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U.S. Energy Services Industry Analysis

UpdatedJun 28, 2026
DataAggregated Company Financials
Companies93
  • 7D-1.4%
  • 3M-5.6%
  • 1Y56.6%
  • YTD24.4%

Over the last 7 days, the Energy Services industry has dropped 1.4%, driven by declines in Baker Hughes and SLB of 3.2% and 2.3%, respectively. Meanwhile, Archrock actually outperformed within the industry, gaining 13% in the last week. In the past year, the industry has gained 57%. Earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

Has the U.S. Energy Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Jun 2026US$294.5bUS$170.2bUS$9.0b26.1x32.6x1.7x
Tue, 26 May 2026US$342.9bUS$170.2bUS$9.0b26.9x38x2x
Thu, 23 Apr 2026US$312.0bUS$167.8bUS$8.5b30x36.5x1.9x
Sat, 21 Mar 2026US$297.4bUS$167.1bUS$8.2b27.1x36.1x1.8x
Mon, 16 Feb 2026US$293.6bUS$167.1bUS$7.6b25x38.6x1.8x
Wed, 14 Jan 2026US$245.6bUS$166.4bUS$8.5b21x28.7x1.5x
Fri, 12 Dec 2025US$233.1bUS$166.4bUS$8.6b18.7x27.3x1.4x
Sun, 09 Nov 2025US$216.0bUS$165.6bUS$8.8b16.3x24.4x1.3x
Tue, 07 Oct 2025US$204.8bUS$166.1bUS$10.0b15.4x20.4x1.2x
Thu, 04 Sep 2025US$199.4bUS$166.1bUS$10.0b14.6x19.9x1.2x
Sat, 02 Aug 2025US$190.6bUS$164.7bUS$11.3b11.7x16.8x1.2x
Mon, 30 Jun 2025US$179.2bUS$171.1bUS$12.2b11x14.7x1x
Wed, 28 May 2025US$174.4bUS$171.3bUS$12.2b10.9x14.2x1x
Fri, 25 Apr 2025US$169.7bUS$170.2bUS$13.0b10.6x13.1x1x
Sun, 23 Mar 2025US$207.2bUS$170.8bUS$13.4b13.9x15.4x1.2x
Tue, 18 Feb 2025US$224.6bUS$170.5bUS$13.7b15.4x16.3x1.3x
Thu, 16 Jan 2025US$224.2bUS$169.9bUS$13.6b16.3x16.5x1.3x
Sat, 14 Dec 2024US$219.4bUS$168.9bUS$13.5b16.3x16.2x1.3x
Mon, 11 Nov 2024US$224.8bUS$168.8bUS$13.6b16.2x16.5x1.3x
Wed, 09 Oct 2024US$227.6bUS$165.8bUS$14.8b18.7x15.4x1.4x
Fri, 06 Sep 2024US$211.0bUS$165.7bUS$14.7b17.5x14.4x1.3x
Sun, 04 Aug 2024US$229.4bUS$166.5bUS$14.6b17.6x15.7x1.4x
Tue, 02 Jul 2024US$238.9bUS$164.6bUS$13.9b13.8x17.2x1.5x
Thu, 30 May 2024US$240.2bUS$164.6bUS$13.9b14.4x17.3x1.5x
Sat, 27 Apr 2024US$245.4bUS$164.3bUS$13.3b13.7x18.4x1.5x
Mon, 25 Mar 2024US$246.8bUS$160.7bUS$13.1b17.2x18.8x1.5x
Wed, 21 Feb 2024US$219.8bUS$160.2bUS$12.5b15.7x17.5x1.4x
Fri, 19 Jan 2024US$219.9bUS$161.6bUS$12.1b16x18.2x1.4x
Sun, 17 Dec 2023US$233.4bUS$160.7bUS$12.1b16.9x19.3x1.5x
Tue, 14 Nov 2023US$241.9bUS$160.5bUS$12.1b18.6x20x1.5x
Thu, 12 Oct 2023US$260.3bUS$156.1bUS$11.3b15.2x23.1x1.7x
Sat, 09 Sep 2023US$264.6bUS$155.2bUS$11.2b16.7x23.7x1.7x
Mon, 07 Aug 2023US$568.9bUS$153.8bUS$10.8b20.9x52.6x3.7x
Wed, 05 Jul 2023US$535.1bUS$147.7bUS$8.5b18.5x62.9x3.6x
Price to Earnings Ratio

62.9x


Total Market Cap: US$535.1bTotal Earnings: US$8.5bTotal Revenue: US$147.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Services Industry Price to Earnings3Y Average 22.9x202420252026
Current Industry PE
  • Investors are optimistic on the American Energy Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 32.6x which is higher than its 3-year average PE of 22.9x.
  • The 3-year average PS ratio of 1.5x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 2.0% per year over the last three years.
  • Revenues for these companies have grown 4.8% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Energy industry?

