Recent News
On July 29, 2025 Civeo released second-quarter results reporting $162.7 million in revenue, a net loss of $3.3 million, and Adjusted EBITDA of $25.0 million; the release noted completion of an acquisition of four villages in the Australian Bowen Basin and awards of multi-year contracts tied to those assets. The company announced a repurchase of 883,000 common shares for $19.1 million, representing roughly 7% of shares outstanding as of March 31, 2025. Third-party coverage on July 30, 2025 reported the company paused its quarterly cash dividend amid a deterioration in operating cash flow for the year-to-date period.
Technical Analysis
ADX at 16.36 registers below 20, indicating no prevailing trend; that suggests price action likely remains range-bound until trend strength increases or new momentum appears.
Directional indicators show DI+ at 16.00 with a peak & reversal, which denotes bearish directional pressure; DI- at 21.88 with a dip & reversal also signals bearish directional strength. Combined, these DI signals bias near-term price momentum to the downside absent a DI+ re-acceleration.
MACD sits negative at -0.25 with a peak & reversal while the MACD signal reads -0.17; the negative MACD and its peak-and-reverse indicate ongoing bearish momentum and no bullish MACD-signal crossover to validate a recovery.
MRO records -25.89 (peak & reversal), which indicates the market price lies below the modeled target and implies measurable mean-reversion potential higher; however, MRO’s mean-reversion signal requires confirmation from momentum indicators before altering the prevailing bearish bias.
RSI at 45.93 with a peak & reversal reflects loss of recent upside momentum and places the stock in neutral-to-weak territory, limiting follow-through on rallies unless RSI climbs above the mid-50s with supportive MACD action.
Price sits near recent short-term averages: 12-day EMA $22.45 (peak & reversal), 20-day avg $22.57, and 200-day avg $22.56. These convergent averages create a narrow price envelope; breach above the envelope with rising ADX would turn the pattern toward trending behavior, while failure to clear the envelope would favor range-bound or lower price action.
Fundamental Analysis
Revenue behavior shows a year-over-year revenue decline of -4.80% and a quarter-over-quarter change of -382.93% (QoQ), indicating recent top-line softness. Total revenue for the period registered at $162,694,000.
Profitability sits thin: operating margin 1.72% and EBIT margin 1.84%. EBIT at $2,994,000 and EBITDA at $20,821,000 produce narrow operating returns relative to the industry peer mean operating margin of 24.966% and industry peer mean EBIT margin of 25.087%; these margins remain below the industry peer mean and industry peer median. QoQ and YoY changes in EBIT margin read -151.54% and -74.23% respectively, reflecting notable margin compression on the reported comparisons.
Net income registered a loss of $3,314,000 while EPS came in at -$0.25 versus an estimate of -$0.14, generating an EPS surprise of -78.57% and an EPS shortfall of -$0.11. Free cash flow totaled -$6,811,000 with a free cash flow yield of -2.18% and free cash flow growth of -50.34%, underscoring cash generation weakness during the period. Operating cash flow equaled -$2,313,000, and the firm reported a cash balance of $14,638,000.
Balance-sheet leverage increased: total debt $179,738,000, net debt $154,034,000, and debt-to-EBITDA roughly 8.63x. Interest coverage stands at 1.11x. These metrics point to elevated leverage relative to operating earnings and reduce headroom for discretionary spend despite access to capital markets or revolver capacity.
Efficiency and returns show pressure: return on equity -1.58% and return on assets -0.71%. Asset turnover of 0.35 compares favorably to the industry peer mean asset turnover of 0.21, indicating relatively higher revenue generation per asset, but the low margins negate much of that operating benefit.
