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Relative to Consumer Discretionary Sector Median (N=442)
Metric
CVEO
Benchmark
P/E Ratio
-15.7x
-164%
EV/EBITDA
69.2x
+1310%
Price / Book
1.7x
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-41.3%
$16.67Spot: $28.39
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Discretionary sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 46.5GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
-10.8%
Sector: 6.2%
Dividend Analysis audit
INCOME
4.35%
Trailing Yield
$4.35
Per $100 Invested
Solid dividend yield for income-focused strategies.
Sector Avg Yield0.00%
Yield Delta—
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Civeo Corp (CVEO) receives a "Hold" rating with a composite score of 47.0/100, ranked #1514 out of 4446 stocks. Key factor scores: Quality 47/100, Value 41/100, Momentum 56/100. This is quantitative analysis only — not investment advice.
Civeo Corp (CVEO) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Civeo Corp Do?
Civeo Corporation provides hospitality services to the natural resource industry in Canada, Australia, and the United States. The company develops lodges and villages; and mobile accommodations, including modular, skid-mounted accommodation, and central facilities that provide long-term and temporary work force accommodations. It also offers food, housekeeping, and maintenance services, as well as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security, and logistics services; and camp management services. In addition, the company provides development activities for workforce accommodation facilities, including site selection, permitting, engineering and design, manufacturing management, and site construction services, as well as catering and managed services. It owns and operates 27 lodges and villages with approximately 28,000 rooms; and a fleet of mobile accommodation assets. The company serves oil, mining, engineering, and oilfield and mining service companies. Civeo Corporation is headquartered in Houston, Texas. Civeo Corp (CVEO) is classified as a micro-cap stock in the Consumer Discretionary sector, specifically within the Restaurants, Hotels, Motels industry. The company is led by CEO Bradley J. Dodson and employs approximately 1,400 people, headquartered in Houston, Texas. With a market capitalization of $292M, CVEO is one of the notable companies in the Consumer Discretionary sector.
Civeo Corp (CVEO) Stock Rating — Hold (April 2026)
As of April 2026, Civeo Corp receives a Hold rating with a composite score of 47.0/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CVEO ranks #1,514 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, Civeo Corp ranks #127 of 442 stocks, placing it in the upper half of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CVEO Stock Price and 52-Week Range
Civeo Corp (CVEO) currently trades at $28.39. The stock gained $0.93 (3.4%) in the most recent trading session. The 52-week high for CVEO is $29.74, which means the stock is currently trading -4.5% from its annual peak. The 52-week low is $18.01, putting the stock 57.6% above its annual trough. Recent trading volume was 118K shares, suggesting relatively thin trading activity.
Is CVEO Overvalued or Undervalued? — Valuation Analysis
Civeo Corp (CVEO) carries a value factor score of 41/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 1.70x, versus the sector average of 1.99x. The price-to-sales ratio is 0.45x, compared to 0.27x for the average Consumer Discretionary stock. On an enterprise value basis, CVEO trades at 69.16x EV/EBITDA, versus 4.91x for the sector.
Overall, CVEO's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Civeo Corp Profitability — ROE, Margins, and Quality Score
Civeo Corp (CVEO) earns a quality factor score of 47/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -10.8%, compared to the Consumer Discretionary sector average of 6.2%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -4.0% versus the sector average of 2.5%.
On a margin basis, Civeo Corp reports gross margins of 23.8%, compared to 36.9% for the sector. The operating margin is 0.5% (sector: 3.8%). Net profit margin stands at -3.0%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at -9.7% on a trailing basis, compared to 3.3% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
CVEO Debt, Balance Sheet, and Financial Health
Civeo Corp has a debt-to-equity ratio of 174.0%, compared to the Consumer Discretionary sector average of 89.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.54x, suggesting adequate working capital coverage. Total debt on the balance sheet is $188M. Cash and equivalents stand at $12M.
CVEO has a beta of 0.81, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Civeo Corp is 67/100, reflecting average volatility within the normal range for its sector.
Civeo Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, Civeo Corp reported revenue of $654M and earnings per share (EPS) of $-1.59. Net income for the quarter was $-19M. Gross margin was 23.8%. Operating income came in at $4M.