US Market-2.52%
Energy0.70%
Energy Services-1.40%
Oil and Gas Services-1.12%
Oil and Gas Drilling-3.90%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 19.6x.
    • Analysts are expecting annual earnings growth of 17.3%, which is higher than its past year's earnings decline of 26.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 59% over the next 5 years.
  • However this is lower than its past earnings growth rate of 94% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 17% 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
AROC ArchrockUS$41.9513.5%
+US$872.8m		67.8%PE22.9x
KGS Kodiak Gas ServicesUS$76.2710.2%
+US$704.3m		124.3%PE115.1x
OII Oceaneering InternationalUS$40.0311.0%
+US$396.0m		92.0%PE11.8x
NESR National Energy Services ReunitedUS$28.2415.1%
+US$373.1m		378.6%PE44.1x
WTTR Select Water SolutionsUS$19.6611.1%
+US$243.7m		124.2%PE113.2x

Latest News

WTTR
US$19.66
Select Water Solutions
7D
11.1%
1Y
124.2%
BKR
US$56.56
Baker Hughes
7D
-3.2%
1Y
48.6%
NESR
US$28.24
National Energy Services Reunited
7D
15.1%
1Y
378.6%
TTI
US$10.87
TETRA Technologies
7D
6.2%
1Y
207.9%
AROC
US$41.95
Archrock
7D
13.5%
1Y
67.8%
KGS
US$76.27
Kodiak Gas Services
7D
10.2%
1Y
124.3%
Narrative Update • Jun 25

KGS: Longer Term Contracts And Data Center Power Buildout Will Drive Upside

Analysts have nudged their average price target for Kodiak Gas Services higher, with updated fair value estimates moving from about $82.21 to $84.07. They attribute this change to stronger revenue growth assumptions, slightly lower discount rates, and expectations for higher future P/E multiples supported by research pointing to compression demand, long-term contracts, and expansion into behind-the-meter power and data center infrastructure.
AESI
US$17.00
Atlas Energy Solutions
7D
4.9%
1Y
29.3%
Narrative Update • Jun 25

AESI: Expanded Power Buildout Will Cap Upside If Utilization Lags

Analysts have raised their average price target on Atlas Energy Solutions to $14 from $9, citing updated views on its expanded power capacity plans, its evolving role in power solutions, and sector wide interest in energy security themes. Analyst Commentary Recent research on Atlas Energy Solutions reflects a split in opinion, with some firms highlighting the company's expanded power ambitions and others flagging risks tied to execution, capacity deployment, and valuation.
TDW
US$67.32
Tidewater
7D
4.1%
1Y
43.8%
Narrative Update • Jun 25

TDW: Offshore Expansion And Rich 2026 Outlook Will Face Cycle Risk

The analyst fair value estimate for Tidewater has been adjusted from $52.00 to $54.00, reflecting updated views on revenue growth, margins and valuation multiples after several firms raised ratings or price targets based on what they describe as a solid outlook at a discounted share price. Analyst Commentary on Tidewater Recent research on Tidewater has shifted toward a more balanced stance, with several firms moving ratings closer to the middle of the spectrum and reassessing price targets.
OII
US$40.03
Oceaneering International
7D
11.0%
1Y
92.0%
RIG
US$5.11
Transocean
7D
-3.8%
1Y
98.1%
WFRD
US$82.75
Weatherford International
7D
-9.7%
1Y
65.2%
Narrative Update • Jun 24

WFRD: International Offshore Awards And Governance Shifts Will Shape Balanced Future Returns

Analysts have nudged the Weatherford International fair value estimate slightly higher to $90.64, reflecting updated assumptions for revenue growth, margins, and a lower discount rate in light of recent price target increases across the Street tied to expanding opportunities in the Middle East, offshore, and Latin America. Analyst Commentary Recent Street research on Weatherford International highlights a mix of optimism around growth opportunities in the Middle East, offshore and Latin America, alongside a more measured tone from some bearish analysts who are focused on execution, timing and valuation risks.
FTI
US$64.44
TechnipFMC
7D
-1.1%
1Y
86.6%
Narrative Update • Jun 23

FTI: Extended Subsea Orders And Buybacks Will Drive Future Upside Potential

Analysts have raised the fair value estimate for TechnipFMC to $90 from $83, noting higher price targets across the Street and citing expectations for continued subsea order momentum and incremental margin potential highlighted in recent research. Analyst Commentary Recent Street research on TechnipFMC points to a cluster of higher fair value views, with several bullish analysts lifting price targets and highlighting the company’s subsea positioning, order activity and margin potential as key supports for the current valuation thesis.
HAL
US$34.21
Halliburton
7D
-2.1%
1Y
66.3%
SLB
US$47.00
SLB
7D
-2.3%
1Y
38.2%
SEI
US$76.80
Solaris Energy Infrastructure
7D
-7.3%
1Y
165.0%
Narrative Update • Jun 22

SEI: Data Center Contracts And New Debt Will Shape Balanced Outlook

Solaris Energy Infrastructure's analyst price targets have moved higher, with several firms lifting their views by between $5 and $23 as analysts factor in recent debt financing, expanded contracted megawatts, new data center agreements, and updated deployment timelines. Analyst Commentary Recent research on Solaris Energy Infrastructure points to a cluster of higher price targets, with analysts updating models around new debt financing, contracted megawatts, and fresh data center agreements.
NE
US$38.33
Noble
7D
-8.0%
1Y
43.2%
Narrative Update • Jun 18

NE: Refinancing And Stronger Offshore Drilling Demand Will Support Bullish Upside

Analysts have maintained their $59.00 price target on Noble, citing slightly adjusted assumptions for the discount rate, revenue growth, profit margin and future P/E that together support a steady valuation view. What’s in the News for Noble Barclays upgraded Noble Corporation plc to Overweight, citing expectations for stronger offshore drilling demand and referencing a forecast for 9% to 10% growth in upstream spending for 2027 and roughly double digit growth for 2028, along with new floater contracts and extensions that add to Noble’s contract coverage and backlog (source: Barclays upgrade report).