Precision Drilling Corporation (PDS) 10-Year Financial Performance & Capital Metrics

PDS • • Industrial / General

EnergyOil & Gas DrillingLand Drilling ContractorsNorth American Land Drillers

AboutPrecision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates in two segments, Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry. This segment's services include land and turnkey drilling; and procurement and distribution of oilfield supplies, as well as manufacture and refurbishment of drilling and service rig equipment. As of December 31, 2021, it operated 227 land drilling rigs, including 109 in Canada; 105 in the United States; 6 in Kuwait; 4 in Saudi Arabia; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia. As of December 31, 2021, this segment also operated 47 AlphaTM rigs with commercial AlphaAutomation; 18 AlphaApps; 4 grid power capable rigs; and 60 natural gas or bi-fuel rigs. The Completion and Production Services segment provides service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation services; wellsite accommodations; oilfield surface equipment rentals; and camp and catering services to oil and natural gas exploration and production companies. As of December 31, 2021, it operated 123 well completion and workover service rigs, including 113 in Canada and 10 in the United States; 1,900 oilfield rental items, including surface storage, small-flow wastewater treatment, power generation, and solids control equipment; 109 wellsite accommodation units; 943 drill camp beds; 822 base camp beds; and three kitchen diners in Canada. Precision Drilling Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.Show more

Revenue $1.9B -1.8%
EBITDA $521M -41.9%
Net Income $111M -61.6%
EPS (Diluted) 7.81 -60.0%
Gross Margin 83.74% +121.3%
EBITDA Margin 27.4% -40.8%
Operating Margin 11.14% -64.7%
Net Margin 5.85% -60.8%
ROE 6.83% -66.9%
ROIC 6.35% -66.2%
Debt/Equity 0.53 -16.2%
Interest Coverage 3.10 -56.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 75.8%
✓Strong Piotroski F-Score: 8/9
✓Momentum leader: RS Rating 83 (top 17%)
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 6.9% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.09%

