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U.S. Energy Services Industry Analysis

UpdatedJun 10, 2026
DataAggregated Company Financials
Companies93
  • 7D-2.0%
  • 3M8.9%
  • 1Y68.1%
  • YTD37.8%

Over the last 7 days, the Energy Services industry has dropped 2.0%, driven by pullbacks in SLB and Baker Hughes of 1.3% and 1.5%, respectively. In the past year, the industry has gained 68%. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Jun 2026US$331.9bUS$170.2bUS$9.0b26.6x36.7x1.9x
Fri, 08 May 2026US$336.4bUS$168.3bUS$9.0b26.9x37.3x2x
Sun, 05 Apr 2026US$304.1bUS$167.9bUS$8.3b26x36.8x1.8x
Tue, 03 Mar 2026US$306.0bUS$167.5bUS$8.0b27.5x38.3x1.8x
Thu, 29 Jan 2026US$276.1bUS$166.8bUS$7.9b21.9x34.8x1.7x
Sat, 27 Dec 2025US$220.6bUS$166.4bUS$8.6b18x25.8x1.3x
Mon, 24 Nov 2025US$215.8bUS$166.4bUS$8.5b16.6x25.4x1.3x
Wed, 22 Oct 2025US$197.7bUS$165.1bUS$9.0b15.1x22x1.2x
Fri, 19 Sep 2025US$199.9bUS$166.2bUS$10.0b15.4x19.9x1.2x
Sun, 17 Aug 2025US$185.6bUS$166.2bUS$10.0b13.7x18.5x1.1x
Tue, 15 Jul 2025US$196.9bUS$170.2bUS$12.1b11.5x16.3x1.2x
Thu, 12 Jun 2025US$188.6bUS$171.1bUS$12.2b10.6x15.5x1.1x
Sat, 10 May 2025US$175.6bUS$171.3bUS$12.4b11.2x14.1x1x
Mon, 07 Apr 2025US$168.2bUS$170.7bUS$13.4b10.6x12.5x1x
Wed, 05 Mar 2025US$204.2bUS$171.0bUS$13.5b12.5x15.1x1.2x
Fri, 31 Jan 2025US$221.0bUS$170.1bUS$13.6b15.1x16.2x1.3x
Sun, 29 Dec 2024US$206.0bUS$168.9bUS$13.5b15.4x15.2x1.2x
Tue, 26 Nov 2024US$232.4bUS$168.9bUS$13.5b15.7x17.2x1.4x
Thu, 24 Oct 2024US$209.3bUS$166.9bUS$15.0b17x13.9x1.3x
Sat, 21 Sep 2024US$218.9bUS$165.8bUS$14.8b18.1x14.8x1.3x
Mon, 19 Aug 2024US$226.3bUS$166.7bUS$14.4b18.5x15.7x1.4x
Wed, 17 Jul 2024US$247.9bUS$164.6bUS$13.9b15.6x17.8x1.5x
Fri, 14 Jun 2024US$227.0bUS$164.6bUS$13.9b13.9x16.3x1.4x
Sun, 12 May 2024US$241.7bUS$164.4bUS$13.9b14.4x17.4x1.5x
Tue, 09 Apr 2024US$262.5bUS$162.2bUS$13.5b16.7x19.5x1.6x
Thu, 07 Mar 2024US$225.7bUS$161.0bUS$13.3b15x17x1.4x
Sat, 03 Feb 2024US$218.9bUS$163.8bUS$12.8b16x17.1x1.3x
Mon, 01 Jan 2024US$236.5bUS$161.6bUS$12.1b15.9x19.6x1.5x
Wed, 29 Nov 2023US$236.6bUS$160.7bUS$12.1b17.6x19.5x1.5x
Fri, 27 Oct 2023US$249.1bUS$158.9bUS$12.3b14.9x20.3x1.6x
Sun, 24 Sep 2023US$261.2bUS$155.2bUS$11.2b16.8x23.4x1.7x
Tue, 22 Aug 2023US$252.8bUS$155.2bUS$11.2b15.5x22.7x1.6x
Thu, 20 Jul 2023US$563.5bUS$149.0bUS$9.8b21.8x57.7x3.8x
Sat, 17 Jun 2023US$524.7bUS$148.1bUS$8.5b18.5x61.7x3.5x
Price to Earnings Ratio

61.7x


Total Market Cap: US$524.7bTotal Earnings: US$8.5bTotal Revenue: US$148.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Services Industry Price to Earnings3Y Average 23.3x202420252026
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 36.7x which is higher than its 3-year average PE of 23.3x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 1.9x.
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-3.33%
Energy-1.23%
Energy Services-2.01%
Oil and Gas Services-1.67%
Oil and Gas Drilling-4.74%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 20.1x.
    • Analysts are expecting annual earnings growth of 16.6%, 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 60% 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$35.172.8%
+US$168.3m		41.8%PE19.2x
NOV NOVUS$20.821.8%
+US$132.8m		56.4%PE82.1x
XPRO Expro Group HoldingsUS$16.265.7%
+US$99.8m		71.7%PE50.2x
STAK STAKUS$5.65197.4%
+US$72.0m		234.3%PS4x
OII Oceaneering InternationalUS$39.010.9%
+US$33.9m		88.3%PE11.5x

