Revenue growth has decelerated significantly, evidenced by a 27.5% year-over-year decline in 2026Q1, while gross margins remain sensitive to project execution, fluctuating between 13.6% and 24.3% over the last ten quarters.
| 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 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 3.13B | 2.61B | 2.41B | 2.34B | 1.78B | 759.1M | 1.22B | 1.58B | 1.7B | 1.55B | 1.13B | 1.63B | 1.78B | 1.41B | 1.5B | 1.23B | 2.33B | 1.82B |
| Revenue Growth % | -3.71% | 8.28% | 3.03% | 31.79% | 134.2% | -37.63% | -22.84% | -7.39% | 9.65% | 37.39% | -30.6% | -8.52% | 26.74% | -6.44% | 22.37% | -47.38% | 27.82% | - |
| Cost of Goods Sold | 2.44B | 2.05B | 1.91B | 1.89B | 1.46B | 599.77M | 937.73M | 1.27B | 1.4B | 1.27B | 886.82M | 1.3B | 1.46B | 1.16B | 1.23B | 1B | 1.84B | 1.42B |
| COGS % of Revenue | - | 78.3% | 79.12% | 80.5% | 81.85% | 79.01% | 77.05% | 80.32% | 81.92% | 81.55% | 78.44% | 79.98% | 81.86% | 82.5% | 81.81% | 81.59% | 79.05% | 77.58% |
| Gross Profit | 689.73M | 567.31M | 504M | 457M | 322.72M | 159.33M | 279.32M | 310.49M | 307.97M | 286.52M | 243.78M | 326.19M | 322.95M | 245.91M | 273.15M | 225.88M | 488.71M | 409.12M |
| Gross Margin % | 22.02% | 21.7% | 20.88% | 19.5% | 18.15% | 20.99% | 22.95% | 19.68% | 18.08% | 18.45% | 21.56% | 20.02% | 18.14% | 17.5% | 18.19% | 18.41% | 20.95% | 22.42% |
| Gross Profit Growth % | - | 12.56% | 10.28% | 41.61% | 102.54% | -42.96% | -10.04% | 0.82% | 7.49% | 17.53% | -25.26% | 1% | 31.33% | -9.98% | 20.93% | -53.78% | 19.45% | - |
| Operating Expenses | 317.16M | 252.14M | 331M | 336M | 320.44M | 115.42M | 163.31M | 111.29M | 163.01M | 164.25M | 178.37M | 204.43M | 206.66M | 163.88M | 158.6M | 145.79M | 334.99M | 226.76M |
| OpEx % of Revenue | - | 9.65% | 13.71% | 14.34% | 18.02% | 15.2% | 13.42% | 7.06% | 9.57% | 10.57% | 15.78% | 12.55% | 11.61% | 11.66% | 10.56% | 11.88% | 14.36% | 12.43% |
| Selling, General & Admin | 327.08M | 252.14M | 278M | 255M | 265.81M | 115.42M | 151.14M | 111.29M | 163.01M | 164.25M | 178.37M | 204.43M | 206.66M | 163.88M | 158.6M | 145.79M | 334.99M | 226.76M |
| SG&A % of Revenue | - | 9.65% | 11.52% | 10.88% | 14.95% | 15.2% | 12.42% | 7.06% | 9.57% | 10.57% | 15.78% | 12.55% | 11.61% | 11.66% | 10.56% | 11.88% | 14.36% | 12.43% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 53M | 81M | 54.64M | 0 | 12.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 372.58M | 315.17M | 173M | 121M | 2.27M | 43.91M | 116.01M | 199.2M | 144.96M | 122.27M | 65.41M | 121.76M | 116.29M | 82.03M | 114.56M | 80.09M | 153.72M | 182.35M |
| Operating Margin % | 11.89% | 12.06% | 7.17% | 5.16% | 0.13% | 5.78% | 9.53% | 12.63% | 8.51% | 7.87% | 5.79% | 7.47% | 6.53% | 5.84% | 7.63% | 6.53% | 6.59% | 9.99% |
| Operating Income Growth % | - | 82.18% | 42.98% | 5225.7% | -94.83% | -62.15% | -41.76% | 37.41% | 18.56% | 86.93% | -46.28% | 4.71% | 41.76% | -28.39% | 43.04% | -47.9% | -15.7% | - |
| EBITDA | 398.88M | 249.09M | 358M | 319M | 108.5M | 113.18M | 183.85M | 265.95M | 234.74M | 202.85M | 158.51M | 204.53M | 173.09M | 121.63M | 154.04M | 122.26M | 239.22M | 240.52M |
| EBITDA Margin % | 12.73% | 9.53% | 14.83% | 13.61% | 6.1% | 14.91% | 15.11% | 16.86% | 13.78% | 13.06% | 14.02% | 12.56% | 9.72% | 8.66% | 10.26% | 9.96% | 10.26% | 13.18% |
| EBITDA Growth % | -24.14% | -30.42% | 12.23% | 194.02% | -4.14% | -38.44% | -30.87% | 13.3% | 15.72% | 27.97% | -22.5% | 18.17% | 42.31% | -21.05% | 26% | -48.89% | -0.54% | - |
| D&A (Non-Cash Add-back) | 26.3M | 0 | 185M | 198M | 106.22M | 69.27M | 67.84M | 66.75M | 89.77M | 80.58M | 93.1M | 82.77M | 56.8M | 39.59M | 39.49M | 42.17M | 85.5M | 58.16M |
