025-07-29
Q2 delivered record EBITDA margin and strong free cash flow, with revenue up 8% sequentially and a robust $2.3 billion backlog. Guidance for 2025 is reaffirmed, with international and offshore markets expected to drive growth and margin expansion.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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