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Relative valuation derived from Energy 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: 39.4GRADE D
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
4.0%
Sector: 6.7%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, EXPRO GROUP HOLDINGS N.V. (XPRO) receives a "Hold" rating with a composite score of 45.3/100, ranked #1007 out of 4446 stocks. Key factor scores: Quality 39/100, Value 56/100, Momentum 67/100. This is quantitative analysis only — not investment advice.
EXPRO GROUP HOLDINGS N.V. (XPRO) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does EXPRO GROUP HOLDINGS N.V. Do?
Expro Group Holdings N.V. engages in the provision of energy services in North and Latin America, Europe and Sub-Saharan Africa, the Middle East and North Africa, and the Asia-Pacific. The company provides well construction services, such as technology solutions in drilling, tubular running services, and cementing and tubulars; and well management services, including well flow management, subsea well access, and well intervention and integrity services. It serves exploration and production companies in onshore and offshore environments in approximately 60 countries with approximately 100 locations. The company was founded in 1938 and is based in Houston, Texas. EXPRO GROUP HOLDINGS N.V. (XPRO) is classified as a small-cap stock in the Energy sector, specifically within the Petroleum And Natural Gas industry. The company is led by CEO Michael Jardon and employs approximately 7,600 people, headquartered in Den Helder, Texas. With a market capitalization of $1.8B, XPRO is one of the notable companies in the Energy sector.
EXPRO GROUP HOLDINGS N.V. (XPRO) Stock Rating — Hold (April 2026)
As of April 2026, EXPRO GROUP HOLDINGS N.V. receives a Hold rating with a composite score of 45.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.XPRO ranks #1,007 out of 4,446 stocks in our coverage universe. Within the Energy sector, EXPRO GROUP HOLDINGS N.V. ranks #87 of 128 stocks, placing it in the lower half of its Energy 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%).
XPRO Stock Price and 52-Week Range
EXPRO GROUP HOLDINGS N.V. (XPRO) currently trades at $16.69. The 52-week high for XPRO is $18.73, which means the stock is currently trading -10.9% from its annual peak. The 52-week low is $6.70, putting the stock 149.3% above its annual trough. Recent trading volume was 529K shares, suggesting relatively thin trading activity.
Is XPRO Overvalued or Undervalued? — Valuation Analysis
EXPRO GROUP HOLDINGS N.V. (XPRO) carries a value factor score of 56/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 31.45x, compared to the Energy sector average of 19.63x — a premium of 60%. The price-to-book ratio stands at 1.27x, versus the sector average of 1.64x. The price-to-sales ratio is 1.19x, compared to 0.47x for the average Energy stock. On an enterprise value basis, XPRO trades at 14.31x EV/EBITDA, versus 3.50x for the sector.
Overall, XPRO'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.
EXPRO GROUP HOLDINGS N.V. Profitability — ROE, Margins, and Quality Score
EXPRO GROUP HOLDINGS N.V. (XPRO) earns a quality factor score of 39/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 4.0%, compared to the Energy sector average of 6.7%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 2.8% versus the sector average of 3.7%.
On a margin basis, EXPRO GROUP HOLDINGS N.V. reports gross margins of 24.4%, compared to 52.7% for the sector. The operating margin is 5.7% (sector: 10.7%). Net profit margin stands at 3.8%, versus 6.4% for the average Energy stock. Revenue growth is running at -12.4% on a trailing basis, compared to -1.2% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
XPRO Debt, Balance Sheet, and Financial Health
EXPRO GROUP HOLDINGS N.V. has a debt-to-equity ratio of 5.0%, compared to the Energy sector average of 55.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 2.16x, indicating strong short-term liquidity. Total debt on the balance sheet is $79M. Cash and equivalents stand at $198M.
XPRO has a beta of 1.62, meaning it is more volatile than the broader market — a $10,000 investment in XPRO would be expected to move 62.2% more than the S&P 500 on any given day. The stability factor score for EXPRO GROUP HOLDINGS N.V. is 38/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
EXPRO GROUP HOLDINGS N.V. Revenue and Earnings History — Quarterly Trend
In TTM 2026, EXPRO GROUP HOLDINGS N.V. reported revenue of $1.65B and earnings per share (EPS) of $0.45. Net income for the quarter was $62M. Gross margin was 24.4%. Operating income came in at $95M.