5Y4.3%

3Y24.45%

TTM-5.55%

Profit (Net Income) CAGR

10Y12.86%

5Y75.82%

3Y-

TTM-75.81%

EPS CAGR

10Y13.51%

5Y76.97%

3Y-

TTM-76.07%

ROCE

10Y Avg1.37%

5Y Avg5.52%

3Y Avg11.1%

Latest8.04%

Peer Comparison

North American Land Drillers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PDSPrecision Drilling Corporation	961.78M	74.37	9.52	-1.83%	3.21%	3.53%	27.6%	0.53
SOCSable Offshore Corp.	1.68B	11.58	-1.64		9.03%	49.19%		2.22
PTENPatterson-UTI Energy, Inc.	2.7B	7.11	-2.91	29.7%	-2.81%	-4.18%	18.44%	0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.56B	951.41M	1.32B	1.54B	1.54B	734.5M	986.85M	1.62B	1.94B	1.9B
Revenue Growth %	-0.34%	-0.39%	0.39%	0.17%	0%	-0.52%	0.34%	0.64%	0.2%	-0.02%
Cost of Goods Sold+	1.41B	998.95M	1.3B	1.43B	1.37B	726.64M	282.33M	1.4B	1.2B	309.31M
COGS % of Revenue	0.91%	1.05%	0.99%	0.93%	0.89%	0.99%	0.29%	0.87%	0.62%	0.16%
Gross Profit+	144.63M	-47.54M	17.31M	107.66M	168.74M	7.86M	704.52M	213.56M	733.31M	1.59B
Gross Margin %	0.09%	-0.05%	0.01%	0.07%	0.11%	0.01%	0.71%	0.13%	0.38%	0.84%
Gross Profit Growth %	-0.71%	-1.33%	1.36%	5.22%	0.57%	-0.95%	88.66%	-0.7%	2.43%	1.17%
Operating Expenses+	303.26M	102.68M	90.07M	98.19M	124.27M	72.11M	794.08M	180.99M	122.19M	1.38B
OpEx % of Revenue	0.19%	0.11%	0.07%	0.06%	0.08%	0.1%	0.8%	0.11%	0.06%	0.73%
Selling, General & Admin	136.78M	110.29M	90.07M	112.39M	104.01M	72.11M	95.93M	180.99M	122.19M	132.42M
SG&A % of Revenue	0.09%	0.12%	0.07%	0.07%	0.07%	0.1%	0.1%	0.11%	0.06%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	166.49M	-7.61M	0	-14.2M	20.26M	0	698.14M	0	0	1.25B
Operating Income+	-461.26M	-155.98M	-88.08M	9.47M	44.46M	-64.25M	-89.55M	32.57M	611.12M	211.91M
Operating Margin %	-0.3%	-0.16%	-0.07%	0.01%	0.03%	-0.09%	-0.09%	0.02%	0.32%	0.11%
Operating Income Growth %	-3.05%	0.66%	0.44%	1.11%	3.69%	-2.45%	-0.39%	1.36%	17.76%	-0.65%
EBITDA+	25.39M	235.68M	289.67M	375.13M	378.08M	184.04M	192.77M	300.67M	896.91M	521.22M
EBITDA Margin %	0.02%	0.25%	0.22%	0.24%	0.25%	0.25%	0.2%	0.19%	0.46%	0.27%
EBITDA Growth %	-0.96%	8.28%	0.23%	0.3%	0.01%	-0.51%	0.05%	0.56%	1.98%	-0.42%
D&A (Non-Cash Add-back)	486.65M	391.66M	377.75M	365.66M	333.62M	248.29M	282.33M	268.1M	285.79M	309.31M
EBIT	-433.01M	-170.03M	-102.59M	-201.41M	44.46M	-766.88K	-101.02M	32.57M	313.56M	222.82M
Net Interest Income+	-121.04M	-146.36M	-137.93M	-127.18M	-118.45M	-107.47M	-91.43M	-87.81M	-83.41M	-69.75M
Interest Income	0	0	0	0	0	0	0	0	1.39M	-1.49M
Interest Expense	121.04M	146.36M	137.93M	127.18M	118.45M	107.47M	91.43M	87.81M	84.81M	68.26M
Other Income/Expense	-104.91M	-152.61M	-143.98M	-322.85M	-52.8M	-21.45M	-93.23M	-46.71M	-345.34M	-57.35M
Pretax Income+	-566.17M	-308.59M	-232.06M	-323.6M	-8.34M	-85.7M	-182.78M	-14.14M	265.78M	154.56M
Pretax Margin %	-0.36%	-0.32%	-0.18%	-0.21%	-0.01%	-0.12%	-0.19%	-0.01%	0.14%	0.08%
Income Tax+	-202.74M	-153.03M	-100.02M	-29.33M	-14.96M	8.6M	-5.4M	20.15M	-23.46M	43.23M
Effective Tax Rate %	0.64%	0.5%	0.57%	0.91%	-0.79%	1.1%	0.97%	2.42%	1.09%	0.72%
Net Income+	-363.44M	-155.56M	-132.04M	-294.27M	6.62M	-94.3M	-177.39M	-34.29M	289.24M	111.19M
Net Margin %	-0.23%	-0.16%	-0.1%	-0.19%	0%	-0.13%	-0.18%	-0.02%	0.15%	0.06%
Net Income Growth %	-11.96%	0.57%	0.15%	-1.23%	1.02%	-15.25%	-0.88%	0.81%	9.43%	-0.62%
Net Income (Continuing)	-363.44M	-155.56M	-132.04M	-294.27M	6.62M	-94.3M	-177.39M	-34.29M	289.24M	111.33M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	4.53M
EPS (Diluted)+	-24.82	-10.61	-9.01	-20.05	0.45	-8.76	-13.32	-2.53	19.53	7.81
EPS Growth %	-12.28%	0.57%	0.15%	-1.23%	1.02%	-20.47%	-0.52%	0.81%	8.72%	-0.6%
EPS (Basic)	-24.82	-10.61	-9.01	-20.05	0.46	-8.76	-13.32	-2.53	21.03	7.81
Diluted Shares Outstanding	14.64M	14.66M	14.66M	14.68M	14.86M	13.72M	13.31M	13.55M	15.29M	14.23M
Basic Shares Outstanding	14.64M	14.66M	14.66M	14.68M	14.54M	13.72M	13.31M	13.55M	14.81M	14.24M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	780.6M	471.61M	441.75M	522.7M	417.76M	342.26M	319.76M	470.67M	510.88M	501.28M