In FY 2025, Civeo Corp reported revenue of $639M and earnings per share (EPS) of $-1.59. Net income for the quarter was $-20M. Gross margin was 23.6%. Revenue grew -6.3% year-over-year compared to FY 2024. Operating income came in at $4M.
In Q3 2025, Civeo Corp reported revenue of $170M and earnings per share (EPS) of $-0.04. Net income for the quarter was $-456,000. Gross margin was 25.7%. Revenue grew -3.3% year-over-year compared to Q3 2024. Operating income came in at $7M.
In Q2 2025, Civeo Corp reported revenue of $163M and earnings per share (EPS) of $-0.25. Net income for the quarter was $-3M. Gross margin was 25.3%. Revenue grew -13.8% year-over-year compared to Q2 2024. Operating income came in at $3M.
Over the past 8 quarters, Civeo Corp has demonstrated a growth trajectory, with revenue expanding from $189M to $654M. Investors analyzing CVEO stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CVEO Dividend Yield and Income Analysis
Civeo Corp (CVEO) currently pays a dividend yield of 4.3%. At this yield, a $10,000 investment in CVEO stock would generate approximately $$435.00 in annual dividend income.
CVEO Momentum and Technical Analysis Profile
Civeo Corp (CVEO) has a momentum factor score of 56/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 36/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 27/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CVEO vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison
Comparing CVEO against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CVEO vs S&P 500 (SPY) comparison to assess how Civeo Corp stacks up against the broader market across all factor dimensions.
CVEO Next Earnings Date
No upcoming earnings date has been announced for Civeo Corp (CVEO) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CVEO? — Investment Thesis Summary
Civeo Corp presents a balanced picture with arguments on both sides. Low volatility (stability score 67/100) reduces downside risk.
In summary, Civeo Corp (CVEO) earns a Hold rating with a composite score of 47.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CVEO stock.
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Institutional Research Dossier
Civeo Corp (CVEO) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Civeo Corp (CVEO) receives a Hold rating, driven by a mixed financial performance and a valuation that doesn't present a compelling case for either significant upside or downside. The company's exposure to the volatile natural resource industry introduces substantial revenue variability, while its current profitability metrics and debt levels raise concerns about its long-term financial stability. While Civeo provides essential services to its clients, its lack of a strong economic moat and inconsistent financial results limit its attractiveness as a high-conviction investment.
The primary takeaway is that Civeo's performance is heavily reliant on the cyclical nature of the natural resource sector. Investors should closely monitor commodity prices, capital expenditure plans of resource companies, and Civeo's ability to manage its debt and improve profitability. A significant improvement in these areas could warrant a more positive outlook, while further deterioration would likely lead to a downgrade.
Business Strategy & Overview
Civeo Corporation operates within the hospitality sector, specifically catering to the workforce accommodation needs of the natural resource industry. The company's core business involves developing and managing lodges, villages, and mobile accommodation units, providing essential services like food, housekeeping, maintenance, and facility management. Civeo's strategic positioning centers around offering comprehensive solutions to companies operating in remote locations, where establishing and maintaining workforce accommodations can be logistically challenging and costly. The company serves a diverse range of clients, including oil, mining, engineering, and related service companies, primarily in Canada, Australia, and the United States.
Civeo's revenue generation model is based on long-term contracts and project-specific agreements with its clients. These contracts typically involve providing accommodation and related services for the duration of a project or for an extended period. The company's ability to secure and maintain these contracts is crucial for its financial performance. Civeo also engages in development activities for workforce accommodation facilities, including site selection, permitting, engineering, and construction management, which contributes to its revenue stream.
The company's strategic focus is on optimizing its existing asset base and expanding its service offerings to meet the evolving needs of its clients. This includes investing in technology and infrastructure to improve operational efficiency and enhance the guest experience. Civeo also seeks to capitalize on opportunities to expand its geographic footprint and diversify its client base, reducing its reliance on specific regions or industries. However, the company's growth prospects are closely tied to the capital expenditure plans of natural resource companies, which are subject to commodity price fluctuations and macroeconomic conditions.
