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U.S. Energy Services Industry Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies88
  • 7D3.3%
  • 3M38.8%
  • 1Y34.2%
  • YTD29.7%

In the last week, the Energy Services industry is up 3.3%, with SLB leading the way, up 1.8%. In the last 12 months, the industry was up 34%. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026US$297.4bUS$167.1bUS$7.6b26.3x39.3x1.8x
Sun, 18 Jan 2026US$256.5bUS$166.3bUS$8.5b21.3x30x1.5x
Tue, 16 Dec 2025US$228.1bUS$166.4bUS$8.6b18.4x26.7x1.4x
Thu, 13 Nov 2025US$221.6bUS$165.4bUS$8.7b16.9x25.4x1.3x
Sat, 11 Oct 2025US$200.2bUS$166.1bUS$10.0b14x20x1.2x
Mon, 08 Sep 2025US$199.8bUS$166.2bUS$10.0b14.7x19.9x1.2x
Wed, 06 Aug 2025US$186.2bUS$165.6bUS$10.6b11.6x17.6x1.1x
Fri, 04 Jul 2025US$189.9bUS$170.2bUS$12.1b11.6x15.7x1.1x
Sun, 01 Jun 2025US$171.3bUS$171.3bUS$12.2b10.9x14x1x
Tue, 29 Apr 2025US$174.6bUS$169.9bUS$12.6b10.4x13.9x1x
Thu, 27 Mar 2025US$213.2bUS$170.8bUS$13.4b13.1x15.9x1.2x
Sat, 22 Feb 2025US$218.7bUS$171.2bUS$13.0b14.6x16.8x1.3x
Mon, 20 Jan 2025US$237.7bUS$170.6bUS$13.7b15.7x17.4x1.4x
Wed, 18 Dec 2024US$214.5bUS$168.9bUS$13.5b15.6x15.9x1.3x
Fri, 15 Nov 2024US$225.7bUS$168.8bUS$13.5b16.6x16.7x1.3x
Sun, 13 Oct 2024US$224.4bUS$165.8bUS$14.8b18.7x15.2x1.4x
Tue, 10 Sep 2024US$205.5bUS$165.7bUS$14.7b16.9x14x1.2x
Thu, 08 Aug 2024US$220.9bUS$166.7bUS$14.6b17.3x15.1x1.3x
Sat, 06 Jul 2024US$238.1bUS$164.6bUS$13.9b13.7x17.1x1.4x
Mon, 03 Jun 2024US$240.7bUS$164.6bUS$13.9b14.7x17.3x1.5x
Wed, 01 May 2024US$237.0bUS$164.4bUS$13.9b13.4x17.1x1.4x
Fri, 29 Mar 2024US$249.2bUS$160.8bUS$13.1b17.3x19x1.5x
Sun, 25 Feb 2024US$223.4bUS$160.7bUS$12.6b16x17.7x1.4x
Tue, 23 Jan 2024US$225.7bUS$163.0bUS$12.1b16.2x18.6x1.4x
Thu, 21 Dec 2023US$238.8bUS$160.7bUS$12.1b16.1x19.7x1.5x
Sat, 18 Nov 2023US$233.2bUS$160.7bUS$12.1b18.2x19.3x1.5x
Mon, 16 Oct 2023US$261.8bUS$156.1bUS$11.3b15.5x23.3x1.7x
Wed, 13 Sep 2023US$265.3bUS$155.2bUS$11.2b17.3x23.8x1.7x
Fri, 11 Aug 2023US$597.7bUS$155.2bUS$11.2b16.3x53.6x3.9x
Sun, 09 Jul 2023US$547.6bUS$147.7bUS$8.5b20.2x64.4x3.7x
Tue, 06 Jun 2023US$521.8bUS$148.1bUS$8.5b17.7x61.4x3.5x
Thu, 04 May 2023US$191.7bUS$146.0bUS$8.1b16.5x23.5x1.3x
Sat, 01 Apr 2023US$208.0bUS$138.3bUS$5.4b24.3x38.5x1.5x
Mon, 27 Feb 2023US$228.4bUS$137.3bUS$5.0b25x45.6x1.7x
Price to Earnings Ratio

45.6x


Total Market Cap: US$228.4bTotal 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 39.3x 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 Market0.64%
Energy2.44%
Energy Services3.30%
Oil and Gas Drilling6.56%
Oil and Gas Services2.91%
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 14.3%, 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 52% 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
SLB SLBUS$51.541.8%
+US$1.3b		21.0%PE22.8x
BKR Baker HughesUS$62.561.9%
+US$1.2b		33.4%PE23.9x
HAL HalliburtonUS$35.373.1%
+US$904.5m		31.0%PE23.1x
NOV NOVUS$20.246.5%
+US$446.9m		31.1%PE50.3x
NE NobleUS$45.346.5%
+US$439.4m		62.5%PE33.3x

Latest News

OII
US$36.18
Oceaneering International
7D
12.2%
1Y
49.8%
HAL
US$35.37
Halliburton
7D
3.1%
1Y
31.0%
NE
US$45.34
Noble
7D
6.5%
1Y
62.5%

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$49.98
Solaris Energy Infrastructure
7D
-2.9%
1Y
70.3%
NESR
US$24.20
National Energy Services Reunited
7D
17.9%
1Y
156.4%

NESR: Middle East Fracturing Scale And Jafurah Execution Will Shape Repricing

Analysts have raised their average price target for National Energy Services Reunited by $10 to $30, citing the company's leading hydraulic fracturing capacity in Saudi Arabia and its significant exposure to Middle East and North Africa upstream spending. Analyst Commentary Recent research coverage clusters around the same core theme: the company’s scale in Middle East hydraulic fracturing and its exposure to regional upstream activity.
BKR
US$62.56
Baker Hughes
7D
1.9%
1Y
33.4%
NOV
US$20.24
NOV
7D
6.5%
1Y
31.1%
RIG
US$6.36
Transocean
7D
5.5%
1Y
78.7%

Transocean Ltd.'s (NYSE:RIG) 28% Price Boost Is Out Of Tune With Revenues

Feb 11
Transocean Ltd.'s (NYSE:RIG) 28% Price Boost Is Out Of Tune With Revenues
RCON
US$1.21
Recon Technology
7D
-2.4%
1Y
-41.8%

Here's Why It's Unlikely That Recon Technology, Ltd.'s (NASDAQ:RCON) CEO Will See A Pay Rise This Year

Feb 07
Here's Why It's Unlikely That Recon Technology, Ltd.'s (NASDAQ:RCON) CEO Will See A Pay Rise This Year
KGS
US$50.00
Kodiak Gas Services
7D
-0.5%
1Y
11.0%

KGS: Equity Raises And Recalibrated Assumptions Will Shape A Measured Outlook

Analysts have lifted their price target on Kodiak Gas Services by about US$2, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E that align with recent target increases from several research firms. Analyst Commentary Recent research points to a more constructive tone around Kodiak Gas Services, with several firms lifting price targets and one major upgrade that highlights how analysts are recalibrating their expectations for the business.
SLB
US$51.54
SLB
7D
1.8%
1Y
21.0%

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.
MIND
US$8.28
MIND Technology
7D
-1.3%
1Y
-22.5%
VNTG
US$0.84
Vantage
7D
-1.5%
1Y
n/a