Civeo Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Civeo Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	397	382	467	528	530	594	697	701	682	639
Cost of revenue	21.6	12.3					517	530	533	488
Gross profit	376	370					180	171	149	151
Selling, general and administrative	55.3	63.4	67	59.6	53.7	60.6	70	72.6	73.4	75.3
Operating expenses	493
Operating income	-95.8	-98	-88.1	-49.1	-147	6.05	17	39.5	1.33	4.12
Interest expense	22.7	21.4	26.3	27.4	16.7	13	11.5	13.2	7.97	11.4
Interest income	0.15	0.2	0.23	0.08	0.02	0	0.04	0.17	0.19	0.16
Other non-operating income	2.65	1.31	1.62	7.28	20.8	13.2	-6.29	0.88	-7.27	-10.6
Pre-tax income	-116	-119	-113	-69.1	-143	5.87	10.7	40.4	-5.94	-6.46
Income tax	-20.1	-13.5	-31.4	-10.7	-10.6	3.38	4.4	10.6	12.5	13.6
Net income to minority interests	0.56	0.46	0.4	0.16	1.47	1.15	2.33	-0.43	-1.36	-0.01
Net income	-96.4	-106	-82.2	-58.5	-134	1.35	4	30.2	-17.1	-20.1
EBITDA	35.5	28.5	37.8	74.7	-50.6	89.2	104	115	69.4	76.7
EPS, basic	-10.78	-9.82	-10.06	-4.33	-9.64	-0.04	-0.21	2.02	-1.19	-1.59
EPS, diluted	-10.78	-9.82	-10.06	-4.33	-9.64	-0.04	-0.21	2.01	-1.19	-1.59
Shares, basic (weighted)	8.94	10.7	13.1	13.9	14.1	14.2	14	14.9	14.3	12.6
Shares, diluted (weighted)	8.94	10.7	13.1	13.9	14.1	14.2	14	15	14.3	12.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1.79	32.6	12.4	3.33	6.16	6.28	7.95	3.32	5.2	14.4
Receivables	56.3	66.8	70.2	99.5	89.8	115	120	143	89	90.5
Inventory	3.11	7.25	4.31	5.88	6.18	6.47	6.91	6.98	7.54	6.22
Other current assets	1.52	1.55	3.56	7.9	6.17	10.9	3.08	7.41	1.21	2.88
Total current assets	82.6	132	108	131	119	157	154	175	110	131
Property, plant and equipment	790	694	659	590	487	390	302	271	205	245
Lease right-of-use assets			0	24.9	22.6	18.3	15.7	12.3	9.4	14.5
Goodwill		0	114	110	8.73	8.2	7.67	7.69	7	7.54
Intangible assets	28	22.8	119	112	99.7	93.6	81.7	78	66.5	70.4
Other non-current assets	10.1	5.11	1.36	1.28	3.63	5.37	5.6	4.28	6.82	9.25
Total assets	910	854	1,002	970	741	673	566	548	405	477
Accounts payable	20.7	27.8	28.3	37	42.1	49.3	51.1	58.7	40	44.3
Accrued liabilities	14.8	22.2	16	21.8	27.3	33.6	39.2	40.5	34.9	30.8
Deferred revenue	6.79	5.44	3.04	7.17	6.81	18.5	0.99	4.85	2.5	2.9
Short-term debt	15.5	16.6	33.3	35.1	34.6	30.6	28.4	0
Total current liabilities	60.4	75.6	86.7	110	117	137	128	114	92.6	84.9
Long-term debt	338	278	343	322	214	143	103	65.6	43.3	183
Lease liabilities			0	21.2	19.8	15.4	12.8	9.26	6.66	11.1
Other non-current liabilities	27	23.9	18.2	16.6	14.9	13.8	14.2	24.2	21.9	20.8
Total liabilities	434	378	466	479	365	310	262	225	168	303
Total debt	353	295	376	357	249	173	131	65.6	43.3	183
Paid-in capital	1,311	1,384	1,562	1,572	1,578	1,582	1,625	1,629	1,632	1,635
Retained earnings	-473	-579	-711	-772	-908	-913	-930	-919	-981	-1,059
Treasury stock	-0.07	-0.36	-1.19	-5.47	-6.93	-8.05	-9.06	-9.06	-10.1	-10.8
Other comprehensive income	-363	-328	-371	-363	-349	-362	-385	-381	-405	-391
Shareholders' equity	475	476	535	490	375	361	300	320	236	174
Minority interests	0.52	0.12	0	0.66	0.67	1.61	3.56	2.87	0.63	0
Total equity	476	476	535	491	375	363	304	323	237	174
Total liabilities and equity	910	854	1,002	970	741	673	566	548	405	477
Shares outstanding	9.03	11	166	14.1	14.2	14.1	15.2	14.7	13.7	11.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-95.8	-105	-81.8	-58.3	-133	2.5	6.33	29.7	-18.4	-20.1
Depreciation and amortization	131	126	126	124	96.5	83.1	87.2	75.1	68	72.6
Stock-based compensation	16.4	15.4	16.4	13.9	8.4	9.9	14.9	11.8	9.2	9.4
Deferred income tax	-13.2	-8.98	-31.4	-11.7	-11.1	3.07	4.18	6.81	-7.66	-4.41
Change in receivables	6.68	-6.9	13.3	-20.5	13.7	-28.1	-14.4	-22.3	44.2	4.74
Change in inventory	1.77	-4.46	3.38	-0.09	0.17	-0.53	-1.85	0.01	-1.22	1.72
Change in payables	-4.4	12.7	-17.7	8.47	6.89	15.4	12.3	7.44	-17.6	-5.19
Cash from operations	62.2	56.8	54.4	74.5	117	88.5	91.8	96.6	83.5	22.3
Capital expenditures	-19.8	-11.2	-17.1	-29.8	-10.1	-15.6	-25.4	-31.6	-26.1	-20.2
Acquisitions	0	0	-171	-16.4	0	0		0	0	-72.2
Cash from investing	-12.7	-8.74	-182	-38.6	-1.77	-0.71	-8.95	-14.5	-14.9	-90.1
Debt repaid	-41	-40.8	-26.6	-34.9	-39.9	-125	-30.4	-29.9	0	0
Stock issued	0	64.7	0	0
Share buybacks				0	0	-4.65	-14.2	-11.6	-29.6	-53.6
Dividends paid						0	0	-7.42	-14.4	-3.44
Cash from financing	-58.3	-18.1	110	-44.6	-114	-86.5	-79.7	-86.8	-65.2	74.7
