Calfrac Well Services Ltd.

TSX:CFW Stock Report

Market Cap: CA$530.2m

Calfrac Well Services Future Growth

Future criteria checks 3/6

Calfrac Well Services is forecast to grow earnings and revenue by 31.9% and 0.8% per annum respectively. EPS is expected to grow by 16.2% per annum. Return on equity is forecast to be 10% in 3 years.

Key information

31.9%

Earnings growth rate

16.18%

EPS growth rate

Energy Services earnings growth26.3%
Revenue growth rate0.8%
Future return on equity10.00%
Analyst coverage

Low

Last updated28 Apr 2026

Recent future growth updates

Recent updates

Narrative Update • May 01

CFW: Higher Fair Value And Leadership Changes Will Shape Future Upside Potential

Analysts have increased their fair value estimate for Calfrac Well Services to CA$7.25 from CA$5.25, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, in line with recent price target and rating changes from the Street. Analyst Commentary Recent Street research around Calfrac Well Services has centered on refreshed price targets and rating changes, which feed directly into how you might think about the balance between potential upside and execution risk.
Narrative Update • Apr 16

CFW: Future Earnings Outlook Will Reflect Leadership Changes And Recent Rating Upgrades

Analysts have raised their fair value estimate for Calfrac Well Services to CA$7.50 from CA$7.00, citing recent price target increases and rating upgrades that are reflected in a higher assumed future P/E multiple. Analyst Commentary Recent research updates point to a more constructive stance on Calfrac Well Services, reflected in higher price targets and an upgraded rating.
Narrative Update • Apr 01

CFW: Fair Outlook Will Reflect New CEO And Recent Research Upgrades

Analysts have lifted their fair value estimate for Calfrac Well Services to CA$7.00 from CA$5.75, citing updated assumptions around revenue growth, profitability, discount rate and future P/E that align with recent price target increases and upgrades in Street research. Analyst Commentary Bullish Takeaways Bullish analysts have raised price targets, which lines up with the higher fair value estimate and supports the view that the current share price still offers upside to their valuation work.
Narrative Update • Mar 18

CFW: CEO Transition And Rights Offering Will Shape Future Balanced Returns

Analysts have kept their CA$5.25 price target for Calfrac Well Services unchanged, citing only modest tweaks to discount rate, revenue growth and profit margin assumptions, along with a slightly lower future P/E multiple in their updated models. What's in the News Calfrac Well Services plans a Special and Extraordinary Shareholders Meeting on May 12, 2026, providing a key date to watch for company-level decisions (Key Developments).
Narrative Update • Mar 03

CFW: Fair Outlook Will Reflect New CEO And Updated Profitability Assumptions

Analysts have increased their CA$ fair value estimate for Calfrac Well Services from CA$4.50 to CA$5.75, citing updated assumptions for discount rates, margins, revenue trends and future P/E expectations. What's in the News Calfrac Well Services Ltd.
Narrative Update • Feb 17

CFW: CEO Transition And Equity Raise Will Guide Future Balanced Returns

Analysts have raised their fair value estimate for Calfrac Well Services from CA$4.00 to CA$5.25, citing updated assumptions around the discount rate, revenue contraction, profit margins, and future P/E levels. What's in the News Calfrac Well Services appointed Tyler Dahlseide as Chief Executive Officer, effective February 4, 2026, following his prior role as Vice President, Optimization and Strategy, which he assumed in September 2025 (Key Developments).
Analysis Article • Feb 07

Calfrac Well Services Ltd.'s (TSE:CFW) P/E Is Still On The Mark Following 29% Share Price Bounce

Despite an already strong run, Calfrac Well Services Ltd. ( TSE:CFW ) shares have been powering on, with a gain of 29...
Narrative Update • Feb 03

CFW: Fair Outlook Will Balance Equity Raise And Vaca Muerta Slowdown

Analysts have trimmed their price target on Calfrac Well Services to US$5.50 from the equivalent of US$5.50, citing slightly higher discount rate assumptions, a modestly softer revenue growth outlook, a small improvement in profit margin expectations and a lower future P/E multiple. What's in the News Calfrac Well Services completed a follow on equity offering of common shares, raising about C$35.0 million through a rights offering of 13,011,152 shares at C$2.69 per share (Key Developments).
Narrative Update • Jan 20

CFW: Fair Outlook Will Balance Equity Offering And Expected Revenue Slowdown

Analysts have kept their price target on Calfrac Well Services steady at $5.50, citing offsetting adjustments to the discount rate, revenue growth expectations, profit margin outlook and future P/E assumptions. What's in the News Calfrac Well Services completed a follow on equity offering of approximately C$35.0m, issuing 13,011,152 common shares at C$2.69 per share via a rights offering (Key Developments).
Narrative Update • Jan 06

CFW: Equity Raise And Margin Outlook Will Shape Balanced Future Returns

Analysts have slightly reduced their price target on Calfrac Well Services to reflect updated assumptions on discount rates, profit margins and future P/E, while maintaining their fair value estimate at $4.00. What's in the News Completed a follow on equity offering of common shares, raising about C$35.0m through a rights offering of 13,011,152 shares at C$2.69 (Key Developments).
Analysis Article • Dec 24

Calfrac Well Services Ltd.'s (TSE:CFW) Business Is Yet to Catch Up With Its Share Price

There wouldn't be many who think Calfrac Well Services Ltd.'s ( TSE:CFW ) price-to-earnings (or "P/E") ratio of 16.9x...
Narrative Update • Dec 14

