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Canadian (TSX) Energy Services Industry Analysis

UpdatedMay 31, 2026
DataAggregated Company Financials
Companies25
  • 7D-4.4%
  • 3M6.7%
  • 1Y68.5%
  • YTD28.0%

Over the last 7 days, the Energy Services industry has dropped 4.4%, driven by a pullback from Enerflex of 8.8%. In contrast, TerraVest Industries has gained 7.8%. In the past year, the industry has gained 69%. Looking forward, earnings are forecast to grow by 33% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 31 May 2026CA$20.8bCA$20.9bCA$743.8m17.3x28x1x
Tue, 28 Apr 2026CA$20.7bCA$20.7bCA$864.6m12.9x23.9x1x
Thu, 26 Mar 2026CA$20.1bCA$20.7bCA$877.0m11.6x22.9x1x
Sat, 21 Feb 2026CA$18.8bCA$20.5bCA$908.9m12.4x20.7x0.9x
Mon, 19 Jan 2026CA$16.7bCA$20.4bCA$960.2m12x17.4x0.8x
Wed, 17 Dec 2025CA$16.2bCA$21.2bCA$950.2m10.4x17.1x0.8x
Fri, 14 Nov 2025CA$14.4bCA$21.1bCA$947.5m11.1x15.2x0.7x
Sun, 12 Oct 2025CA$13.8bCA$20.3bCA$986.3m11.1x14x0.7x
Tue, 09 Sep 2025CA$13.8bCA$20.2bCA$983.8m10.1x14x0.7x
Thu, 07 Aug 2025CA$13.4bCA$20.0bCA$971.2m9.8x13.8x0.7x
Sat, 05 Jul 2025CA$13.6bCA$19.8bCA$954.4m11.2x14.2x0.7x
Mon, 02 Jun 2025CA$12.5bCA$19.9bCA$955.3m8.8x13.1x0.6x
Wed, 30 Apr 2025CA$11.4bCA$19.6bCA$891.3m7.8x12.8x0.6x
Fri, 28 Mar 2025CA$12.6bCA$19.8bCA$871.3m8.8x14.5x0.6x
Sun, 23 Feb 2025CA$13.0bCA$19.8bCA$1.0b9.5x12.9x0.7x
Tue, 21 Jan 2025CA$14.4bCA$19.8bCA$1.1b10.4x12.7x0.7x
Thu, 19 Dec 2024CA$14.1bCA$19.9bCA$1.1b10.1x12.4x0.7x
Sat, 16 Nov 2024CA$13.8bCA$19.6bCA$1.1b10.3x12.5x0.7x
Mon, 14 Oct 2024CA$12.6bCA$19.4bCA$1.2b9.2x10.4x0.6x
Wed, 11 Sep 2024CA$12.0bCA$19.4bCA$1.2b8.2x9.9x0.6x
Fri, 09 Aug 2024CA$14.7bCA$29.2bCA$1.7b9.9x8.5x0.5x
Sun, 07 Jul 2024CA$15.5bCA$28.3bCA$1.8b8.3x8.6x0.5x
Tue, 04 Jun 2024CA$15.3bCA$28.3bCA$1.8b7.9x8.5x0.5x
Thu, 02 May 2024CA$15.0bCA$28.3bCA$1.9b7.6x8.1x0.5x
Sat, 30 Mar 2024CA$14.4bCA$27.5bCA$1.5b7.8x9.4x0.5x
Mon, 26 Feb 2024CA$13.6bCA$27.4bCA$1.3b6.8x10.2x0.5x
Wed, 24 Jan 2024CA$13.4bCA$28.1bCA$1.2b7.7x11.3x0.5x
Fri, 22 Dec 2023CA$12.5bCA$28.1bCA$1.2b7.3x10.6x0.4x
Sun, 19 Nov 2023CA$12.1bCA$28.1bCA$1.2b7.9x10.1x0.4x
Tue, 17 Oct 2023CA$12.5bCA$27.1bCA$1.2b7.9x10.4x0.5x
Thu, 14 Sep 2023CA$13.7bCA$27.1bCA$1.2b8.4x11.4x0.5x
Sat, 12 Aug 2023CA$13.2bCA$27.1bCA$1.2b8x10.9x0.5x
Mon, 10 Jul 2023CA$12.1bCA$26.3bCA$1.1b7.3x10.8x0.5x
Wed, 07 Jun 2023CA$11.3bCA$26.3bCA$1.1b7x10.2x0.4x
Price to Earnings Ratio

