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U.S. Energy Services Industry Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies88
  • 7D2.0%
  • 3M38.3%
  • 1Y37.0%
  • YTD29.2%

In the last week, the Energy Services industry is up 2.0%, with Baker Hughes leading the way, up 1.7%. Meanwhile, Solaris Energy Infrastructure actually underperformed within the industry, shrinking 13% in the last week. In the last 12 months, the industry was up 37%. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026US$300.5bUS$167.2bUS$7.7b26.7x39.2x1.8x
Mon, 19 Jan 2026US$256.5bUS$166.3bUS$8.5b21.3x30x1.5x
Wed, 17 Dec 2025US$226.5bUS$166.4bUS$8.6b17.5x26.5x1.4x
Fri, 14 Nov 2025US$214.1bUS$165.4bUS$8.7b16.5x24.5x1.3x
Sun, 12 Oct 2025US$189.8bUS$166.1bUS$10.0b14x18.9x1.1x
Tue, 09 Sep 2025US$199.3bUS$166.2bUS$10.0b15.1x19.9x1.2x
Thu, 07 Aug 2025US$189.1bUS$165.5bUS$10.4b12.3x18.1x1.1x
Sat, 05 Jul 2025US$190.0bUS$170.2bUS$12.1b11.6x15.7x1.1x
Mon, 02 Jun 2025US$174.4bUS$171.3bUS$12.2b10.9x14.2x1x
Wed, 30 Apr 2025US$174.0bUS$170.4bUS$12.4b10.5x14x1x
Fri, 28 Mar 2025US$212.6bUS$170.8bUS$13.4b13.3x15.8x1.2x
Sun, 23 Feb 2025US$218.7bUS$171.2bUS$13.0b14.6x16.8x1.3x
Tue, 21 Jan 2025US$237.7bUS$170.4bUS$13.7b15.7x17.3x1.4x
Thu, 19 Dec 2024US$211.0bUS$168.9bUS$13.5b14.8x15.6x1.2x
Sat, 16 Nov 2024US$225.2bUS$168.9bUS$13.5b16.5x16.6x1.3x
Mon, 14 Oct 2024US$224.4bUS$165.8bUS$14.8b18.7x15.2x1.4x
Wed, 11 Sep 2024US$205.5bUS$165.7bUS$14.7b16.9x14x1.2x
Fri, 09 Aug 2024US$219.2bUS$166.7bUS$14.6b17.6x15x1.3x
Sun, 07 Jul 2024US$233.6bUS$164.6bUS$13.9b13.7x16.8x1.4x
Tue, 04 Jun 2024US$240.7bUS$164.6bUS$13.9b14.1x17.3x1.5x
Thu, 02 May 2024US$236.8bUS$164.6bUS$13.9b14.6x17x1.4x
Sat, 30 Mar 2024US$250.5bUS$160.8bUS$13.1b17.3x19.1x1.6x
Mon, 26 Feb 2024US$223.5bUS$160.9bUS$12.6b16.2x17.7x1.4x
Wed, 24 Jan 2024US$225.8bUS$163.2bUS$12.1b15.9x18.6x1.4x
Fri, 22 Dec 2023US$236.9bUS$160.7bUS$12.1b16.1x19.5x1.5x
Sun, 19 Nov 2023US$233.2bUS$160.7bUS$12.1b18.2x19.3x1.5x
Tue, 17 Oct 2023US$262.2bUS$156.1bUS$11.3b15.5x23.3x1.7x
Thu, 14 Sep 2023US$265.1bUS$155.2bUS$11.2b16.8x23.7x1.7x
Sat, 12 Aug 2023US$626.6bUS$155.2bUS$11.2b16x56.1x4x
Mon, 10 Jul 2023US$547.7bUS$147.7bUS$8.5b20.2x64.4x3.7x
Wed, 07 Jun 2023US$521.5bUS$148.1bUS$8.5b17.7x61.4x3.5x
Fri, 05 May 2023US$192.8bUS$147.0bUS$8.3b16.4x23.2x1.3x
Sun, 02 Apr 2023US$208.1bUS$138.3bUS$5.4b24.3x38.3x1.5x
Tue, 28 Feb 2023US$231.9bUS$137.3bUS$5.0b25.3x46.3x1.7x
Price to Earnings Ratio

