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U.S. Energy Services Industry Analysis

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies85
  • 7D-2.6%
  • 3M22.9%
  • 1Y37.1%
  • YTD20.5%

Over the last 7 days, the Energy Services industry has dropped 2.6%, driven by Baker Hughes declining 9.3%. Meanwhile, Liberty Energy actually outperformed within the industry, gaining 13% in the last week. This takes the industry's 12 month performance to a gain of 37%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Mar 2026US$279.4bUS$167.3bUS$8.2b26.2x34.2x1.7x
Tue, 10 Feb 2026US$286.5bUS$167.2bUS$7.5b24.6x38x1.7x
Thu, 08 Jan 2026US$242.6bUS$166.4bUS$8.5b19.8x28.4x1.5x
Sat, 06 Dec 2025US$231.5bUS$166.4bUS$8.6b18.3x27x1.4x
Mon, 03 Nov 2025US$215.4bUS$165.5bUS$8.8b16.4x24.6x1.3x
Wed, 01 Oct 2025US$209.1bUS$166.2bUS$10.0b14.4x20.8x1.3x
Fri, 29 Aug 2025US$198.2bUS$166.2bUS$10.0b14.7x19.8x1.2x
Sun, 27 Jul 2025US$196.0bUS$164.7bUS$11.5b11.6x17.1x1.2x
Tue, 24 Jun 2025US$183.7bUS$171.1bUS$12.2b10.9x15.1x1.1x
Thu, 22 May 2025US$178.6bUS$171.3bUS$12.3b10.9x14.6x1x
Sat, 19 Apr 2025US$177.9bUS$170.6bUS$13.4b10.7x13.3x1x
Mon, 17 Mar 2025US$201.9bUS$170.7bUS$13.3b12.6x15.2x1.2x
Wed, 12 Feb 2025US$227.2bUS$170.5bUS$13.8b15.7x16.5x1.3x
Fri, 10 Jan 2025US$217.1bUS$169.8bUS$13.6b16x16x1.3x
Sun, 08 Dec 2024US$217.0bUS$168.9bUS$13.5b16.4x16.1x1.3x
Tue, 05 Nov 2024US$204.8bUS$168.0bUS$13.8b17x14.8x1.2x
Thu, 03 Oct 2024US$213.4bUS$165.8bUS$14.8b18.4x14.4x1.3x
Sat, 31 Aug 2024US$225.2bUS$166.7bUS$14.4b18.5x15.6x1.4x
Mon, 29 Jul 2024US$250.6bUS$167.7bUS$14.4b15.7x17.4x1.5x
Wed, 26 Jun 2024US$236.7bUS$164.6bUS$13.9b14x17x1.4x
Fri, 24 May 2024US$238.0bUS$164.6bUS$13.9b14.3x17.1x1.4x
Sun, 21 Apr 2024US$243.4bUS$163.0bUS$13.5b14.9x18x1.5x
Tue, 19 Mar 2024US$241.5bUS$160.7bUS$13.2b16.7x18.4x1.5x
Thu, 15 Feb 2024US$214.8bUS$159.3bUS$12.3b15x17.4x1.3x
Sat, 13 Jan 2024US$224.3bUS$161.6bUS$12.1b15.5x18.6x1.4x
Mon, 11 Dec 2023US$222.1bUS$160.7bUS$12.1b16.3x18.3x1.4x
Wed, 08 Nov 2023US$248.2bUS$159.4bUS$12.4b14.1x20x1.6x
Fri, 06 Oct 2023US$247.2bUS$156.6bUS$11.4b13.9x21.7x1.6x
Sun, 03 Sep 2023US$261.8bUS$155.2bUS$11.2b16.4x23.5x1.7x
Tue, 01 Aug 2023US$569.7bUS$153.1bUS$11.0b22x52x3.7x
Thu, 29 Jun 2023US$525.9bUS$147.7bUS$8.5b17.9x61.9x3.6x
Sat, 27 May 2023US$512.0bUS$148.1bUS$8.5b17.5x60.2x3.5x
Mon, 24 Apr 2023US$210.4bUS$141.4bUS$6.5b24.6x32.2x1.5x
Wed, 22 Mar 2023US$205.4bUS$139.1bUS$5.6b21.2x37x1.5x
Price to Earnings Ratio