Civeo operates in a competitive landscape, facing competition from other workforce accommodation providers, as well as from companies that offer alternative solutions, such as self-managed camps or temporary housing. The company's ability to differentiate itself through superior service quality, cost-effectiveness, and innovative solutions is essential for maintaining its market position. The industry is also subject to regulatory requirements and environmental considerations, which can impact the company's operations and profitability.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-9.7%
Sector: 3.3%
-393% VS SCTR
Economic Moat Analysis
Civeo's economic moat is assessed as None. While the company provides essential services to the natural resource industry, it lacks significant competitive advantages that would protect its market share and profitability over the long term. The barriers to entry in the workforce accommodation sector are relatively low, allowing new competitors to enter the market and erode Civeo's pricing power.
The company does not possess strong network effects. The value of its services does not increase significantly as more clients utilize its accommodations. While there may be some economies of scale associated with managing larger facilities, these are not substantial enough to create a significant cost advantage over smaller competitors. Furthermore, Civeo's clients are not locked into its services by high switching costs. They can readily switch to alternative providers or choose to manage their own workforce accommodations if they find a more cost-effective or convenient solution.
Civeo's intangible assets, such as brand recognition and proprietary technology, are not strong enough to create a sustainable competitive advantage. While the company has established a reputation for providing reliable services, it does not possess unique intellectual property or brand equity that would differentiate it significantly from its competitors. The company's cost advantages are also limited. While it may be able to achieve some cost efficiencies through economies of scale and operational improvements, these are not substantial enough to create a significant competitive advantage in the long run.
Efficient scale is not a significant factor in the workforce accommodation sector. The market is not dominated by a few large players, and there is room for multiple competitors to operate profitably. Civeo's size and scale do not provide it with a significant advantage over smaller competitors. The company's lack of a strong economic moat makes it vulnerable to competition and price pressures, which can negatively impact its profitability and financial performance. The cyclical nature of the natural resource industry further exacerbates these challenges, as demand for workforce accommodations can fluctuate significantly depending on commodity prices and capital expenditure plans.
Financial Health & Profitability
Civeo's financial health presents a mixed picture. The company's revenue has been volatile, with a recent decline of 9.7% year-over-year, contrasting with the sector's average growth of 3.2%. This revenue decline is concerning, indicating potential challenges in securing and maintaining contracts. The company's gross margin of 23.8% is significantly lower than the sector average of 36.9%, suggesting potential inefficiencies in its cost structure or pricing strategies. Similarly, its operating margin of 0.5% and net margin of -3.0% lag behind the sector averages of 3.8% and 2.1%, respectively, highlighting profitability issues.
The company's return on equity (ROE) of -10.8% is significantly below the sector average of 5.8%, indicating poor profitability relative to shareholders' equity. This is further compounded by the company's net loss of $20.08 million for the trailing twelve months (TTM). The company's debt-to-equity ratio of 174.00 is substantially higher than the sector average of 91.00, indicating a high level of financial leverage. This high debt burden increases the company's financial risk and limits its flexibility to invest in growth opportunities.
Civeo's current ratio of 1.54 suggests adequate short-term liquidity, but its free cash flow (FCF) of -$43.25 million is a significant concern. Negative FCF indicates that the company is not generating enough cash from its operations to cover its capital expenditures and other obligations. This could lead to increased borrowing or asset sales to fund its operations. The company's total cash balance of $12.00 million is relatively low compared to its total debt of $187.94 million, further highlighting its financial vulnerability.
Analyzing the quarterly financial history reveals inconsistent performance. While some quarters show positive net income and operating margins, others show significant losses. This volatility reflects the cyclical nature of the natural resource industry and the company's reliance on specific projects. The company's ability to consistently generate positive cash flow and improve its profitability will be crucial for its long-term financial health. The significant swing from $105.24M in FCF in FY2024 to negative FCF in the TTM period is particularly concerning.
