Patterson-UTI Energy, Inc. (PTEN) 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

-34.8%

$7.68

vs $11.78 price

Levered DCF

$31.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.84

Grey zone

Rating

B-

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	-25.46×	-3.39×	12.27×	23.39×	-2.51×	-1.23×	-5×	-7.04×
P/B	0.73×	0.95×	0.63×	2.18×	1.02×	0.49×	0.75×	0.65×
P/S	0.49×	0.61×	0.73×	1.37×	1.21×	0.88×	0.86×	0.68×
EV / EBITDA	3.53×	15.13×	3.82×	6.29×	14.05×	-7.71×	5.4×	5.86×
Gross margin	4.8%	5.3%	14.6%	12.0%	-42.3%	-31.0%	-12.4%	0.2%
Operating margin	-0.5%	-16.5%	8.5%	8.0%	-49.9%	-79.4%	-18.7%	-9.7%
Net margin	-1.9%	-18.0%	5.9%	5.8%	-48.2%	-71.5%	-17.2%	-9.7%
Current ratio	1.64×	1.54×	1.41×	1.51×	1.34×	1.75×	1.58×	1.81×
Debt / equity	0.4×	0.37×	0.28×	0.51×	0.55×	0.46×	0.35×	0.32×
Interest coverage	-0.36×	-12.36×	6.66×	5.24×	-16.15×	-21.89×	-6.14×	-6.25×
Dividend yield	5.2%	3.9%	3.3%	1.2%	0.9%	1.9%	1.5%	1.4%
Payout ratio	-130.8%	-13.1%	40.6%	27.9%	-2.4%	-2.3%	-7.6%	-9.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.9%	-27.9%	5.1%	9.3%	-40.7%	-39.9%	-15.0%	-9.2%
Return on invested capital	-0.5%	-17.7%	4.4%	7.5%	-24.5%	-22.4%	-9.2%	-5.7%
Return on assets	-1.7%	-16.6%	3.3%	4.9%	-22.1%	-21.7%	-9.6%	-5.9%
Free cash flow yield	15.9%	15.2%	12.9%	3.6%	-4.3%	13.5%	16.4%	3.9%
Earnings yield	-4.0%	-29.5%	8.2%	4.3%	-39.7%	-81.3%	-20.0%	-14.2%
Enterprise value	$3.2B	$4.3B	$4.2B	$4.4B	$2.4B	$1.7B	$3B	$3.1B
Net debt / EBITDA	0.95×	3.69×	1.06×	1.04×	4.43×	-3.2×	1.51×	1.63×
Cash conversion cycle (days)	34	38	54	57	68	39	34	37