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U.S. Energy Services Industry Analysis

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies89
  • 7D3.4%
  • 3M27.8%
  • 1Y11.7%
  • YTD8.3%

The Energy Services industry is up 3.4% in the last week, with SLB up 5.2%. This takes the industry's 12 month performance to a gain of 12%. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 15 Jan 2026US$250.8bUS$166.4bUS$8.5b21.2x29.3x1.5x
Sat, 13 Dec 2025US$233.5bUS$166.4bUS$8.6b18.4x27.3x1.4x
Mon, 10 Nov 2025US$216.0bUS$165.6bUS$8.8b16.3x24.4x1.3x
Wed, 08 Oct 2025US$206.3bUS$166.1bUS$10.0b15x20.6x1.2x
Fri, 05 Sep 2025US$195.8bUS$166.2bUS$10.0b14.9x19.5x1.2x
Sun, 03 Aug 2025US$184.0bUS$164.6bUS$11.3b11.7x16.2x1.1x
Tue, 01 Jul 2025US$182.4bUS$171.1bUS$12.2b11x14.9x1.1x
Thu, 29 May 2025US$177.0bUS$171.3bUS$12.2b11x14.5x1x
Sat, 26 Apr 2025US$174.7bUS$170.1bUS$12.9b10.5x13.6x1x
Mon, 24 Mar 2025US$207.2bUS$170.8bUS$13.4b13.9x15.4x1.2x
Wed, 19 Feb 2025US$224.6bUS$171.2bUS$13.8b15.6x16.3x1.3x
Fri, 17 Jan 2025US$229.2bUS$169.9bUS$13.6b16x16.8x1.3x
Sun, 15 Dec 2024US$216.9bUS$168.9bUS$13.5b15.6x16x1.3x
Tue, 12 Nov 2024US$224.8bUS$168.8bUS$13.6b16.4x16.5x1.3x
Thu, 10 Oct 2024US$221.4bUS$165.8bUS$14.8b18.2x15x1.3x
Sat, 07 Sep 2024US$206.2bUS$165.7bUS$14.7b17.2x14x1.2x
Mon, 05 Aug 2024US$229.4bUS$166.5bUS$14.6b17.6x15.7x1.4x
Wed, 03 Jul 2024US$235.6bUS$164.6bUS$13.9b13.8x16.9x1.4x
Fri, 31 May 2024US$236.6bUS$164.6bUS$13.9b14.5x17x1.4x
Sun, 28 Apr 2024US$245.4bUS$164.3bUS$13.3b14.6x18.4x1.5x
Tue, 26 Mar 2024US$246.7bUS$160.7bUS$13.1b17.1x18.8x1.5x
Thu, 22 Feb 2024US$219.8bUS$160.2bUS$12.6b15.9x17.5x1.4x
Sat, 20 Jan 2024US$221.6bUS$163.1bUS$12.1b16x18.3x1.4x
Mon, 18 Dec 2023US$233.4bUS$160.7bUS$12.1b16.9x19.3x1.5x
Wed, 15 Nov 2023US$241.9bUS$160.5bUS$12.1b18.7x20x1.5x
Fri, 13 Oct 2023US$260.3bUS$156.1bUS$11.3b15.2x23.1x1.7x
Sun, 10 Sep 2023US$262.2bUS$155.2bUS$11.2b16.7x23.5x1.7x
Tue, 08 Aug 2023US$568.3bUS$153.8bUS$10.8b20.8x52.5x3.7x
Thu, 06 Jul 2023US$534.5bUS$147.7bUS$8.5b19x62.8x3.6x
Sat, 03 Jun 2023US$521.7bUS$148.1bUS$8.5b18x61.4x3.5x
Mon, 01 May 2023US$207.9bUS$145.4bUS$8.3b19.7x25.1x1.4x
Wed, 29 Mar 2023US$204.1bUS$139.1bUS$5.5b23.9x36.8x1.5x
Fri, 24 Feb 2023US$224.9bUS$136.9bUS$4.9b25x46.3x1.6x
Sun, 22 Jan 2023US$238.5bUS$129.7bUS$3.0b24.6x80.7x1.8x
Price to Earnings Ratio