37x


Total Market Cap: US$205.4bTotal Earnings: US$5.6bTotal Revenue: US$139.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Services Industry Price to Earnings3Y Average 23.6x202420252026
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 34.5x which is higher than its 3-year average PE of 23.6x.
  • 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 14% per year over the last three years.
  • Revenues for these companies have grown 6.3% 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-1.62%
Energy1.57%
Energy Services-2.57%
Oil and Gas Drilling5.79%
Oil and Gas Services-3.62%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 20.8x.
    • Analysts are expecting annual earnings growth of 14.7%, which is higher than its past year's earnings decline of 33.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings decline of 45% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 15% 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
LBRT Liberty EnergyUS$30.2212.8%
+US$554.2m		107.8%PE33.1x
PTEN Patterson-UTI EnergyUS$10.2914.7%
+US$501.0m		30.1%PS0.8x
RIG TransoceanUS$6.367.3%
+US$474.2m		109.2%PS1.8x
VAL ValarisUS$93.747.1%
+US$431.3m		144.6%PE6.6x
NE NobleUS$46.305.9%
+US$413.9m		94.7%PE34x

Latest News

BKR
US$54.26
Baker Hughes
7D
-9.3%
1Y
26.7%
WHD
US$46.36
Cactus
7D
-7.3%
1Y
3.0%
WFRD
US$86.53
Weatherford International
7D
-4.7%
1Y
62.9%
HAL
US$33.69
Halliburton
7D
-1.1%
1Y
34.4%
ACDC
US$6.35
ProFrac Holding
7D
17.6%
1Y
-12.7%

ACDC: Future Returns Will Depend On Lower P E Multiple Despite Margin Uplift

Analysts have slightly trimmed their price target on ProFrac Holding to reflect a modest shift in fair value to $3.80. This revision is paired with a lower discount rate and a small uplift in projected profit margins and future P/E assumptions.
SLB
US$44.72
SLB
7D
-4.6%
1Y
8.8%
BORR
US$5.06
Borr Drilling
7D
-8.7%
1Y
124.9%
PTEN
US$10.29
Patterson-UTI Energy
7D
14.7%
1Y
30.1%

PTEN: Future Cash Returns Will Balance Structural Activity And Geopolitical Execution Risks

Analysts have lifted their average price target for Patterson-UTI Energy to about $8.84 from $7.88, pointing to updated fair value work, revised revenue and margin assumptions, and a higher future P/E multiple supported by a series of recent target increases from major firms citing structural customer activity and limited long term impact from geopolitical risks. Analyst Commentary Recent research on Patterson-UTI Energy centers on how the stock lines up with sector fundamentals, the role of geopolitical risks, and expectations for customer activity in drilling and completion services.
LBRT
US$30.22
Liberty Energy
7D
12.8%
1Y
107.8%
PUMP
US$14.35
ProPetro Holding
7D
15.7%
1Y
108.6%
NESR
US$19.14
National Energy Services Reunited
7D
-8.2%
1Y
151.8%
RIG
US$6.36
Transocean
7D
7.3%
1Y
109.2%

RIG: Offshore Backlog Wins Will Likely Struggle Against 2026 Activity Risks

Analysts have modestly raised their average price target for Transocean to reflect updated models after recent free cash flow of $321 million in Q4 and $626 million for the year, new multi well contracts with BP in Brazil and in Australia, and several target bumps in the $5 to $7.50 range, even as some firms shifted ratings to more neutral stances. Analyst Commentary Recent research on Transocean reflects a split view, with some firms updating models after Q4 free cash flow and new contracts, while others are signaling more caution on valuation and execution risk.
AESI
US$13.60
Atlas Energy Solutions
7D
15.4%
1Y
-23.3%
NE
US$46.30
Noble
7D
5.9%
1Y
94.7%

NE: Expanded Rig Backlog And 2026 Revenue Guide Will Drive Future Upside

Analysts have lifted their price target on Noble to $53.33 from $41.25, reflecting updated assumptions that include a slightly lower discount rate, a different mix of revenue growth and profit margin expectations, and a higher future P/E multiple. What's in the News Noble issued full year 2026 guidance with expected total revenue of US$2.8b to US$3.0b, giving investors a sense of the company’s target scale for the year (company guidance).
VAL
US$93.74
Valaris
7D
7.1%
1Y
144.6%

VAL: Planned Transocean Deal Will Leave Equity Outlook Constrained By Stretchy Earnings Multiple

Analysts have maintained their $47.00 price target for Valaris, noting that updated assumptions around discount rates, revenue growth, profit margins, and future P/E appear to offset one another at this time. What's in the News Transocean Ltd.
INVX
US$24.20
Innovex International
7D
-11.6%
1Y
36.4%