Free cash flow remains volatile, swinging from a $29.5M inflow in 2023Q4 to a $13.9M outflow in 2026Q1, reflecting the ongoing burden of capital expenditures that peaked at 6.1% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 21.04M | 22.34M | 83.51M | 96.56M | 91.77M | 88.53M | 117.36M | 74.48M | 54.39M | 56.83M | 62.1M | 186.13M | 291.05M | 337.38M | 432.66M |
| Operating CF Margin % | - | 3.5% | 12.24% | 13.78% | 13.17% | 14.89% | 22.15% | 14.12% | 11.65% | 14.87% | 15.63% | 35.94% | 30.87% | 32.41% | 39.02% |
| Operating CF Growth % | -80.88% | -73.25% | -13.52% | 5.22% | 3.66% | -24.56% | 57.57% | 36.94% | -4.29% | -8.5% | -66.63% | -36.05% | -13.73% | -22.02% | - |
| Net Income | -14.04M | -20.08M | -18.43M | 30.16M | 6.33M | 2.5M | -132.78M | -58.33M | -81.85M | -105.25M | -95.83M | -130.66M | -187.66M | 183.31M | 245.94M |
| Depreciation & Amortization | 73.67M | 72.62M | 68.04M | 75.14M | 87.21M | 83.1M | 96.55M | 123.77M | 125.85M | 126.44M | 131.3M | 152.99M | 174.97M | 167.21M | 139.05M |
| Stock-Based Compensation | 2.71M | 3.06M | 2.85M | 4.46M | 3.79M | 4.13M | 6.07M | 10.12M | 11.04M | 7.34M | 5.3M | 4.61M | 6.28M | 4.89M | 3.26M |
| Deferred Taxes | -4.04M | -4.41M | -7.66M | 6.81M | 4.18M | 3.07M | -11.12M | -11.71M | -31.4M | -8.98M | -13.21M | -34.17M | 4.33M | 11.61M | 13.81M |
| Other Non-Cash Items | -23.59M | 80K | 6.93M | -18.43M | 4.19M | 4.5M | 138.77M | 24.89M | 32.41M | 36.07M | 48.12M | 126.22M | 287.91M | -2.03M | -2.43M |
| Working Capital Changes | -13.69M | -28.94M | 31.78M | -1.57M | -13.92M | -8.77M | 19.88M | -14.25M | -1.65M | 1.21M | -13.58M | 67.15M | 5.22M | -27.62M | 33.03M |
| Change in Receivables | -6.89M | 4.74M | 44.23M | -22.31M | -14.45M | -28.13M | 13.68M | -20.55M | 13.33M | -6.9M | 6.68M | 80.35M | 4.84M | 12.55M | -12.1M |
| Change in Inventory | -170.07K | 1.72M | -1.22M | 5K | -1.84M | -526K | 171K | -87K | 3.38M | -4.46M | 1.77M | 5.41M | 15.17M | -11.88M | 10.96M |
| Change in Payables | 551.82K | -5.19M | -17.58M | 7.44M | 12.32M | 15.44M | 6.89M | 8.47M | -17.72M | 12.67M | -4.46M | -12.88M | -167K | -28.26M | 27.19M |
| Cash from Investing | -88.94M | -90.11M | -14.94M | -14.52M | -8.95M | -706K | -1.77M | -38.58M | -181.95M | -8.74M | -12.69M | -49.77M | -239.07M | -284.21M | -305.7M |
| Capital Expenditures | -19.05M | -20.19M | -26.14M | -31.63M | -25.42M | -15.57M | -10.08M | -29.81M | -17.11M | -11.19M | -19.78M | -62.45M | -251.16M | -291.69M | -314.05M |
| CapEx % of Revenue | 2.85% | 3.16% | 3.83% | 4.51% | 3.65% | 2.62% | 1.9% | 5.65% | 3.67% | 2.93% | 4.98% | 12.06% | 26.64% | 28.02% | 28.32% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.43M | -171.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -69.89M | -69.92M | 11.19M | 17.11M | 16.48M | 14.87M | 8.31M | 7.67M | 6.5M | 2.46M | 7.09M | 12.68M | 12.09M | 7.49M | 8.35M |
| Cash from Financing | 53.96M | 74.72M | -65.2M | -86.8M | -79.66M | -86.51M | -114.21M | -44.63M | 109.52M | -18.07M | -58.28M | -349.62M | 16.23M | 30.34M | 1.52M |
| Debt Issued (Net) | 86.76M | 132.41M | -17.12M | -67.75M | -33.82M | -76.33M | -110.17M | -38.4M | 114.36M | -80.72M | -56.22M | -345.28M | 775M | -130.66M | -10.31M |
| Equity Issued (Net) | -49.97M | -53.61M | -29.62M | -11.63M | -44.76M | -4.65M | 0 | 0 | 0 | 64.73M | 0 | 500K | 0 | 0 | 0 |
| Dividends Paid | 56K | -3.44M | -14.42M | -7.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.79M | 0 | 0 |
| Share Repurchases | -64.33M | -53.61M | -29.62M | -11.63M | -44.76M | -4.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 17.12M | -645K | -4.04M | 0 | -1.08M | -5.53M | -4.04M | -6.23M | -4.84M | -2.09M | -2.13M | -4.98M | -730.98M | 161M | 11.82M |
| Net Change in Cash | -11.82M | 9.23M | 1.88M | -4.63M | 1.67M | 127K | 2.82M | -9.04M | -20.27M | 30.86M | -6.05M | -255.48M | 39.19M | 62.73M | 129.32M |
| Free Cash Flow | 1.99M | 2.15M | 57.37M | 64.93M | 66.35M | 72.96M | 107.28M | 44.67M | 37.28M | 45.63M | 42.33M | 123.68M | 39.9M | 45.68M | 118.62M |
| FCF Margin % | 0.3% | 0.34% | 8.41% | 9.27% | 9.52% | 12.27% | 20.25% | 8.47% | 7.99% | 11.94% | 10.66% | 23.88% | 4.23% | 4.39% | 10.7% |
| FCF Growth % | -95.41% | -96.26% | -11.64% | -2.14% | -9.06% | -31.99% | 140.16% | 19.81% | -18.3% | 7.81% | -65.78% | 210.01% | -12.67% | -61.49% | - |