| EBIT | 295.55M | 249.09M | 184M | 66M | 40.47M | 45.63M | 116.01M | 181.91M | 144.96M | 116.78M | -60.03M | 87.07M | 116.91M | 82.55M | 116.61M | 85.62M | 60.83M | 180.22M |
| Net Interest Income | -81.37M | -83.37M | -98M | -94M | -28.68M | -13.44M | -17.64M | -14.22M | -14.06M | -10.12M | -10.46M | -11.03M | -8.43M | -5.18M | -5.69M | -6.87M | -15.47M | -2.35M |
| Interest Income | 986.15K | 0 | 5M | 24M | 7.72M | 2.6M | 683.05K | 2.82M | 2.54M | 842.15K | 587.01K | 687.47K | 588.36K | 524.06K | 1.1M | 1.94M | 2.8M | 6.36M |
| Interest Expense | 82.36M | 83.37M | 103M | 118M | 36.4M | 16.03M | 18.32M | 17.04M | 16.59M | 10.96M | 11.04M | 11.72M | 9.02M | 5.71M | 6.76M | 8.95M | 27.08M | 8.81M |
| Other Income/Expense | -138.94M | -149.45M | -92M | -173M | -82M | -13.79M | -20.45M | -33.15M | -12.43M | 9.74M | -144.19M | -8.18M | -324K | -207K | -2.88M | -3.42M | 3.69M | -10.55M |
| Pretax Income | 233.64M | 165.72M | 81M | -52M | -79.73M | 30.12M | 95.56M | 166.05M | 132.53M | 133.07M | -95.53M | 79.57M | 115.96M | 81.82M | 111.68M | 77.83M | 148.54M | 179.89M |
| Pretax Margin % | 7.46% | 6.34% | 3.36% | -2.22% | -4.48% | 3.97% | 7.85% | 10.53% | 7.78% | 8.57% | -8.45% | 4.88% | 6.51% | 5.82% | 7.44% | 6.34% | 6.37% | 9.86% |
| Income Tax | 115.1M | 100.65M | 49M | 31M | 21.21M | 44.71M | 7.3M | 48.73M | 31.12M | 35.31M | 9M | 30.68M | 44.74M | 24.11M | 29.43M | 21.09M | 48.39M | 59.38M |
| Effective Tax Rate % | 49.27% | 60.74% | 60.49% | -59.62% | -26.6% | 148.44% | 7.64% | 29.35% | 23.48% | 26.54% | -9.42% | 38.55% | 38.59% | 29.46% | 26.35% | 27.1% | 32.58% | 33.01% |
| Net Income | 118.53M | 65.07M | 32M | -83M | -100.94M | -14.59M | 88.08M | 116.94M | 101M | 97.62M | -104.7M | 45.75M | 70.35M | 55.87M | 71.77M | -6.98M | 98.19M | 120.52M |
| Net Margin % | 3.78% | 2.49% | 1.33% | -3.54% | -5.68% | -1.92% | 7.24% | 7.41% | 5.93% | 6.28% | -9.26% | 2.81% | 3.95% | 3.98% | 4.78% | -0.57% | 4.21% | 6.61% |
| Net Income Growth % | 14.51% | 103.34% | 138.55% | 17.78% | -591.84% | -116.57% | -24.68% | 15.79% | 3.46% | 193.24% | -328.88% | -34.97% | 25.92% | -22.16% | 1127.84% | -107.11% | -18.53% | - |
| Net Income (Continuing) | 118.53M | 65.07M | 32M | -83M | -100.94M | -14.59M | 88.26M | 117.31M | 101.42M | 97.75M | -104.53M | 48.89M | 81.1M | 57.72M | 80.42M | 55.58M | 30.26M | 115.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -845K | 0 | 0 | 0 | -64.04M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.18M | 1.45M | 1.32M | 2.64M | 3.97M | 3.5M | 0 | 0 | 0 | 945K | 0 |
| EPS (Diluted) | 0.97 | 0.53 | 0.26 | -0.90 | -1.04 | -0.16 | 0.98 | 1.69 | 1.13 | 1.10 | -1.28 | 0.61 | 0.90 | 0.71 | 0.92 | -0.09 | 0.35 | 1.86 |
| EPS Growth % | 28.9% | 103.85% | 128.89% | 13.46% | -550% | -116.33% | -42.01% | 49.56% | 2.73% | 185.94% | -309.84% | -32.22% | 26.76% | -22.83% | 1118.83% | -125.8% | -81.18% | - |
| EPS (Basic) | - | 0.53 | 0.26 | -0.90 | -1.04 | -0.16 | 0.98 | 1.69 | 1.14 | 1.10 | -1.28 | 0.61 | 0.91 | 0.72 | 0.92 | -0.09 | 0.35 | 1.86 |
| Diluted Shares Outstanding | 122.09M | 123.06M | 124.16M | 123.83M | 97.05M | 89.68M | 89.68M | 89.71M | 89.09M | 89.1M | 82.06M | 79.14M | 79.14M | 78.24M | 77.69M | 77.34M | 76.36M | 64.83M |
| Basic Shares Outstanding | 121.87M | 122.87M | 124.02M | 123.83M | 97.05M | 89.68M | 89.68M | 89.5M | 88.71M | 88.49M | 82.02M | 78.96M | 78.45M | 77.92M | 77.59M | 77.22M | 76.17M | 64.72M |
| Dividend Payout Ratio | - | 26.56% | 28.13% | - | - | - | 21.56% | 24.76% | 33.34% | 30.8% | - | 58.59% | 33.4% | 39.02% | 25.92% | - | 45.93% | 31.67% |
Integration and Margin Volatility
