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Canadian (TSX) Energy Services Industry Analysis

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies25
  • 7D7.1%
  • 3M22.4%
  • 1Y16.9%
  • YTD4.0%

Over the last 7 days, the Energy Services industry has risen 7.1%, and TerraVest Industries contributed the most with a gain of 8.2%. During this same period, the Stampede Drilling underperformed, falling 8.3%. In the last 12 months, the industry was up 17%. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026CA$16.3bCA$20.3bCA$959.7m11.8x17x0.8x
Fri, 12 Dec 2025CA$15.8bCA$21.2bCA$950.4m11.2x16.7x0.7x
Sun, 09 Nov 2025CA$14.1bCA$21.1bCA$946.4m11.4x14.9x0.7x
Tue, 07 Oct 2025CA$14.6bCA$20.3bCA$985.6m11.2x14.8x0.7x
Thu, 04 Sep 2025CA$13.7bCA$20.2bCA$983.7m10x14x0.7x
Sat, 02 Aug 2025CA$13.8bCA$19.9bCA$972.4m9.6x14.2x0.7x
Mon, 30 Jun 2025CA$13.1bCA$19.9bCA$955.1m9.7x13.7x0.7x
Wed, 28 May 2025CA$12.4bCA$19.9bCA$956.0m9.8x13x0.6x
Fri, 25 Apr 2025CA$11.2bCA$19.6bCA$891.3m7.8x12.6x0.6x
Sun, 23 Mar 2025CA$12.6bCA$19.8bCA$858.3m8.7x14.7x0.6x
Tue, 18 Feb 2025CA$13.2bCA$19.8bCA$1.0b9.9x13x0.7x
Thu, 16 Jan 2025CA$14.5bCA$19.8bCA$1.1b10.5x12.7x0.7x
Sat, 14 Dec 2024CA$14.4bCA$19.8bCA$1.1b10.5x12.6x0.7x
Mon, 11 Nov 2024CA$13.7bCA$19.6bCA$1.1b10.4x12x0.7x
Wed, 09 Oct 2024CA$12.5bCA$19.4bCA$1.2b9.2x10.3x0.6x
Fri, 06 Sep 2024CA$12.4bCA$19.3bCA$1.2b8.5x10.2x0.6x
Sun, 04 Aug 2024CA$15.2bCA$29.2bCA$1.8b9.4x8.7x0.5x
Tue, 02 Jul 2024CA$15.7bCA$28.4bCA$1.8b8.4x8.7x0.6x
Thu, 30 May 2024CA$15.2bCA$28.3bCA$1.8b7.8x8.4x0.5x
Sat, 27 Apr 2024CA$15.3bCA$28.3bCA$1.9b7.8x8.3x0.5x
Mon, 25 Mar 2024CA$14.3bCA$27.4bCA$1.5b7.4x9.2x0.5x
Wed, 21 Feb 2024CA$13.6bCA$27.4bCA$1.3b6.7x10.2x0.5x
Fri, 19 Jan 2024CA$13.2bCA$28.1bCA$1.2b7.3x11.1x0.5x
Sun, 17 Dec 2023CA$12.4bCA$28.1bCA$1.2b7.2x10.5x0.4x
Tue, 14 Nov 2023CA$12.5bCA$28.2bCA$1.3b8.1x9.9x0.4x
Thu, 12 Oct 2023CA$12.6bCA$27.1bCA$1.2b7.8x10.4x0.5x
Sat, 09 Sep 2023CA$13.7bCA$27.1bCA$1.2b8.3x11.4x0.5x
Mon, 07 Aug 2023CA$13.2bCA$26.2bCA$1.1b7.8x11.6x0.5x
Wed, 05 Jul 2023CA$11.8bCA$26.3bCA$1.1b7.2x10.6x0.4x
Fri, 02 Jun 2023CA$11.1bCA$26.3bCA$1.1b6.9x10.1x0.4x
Sun, 30 Apr 2023CA$11.5bCA$24.8bCA$843.6m8.8x13.6x0.5x
Tue, 28 Mar 2023CA$11.3bCA$24.2bCA$661.4m8.8x17.1x0.5x
Thu, 23 Feb 2023CA$12.7bCA$22.6bCA$287.0m11.5x44.4x0.6x
Sat, 21 Jan 2023CA$14.3bCA$22.3bCA$253.5m14x56.5x0.6x
Price to Earnings Ratio