| FCF per Share | - | 0.17 | 4.02 | 4.33 | 4.74 | 5.13 | 7.59 | 3.21 | 2.85 | 4.27 | 4.75 | 13.92 | 4.50 | 5.14 | 13.33 |
| FCF Conversion (FCF/Net Income) | -0.14x | -1.11x | -4.89x | 3.20x | 22.96x | 65.58x | -0.87x | -1.28x | -0.66x | -0.54x | -0.64x | -1.41x | -1.54x | 1.85x | 1.77x |
| Interest Paid | 0 | 0 | 5.48M | 10.25M | 9.23M | 0 | 12.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 12.27M | 251K | 220K | 0 | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity-linked occupancy volatility
According to quarterly financial data, Civeo frequently reports negative net income while maintaining positive operating cash flow, as evidenced by the 2025Q4 period where a $6.5M net loss was offset by $19.3M in operating cash flow, largely driven by significant non-cash depreciation charges.
The persistent gap between net income and operating cash flow suggests that the company's accounting profitability is heavily impacted by the high depreciation of its remote lodge assets. Investors should monitor whether this cash flow generation is sufficient to cover necessary maintenance capital expenditures without relying on external financing.
As reported in recent filings, Civeo's free cash flow trajectory remains highly erratic, swinging from a $29.5M inflow in 2023Q4 to a $13.9M outflow in 2026Q1, reflecting the company's susceptibility to sudden shifts in project-based occupancy and the timing of capital-intensive lodge maintenance cycles.
The inability to maintain consistent positive free cash flow suggests that the business model is currently struggling to generate surplus capital after accounting for the upkeep of its geographically dispersed asset base. This volatility may indicate that the company's cash generation is more sensitive to short-term contract renewals than to long-term structural demand.
Based on the provided cash flow statements, Civeo consistently allocates a meaningful portion of revenue to capital expenditures, with CapEx/Revenue ratios peaking at 6.1% in 2023Q4, which highlights the ongoing requirement to reinvest in remote infrastructure to maintain operational standards in harsh environments.
The recurring nature of these capital outlays suggests that the company faces a high maintenance burden to prevent asset degradation in its core Canadian and Australian markets. This capital intensity appears to limit the company's ability to achieve sustained free cash flow, as even modest revenue declines force a disproportionate impact on cash reserves.
Data from the last ten quarters reveals significant working capital volatility, including a $24.4M inflow in 2024Q3 followed by a $16.6M outflow in 2025Q2, which suggests that the timing of client payments and inventory management for remote sites creates substantial, unpredictable fluctuations in quarterly cash availability.
These swings appear to be driven by the lumpy nature of mobilization fees and the logistical complexity of managing food and supply inventories in remote regions. Investors should monitor whether these working capital movements are indicative of underlying collection delays or simply the natural rhythm of project-based hospitality contracts.
As indicated by the cash flow statements, Civeo has continued to prioritize share repurchases, such as the $26.5M outflow in 2025Q3, despite reporting persistent net losses, a strategy that warrants further investigation into the sustainability of returning capital while the core business remains cash-flow negative.
The decision to deploy cash toward buybacks during periods of negative free cash flow suggests a management focus on supporting the share price, potentially at the expense of building a larger liquidity buffer. This approach may leave the company vulnerable if commodity-linked occupancy rates experience a prolonged downturn.
Quick answers to the most common questions about buying CVEO stock.
Civeo Corporation (CVEO) generated $22.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Civeo Corporation (CVEO) generated $2.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Civeo Corporation (CVEO) spent $20.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Civeo Corporation (CVEO) returned $3.4M to shareholders via cash dividends and spent $53.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.