In FY 2025, EXPRO GROUP HOLDINGS N.V. reported revenue of $1.61B and earnings per share (EPS) of $0.45. Net income for the quarter was $52M. Revenue grew -6.2% year-over-year compared to FY 2024. Operating income came in at $81M.
In Q3 2025, EXPRO GROUP HOLDINGS N.V. reported revenue of $411M and earnings per share (EPS) of $0.12. Net income for the quarter was $14M. Gross margin was 24.4%. Revenue grew -2.7% year-over-year compared to Q3 2024. Operating income came in at $26M.
In Q2 2025, EXPRO GROUP HOLDINGS N.V. reported revenue of $423M and earnings per share (EPS) of $0.16. Net income for the quarter was $18M. Revenue grew -10.0% year-over-year compared to Q2 2024. Operating income came in at $33M.
Over the past 8 quarters, EXPRO GROUP HOLDINGS N.V. has demonstrated a growth trajectory, with revenue expanding from $470M to $1.65B. Investors analyzing XPRO stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
XPRO Dividend Yield and Income Analysis
EXPRO GROUP HOLDINGS N.V. (XPRO) does not currently pay a dividend. This is common among smaller companies in the Petroleum And Natural Gas industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Energy dividend stocks may want to explore other Energy stocks or use the stock screener to filter by dividend yield.
XPRO Momentum and Technical Analysis Profile
EXPRO GROUP HOLDINGS N.V. (XPRO) has a momentum factor score of 67/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 37/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 9/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
XPRO vs Competitors — Energy Sector Ranking and Peer Comparison
Comparing XPRO against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full XPRO vs S&P 500 (SPY) comparison to assess how EXPRO GROUP HOLDINGS N.V. stacks up against the broader market across all factor dimensions.
XPRO Next Earnings Date
No upcoming earnings date has been announced for EXPRO GROUP HOLDINGS N.V. (XPRO) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy XPRO? — Investment Thesis Summary
EXPRO GROUP HOLDINGS N.V. presents a balanced picture with arguments on both sides. The quality score of 39/100 flags below-average profitability. Price momentum is positive at 67/100, suggesting the trend favors buyers. High volatility (stability score 38/100) increases portfolio risk.
In summary, EXPRO GROUP HOLDINGS N.V. (XPRO) earns a Hold rating with a composite score of 45.3/100 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 XPRO stock.
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Institutional Research Dossier
EXPRO GROUP HOLDINGS N.V. (XPRO) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on Expro Group Holdings N.V. (XPRO). While the company operates in a cyclical industry with potential for growth driven by increased drilling and production activity, its current valuation appears stretched relative to its profitability and historical performance. The company's relatively low margins compared to the sector and a recent decline in revenue raise concerns about its ability to generate sustainable returns for investors at the current price.
The Hold rating reflects a balanced view, acknowledging the potential upside from a favorable energy market environment and Expro's diverse service offerings, while also recognizing the downside risks associated with its valuation, margin pressures, and revenue volatility. Investors should closely monitor the company's ability to improve its profitability and maintain revenue growth in the face of industry fluctuations before considering a more bullish stance.
Business Strategy & Overview
Expro Group Holdings N.V. operates within the energy services sector, providing a range of solutions to exploration and production (E&P) companies. Its business is segmented into well construction and well management services, catering to both onshore and offshore environments. The company's revenue generation is directly tied to the capital expenditure budgets of E&P companies, making it susceptible to the cyclical nature of the oil and gas industry. Expro's global presence, with operations in approximately 60 countries, provides diversification but also exposes it to varying regional market conditions and geopolitical risks.
Expro's strategy appears to focus on providing integrated solutions, aiming to capture a larger share of the E&P companies' spending. This approach involves offering a comprehensive suite of services, from drilling support to well intervention and integrity management. The company's ability to bundle services and offer customized solutions is a key differentiator in a competitive market. However, the success of this strategy hinges on its ability to maintain technological leadership and operational efficiency across its diverse service lines.
The company's product pipeline and technological advancements are crucial for maintaining its competitive edge. Expro invests in research and development to enhance its existing service offerings and develop new technologies that address the evolving needs of the E&P industry. This includes innovations in areas such as subsea well access, well flow management, and tubular running services. The adoption of these technologies by E&P companies is essential for driving revenue growth and improving profitability.