Valuation context: P/B at 1.49x and enterprise multiple ~22.96x sit alongside a stated WMDST valuation of over-valued. The elevated enterprise multiple combined with negative free cash flow and thin margins supports WMDST’s valuation conclusion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-29 |
| NEXT REPORT DATE: | 2025-10-29 |
| CASH FLOW | Begin Period Cash Flow | $ 28.4 M |
| Operating Cash Flow | $ -2.31 M | |
| Capital Expenditures | $ -4.50 M | |
| Change In Working Capital | $ -16.59 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -13.73 M | |
| End Period Cash Flow | $ 14.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 162.7 M | |
| Forward Revenue | $ -21.04 M | |
| COSTS | ||
| Cost Of Revenue | $ 121.5 M | |
| Depreciation | $ 17.8 M | |
| Depreciation and Amortization | $ 17.8 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 159.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 41.2 M | |
| EBITDA | $ 20.8 M | |
| EBIT | $ 3.0 M | |
| Operating Income | $ 2.8 M | |
| Interest Income | $ 75.0 K | |
| Interest Expense | $ 2.7 M | |
| Net Interest Income | $ -2.62 M | |
| Income Before Tax | $ 295.0 K | |
| Tax Provision | $ 3.6 M | |
| Tax Rate | 15.0 % | |
| Net Income | $ -3.31 M | |
| Net Income From Continuing Operations | $ -3.31 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.14 | |
| EPS Actual | $ -0.25 | |
| EPS Difference | $ -0.11 | |
| EPS Surprise | -78.571 % | |
| Forward EPS | $ 0.14 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 508.8 M | |
| Intangible Assets | $ 80.9 M | |
| Net Tangible Assets | $ 128.6 M | |
| Total Current Assets | $ 139.2 M | |
| Cash and Short-Term Investments | $ 14.6 M | |
| Cash | $ 14.6 M | |
| Net Receivables | $ 84.1 M | |
| Inventory | $ 5.8 M | |
| Long-Term Investments | $ 9.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 44.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 92.2 M | |
| Net Debt | $ 154.0 M | |
| Total Debt | $ 179.7 M | |
| Total Liabilities | $ 299.4 M | |
| EQUITY | ||
| Total Equity | $ 209.4 M | |
| Retained Earnings | $ -1.02 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 15.47 | |
| Shares Outstanding | 12.696 M | |
| Revenue Per-Share | $ 12.01 | |
| VALUATION | Market Capitalization | $ 313.0 M |
| Enterprise Value | $ 478.1 M | |
| Enterprise Multiple | 22.961 | |
| Enterprise Multiple QoQ | -29.927 % | |
| Enterprise Multiple YoY | 105.676 % | |
| Enterprise Multiple IPRWA | high: 124.597 median: 104.605 mean: 97.434 CVEO: 22.961 low: -60.24 |
|
| EV/R | 2.938 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.43 | |
| Asset To Liability | 1.7 | |
| Debt To Capital | 0.462 | |
| Debt To Assets | 0.353 | |
| Debt To Assets QoQ | 53.672 % | |
| Debt To Assets YoY | 1662.625 % | |
| Debt To Assets IPRWA | high: 0.649 CVEO: 0.353 median: 0.261 mean: 0.221 low: 0.01 |
|
| Debt To Equity | 0.858 | |
| Debt To Equity QoQ | 94.486 % | |
| Debt To Equity YoY | 2535.719 % | |
| Debt To Equity IPRWA | high: 3.828 CVEO: 0.858 mean: 0.583 median: 0.426 low: 0.012 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.494 | |
| Price To Book QoQ | 11.809 % | |
| Price To Book YoY | 31.248 % | |
| Price To Book IPRWA | high: 6.516 median: 6.516 mean: 4.646 CVEO: 1.494 low: -3.79 |
|
| Price To Earnings (P/E) | -91.577 | |
| Price To Earnings QoQ | 202.832 % | |
| Price To Earnings YoY | -317.725 % | |
| Price To Earnings IPRWA | high: 198.512 mean: 147.529 median: 107.4 low: -52.794 CVEO: -91.577 |
|
| PE/G Ratio | 1.488 | |
| Price To Sales (P/S) | 1.924 | |
| Price To Sales QoQ | -6.076 % | |
| Price To Sales YoY | 7.202 % | |
| Price To Sales IPRWA | high: 24.886 mean: 6.313 median: 5.402 CVEO: 1.924 low: 0.69 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 161.4 | |
| Forward PE/G | -2.623 | |
| Forward P/S | -13.949 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -12.22 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.349 | |
| Asset Turnover Ratio QoQ | 0.38 % | |
| Asset Turnover Ratio YoY | -7.898 % | |
| Asset Turnover Ratio IPRWA | high: 0.545 CVEO: 0.349 median: 0.248 mean: 0.21 low: 0.02 |
|
| Receivables Turnover | 2.055 | |
| Receivables Turnover Ratio QoQ | 4.868 % | |
| Receivables Turnover Ratio YoY | -6.8 % | |