Exchange rate effect	2.82	0.85	-2.24	-0.31	1.44	-1.19	-1.5	0.13	-1.49	2.29
Net change in cash	-6.05	30.9	-20.3	-9.04	2.82	0.13	1.67	-4.63	1.88	9.24
Free cash flow	42.4	45.6	37.3	44.7	107	73	66.4	64.9	57.4	2.15
Interest paid	18.9	17.4	23.1	23.9	12.6	9.99	9.23	10.3	5.48	8.66
Income taxes paid	3.4	-7.76	-5.27	1.05	0.6	0.33	0.22	0.25	12.3	33.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.7%	Gross profit / revenue.
Operating margin	2.2%	Operating income / revenue.
EBITDA margin	12.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.1%	Pre-tax income / revenue.
Net margin	-1.9%	Net income / revenue.
FCF margin	2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.1%	Cash from operations / revenue.
Effective tax rate	3,807.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.7%	Net income / average total assets.
Return on invested capital (ROIC)	3.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.3%	Selling, general and administrative expense / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	10.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	208.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-37.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	10.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-73.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-37.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-28.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-96.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-68.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-54.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-26.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-14.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-11.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.89x	Current assets / current liabilities.
Quick ratio	1.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.31x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.8%	Total debt / total assets.
Liabilities / assets	67.3%	Total liabilities / total assets.
Net debt	$188.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.00x	Operating income / interest expense.
Working capital	$76.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$85.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.40x	Revenue / average total assets.
Fixed asset turnover	3.07x	Revenue / average property, plant and equipment.
Inventory turnover	78.8x	Cost of revenue / average inventory.
Days inventory	5 days	365 x average inventory / cost of revenue.
Receivables turnover	6.25x	Revenue / average receivables.
Days sales outstanding	58 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	34 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	52.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$62.65	Revenue / diluted weighted shares.
FCF per share	$1.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.20	Cash from operations / diluted weighted shares.
Book value per share	$14.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.81	Tangible book value / shares outstanding.
Cash per share	$1.87	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	272.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$335.6M	Share price x shares outstanding.
Enterprise value	$523.6M	Market cap + total debt - cash - short-term investments.
P/S	0.49x	Market cap / revenue.
P/B	2.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.91x	Market cap / tangible book value, when positive.
P/FCF	20.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.59x	Market cap / cash from operations, when positive.
EV/Sales	0.76x	Enterprise value / revenue.
EV/EBIT	34.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.00x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	-3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	13.6%	(Dividends paid + share buybacks) / market cap.

What was Civeo Corp's revenue in fiscal 2025?

Civeo Corp reported revenue of $638.8M for fiscal 2025, 6.3% lower than the year before.

Was Civeo Corp profitable in fiscal 2025?

No. It reported a net loss of $20.1M.

How much free cash flow did Civeo Corp generate in fiscal 2025?

Cash from operations of $22.3M minus capital expenditures of $20.2M left free cash flow of $2.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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