CFW: Profit Margins And Lower Risk Profile Will Drive Future Upside

Analysts have increased their price target on Calfrac Well Services from approximately $3.50 to $4.00 per share, citing expectations for moderating revenue declines, significantly improving profit margins, and a more reasonable forward earnings multiple supported by a lower perceived risk profile. What's in the News Issued new earnings guidance for the fourth quarter of 2025, indicating revenue is expected to decline sequentially due to customer budget exhaustion in Argentina's Vaca Muerta shale play after record first half E&P capital spending (company guidance) Filed a CAD 35 million follow on equity offering for 13,011,152 common shares at CAD 2.69 per share, structured as a rights offering to existing shareholders (regulatory filing) Valuation Changes Fair Value Estimate was raised modestly from CA$3.50 to CA$4.00 per share, reflecting a higher assessed intrinsic value.
Narrative Update • Aug 10

Modernizing Fleet And Expansion Into Vaca Muerta Will Improve Future Efficiency

The upward revision in Calfrac Well Services' price target reflects a substantial improvement in net profit margin and a markedly lower future P/E ratio, resulting in a new consensus fair value of CA$4.50. Valuation Changes Summary of Valuation Changes for Calfrac Well Services The Consensus Analyst Price Target has risen from CA$4.17 to CA$4.50.
Analysis Article • Jul 26

Some Shareholders Feeling Restless Over Calfrac Well Services Ltd.'s (TSE:CFW) P/S Ratio

With a median price-to-sales (or "P/S") ratio of close to 0.5x in the Energy Services industry in Canada, you could be...
Analysis Article • Apr 08

Here's Why Calfrac Well Services (TSE:CFW) Is Weighed Down By Its Debt Load

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Mar 20

Calfrac Well Services' (TSE:CFW) Soft Earnings Are Actually Better Than They Appear

Soft earnings didn't appear to concern Calfrac Well Services Ltd.'s ( TSE:CFW ) shareholders over the last week. We did...
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New Narrative • Feb 10

Expansion Into Argentina's Vaca Muerta And Fleet Modernization Will Improve Operational Efficiency

Expansion in Argentina and fleet modernization are expected to drive profitability and operational efficiency, enhancing revenue and margins.
Analysis Article • Aug 09

We Believe That Calfrac Well Services' (TSE:CFW) Weak Earnings Are A Good Indicator Of Underlying Profitability

Calfrac Well Services Ltd.'s ( TSE:CFW ) lackluster earnings announcement last week disappointed investors. We looked...
Analysis Article • May 01

Here's Why We Think Calfrac Well Services (TSE:CFW) Is Well Worth Watching

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Analysis Article • Mar 15

Calfrac Well Services (TSE:CFW) Seems To Use Debt Quite Sensibly

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Analysis Article • Jan 25

Investors Holding Back On Calfrac Well Services Ltd. (TSE:CFW)

There wouldn't be many who think Calfrac Well Services Ltd.'s ( TSE:CFW ) price-to-sales (or "P/S") ratio of 0.2x is...
Analysis Article • Nov 11

Returns On Capital Are A Standout For Calfrac Well Services (TSE:CFW)

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Analysis Article • Aug 17

Is Calfrac Well Services Ltd. (TSE:CFW) Trading At A 42% Discount?

Key Insights The projected fair value for Calfrac Well Services is CA$10.10 based on 2 Stage Free Cash Flow to Equity...

Earnings and Revenue Growth Forecasts

TSX:CFW - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,409N/A1071961
12/31/20271,40176962103
12/31/20261,31943691753
12/31/20251,3884271200N/A
9/30/20251,4772158209N/A
6/30/20251,5841039186N/A
3/31/20251,60719-42127N/A
12/31/20241,5679-57127N/A
9/30/20241,60828-25164N/A
6/30/20241,66113230241N/A
3/31/20241,70115856245N/A
12/31/20231,864198113282N/A
9/30/20231,89119967229N/A
6/30/20231,84614711142N/A
3/31/20231,6989034133N/A
12/31/20221,4993528108N/A
9/30/20221,281-9-2042N/A
6/30/20221,106-61-5411N/A
3/31/2022961-90-4820N/A
12/31/2021880-95-79-15N/A
9/30/202183160-88-34N/A
6/30/202169617-82-47N/A
3/31/2021614-2242151N/A
12/31/2020705-324-2225N/A
9/30/2020842-500-2455N/A
6/30/20201,113-47927141N/A
3/31/20201,451-243-12513N/A
12/31/20191,621-156-15132N/A
9/30/20191,803-110N/A249N/A
6/30/20192,034-66N/A231N/A
3/31/20192,149-58N/A266N/A
12/31/20182,256-18N/A185N/A
9/30/20182,24323N/A97N/A
6/30/20182,06116N/A69N/A
3/31/20181,84229N/A11N/A
12/31/20171,5286N/A-14N/A
9/30/20171,235-94N/A-99N/A
6/30/2017962-142N/A-134N/A
3/31/2017787-164N/A-115N/A
12/31/2016735-198N/A-80N/A
9/30/2016828-278N/A-10N/A
6/30/2016942-261N/A50N/A
3/31/20161,111-263N/A133N/A
12/31/20151,495-222N/A121N/A
9/30/20151,958-54N/A148N/A
6/30/20152,36615N/A213N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CFW's forecast earnings growth (31.9% per year) is above the savings rate (3%).

Earnings vs Market: CFW's earnings (31.9% per year) are forecast to grow faster than the Canadian market (10.8% per year).

High Growth Earnings: CFW's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CFW's revenue (0.8% per year) is forecast to grow slower than the Canadian market (4.9% per year).

High Growth Revenue: CFW's revenue (0.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CFW's Return on Equity is forecast to be low in 3 years time (10%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/07 05:02
End of Day Share Price 2026/05/07 00:00
Earnings2025/12/31
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

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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

Calfrac Well Services Ltd. is covered by 23 analysts. 3 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
Garett UrsuATB Cormark Historical (Cormark Securities)
Sean MeakimBarclays