56.5x


Total Market Cap: CA$14.3bTotal Earnings: CA$253.5mTotal Revenue: CA$22.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 13.7x202420252026
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 17.0x which is higher than its 3-year average PE of 13.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.58x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 56% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.0% 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 Market1.33%
Energy4.44%
Energy Services7.13%
Oil and Gas Services7.66%
Oil and Gas Drilling4.31%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 39.1%, 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 14.0x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 39% 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 14% 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$174.518.2%
+CA$287.6m		43.3%PE43.7x
EFX EnerflexCA$22.6810.3%
+CA$258.2m		53.2%PE14.6x
CEU CES Energy SolutionsCA$12.989.5%
+CA$238.1m		33.8%PE15.3x
TCW Trican Well ServiceCA$6.166.2%
+CA$76.1m		17.3%PE12.1x
CFW Calfrac Well ServicesCA$4.6412.3%
+CA$50.5m		17.8%PE21.9x

Latest News

MATR
CA$8.25
Mattr
7D
6.2%
1Y
-34.7%

MATR: Buybacks And Reset Expectations Will Support A Gradual Re Rating

Analysts have adjusted their view on Mattr, with the blended price target moving to a range of about C$7 to C$9. This reflects updated expectations for growth, margins and future P/E, as seen in the recent C$1 increase from Stifel and C$2 reduction from RBC Capital.
ESI
CA$2.78
Ensign Energy Services
7D
7.8%
1Y
-16.8%

ESI: Fair Valuation Will Rely On Stronger Margins And Lower Future P E

Analysts have adjusted their price targets for Ensign Energy Services, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations as key drivers of the change. Valuation Changes Fair Value per share: The fair value estimate is unchanged at 2.83x, indicating that the model update did not alter the overall valuation multiple.
PD
CA$102.16
Precision Drilling
7D
3.2%
1Y
9.2%

PD: Auditor Transition And Buybacks Will Support Stronger Future Share Performance

Analysts have modestly adjusted their price target on Precision Drilling, keeping fair value at $133.00 while fine tuning assumptions around the discount rate, revenue growth, profit margin and future P/E to reflect slightly updated views on the company’s earnings power and risk profile. What's in the News The board approved the appointment of PwC as the new auditor following a tender process.
CEU
CA$12.98
CES Energy Solutions
7D
9.5%
1Y
33.8%

CEU: Rising Street Optimism And Buybacks Will Support Future Earnings Power

Our analyst price target for CES Energy Solutions nudges up to C$14.00 from C$13.75, reflecting a modestly higher fair value as analysts lift their targets into the C$12.00 to C$13.00 range on updated return, margin and P/E assumptions. Analyst Commentary Recent Street research clusters around higher fair value ranges for CES Energy Solutions, with several price targets now in the C$12.00 to C$13.00 band and one earlier move to C$10.25.
TVK
CA$174.51
TerraVest Industries
7D
8.2%
1Y
43.3%
EFX
CA$22.68
Enerflex
7D
10.3%
1Y
53.2%

EFX: Expanding Margins And Modular Power Will Support Future Cash Returns

Analysts have raised their price targets on Enerflex, with moves such as RBC Capital increasing its target to $17 from $15 and CIBC raising its target to $15.25 from $11.50. They cited strong recent quarters with EBITDA, free cash flow and EPS ahead of expectations, improving margins, exposure to supportive macro trends, expanding ROCE and financial metrics, and new opportunities in modular power.
CFW
CA$4.64
Calfrac Well Services
7D
12.3%
1Y
17.8%

CFW: Equity Raise And Margin Outlook Will Shape Balanced Future Returns

Analysts have slightly reduced their price target on Calfrac Well Services to reflect updated assumptions on discount rates, profit margins and future P/E, while maintaining their fair value estimate at $4.00. What's in the News Completed a follow on equity offering of common shares, raising about C$35.0m through a rights offering of 13,011,152 shares at C$2.69 (Key Developments).
SDI
CA$0.11
Stampede Drilling
7D
-8.3%
1Y
-38.9%
TCW
CA$6.16
Trican Well Service
7D
6.2%
1Y
17.3%
RFX
CA$0.15
Reeflex Solutions
7D
-6.3%
1Y
n/a
FLNT
CA$1.37
Flint
7D
-2.1%
1Y
37.0%
AKT.A
CA$1.95
AKITA Drilling
7D
-1.5%
1Y
10.8%
CTEK
CA$0.46
Cleantek Industries
7D
-5.2%
1Y
58.6%