Civeo Corporation (CVEO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+85.0%

$69.12

vs $37.36 price

Levered DCF

$49.44

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.73

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-14.38×	-19.09×	11.31×	-148.1×	-479.25×	-1.44×	-3.69×	-2.73×
P/B	1.66×	1.37×	1.06×	1.45×	0.75×	0.52×	0.44×	0.42×
P/S	0.45×	0.48×	0.49×	0.62×	0.46×	0.37×	0.41×	0.48×
EV / EBITDA	6.04×	5.35×	3.24×	5.2×	4.51×	-15.34×	7.19×	15.14×
Gross margin	23.7%	21.9%	24.3%	25.8%	26.6%	27.9%	30.5%	29.2%
Operating margin	0.6%	0.2%	5.6%	2.4%	1.0%	-27.8%	-9.3%	-18.9%
Net margin	-3.1%	-2.5%	4.3%	0.6%	0.2%	-25.3%	-11.1%	-17.6%
Current ratio	1.54×	1.19×	1.53×	1.2×	1.15×	1.02×	1.19×	1.24×
Debt / equity	1.11×	0.24×	0.25×	0.48×	0.53×	0.73×	0.77×	0.7×
Interest coverage	0.36×	0.17×	3×	1.48×	0.47×	-8.82×	-1.79×	-3.35×
Dividend yield	1.2%	4.4%	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-17.1%	-84.5%	24.6%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-11.5%	-7.2%	9.4%	1.3%	0.4%	-35.8%	-11.9%	-15.4%
Return on invested capital	1.0%	0.4%	6.6%	2.2%	0.5%	-20.6%	-4.6%	-6.7%
Return on assets	-4.2%	-4.2%	5.5%	0.7%	0.2%	-18.1%	-6.0%	-8.2%
Free cash flow yield	0.7%	17.7%	19.1%	15.2%	26.7%	54.6%	20.7%	16.6%
Earnings yield	-6.9%	-5.3%	8.9%	0.9%	0.5%	-68.4%	-27.1%	-36.6%
Enterprise value	$468.8M	$375.1M	$416.5M	$571.2M	$459.4M	$463.1M	$590.3M	$588.7M
Net debt / EBITDA	2.31×	0.72×	0.59×	1.23×	1.83×	-8.84×	4.57×	9.36×
Cash conversion cycle (days)	23	25	39	32	35	28	38	28