Valuation Assessment
Civeo's valuation presents a complex picture. The company's negative net income results in a Not Applicable (N/A) price-to-earnings (P/E) ratio, making it impossible to assess its valuation based on earnings multiples. The sector average P/E ratio is 28.0x, but this is not relevant in Civeo's case due to its losses. The company's enterprise value-to-EBITDA (EV/EBITDA) ratio of 18.1x is significantly higher than the sector average of 5.3x, suggesting that the company is overvalued relative to its earnings before interest, taxes, depreciation, and amortization. This high EV/EBITDA ratio reflects the market's expectations for future growth or a potential turnaround in the company's profitability.
Given the company's negative free cash flow (FCF) of -$43.25 million, it is not possible to calculate a meaningful FCF yield. A positive FCF yield would indicate the percentage of cash flow available to investors relative to the company's market capitalization. The lack of positive FCF further supports the argument that the company is overvalued. The company's market capitalization of $297.41 million may not be justified by its current financial performance.
Considering the company's volatile revenue, negative earnings, and high debt levels, it is difficult to argue that the stock is cheap. While there may be potential for a turnaround in the future, the current valuation does not reflect a significant margin of safety. The company's valuation is heavily dependent on its ability to improve its profitability and generate positive cash flow. Investors should closely monitor the company's financial performance and industry trends before making an investment decision.
Overall, Civeo's valuation appears stretched given its current financial performance. The high EV/EBITDA ratio and negative FCF suggest that the stock is not undervalued. A more attractive entry point may be warranted if the company can demonstrate a sustained improvement in its profitability and cash flow generation. Until then, the stock's valuation remains a concern.
Risk & Uncertainty
Civeo faces several specific risks that could negatively impact its business and financial performance. The most significant risk is its reliance on the cyclical natural resource industry. Fluctuations in commodity prices and capital expenditure plans of resource companies can directly impact the demand for Civeo's services. A downturn in the oil, mining, or engineering sectors could lead to reduced contract volumes and lower revenue.
The company's high debt levels also pose a significant risk. Civeo's debt-to-equity ratio of 174.00 is substantially higher than the sector average, increasing its financial vulnerability. The company's ability to service its debt obligations depends on its ability to generate sufficient cash flow. A decline in revenue or an increase in interest rates could strain its financial resources and potentially lead to a default.
Competition from other workforce accommodation providers and alternative solutions also presents a risk. Civeo operates in a competitive landscape, and its ability to maintain its market share depends on its ability to differentiate itself through superior service quality, cost-effectiveness, and innovative solutions. The emergence of new competitors or the adoption of alternative solutions by its clients could negatively impact its revenue and profitability.
Regulatory and environmental risks are also relevant. Civeo's operations are subject to various regulatory requirements and environmental considerations. Changes in regulations or increased environmental scrutiny could increase its operating costs and limit its ability to expand its business. Furthermore, the company's operations may be subject to unforeseen events, such as natural disasters or accidents, which could disrupt its operations and negatively impact its financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCiveo's strategic positioning in providing essential services to the natural resource industry offers long-term growth potential as global demand for resources continues to rise.
BULL VIEWThe company's focus on optimizing its existing asset base and expanding its service offerings will lead to improved operational efficiency and increased profitability in the future.
BULL VIEWA rebound in commodity prices and increased capital expenditure by resource companies will drive higher demand for Civeo's workforce accommodation services, resulting in significant revenue growth.
The Bear Case
BEAR VIEWCiveo's high debt levels and negative free cash flow make it financially vulnerable to economic downturns and limit its ability to invest in growth opportunities.
BEAR VIEWThe company's lack of a strong economic moat exposes it to intense competition and price pressures, which will continue to erode its profitability.
BEAR VIEWThe cyclical nature of the natural resource industry will continue to create volatility in Civeo's revenue and earnings, making it a risky investment with limited upside potential.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score CVEO and 4,400+ other equities.
Civeo Corp exhibits a 300% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
-4.0%
Sector: 2.5%
Gross Margin
Pricing power and cost efficiency
23.8%
Sector: 36.9%
Operating Margin
Core business profitability
0.5%
Sector: 3.8%
Net Margin
Bottom-line profitability
-3.0%
Sector: 2.1%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Income Projection audit
A $10,000 investment would generate approximately $435 annually in dividends at the current trailing rate.