46.3x


Total Market Cap: US$231.9bTotal Earnings: US$5.0bTotal Revenue: US$137.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Services Industry Price to Earnings3Y Average 23.7x202420252026
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 39.2x which is higher than its 3-year average PE of 23.7x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 6.8% 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 Market0.99%
Energy0.97%
Energy Services2.04%
Oil and Gas Services2.05%
Oil and Gas Drilling1.89%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 21.0x.
    • Analysts are expecting annual earnings growth of 14.2%, which is higher than its past year's earnings decline of 18.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 29% over the next 5 years.
  • This is better than its past earnings decline of 57% 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
BKR Baker HughesUS$62.211.7%
+US$998.1m		36.4%PE23.8x
HAL HalliburtonUS$35.113.4%
+US$963.2m		33.7%PE22.9x
SLB SLBUS$50.850.9%
+US$687.9m		21.8%PE22.5x
FTI TechnipFMCUS$63.493.5%
+US$577.5m		118.0%PE26.4x
NOV NOVUS$20.396.2%
+US$428.9m		34.9%PE50.7x

Latest News

NESR
US$24.40
National Energy Services Reunited
7D
17.1%
1Y
166.2%

National Energy Services Reunited Targets MENA And Asia's Rapid Industrialization And Urbanization

Feb 21
AESI
US$11.71
Atlas Energy Solutions
7D
-0.5%
1Y
-43.2%
FTI
US$63.49
TechnipFMC
7D
3.5%
1Y
118.0%
NOV
US$20.39
NOV
7D
6.2%
1Y
34.9%
RIG
US$6.52
Transocean
7D
-0.3%
1Y
94.0%

RIG: Offshore Backlog Gains Will Likely Face Late 2026 Activity Risks

Analysts have lifted their average price target on Transocean to $6, citing higher assumed offshore day rates and improved profit margins. At the same time, several ratings have shifted to more neutral stances as analysts view the shares as closer to fair value at current levels.
PUMP
US$11.24
ProPetro Holding
7D
-6.5%
1Y
23.5%
HAL
US$35.11
Halliburton
7D
3.4%
1Y
33.7%
NE
US$45.52
Noble
7D
-0.7%
1Y
69.1%

NE: Backlog Expansion And Buybacks Will Support A Balanced Outlook

Analysts have raised their price target on Noble from $33.60 to $40.90 as they now apply a slightly lower discount rate, assume higher revenue growth and a modestly higher profit margin, and use a richer future P/E multiple in their models. What's in the News Noble Corporation plc issued earnings guidance for full year 2026, with expected total revenue between US$2.8b and US$3.0b (Key Developments).
SEI
US$49.24
Solaris Energy Infrastructure
7D
-13.0%
1Y
36.9%
HP
US$35.63
Helmerich & Payne
7D
7.3%
1Y
35.7%

HP: CEO Transition And Weaker Long Term Revenue Outlook Will Limit Upside

Analysts have lifted their fair value estimate for Helmerich & Payne from about $23.33 to roughly $25.59, citing expectations for stronger profit margins and a lower future P/E, which they note would offset softer assumed revenue growth. What's in the News CEO John Lindsay plans to retire after the March 4, 2026 Annual Meeting, with current President Raymond John “Trey” Adams set to become CEO and stand for election to the Board at that meeting, while Lindsay stays on as senior advisor through December 2026 (Key Developments).
VAL
US$95.75
Valaris
7D
-0.2%
1Y
129.2%

VAL: Pending Transocean Merger Will Likely Cap Upside Despite Contract Wins

Analysts have raised their Valaris price target from $65.00 to $87.00, citing updated assumptions that include a slightly lower discount rate, a revised revenue growth outlook, higher projected profit margins, and a higher future P/E multiple. What's in the News Transocean Ltd.
BKR
US$62.21
Baker Hughes
7D
1.7%
1Y
36.4%
WFRD
US$104.44
Weatherford International
7D
3.0%
1Y
59.5%
ACDC
US$5.31
ProFrac Holding
7D
-2.9%
1Y
-27.6%

ACDC: Future Returns Will Rely On Tenuous Margin And P E Assumptions

Analysts have trimmed their price target on ProFrac Holding by a small amount in US$ terms, reflecting slightly lower discount rate and future P/E assumptions, along with marginally adjusted views on profit margins and revenue growth. Valuation Changes Fair Value: The modelled fair value estimate is unchanged at 4.0 on the same scale as before.
CLB
US$18.42
Core Laboratories
7D
-0.8%
1Y
14.1%
SLB
US$50.85
SLB
7D
0.9%
1Y
21.8%

SLB: Repositioning Toward Production And Venezuela Optionality Will Shape Future Upside Risk Balance

The analyst price target for SLB has been lifted to US$54.08 from US$45.31 as analysts factor in updated Street research that points to slightly lower growth and discount rate assumptions, along with higher profit margin and P/E expectations for the stock. Analyst Commentary Recent Street research on SLB reflects an active debate around how much upside remains in the shares, but with a clear tilt toward higher valuation assumptions as more firms lift their price targets.