10.2x


Total Market Cap: CA$11.3bTotal Earnings: CA$1.1bTotal Revenue: CA$26.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 13x202420252026
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 28.0x which is higher than its 3-year average PE of 13.0x.
  • The industry is trading close to its 3-year average PS ratio of 0.63x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have declined 13% per year over the last three years,
  • Revenues have also declined 7.5% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

CA Market0.44%
Energy-5.55%
Energy Services-4.36%
Oil and Gas Services-3.83%
Oil and Gas Drilling-6.94%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 13.6x.
    • Analysts are expecting annual earnings growth of 24.2%, which is higher than its past year's earnings decline of 11.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 81% over the next 5 years.
  • This is better than its past earnings decline of 50% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 24% 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
TVK TerraVest IndustriesCA$153.787.8%
+CA$240.5m		-9.1%PE45.7x
CFW Calfrac Well ServicesCA$6.335.0%
+CA$30.1m		93.6%PE12x
PSI Pason SystemsCA$14.861.9%
+CA$20.9m		22.8%PE25x
FLNT FlintCA$1.694.3%
+CA$7.7m		69.0%PE6x
HOH High Arctic Overseas HoldingsCA$1.8132.1%
+CA$5.5m		70.8%n/a

Latest News

PD
CA$123.18
Precision Drilling
7D
-8.0%
1Y
107.7%
Narrative Update • May 27

PD: Share Buybacks And Higher Margin Assumptions Will Support Future Earnings Power

Analysts have adjusted their fair value estimate for Precision Drilling from CA$160.00 to CA$175.00, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple in their models. What's in the News Precision Drilling updated investors on its ongoing share buyback, covering activity from January 1, 2026 to March 31, 2026.
TVK
CA$153.78
TerraVest Industries
7D
7.8%
1Y
-9.1%
CEU
CA$17.32
CES Energy Solutions
7D
-7.4%
1Y
177.1%
PHX
CA$10.96
PHX Energy Services
7D
-7.9%
1Y
37.9%
PSI
CA$14.86
Pason Systems
7D
1.9%
1Y
22.8%
Narrative Update • May 26

PSI: Future Buybacks And Margin Delivery Will Support Bullish Return Potential

Analysts have lifted their CA$16.00 fair value estimate for Pason Systems to CA$16.60, citing recent target increases and upgrades that reflect updated assumptions for revenue growth, profit margins and a lower future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts have raised formal price targets for Pason Systems several times, which aligns with the higher CA$16.60 fair value estimate and signals confidence in the valuation framework being used.
TOT
CA$24.40
Total Energy Services
7D
-10.2%
1Y
135.7%
MATR
CA$12.82
Mattr
7D
0.2%
1Y
35.8%
Narrative Update • May 24

MATR: 2026 Guidance Strength And Order Visibility Will Limit Further Upside

Analysts have raised the implied fair value for Mattr from CA$8.00 to CA$12.00, citing higher price targets supported by stronger 2026 guidance, improved views on revenue growth and margins, and recent upgrades to Outperform and Buy ratings across several firms. Analyst Commentary Recent research coverage on Mattr reflects a mix of optimism and caution, with several firms adjusting targets and ratings following what some described as strong Q1 results and higher 2026 guidance.
FLNT
CA$1.69
Flint
7D
4.3%
1Y
69.0%
NOA
CA$19.08
North American Construction Group
7D
-6.6%
1Y
-19.2%
CFW
CA$6.33
Calfrac Well Services
7D
5.0%
1Y
93.6%
Narrative Update • May 20

CFW: Higher Fair Value Assumptions Will Support Re Rating Potential

Narrative Update The analyst price target for Calfrac Well Services has been raised from CA$7.50 to CA$8.00, supported by analysts pointing to updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E expectations. Analyst Commentary Recent research highlights a more constructive stance on Calfrac Well Services, with analysts revisiting their assumptions around fair value and risk.
SDI
CA$0.23
Stampede Drilling
7D
2.3%
1Y
66.7%
TCW
CA$7.46
Trican Well Service
7D
-7.4%
1Y
73.9%
EFX
CA$34.48
Enerflex
7D
-8.8%
1Y
256.6%
ESI
CA$4.19
Ensign Energy Services
7D
-7.1%
1Y
110.6%
Narrative Update • May 13

ESI: Future Fair Value Will Rely On Earnings Power And P/E Assumptions

Narrative Update Analysts have lifted Ensign Energy Services' price target by CA$0.25 to CA$3.50. This reflects updated views on fair value, risk and earnings assumptions following recent research from multiple firms.
WRG
CA$3.04
Western Energy Services
7D
2.0%
1Y
39.4%
HOH
CA$1.81
High Arctic Overseas Holdings
7D
32.1%
1Y
70.8%