| Receivables Turnover Ratio IPRWA | high: 4.399 CVEO: 2.055 mean: 1.936 median: 1.895 low: 0.31 |
|
| Inventory Turnover | 21.03 | |
| Inventory Turnover Ratio QoQ | 21.768 % | |
| Inventory Turnover Ratio YoY | 16.367 % | |
| Inventory Turnover Ratio IPRWA | CVEO: 21.03 high: 12.733 mean: 4.825 median: 0.864 low: 0.031 |
|
| Days Sales Outstanding (DSO) | 44.4 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 15.803 | |
| Cash Conversion Cycle Days QoQ | -29.054 % | |
| Cash Conversion Cycle Days YoY | 18.572 % | |
| Cash Conversion Cycle Days IPRWA | high: 188.097 median: 126.396 mean: 53.68 CVEO: 15.803 low: -241.916 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 3.464 | |
| CapEx To Revenue | -0.028 | |
| CapEx To Depreciation | -0.252 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 378.1 M | |
| Net Invested Capital | $ 378.1 M | |
| Invested Capital | $ 378.1 M | |
| Net Tangible Assets | $ 128.6 M | |
| Net Working Capital | $ 47.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.159 | |
| Current Ratio | 1.509 | |
| Current Ratio QoQ | -8.904 % | |
| Current Ratio YoY | -2.348 % | |
| Current Ratio IPRWA | high: 4.061 median: 2.089 mean: 1.946 CVEO: 1.509 low: 0.351 |
|
| Quick Ratio | 1.446 | |
| Quick Ratio QoQ | -8.824 % | |
| Quick Ratio YoY | -0.976 % | |
| Quick Ratio IPRWA | high: 4.04 CVEO: 1.446 mean: 1.14 median: 1.126 low: 0.304 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.633 | |
| Cost Of Debt | 1.656 % | |
| Interest Coverage Ratio | 1.109 | |
| Interest Coverage Ratio QoQ | -134.92 % | |
| Interest Coverage Ratio YoY | -81.866 % | |
| Interest Coverage Ratio IPRWA | high: 24.916 mean: 15.794 median: 10.382 CVEO: 1.109 low: -20.195 |
|
| Operating Cash Flow Ratio | 0.114 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 33.198 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 20.079 % | |
| Revenue Growth | 12.947 % | |
| Revenue Growth QoQ | -382.933 % | |
| Revenue Growth YoY | -4.801 % | |
| Revenue Growth IPRWA | high: 33.856 % CVEO: 12.947 % mean: 3.51 % median: 2.242 % low: -18.299 % |
|
| Earnings Growth | -61.538 % | |
| Earnings Growth QoQ | 78.139 % | |
| Earnings Growth YoY | -76.332 % | |
| Earnings Growth IPRWA | high: 250.0 % mean: 5.802 % median: -3.54 % CVEO: -61.538 % low: -290.0 % |
|
| MARGINS | ||
| Gross Margin | 25.301 % | |
| Gross Margin QoQ | 23.836 % | |
| Gross Margin YoY | -0.276 % | |
| Gross Margin IPRWA | high: 94.248 % median: 49.452 % mean: 48.436 % CVEO: 25.301 % low: -4.049 % |
|
| EBIT Margin | 1.84 % | |
| EBIT Margin QoQ | -151.541 % | |
| EBIT Margin YoY | -74.233 % | |
| EBIT Margin IPRWA | high: 37.265 % mean: 25.087 % median: 21.542 % CVEO: 1.84 % low: -27.366 % |
|
| Return On Sales (ROS) | 1.721 % | |
| Return On Sales QoQ | -148.207 % | |
| Return On Sales YoY | -75.9 % | |
| Return On Sales IPRWA | high: 37.265 % mean: 24.966 % median: 21.529 % CVEO: 1.721 % low: -27.462 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -6.81 M | |
| Free Cash Flow Yield | -2.176 % | |
| Free Cash Flow Yield QoQ | -53.194 % | |
| Free Cash Flow Yield YoY | -127.248 % | |
| Free Cash Flow Yield IPRWA | high: 5.999 % mean: 1.001 % median: 0.596 % CVEO: -2.176 % low: -12.88 % |
|
| Free Cash Growth | -50.343 % | |
| Free Cash Growth QoQ | -94.266 % | |
| Free Cash Growth YoY | -100.702 % | |
| Free Cash Growth IPRWA | high: 433.099 % median: -0.186 % mean: -32.332 % CVEO: -50.343 % low: -537.838 % |
|
| Free Cash To Net Income | 2.055 | |
| Cash Flow Margin | 6.436 % | |
| Cash Flow To Earnings | -3.16 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.711 % | |
| Return On Assets QoQ | -70.063 % | |
| Return On Assets YoY | -143.039 % | |
| Return On Assets IPRWA | high: 5.063 % median: 3.838 % mean: 3.718 % CVEO: -0.711 % low: -2.724 % |
|
| Return On Capital Employed (ROCE) | 0.719 % | |
| Return On Equity (ROE) | -0.016 | |
| Return On Equity QoQ | -64.521 % | |
| Return On Equity YoY | -157.195 % | |
| Return On Equity IPRWA | high: 0.172 mean: 0.069 median: 0.065 CVEO: -0.016 low: -0.137 |
|
| DuPont ROE | -1.541 % | |
| Return On Invested Capital (ROIC) | 0.673 % | |
| Return On Invested Capital QoQ | -167.166 % | |
| Return On Invested Capital YoY | -99.831 % | |
| Return On Invested Capital IPRWA | high: 7.468 % mean: 4.862 % median: 4.145 % CVEO: 0.673 % low: -4.061 % |
|