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Canadian (TSX) Energy Services Industry Analysis

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies25
  • 7D1.5%
  • 3M29.8%
  • 1Y43.1%
  • YTD14.0%

In the last week, the Energy Services industry is up 1.5%, with TerraVest Industries up 13%. During this same period, the Trican Well Service underperformed, falling 9.5%. In the last 12 months, the industry was up 43%. Looking forward, earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

Has the Canadian Energy Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026CA$18.6bCA$20.5bCA$909.1m12.8x20.5x0.9x
Thu, 22 Jan 2026CA$16.6bCA$20.3bCA$959.1m13x17.3x0.8x
Sat, 20 Dec 2025CA$15.5bCA$20.3bCA$958.6m10.8x16.2x0.8x
Mon, 17 Nov 2025CA$14.3bCA$21.1bCA$948.0m11.8x15.1x0.7x
Wed, 15 Oct 2025CA$13.8bCA$20.3bCA$986.8m11.2x14x0.7x
Fri, 12 Sep 2025CA$13.8bCA$20.2bCA$984.1m10.5x14x0.7x
Sun, 10 Aug 2025CA$13.6bCA$19.9bCA$999.8m9.5x13.6x0.7x
Tue, 08 Jul 2025CA$13.6bCA$19.9bCA$954.9m10.8x14.2x0.7x
Thu, 05 Jun 2025CA$13.0bCA$19.9bCA$955.0m8.8x13.6x0.7x
Sat, 03 May 2025CA$11.4bCA$19.6bCA$891.2m7.5x12.8x0.6x
Mon, 31 Mar 2025CA$12.5bCA$19.8bCA$871.3m8.9x14.3x0.6x
Wed, 26 Feb 2025CA$12.9bCA$19.8bCA$1.0b9.2x12.9x0.7x
Fri, 24 Jan 2025CA$14.6bCA$19.8bCA$1.1b10.5x12.9x0.7x
Sun, 22 Dec 2024CA$13.6bCA$19.8bCA$1.1b10.3x12x0.7x
Tue, 19 Nov 2024CA$14.0bCA$19.6bCA$1.1b10.3x12.7x0.7x
Thu, 17 Oct 2024CA$12.3bCA$19.4bCA$1.2b9.4x10.1x0.6x
Sat, 14 Sep 2024CA$11.9bCA$19.4bCA$1.2b8.2x9.8x0.6x
Mon, 12 Aug 2024CA$14.9bCA$29.2bCA$1.8b8.4x8.5x0.5x
Wed, 10 Jul 2024CA$15.6bCA$28.3bCA$1.8b8.1x8.6x0.5x
Fri, 07 Jun 2024CA$15.0bCA$28.3bCA$1.8b7.9x8.3x0.5x
Sun, 05 May 2024CA$14.8bCA$28.4bCA$1.9b7.6x7.9x0.5x
Tue, 02 Apr 2024CA$14.5bCA$27.5bCA$1.5b7.8x9.4x0.5x
Thu, 29 Feb 2024CA$13.9bCA$27.7bCA$1.4b7x10.2x0.5x
Sat, 27 Jan 2024CA$13.9bCA$28.1bCA$1.2b8x11.8x0.5x
Mon, 25 Dec 2023CA$12.8bCA$28.1bCA$1.2b7.2x10.8x0.5x
Wed, 22 Nov 2023CA$12.3bCA$28.1bCA$1.2b7.8x10.3x0.4x
Fri, 20 Oct 2023CA$12.4bCA$27.1bCA$1.2b7.8x10.3x0.5x
Sun, 17 Sep 2023CA$13.8bCA$27.1bCA$1.2b8.3x11.4x0.5x
Tue, 15 Aug 2023CA$13.2bCA$27.1bCA$1.2b8x11x0.5x
Thu, 13 Jul 2023CA$12.2bCA$26.3bCA$1.1b7.4x11x0.5x
Sat, 10 Jun 2023CA$11.2bCA$26.3bCA$1.1b7x10.1x0.4x
Mon, 08 May 2023CA$11.3bCA$25.3bCA$902.9m8.5x12.5x0.4x
Wed, 05 Apr 2023CA$11.6bCA$24.2bCA$656.9m9.1x17.7x0.5x
Fri, 03 Mar 2023CA$13.6bCA$22.7bCA$313.3m10x43.4x0.6x
Price to Earnings Ratio

43.4x


Total Market Cap: CA$13.6bTotal Earnings: CA$313.3mTotal Revenue: CA$22.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 12.5x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Energy Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 20.5x which is higher than its 3-year average PE of 12.5x.
  • The industry is trading close to its 3-year average PS ratio of 0.59x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 43% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.3% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the Canadian Energy industry?

CA Market1.52%
Energy1.61%
Energy Services1.50%
Oil and Gas Services2.08%
Oil and Gas Drilling-1.35%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio of 8.8x.
    • Analysts are expecting annual earnings growth of 84.4%, which is higher than its past year's earnings decline of 34.7% per year.
  • Investors are most pessimistic about the Oil and Gas Services industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 13.2x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 84% over the next 5 years.
  • This is better than its past earnings decline of 35% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 13% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EFX EnerflexCA$27.355.4%
+CA$169.3m		127.5%PE17.9x
TVK TerraVest IndustriesCA$154.404.4%
+CA$141.4m		29.4%PE36.7x
TOT Total Energy ServicesCA$18.525.7%
+CA$36.4m		74.1%PE11.1x
NOA North American Construction GroupCA$22.693.4%
+CA$20.9m		-12.5%PE17.2x
CFW Calfrac Well ServicesCA$5.762.7%
+CA$15.4m		50.4%PE27.4x

Latest News

CEU
CA$16.44
CES Energy Solutions
7D
0.4%
1Y
102.5%

CEU: Higher Forward P/E Assumptions And Index Inclusion Will Shape Returns

Analysts have slightly revised their outlook on CES Energy Solutions, with the average target price now framed around a higher forward P/E assumption. This is supported by a CA$3.75 target hike from Scotiabank and more cautious valuation views from TD Securities.
PD
CA$119.92
Precision Drilling
7D
0.9%
1Y
61.5%

PD: Share Repurchases And Higher Margins Will Likely Keep Shares Fairly Priced

Analysts have lifted their price target for Precision Drilling from CA$87.08 to CA$123.00, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Completed share repurchase of 256,580 shares, equal to 1.95% of the company, for a total of CA$22 million between October 1, 2025 and December 31, 2025 (Key Developments).
ESI
CA$3.54
Ensign Energy Services
7D
-3.0%
1Y
24.2%

ESI: Future Fair Value Will Rely On Stable Margins And P/E

Analysts have kept their CA$ price target for Ensign Energy Services steady, with unchanged fair value assumptions and only minor tweaks to the discount rate and future P/E. This reflects a broadly consistent view of the company’s outlook.
TVK
CA$154.40
TerraVest Industries
7D
4.4%
1Y
29.4%
TCW
CA$6.69
Trican Well Service
7D
-6.2%
1Y
45.8%
NOA
CA$22.69
North American Construction Group
7D
3.4%
1Y
-12.5%
CFW
CA$5.76
Calfrac Well Services
7D
2.7%
1Y
50.4%

CFW: CEO Transition And Equity Raise Will Guide Future Balanced Returns

Analysts have raised their fair value estimate for Calfrac Well Services from CA$4.00 to CA$5.25, citing updated assumptions around the discount rate, revenue contraction, profit margins, and future P/E levels. What's in the News Calfrac Well Services appointed Tyler Dahlseide as Chief Executive Officer, effective February 4, 2026, following his prior role as Vice President, Optimization and Strategy, which he assumed in September 2025 (Key Developments).
EFX
CA$27.35
Enerflex
7D
5.4%
1Y
127.5%
TOT
CA$18.52
Total Energy Services
7D
5.7%
1Y
74.1%

TOT: Higher Dividend And Stable Outlook Will Support Future Upside Potential

Analysts have kept their fair value estimate for Total Energy Services steady at CA$20.00, with only small adjustments to inputs such as the discount rate, profit margin and future P/E assumptions behind their updated price target work. What's in the News Total Energy Services Inc.
MATR
CA$8.85
Mattr
7D
-1.4%
1Y
-17.5%

MATR: Buybacks And Sharpened Earnings Assumptions Will Support A Gradual Re Rating

Analysts have adjusted their views on Mattr, with recent Street research showing price targets moving between C$7.00 and C$9.00 as they update their models for discount rates, revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent Street research on Mattr shows a mix of target changes, but there is a clear thread of interest in the shares at current levels.
SHLE
CA$17.19
Source Energy Services
7D
-4.1%
1Y
38.6%
MCB
CA$3.20
McCoy Global
7D
-1.2%
1Y
29.6%

McCoy Global (TSE:MCB) Might Have The Makings Of A Multi-Bagger

Jan 22
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PHX
CA$9.15
PHX Energy Services
7D
2.9%
1Y
3.9%
QST
CA$0.33
Questor Technology
7D
-2.9%
1Y
0%
HWO
CA$0.85
High Arctic Energy Services
7D
-1.2%
1Y
-21.3%
HOH
CA$1.25
High Arctic Overseas Holdings
7D
-2.3%
1Y
-0.8%