Civeo Corporation (Canada) Common Shares (CVEO)

FairStock Score: 51/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for a durable business bought at a sensible price. Civeo provides lodging and services to natural resource workers, mainly in Canada and Australia. That is a useful niche, but it is tied to commodity capital spending, so I see limited pricing power and no wide moat. The financial record is uneven: in fiscal 2023, the year ended 2023-12-31, the company earned $30.2M; in fiscal 2024, the year ended 2024-12-31, it lost $17.1M; in fiscal 2025, the year ended 2025-12-31, it lost $20.1M. Revenue slipped from $700.8M in fiscal 2023 to $638.8M in fiscal 2025. Yet the latest filed quarter, fiscal Q2 2026, the quarter ended 2026-06-30, showed revenue of $180.0M versus $162.7M in fiscal Q2 2025, the quarter ended 2025-06-30, and the net loss narrowed to $2.5M from $3.3M. That hints at a turnaround, but not proof. Financial health is mixed. FairStock's trailing free cash flow is $16.7M, a 5.2% yield on the $324.7M market cap, and the dividend yield is 3.61%. However, FairStock's debt-to-equity is 1.39 and its Altman Z-Score is -1.92, which warns of balance-sheet stress. ROCE is only 1.89%. At the 2026-10-13 close of $31.41, FairStock's P/B is 2.17 with negative ROE, while EV/EBITDA is 6.00. The EV/EBITDA looks undemanding if earnings normalize. But I need a margin of safety, and today's price largely discounts a successful recovery. I would want evidence of sustained profit and debt reduction before calling it a value opportunity.

In plain English: Civeo runs worker camps and lodges for mining, oil, and gas projects, mostly in Canada and Australia. The business is not strong right now: it has lost money in each of the last two full years, though the latest quarter had higher sales and a smaller loss than a year earlier. At the recent price of $31.41, the stock does not look obviously cheap or expensive based on the numbers given; it mostly depends on whether the company can return to steady profits.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer