CES Energy Solutions Corp.

TSX:CEU Stock Report

Market Cap: CA$4.0b

CES Energy Solutions Future Growth

Future criteria checks 4/6

CES Energy Solutions is forecast to grow earnings and revenue by 15% and 10.8% per annum respectively. EPS is expected to grow by 18.8% per annum. Return on equity is forecast to be 22.6% in 3 years.

Key information

15.0%

Earnings growth rate

18.79%

EPS growth rate

Energy Services earnings growth33.1%
Revenue growth rate10.8%
Future return on equity22.59%
Analyst coverage

Good

Last updated12 May 2026

Recent future growth updates

Analysis Article • May 11

CES Energy Solutions Corp. (TSE:CEU) Just Released Its First-Quarter Results And Analysts Are Updating Their Estimates

Shareholders might have noticed that CES Energy Solutions Corp. ( TSE:CEU ) filed its quarterly result this time last...
Analysis Article • May 12

Earnings Miss: CES Energy Solutions Corp. Missed EPS By 5.0% And Analysts Are Revising Their Forecasts

CES Energy Solutions Corp. ( TSE:CEU ) shareholders are probably feeling a little disappointed, since its shares fell...

Recent updates

Narrative Update • May 19

CEU: Higher Dividend And Buybacks Will Support Move Toward CA$21

Analysts now mark CES Energy Solutions' fair value at CA$21.63, up from CA$20.69. This reflects updated assumptions for revenue growth, profit margins and a lower future P/E, alongside mixed Street views that include several CA$1 price target increases and a recent downgrade tied to valuation.
Analysis Article • May 11

CES Energy Solutions Corp. (TSE:CEU) Just Released Its First-Quarter Results And Analysts Are Updating Their Estimates

Shareholders might have noticed that CES Energy Solutions Corp. ( TSE:CEU ) filed its quarterly result this time last...
Narrative Update • Apr 23

CEU: Higher Dividend And Buybacks Will Support Move Toward CA$20

Analysts have nudged the fair value estimate for CES Energy Solutions higher to CA$20.69, reflecting recent price target increases to a range of CA$18 to CA$20 and updated views on valuation and P/E assumptions. Analyst Commentary Recent Street research on CES Energy Solutions points to a mix of optimism and caution, with multiple firms updating price targets and ratings as the share price has moved closer to their valuation frameworks.
Narrative Update • Apr 07

CEU: Higher Dividend And Buybacks Will Support Re Rating Toward CA$20

Analysts have lifted the fair value estimate for CES Energy Solutions by CA$0.50 to CA$20.44, reflecting updated assumptions for revenue growth, profit margins and a higher future P/E multiple that align with recent Street targets in the CA$18 to CA$20 range. Analyst Commentary Bullish Takeaways Bullish analysts have clustered around price targets of CA$18 to CA$20, which is in line with the updated fair value estimate and suggests confidence that recent execution can support valuations in this range.
Narrative Update • Mar 24

CEU: Higher Dividend And Buybacks Will Test Sustainability Of Elevated P/E

CES Energy Solutions' updated fair value estimate has moved from CA$15.84 to CA$19.94, as analysts lift price targets toward CA$20. They cite higher assumed revenue growth, slightly stronger profit margins, and a modestly higher future P/E multiple, despite some valuation driven rating downgrades.
New Narrative • Mar 11

Service Intensity And Natural Gas Exposure Will Support Long-Term Strength

Catalysts About CES Energy Solutions CES Energy Solutions provides consumable drilling and production chemicals and related services to oil and gas producers across North America. What are the underlying business or industry changes driving this perspective?
Narrative Update • Mar 10

CEU: Mixed Rating Shifts And Index Addition Will Shape Forward P/E

CES Energy Solutions' updated fair value estimate edges up by CA$0.50, reflecting a slightly higher assumed future P/E multiple and incorporating recent analyst moves, including a CA$3.75 price target increase and a valuation driven downgrade to Hold. Analyst Commentary Recent Street research on CES Energy Solutions sends a mixed message, with one firm lifting its price target and another shifting to a Hold stance based on valuation.
Narrative Update • Feb 23

CEU: Higher Forward P/E Assumptions And Index Inclusion Will Shape Returns

Analysts have slightly revised their outlook on CES Energy Solutions, with the average target price now framed around a higher forward P/E assumption. This is supported by a CA$3.75 target hike from Scotiabank and more cautious valuation views from TD Securities.
Narrative Update • Feb 09

CEU: Higher P/E Assumptions And Buybacks Will Shape Future Return Profile

Analysts have nudged their fair value estimate for CES Energy Solutions higher to $15.34 from $14.13. This change reflects a series of recent price target increases from major banks that highlight a mix of revised P/E assumptions, modest tweaks to revenue growth and margin expectations, and slightly higher discount rates.
Analysis Article • Feb 07

Further Upside For CES Energy Solutions Corp. (TSE:CEU) Shares Could Introduce Price Risks After 31% Bounce

Despite an already strong run, CES Energy Solutions Corp. ( TSE:CEU ) shares have been powering on, with a gain of 31...
Narrative Update • Jan 25

CEU: Higher Price Views And Completed Buybacks Will Steady Future Earnings Profile

Analysts have raised their price targets on CES Energy Solutions to around C$12 to C$13. This reflects updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that together point to a modestly higher valuation range than before.
Narrative Update • Jan 10

CEU: Rising Street Optimism And Buybacks Will Support Future Earnings Power

Our analyst price target for CES Energy Solutions nudges up to C$14.00 from C$13.75, reflecting a modestly higher fair value as analysts lift their targets into the C$12.00 to C$13.00 range on updated return, margin and P/E assumptions. Analyst Commentary Recent Street research clusters around higher fair value ranges for CES Energy Solutions, with several price targets now in the C$12.00 to C$13.00 band and one earlier move to C$10.25.
Narrative Update • Dec 24

CEU: Rising Price Outlook And Buybacks Will Support Future Earnings Power

We raise our CES Energy Solutions price target to C$13.75 from C$13.19, reflecting analysts' upward revisions to revenue growth assumptions and modestly higher future valuation multiples following a series of target increases across the Street, while acknowledging slightly lower projected profit margins. Analyst Commentary Bullish analysts highlight the recent cluster of target increases to the C$12 to C$13 range as evidence of growing confidence in CES Energy Solutions’ strategic execution and earnings durability, even as the sector backdrop remains mixed.
Narrative Update • Dec 10

CEU: Higher Price Outlook And Buybacks Will Support Future Earnings Power

The Analyst Price Target for CES Energy Solutions has been raised from approximately C$12.50 to C$13.19 as analysts cite improving revenue growth, slightly stronger profit margins, and a higher expected future earnings multiple to support their more constructive outlook. Analyst Commentary Analysts have become increasingly constructive on CES Energy Solutions, with a series of target price increases reflecting improved confidence in both near term execution and longer term earnings power.
Narrative Update • Nov 26

CEU: Rising Confidence and Operational Momentum Will Sustain Outperform Ratings

Analysts have raised their price target for CES Energy Solutions from C$11.16 to C$12.50, citing stronger revenue growth expectations and improved profit margins. Analyst Commentary Bullish Takeaways Bullish analysts have consistently raised their price targets for CES Energy Solutions, highlighting increased market confidence in the company's future performance.
Analysis Article • Nov 19

A Piece Of The Puzzle Missing From CES Energy Solutions Corp.'s (TSE:CEU) 30% Share Price Climb

CES Energy Solutions Corp. ( TSE:CEU ) shares have continued their recent momentum with a 30% gain in the last month...
Narrative Update • Nov 08

CEU: Sector Strength and Outperform Ratings Will Support Further Upside

The analyst price target for CES Energy Solutions has been modestly increased, as analysts cite continued sector strength and improved valuation metrics to support a new target of C$11.16 per share. Analyst Commentary Recent analyst updates reflect a generally optimistic outlook for CES Energy Solutions, as indicated by increases in price targets and the maintenance of strong ratings.
Narrative Update • Oct 25

Operational Efficiency And ESG Initiatives Will Drive Confidence In Global Expansion

Analysts have increased their average price target for CES Energy Solutions from $10.50 to $11.16. They cite expectations of improved revenue growth and a higher future earnings multiple as key drivers of the upward revision.
Narrative Update • Oct 11

Advanced Chemical Solutions And ESG Initiatives Will Expand Global Reach

Analysts have raised their price target for CES Energy Solutions from approximately $9.94 to $10.50. This adjustment is based on expectations of improved revenue growth and slightly higher profit margins.
Analysis Article • Oct 05

CES Energy Solutions (TSE:CEU) Could Become A Multi-Bagger

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Narrative Update • Sep 04

Advanced Chemical Solutions And ESG Initiatives Will Expand Global Reach

Analysts have raised their price targets for CES Energy Solutions on strong earnings outperformance, expanding margins, improved cash flow, and favorable market dynamics, resulting in a modest increase in the consensus target from CA$9.75 to CA$9.94. Analyst Commentary Bullish analysts are raising price targets in response to consistent quarterly earnings outperformance and ongoing margin expansion.
Analysis Article • May 12

Earnings Miss: CES Energy Solutions Corp. Missed EPS By 5.0% And Analysts Are Revising Their Forecasts

CES Energy Solutions Corp. ( TSE:CEU ) shareholders are probably feeling a little disappointed, since its shares fell...
Analysis Article • May 10

CES Energy Solutions Corp. (TSE:CEU) Might Not Be As Mispriced As It Looks

With a price-to-earnings (or "P/E") ratio of 7.4x CES Energy Solutions Corp. ( TSE:CEU ) may be sending bullish signals...
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New Narrative • Mar 11

Expansion Into Permian Basin And Haynesville Will Strengthen Future Prospects

Strategic tuck-in acquisitions and market share growth in key areas are set to enhance CES's revenue and market position.
Analysis Article • Mar 10

CES Energy Solutions (TSE:CEU) Is Increasing Its Dividend To CA$0.0425

CES Energy Solutions Corp.'s ( TSE:CEU ) dividend will be increasing from last year's payment of the same period to...
Analysis Article • Feb 26

CES Energy Solutions (TSE:CEU) Is Investing Its Capital With Increasing Efficiency

There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...
Analysis Article • Jan 28

Here's Why We Think CES Energy Solutions (TSE:CEU) Might Deserve Your Attention Today

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Analysis Article • Nov 22

CES Energy Solutions (TSE:CEU) Could Become A Multi-Bagger

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world...
Analysis Article • Oct 19

Market Still Lacking Some Conviction On CES Energy Solutions Corp. (TSE:CEU)

When close to half the companies in Canada have price-to-earnings ratios (or "P/E's") above 16x, you may consider CES...
Analysis Article • Sep 25

If EPS Growth Is Important To You, CES Energy Solutions (TSE:CEU) Presents An Opportunity

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Analysis Article • Aug 11

CES Energy Solutions Corp. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

CES Energy Solutions Corp. ( TSE:CEU ) just released its quarterly report and things are looking bullish. It was...
Analysis Article • Aug 09

CES Energy Solutions (TSE:CEU) Is Investing Its Capital With Increasing Efficiency

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Analysis Article • Jul 19

Is There An Opportunity With CES Energy Solutions Corp.'s (TSE:CEU) 33% Undervaluation?

Key Insights Using the 2 Stage Free Cash Flow to Equity, CES Energy Solutions fair value estimate is CA$11.75 CES...

Earnings and Revenue Growth Forecasts

TSX:CEU - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20283,3843212803842
12/31/20272,9442742264018
12/31/20262,7352361683388
3/31/20262,543211199294N/A
12/31/20252,494205186285N/A
9/30/20252,435178140240N/A
6/30/20252,418184153261N/A
3/31/20252,398181173278N/A
12/31/20242,354191212305N/A
9/30/20242,302198192282N/A
6/30/20242,232190225309N/A
3/31/20242,194176234315N/A
12/31/20232,164155228302N/A
9/30/20232,173146231301N/A
6/30/20232,161132121185N/A
3/31/20232,0791182683N/A
12/31/20221,92295-56-3N/A
9/30/20221,72780-131-81N/A
6/30/20221,51768-153-111N/A
3/31/20221,33755-116-81N/A
12/31/20211,19650-102-74N/A
9/30/20211,04166-54-35N/A
6/30/2021893403751N/A
3/31/20217998123139N/A
12/31/2020888-223131157N/A
9/30/2020991-251160198N/A
6/30/20201,140-231144188N/A
3/31/20201,294-19897148N/A
12/31/20191,27730N/A187N/A
9/30/20191,31034N/A162N/A
6/30/20191,33232N/A120N/A
3/31/20191,30437N/A106N/A
12/31/20181,27148N/A78N/A
9/30/20181,20235N/A87N/A
6/30/20181,12449N/A79N/A
3/31/20181,07842N/A35N/A
12/31/20171,03036N/A-23N/A
9/30/201793930N/A-46N/A
6/30/2017823-1N/A-33N/A
3/31/2017683-33N/A-15N/A
12/31/2016568-65N/A57N/A
9/30/2016545-175N/A80N/A
6/30/2016588-157N/A96N/A
3/31/2016653-130N/A189N/A
12/31/2015750-92N/A209N/A
9/30/201586341N/A188N/A
6/30/201594955N/A170N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CEU's forecast earnings growth (15% per year) is above the savings rate (3%).

Earnings vs Market: CEU's earnings (15% per year) are forecast to grow faster than the Canadian market (10.7% per year).

High Growth Earnings: CEU's earnings are forecast to grow, but not significantly.

Revenue vs Market: CEU's revenue (10.8% per year) is forecast to grow faster than the Canadian market (4.5% per year).

High Growth Revenue: CEU's revenue (10.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CEU's Return on Equity is forecast to be high in 3 years time (22.6%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/21 21:39
End of Day Share Price 2026/05/21 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

CES Energy Solutions Corp. is covered by 16 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Tim MonachelloATB Cormark
Brent WatsonATB Cormark Historical (Cormark Securities)
John GibsonBMO Capital Markets Equity Research