The industry context is characterized by fluctuating oil prices, increasing environmental concerns, and a growing emphasis on operational efficiency. Expro must navigate these challenges by adapting its service offerings to meet the changing demands of the market. This includes providing solutions that reduce environmental impact, improve well productivity, and lower operating costs for E&P companies. The company's ability to successfully address these challenges will determine its long-term success and its ability to generate sustainable returns for investors.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-12.4%
Sector: -1.2%
+961% VS SCTR
Economic Moat Analysis
Expro's economic moat is likely Narrow. The company operates in a competitive industry where differentiation is challenging, and switching costs are not prohibitively high for customers. While Expro has a global presence and offers a comprehensive suite of services, these factors alone do not create a wide moat. The company's competitive advantage is primarily based on its technological expertise and operational efficiency in specific service areas.
Switching costs in the energy services sector are moderate. E&P companies may incur costs associated with changing service providers, such as retraining personnel and adapting to new equipment. However, these costs are typically not substantial enough to create a significant barrier to entry for competitors. Furthermore, E&P companies often diversify their service providers to mitigate risk and ensure competitive pricing.
Intangible assets, such as patents and proprietary technologies, play a role in Expro's competitive advantage. The company invests in research and development to develop innovative solutions that address the evolving needs of the E&P industry. However, the effectiveness of these intangible assets in creating a sustainable moat depends on their ability to generate superior returns and prevent competitors from replicating or developing alternative technologies.
Cost advantages are also a factor in Expro's competitive positioning. The company strives to improve its operational efficiency and reduce its cost structure to offer competitive pricing to its customers. However, cost advantages are often difficult to sustain in the long run, as competitors can adopt similar strategies and technologies. Furthermore, cost advantages may be eroded by fluctuations in commodity prices and labor costs.
Efficient scale is not a significant factor in Expro's industry. While the company benefits from its global presence and economies of scale, the energy services sector is not characterized by natural monopolies or significant barriers to entry based on scale alone. Smaller, specialized service providers can often compete effectively with larger companies by focusing on niche markets or offering specialized expertise.
Overall, Expro's narrow moat is based on a combination of technological expertise, operational efficiency, and a global presence. However, the company faces significant competition and must continuously innovate and adapt to maintain its competitive advantage. The moat is vulnerable to erosion from technological advancements, new market entrants, and changes in the competitive landscape.
Financial Health & Profitability
Expro's financial health presents a mixed picture. While the company has a relatively strong current ratio of 2.16, indicating good short-term liquidity, its profitability metrics lag behind the sector average. The company's gross margin of 24.4% is significantly lower than the sector average of 55.1%, suggesting potential inefficiencies in its cost structure or pricing strategy. Similarly, its operating margin of 5.7% and net margin of 3.8% are below the sector averages of 10.6% and 6.3%, respectively, indicating lower overall profitability.
The company's return on equity (ROE) of 4.1% is also lower than the sector average of 6.9%, suggesting that it is not generating as much profit from shareholders' equity as its peers. This could be due to a combination of lower profitability and higher leverage. While the company's debt-to-equity ratio of 5.00 appears low compared to the sector average of 55.00, it's important to note that the sector average may be skewed by a few highly leveraged companies.
The quarterly financial history reveals some concerning trends. While revenue increased from $1.51B in FY2023 to $1.71B in FY2024, it has since declined to $1.61B in FY2025. This suggests that the company is facing challenges in maintaining revenue growth. Furthermore, the company's net income has fluctuated significantly over the past few quarters, indicating volatility in its earnings. The company reported a net loss in Q1 2024 and Q3 2023, highlighting the cyclical nature of its business and its susceptibility to market conditions.
Free cash flow (FCF) data is limited, but the reported FCF of $38.51M in Q3 FY2025 suggests that the company is generating positive cash flow. However, it is important to note that this is only a snapshot in time and may not be representative of the company's long-term cash flow generation capabilities. The company's total cash balance of $197.88M provides a buffer against short-term liquidity challenges, but it is important to monitor its cash flow generation to ensure that it can meet its debt obligations and fund its growth initiatives.
Overall, Expro's financial health is adequate but not exceptional. The company's strong current ratio and low debt-to-equity ratio provide some comfort, but its lower-than-average profitability metrics and declining revenue trend raise concerns. Investors should closely monitor the company's ability to improve its profitability and maintain revenue growth in the face of industry fluctuations.