Latest News

RIG
US$5.87
Transocean
7D
-6.1%
1Y
90.6%
INVX
US$28.43
Innovex International
7D
1.4%
1Y
75.8%
New Narrative • Jun 08

Subsea Growth And Capital Light Model Will Support Stronger Long Term Earnings Power

Catalysts About Innovex International Innovex International provides oilfield technologies and services focused on well construction, completions, and Subsea solutions across U.S. land, offshore, and international markets. What are the underlying business or industry changes driving this perspective?
XPRO
US$16.26
Expro Group Holdings
7D
5.7%
1Y
71.7%
Narrative Update • Jun 06

XPRO: Future Returns Will Hinge On Executing New Contracts And Acquisition Strategy

Analysts have nudged their average price target on Expro Group Holdings to $18.00. The shift is framed around improving oilfield activity, Expro's global footprint relative to larger peers, and a recalibration of views on valuation and capital returns following recent rating upgrades.
FTI
US$68.39
TechnipFMC
7D
-1.5%
1Y
107.5%
Narrative Update • Jun 06

FTI: Subsea Order Cadence And Margin Gains Will Support Richer Future Pricing

Analysts have lifted the fair value estimate for TechnipFMC to $76.00 from $65.62, citing higher assumed revenue growth, slightly stronger profit margins, and a higher future P/E multiple. This outlook is supported by rising price targets that reference subsea order interest, margin expansion efforts, and recent earnings execution.
BKR
US$63.55
Baker Hughes
7D
-1.5%
1Y
62.6%
SLB
US$55.85
SLB
7D
-1.3%
1Y
57.2%
Narrative Update • Jun 04

SLB: Elevated EBITDA Hopes Will Pressure Returns If Execution Disappoints

SLB's fair value estimate has moved from $40.07 to $49.50 as analysts lift price targets, including a recent increase to $60, citing updated models that assume higher future EBITDA and a higher future P/E multiple. Analyst Commentary Recent Street research on SLB has centered on updated models for EBITDA and P/E, which feed directly into higher price targets.
NE
US$45.30
Noble
7D
-3.9%
1Y
57.2%
Narrative Update • Jun 04

NE: 2026 Refinancing And Extended Credit Facility Will Support Bullish Upside

Analysts have maintained Noble's $59.00 price target, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E that support a consistent view of the stock's valuation. What's in the News Noble priced an upsized offering of US$800 million in unsecured 6.250% Senior Notes due 2034, increased from a proposed US$500 million.
AROC
US$35.17
Archrock
7D
2.8%
1Y
41.8%
Narrative Update • Jun 04

AROC: Compression Demand And Natural Gas Trends Will Support Future Cash Flow

Narrative Update: Archrock Analyst Price Target Shift The updated analyst price target for Archrock has moved modestly higher to about $41.89 from $41.56, with analysts pointing to recalibrated assumptions on revenue growth, profit margins, and future P/E, along with recent target changes around $40 from firms covering the stock. Analyst Commentary Recent Street research on Archrock shows a mix of optimism and caution around the stock, with several firms adjusting their price targets and updating views on the company’s execution and earnings power.
HAL
US$39.62
Halliburton
7D
-1.3%
1Y
82.2%
LBRT
US$28.13
Liberty Energy
7D
-10.0%
1Y
119.9%
OII
US$39.01
Oceaneering International
7D
0.9%
1Y
88.3%
Narrative Update • Jun 02

OII: Offshore Contract Wins And FY26 Execution Will Shape Fair Outlook

Analysts have raised their average price target on Oceaneering International by $7, and the updated $35.25 fair value view is supported by recent target increases at several firms that cite a more constructive outlook on the stock. Analyst Commentary Recent research updates point to a more constructive stance on Oceaneering, with several firms revising their fair value estimates higher.
FLOC
US$23.66
Flowco Holdings
7D
2.6%
1Y
35.0%
NBR
US$96.45
Nabors Industries
7D
2.2%
1Y
184.9%
Narrative Update • Jun 01

NBR: Margin Assumptions And Lower P/E Framework Will Shape 2026 Upside Potential

The analyst price target for Nabors Industries has been raised by $21, with analysts citing updated profit margin assumptions and a lower expected future P/E multiple as key factors behind the change. Analyst Commentary Recent Street research on Nabors Industries includes several price target increases clustered over a relatively short period, along with at least one upgrade.
VAL
US$87.49
Valaris
7D
-5.7%
1Y
96.3%
Narrative Update • May 29

VAL: Petrobras Extension And Suriname Collaboration Will Steady Future Return Potential

Analysts have lifted their Valaris fair value estimate from $98.00 to $99.00, citing updated views on discount rates, revenue growth, profit margins, and a lower future P/E assumption as key drivers behind the change. What's in the News Valaris secured a 1,064-day contract extension with Petrobras offshore Brazil for drillship VALARIS DS-4.
NOV
US$20.82
NOV
7D
1.8%
1Y
56.4%
Narrative Update • May 26

NOV: Fair Outlook As Structural Projects And Execution Risks Shape Future Returns

NOV's analyst price target has been lifted modestly to $21.40 from $20.65 as analysts factor in updated oilfield services models and forecasts that sit above Street EBITDA expectations in future years. Analyst Commentary Recent research updates on NOV show a mix of optimism on long term earnings power and caution around execution risks and macro headlines.
STAK
US$5.65
STAK
7D
197.4%
1Y
234.3%