According to the provided quarterly income statements, Enerflex's revenue growth has shifted into negative territory, with the most recent 2026Q1 period showing a 27.5% year-over-year decline, signaling a significant deceleration from the peak activity levels observed in the third quarter of 2025.
The sharp contraction in revenue suggests that the company's project-based Engineered Systems segment is highly sensitive to current market cycles. Investors should monitor whether this decline reflects a broader slowdown in energy infrastructure investment or specific project timing issues inherent in percentage-of-completion accounting.
As reported in financial statements, Enerflex's gross margin has fluctuated significantly, reaching a low of 13.6% in 2024Q1 before recovering to 24.3% in 2026Q1, which highlights the inherent volatility of its manufacturing-heavy cost structure compared to pure-play compression rental peers like Archrock.
The inconsistency in gross margins suggests that the company struggles to maintain pricing power during periods of lower volume. This variability may indicate that fixed costs are not being adequately absorbed, warranting further investigation into the company's ability to scale its service-based revenue streams.
Based on the reported figures, operating income has failed to scale consistently with gross profit, as evidenced by the 2025Q4 period where operating margins compressed to 9.7% despite significant revenue, suggesting that overhead and integration costs continue to weigh heavily on operational efficiency.
The lack of clear operating leverage implies that the company's administrative and integration expenses are not yet optimized following recent corporate actions. Analysts should scrutinize whether these costs are transitory or if they represent a permanent increase in the company's structural cost base.
Data from the income statement indicates that net income has been highly erratic, swinging from a $125.9 million loss in 2023Q4 to a $42.4 million profit in 2026Q1, which appears to be driven by non-operating items and significant quarterly fluctuations in stock-based compensation.
The wide variance in net income suggests that reported EPS may not accurately reflect the underlying cash-generating capability of the business. Investors should be cautious of relying on GAAP net income as a proxy for performance given the impact of integration-related charges and accounting adjustments.
While management emphasizes the strength of its global footprint, the recent income statement data suggests that the company's reliance on large-scale international projects may introduce risks that are not fully captured in current valuation multiples, particularly regarding project execution and payment timing.
Short-sellers may focus on the potential for 'costs in excess of billings' to mask underlying project delays or margin erosion. The company's ability to convert its backlog into stable, high-margin cash flow remains an unproven narrative that warrants skepticism until sustained profitability is demonstrated.
Quick answers to the most common questions about buying EFXT stock.
For fiscal year 2025, Enerflex Ltd. (EFXT) reported total revenue of $2.61B. This represents a 43.3% increase compared to $1.82B in 2009.
Enerflex Ltd. (EFXT) is profitable, generating $65.1M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
Enerflex Ltd. (EFXT) reported an operating income of $315.2M, resulting in an operating profit margin of 12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Enerflex Ltd. (EFXT) generated $567.3M in gross profit for the year, representing a gross profit margin of 21.7%. This demonstrates the company's core pricing power and production efficiency.