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CVEO

Civeo Corporation

CVEO

Civeo Corporation • NYSE
$22.29 ▲ 0.18% (+0.04)
Market Cap $294.47 M
52w High $27.55
52w Low $18.01
Dividend Yield 0.25%
P/E -10.67
Volume 14.48K
Outstanding Shares 13.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $170.491M ▲ $18.107M ▼ $-455K ▲ -0.267% ▲ $-0.037 ▲ $27.016M ▲
Q2-2025 $162.694M ▲ $38.363M ▲ $-3.314M ▲ -2.037% ▲ $-0.25 ▲ $20.821M ▲
Q1-2025 $144.044M ▼ $34.945M ▼ $-9.842M ▲ -6.833% ▲ $-0.72 ▲ $11.11M ▲
Q4-2024 $150.951M ▼ $38.148M ▲ $-15.07M ▼ -9.983% ▼ $-1.1 ▼ $6.316M ▼
Q3-2024 $176.338M $37.752M $-5.091M -2.887% $-0.36 $17.738M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.003M ▼ $491.067M ▼ $308.521M ▲ $182.546M ▼
Q2-2025 $14.638M ▼ $508.839M ▲ $299.401M ▲ $209.438M ▼
Q1-2025 $28.372M ▲ $423.752M ▲ $203.014M ▲ $220.738M ▼
Q4-2024 $5.204M ▼ $405.072M ▼ $168.074M ▼ $236.373M ▼
Q3-2024 $17.91M $477.636M $193.692M $282.159M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-456K ▲ $13.83M ▲ $-11.505M ▲ $-4.636M ▼ $-2.635M ▲ $8.219M ▲
Q2-2025 $-3.311M ▲ $-2.313M ▲ $-69.34M ▼ $55.619M ▲ $-13.734M ▼ $-6.811M ▲
Q1-2025 $-9.85M ▲ $-8.445M ▼ $-5.104M ▲ $36.625M ▲ $23.168M ▲ $-13.716M ▼
Q4-2024 $-15.431M ▼ $9.496M ▼ $-7.422M ▼ $-16.865M ▼ $-12.706M ▼ $1.763M ▼
Q3-2024 $-5.289M $35.671M $-7.393M $-14.221M $10.475M $28.195M

Revenue by Products

Product Q2-2024Q3-2024Q2-2025Q3-2025
Canada Segment
Canada Segment
 $0 ▲$0 ▲$0 ▲$0 ▲
Mobile Facility Rental
Mobile Facility Rental
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Service and Other
Service and Other
 $190.00M ▲$180.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Civeo’s revenue has been fairly steady over the last several years, with only modest growth. The company operates on thin margins, which means small changes in costs or demand can swing results between profit and loss. Profitability improved meaningfully after the pandemic period, with a return to modest profits, but the latest year shows a small net loss again and negative earnings per share. Overall, the income statement tells a story of a cyclical, operationally intensive business that can generate solid operating results in good conditions but is vulnerable to downturns and contract timing.

Balance Sheet

Balance Sheet The balance sheet shows an asset‑heavy business that has been gradually shrinking its asset base and paying down debt over time. Borrowings have come down quite a bit from earlier years, which reduces financial risk, but cash on hand remains relatively low, so liquidity likely depends on steady cash generation and credit access. Equity has held up reasonably well, though not growing strongly, reflecting limited retained earnings and possible past write‑downs. Overall, financial leverage looks more conservative than a few years ago, but the company still relies on its large fixed asset base and needs utilization to remain healthy.

Cash Flow

Cash Flow Despite the ups and downs in accounting profit, cash generation has been a relative strength. Operating cash flow has been consistently positive and fairly stable, which suggests that the core business converts a good portion of its activity into cash. Capital spending has been moderate, allowing the company to produce positive free cash flow year after year. This pattern indicates a business that, while not highly profitable on paper, is reasonably cash‑generative and disciplined on investment, which helps support debt reduction and flexibility during weaker periods.

Competitive Edge

Competitive Edge Civeo occupies a specialized niche: housing and servicing remote workforces, mainly for mining and energy projects in Canada and Australia. Its competitive edge comes from strategically located villages near key resource projects, long‑term contracts with large customers, and the ability to offer a full bundled service (lodging, catering, facilities management, utilities, and more) rather than just basic rooms. Deep experience in harsh, remote environments and established relationships with major resource companies create meaningful barriers for new entrants. However, demand is tied to commodity cycles and project approvals, customer concentration can be high, and competition exists from other camp providers and local accommodations where available. The position is defensible, but heavily exposed to the health of the resource sector.

Innovation and R&D

Innovation and R&D This is not a traditional R&D‑driven company, but it innovates through operations and service design rather than breakthrough technology. The main innovation is its integrated services model, acting as a one‑stop shop for remote workforce needs, which simplifies life for clients and can lock in longer contracts. The company is also expanding through targeted acquisitions of additional villages and by broadening service scopes in existing regions. Partnerships with local and indigenous communities add another dimension, potentially improving contract wins and social license. Future innovation likely revolves around better use of digital tools for operations and guest experience, further refinement of integrated service offerings, and adapting its model to support projects tied to the energy transition, rather than traditional fossil‑fuel projects alone.

Summary

Civeo is a niche industrial services provider tied closely to the fortunes of resource projects in remote areas. Financially, it has moved from deep losses during the pandemic toward modest profitability, though results remain volatile and margins are thin. The balance sheet has improved through debt reduction, and steady, positive free cash flow has been a relative bright spot, helping to support this de‑leveraging. Competitively, the company benefits from hard‑to‑replicate locations, long‑term contracts, and a comprehensive service bundle, but remains structurally exposed to commodity cycles and project pipelines. Innovation is mainly operational and contractual rather than technological, with some interesting moves in integrated services and community partnerships. Overall, Civeo appears to be a specialized, cash‑generative but cyclical business whose future performance will depend heavily on continued contract wins, utilization of its asset base, and its ability to adapt to shifts in the global energy and resources landscape.

NEWS

November 26, 2025 · 6:30 AM UTC

Civeo Appoints Jeffrey B. Scofield and Daniel B.

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October 31, 2025 · 4:27 PM UTC

Stonegate Capital Partners Updates Coverage on Civeo Corporation (CVEO) 2025 Q3

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October 31, 2025 · 6:30 AM UTC

Civeo Reports Third Quarter 2025 Results

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October 21, 2025 · 4:49 PM UTC

Civeo Announces Third Quarter 2025 Earnings Conference Call

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