80.7x


Total Market Cap: US$238.5bTotal Earnings: US$3.0bTotal Revenue: US$129.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Services Industry Price to Earnings3Y Average 24.8x202420252026
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 28.7x which is higher than its 3-year average PE of 24.8x.
  • The industry is trading close to its 3-year average PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 43% per year over the last three years.
  • Revenues for these companies have grown 8.7% 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 Market0.24%
Energy3.49%
Energy Services3.38%
Oil and Gas Services3.50%
Oil and Gas Drilling2.15%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry, which is trading close to its 3-year average PE ratio of 21.7x.
    • Analysts are expecting annual earnings growth of 12.3%, which is higher than its past year's earnings decline of 18.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 55% over the next 5 years.
  • This is better than its past earnings decline of 59% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 12% 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
SLB SLBUS$46.9710.9%
+US$6.9b		15.6%PE19.3x
HAL HalliburtonUS$33.048.8%
+US$2.2b		14.3%PE21.2x
FTI TechnipFMCUS$52.246.2%
+US$1.2b		61.0%PE21.7x
BKR Baker HughesUS$49.982.3%
+US$1.1b		9.3%PE17.1x
NE NobleUS$32.5812.7%
+US$581.4m		-5.9%PE22.8x

Latest News

XPRO
US$16.26
Expro Group Holdings
7D
15.6%
1Y
11.6%
HAL
US$33.04
Halliburton
7D
8.8%
1Y
14.3%
NGS
US$34.00
Natural Gas Services Group
7D
-1.2%
1Y
22.4%

NGS: Stable Margins And Lower Discount Rate Will Support Future Upside

Analysts have trimmed their price target on Natural Gas Services Group to US$39.50. This reflects slightly lower assumed discount rates and future P/E multiples, while keeping fair value estimates broadly unchanged.
NOV
US$17.69
NOV
7D
5.0%
1Y
16.6%

NOV: Balanced Outlook As Sector Activity And Execution Risks Shape Prospects

Analysts have nudged their price targets for NOV higher, with recent moves such as US$19 to US$22, US$17 to US$20 and US$14 to US$16. This points to a modest uplift in fair value estimates supported by slightly adjusted growth, margin and P/E assumptions across the oilfield services group.
TDW
US$58.99
Tidewater
7D
11.5%
1Y
4.4%

TDW: Margin Focus And Guidance Through 2026 Will Drive Shares Higher

Analysts have nudged their price expectations for Tidewater higher, citing modestly updated assumptions around fair value near $75.00, a slightly lower discount rate, and small refinements to revenue growth, profit margin, and future P/E estimates. What's in the News Tidewater issued updated earnings guidance for 2025, with revenue expected in a range of US$1.33b to US$1.35b and a full year margin outlook of 49% to 50% (company guidance).
BKR
US$49.98
Baker Hughes
7D
2.3%
1Y
9.3%

BKR: IET Resilience And Potential Breakup Will Shape Next Cycle Outlook

Analysts have made only a small adjustment to their Baker Hughes price targets, with a blended fair value estimate now effectively unchanged at about US$53. This reflects mixed views, as some firms trimmed targets on more cautious oilfield spending expectations, while others nudged them higher on resilient U.S. activity and the ongoing strength of the Industrial & Energy Technology business.
STAK
US$0.40
STAK
7D
-9.1%
1Y
n/a
SLB
US$46.97
SLB
7D
10.9%
1Y
15.6%

SLB: Macro Headwinds And Weaker Oil Prices Will Pressure Future Performance

Analysts have nudged their fair value estimate for SLB up to $38 from $36, citing a modestly lower discount rate, higher assumed revenue growth, and a richer future P/E multiple. These changes are informed by recent price target moves that balance optimism on activity and digital tailwinds with caution around macro and valuation risks.
FTI
US$52.24
TechnipFMC
7D
6.2%
1Y
61.0%
KLXE
US$2.23
KLX Energy Services Holdings
7D
-7.9%
1Y
-61.3%

KLX Energy: Strong Upside As US Onshore Rig Activity Stabilize Led By Natural Gas Improvements

Jan 06
NE
US$32.58
Noble
7D
12.7%
1Y
-5.9%

NE: Future Earnings Power And Share Repurchases Will Drive Upside

Analysts have kept their price target for Noble steady at $38.00, citing minor adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions that together leave their valuation view broadly unchanged. What's in the News Noble reported that from July 1, 2025 to September 30, 2025, it repurchased 0 shares for $0 million under the buyback announced on November 5, 2024, while completing a total of 1,048,262 shares repurchased for $29.82 million, equal to 0.66% of the company (Key Developments).
VNTG
US$0.89
Vantage
7D
-9.1%
1Y
n/a
RCON
US$1.49
Recon Technology
7D
-9.1%
1Y
-32.0%
LSE
US$4.73
Leishen Energy Holding
7D
-1.5%
1Y
-37.3%

A Look At The Fair Value Of Leishen Energy Holding Co., Ltd. (NASDAQ:LSE)

Dec 20
A Look At The Fair Value Of Leishen Energy Holding Co., Ltd. (NASDAQ:LSE)
SND
US$3.85
Smart Sand
7D
-0.3%
1Y
62.4%