Valuation Assessment
Expro's valuation appears stretched relative to its profitability and historical performance. The company's P/E ratio of 37.0x is significantly higher than the sector average of 19.5x, suggesting that investors are paying a premium for its earnings. Similarly, its EV/EBITDA ratio of 6.1x is higher than the sector average of 3.5x, indicating that the company is more expensive on an enterprise value basis.
The high valuation multiples may be justified if the company is expected to generate significantly higher growth rates than its peers. However, the company's recent revenue decline of -12.4% suggests that this is not the case. Furthermore, the company's lower-than-average profitability metrics raise concerns about its ability to generate sustainable earnings growth.
The company's free cash flow yield is difficult to assess due to the limited FCF data. However, based on the reported FCF of $38.51M and a market cap of $1.89B, the company's FCF yield is approximately 2.0%. This is relatively low compared to other companies in the sector, suggesting that the stock is not particularly attractive from a cash flow perspective.
Compared to its historical valuation, Expro's current multiples are elevated. The company's P/E ratio has fluctuated significantly over time, reflecting the cyclical nature of its business. However, its current P/E ratio is near the high end of its historical range, suggesting that the stock is currently overvalued.
Overall, Expro's valuation appears expensive relative to its profitability, growth prospects, and historical performance. The company's high P/E and EV/EBITDA ratios are not justified by its recent revenue decline and lower-than-average profitability metrics. Investors should exercise caution when considering an investment in Expro at its current valuation.
Risk & Uncertainty
Expro faces several specific, idiosyncratic risks that could negatively impact its business and financial performance. One of the most significant risks is its exposure to the cyclical nature of the oil and gas industry. Fluctuations in oil prices and drilling activity can directly impact the demand for Expro's services, leading to revenue volatility and earnings pressure. A prolonged downturn in the energy market could significantly reduce the company's profitability and cash flow.
Competition is another significant risk. The energy services sector is highly competitive, with numerous companies offering similar services. Expro faces competition from both large, established players and smaller, specialized service providers. Increased competition could lead to pricing pressure and reduced market share, negatively impacting the company's revenue and profitability.
Regulatory risks also pose a threat to Expro's business. The energy industry is subject to extensive regulations related to environmental protection, safety, and operational standards. Changes in these regulations could increase the company's compliance costs and limit its ability to operate in certain regions. Furthermore, increased scrutiny of the oil and gas industry due to environmental concerns could reduce demand for Expro's services.
Operational risks are also a concern. Expro's operations are complex and involve working in challenging environments, such as offshore drilling platforms and remote locations. Accidents, equipment failures, and other operational disruptions could lead to significant financial losses and reputational damage. Furthermore, the company's reliance on skilled personnel exposes it to the risk of labor shortages and increased labor costs.
Bulls Say / Bears Say
The Bull Case
BULL VIEWIncreased drilling and production activity, driven by higher oil prices, will significantly boost demand for Expro's well construction and management services, leading to substantial revenue growth.
BULL VIEWExpro's strategic focus on integrated solutions and technological innovation will allow it to capture a larger share of the energy services market and improve its profitability.
BULL VIEWThe company's strong balance sheet and global presence provide a solid foundation for future growth and allow it to weather industry downturns more effectively than its competitors.
The Bear Case
BEAR VIEWExpro's high valuation multiples are unsustainable given its recent revenue decline and lower-than-average profitability, making the stock vulnerable to a significant correction.
BEAR VIEWThe cyclical nature of the oil and gas industry poses a significant risk to Expro's future earnings, as a prolonged downturn could severely impact demand for its services.
BEAR VIEWIncreased competition and regulatory pressures will continue to erode Expro's margins and limit its ability to generate sustainable returns for investors.
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 XPRO and 4,400+ other equities.
EXPRO GROUP HOLDINGS N.V. exhibits a 125% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
2.8%
Sector: 3.7%
Gross Margin
Pricing power and cost efficiency
24.4%
Sector: 52.7%
Operating Margin
Core business profitability
5.7%
Sector: 10.7%
Net Margin
Bottom-line profitability
3.8%
Sector: 6.4%
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.
Whether you see them or not, energy businesses play a crucial part in our daily activities, from powering our homes and businesses to powering our transportation and industries.Their momentum is also rising as lower interest rates and AI energy needs have incentivized higher capital spending, and as a result, the industry has posted a six-month gain of 39.1%. This was a good place to be as the S&P 500 tumbled by 2%.