Cash & Short-Term Investments	444.76M	115.7M	65.08M	96.63M	74.7M	108.77M	40.59M	21.59M	54.18M	73.77M
Cash Only	444.76M	115.7M	65.08M	96.63M	74.7M	108.77M	40.59M	21.59M	54.18M	73.77M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	260.91M	237.83M	352.03M	312.01M	311.35M	130.7M	179.63M	413.93M	421.43M	378.71M
Days Sales Outstanding	61.22	91.24	97.25	73.89	73.73	64.95	66.44	93.42	79.38	72.66
Inventory	24.25M	24.14M	24.63M	34.08M	31.72M	26.28M	23.43M	35.16M	35.27M	43.3M
Days Inventory Outstanding	6.27	8.82	6.89	8.68	8.43	13.2	30.29	9.14	10.69	51.1
Other Current Assets	0	38.09M	29.45M	19.66M	-66.24M	0	0	-91.15M	-86.92M	5.5M
Total Non-Current Assets+	4.1B	3.85B	3.45B	3.11B	2.85B	2.56B	2.34B	2.41B	2.51B	2.46B
Property, Plant & Equipment	3.88B	3.64B	3.17B	3.04B	2.82B	2.53B	2.31B	2.36B	2.4B	2.42B
Fixed Asset Turnover	0.40x	0.26x	0.42x	0.51x	0.55x	0.29x	0.43x	0.68x	0.81x	0.79x
Goodwill	208.48M	207.4M	205.17M	0	0	0	0	0	0	0
Intangible Assets	3.36M	3.32M	28.12M	35.4M	31.75M	27.67M	23.91M	19.57M	16.47M	13M
Long-Term Investments	2.92M	-934.76M	0	0	0	2.55B	7.38M	20.45M	9.97M	8.46M
Other Non-Current Assets	-356.71M	3.32M	2.26M	2.45M	0	-2.55B	0	1.6M	6.53M	4.81M
Total Assets+	4.88B	4.32B	3.89B	3.64B	3.27B	2.9B	2.66B	2.88B	3.02B	2.96B
Asset Turnover	0.32x	0.22x	0.34x	0.42x	0.47x	0.25x	0.37x	0.56x	0.64x	0.64x
Asset Growth %	-0.08%	-0.11%	-0.1%	-0.07%	-0.1%	-0.11%	-0.08%	0.08%	0.05%	-0.02%
Total Current Liabilities+	243.78M	240.74M	209.63M	282.16M	216.07M	166.84M	238.12M	422.33M	365.64M	338.69M
Accounts Payable	82.48M	73.24M	87.44M	129.49M	91.47M	56.92M	90.75M	404.35M	151.35M	117.11M
Days Payables Outstanding	21.34	26.76	24.48	32.97	24.32	28.59	117.32	105.15	45.86	138.2
Short-Term Debt	0	0	0	0	0	896K	2.22M	2.29M	2.85M	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	1000K
Other Current Liabilities	7.84M	0	0	7.67M	0	3.7M	839K	-255.69M	3.03M	0
Current Ratio	3.20x	1.96x	2.11x	1.85x	1.93x	2.05x	1.34x	1.11x	1.40x	1.48x
Quick Ratio	3.10x	1.86x	1.99x	1.73x	1.79x	1.89x	1.24x	1.03x	1.30x	1.35x
Cash Conversion Cycle	46.15	73.3	79.67	49.6	57.84	49.56	-20.6	-2.58	44.2	-14.44
Total Non-Current Liabilities+	2.51B	2.12B	1.87B	1.8B	1.53B	1.33B	1.2B	1.22B	1.08B	935.62M
Long-Term Debt	2.18B	1.91B	1.73B	1.71B	1.43B	1.24B	1.11B	1.09B	914.83M	812.47M
Capital Lease Obligations	0	0	0	0	54.98M	48.88M	45.82M	52.98M	57.12M	54.57M
Deferred Tax Liabilities	303.47M	174.62M	118.91M	72.78M	25.39M	21.24M	12.22M	28.95M	73.52M	47.45M
Other Non-Current Liabilities	29.72M	214.43M	142.53M	89.88M	18.79M	19.07M	33.24M	55.37M	32.26M	21.14M
Total Liabilities	2.76B	2.36B	2.08B	2.08B	1.74B	1.49B	1.44B	1.65B	1.44B	1.27B
Total Debt+	2.18B	1.91B	1.73B	1.71B	1.49B	1.3B	1.17B	1.15B	992.19M	887.59M
Net Debt	1.74B	1.79B	1.67B	1.61B	1.42B	1.19B	1.13B	1.13B	938.01M	813.82M
Debt / Equity	1.03x	0.97x	0.96x	1.10x	0.98x	0.92x	0.95x	0.94x	0.63x	0.53x
Debt / EBITDA	85.87x	8.09x	5.97x	4.55x	3.95x	7.05x	6.05x	3.84x	1.11x	1.70x
Net Debt / EBITDA	68.36x	7.60x	5.75x	4.29x	3.76x	6.46x	5.84x	3.77x	1.05x	1.56x
Interest Coverage	-3.81x	-1.07x	-0.64x	0.07x	0.38x	-0.60x	-0.98x	0.37x	7.21x	3.10x
Total Equity+	2.12B	1.96B	1.81B	1.56B	1.53B	1.41B	1.23B	1.23B	1.58B	1.68B
Equity Growth %	-0.13%	-0.07%	-0.08%	-0.14%	-0.02%	-0.08%	-0.13%	0%	0.28%	0.07%
Book Value per Share	144.85	133.87	123.47	106.13	102.80	102.51	92.04	90.84	103.07	118.17
Total Shareholders' Equity	2.12B	1.96B	1.81B	1.56B	1.53B	1.41B	1.23B	1.23B	1.58B	1.68B
Common Stock	2.32B	2.32B	2.32B	2.32B	2.3B	2.29B	2.28B	2.3B	2.37B	2.3B
Retained Earnings	-397.01M	-552.57M	-684.6M	-978.87M	-969.46M	-1.09B	-1.27B	-1.3B	-1.01B	-900.83M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	166.1M	156.46M	131.61M	162.01M	134.25M	137.58M	134.78M	159.71M	147.48M	199.02M
Minority Interest	0	0	0	0	0	0	0	0	0	4.53M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	517.02M	122.51M	116.56M	293.33M	288.16M	226.12M	139.22M	237.1M	500.57M	482.08M
Operating CF Margin %	0.33%	0.13%	0.09%	0.19%	0.19%	0.31%	0.14%	0.15%	0.26%	0.25%
Operating CF Growth %	-0.24%	-0.76%	-0.05%	1.52%	-0.02%	-0.22%	-0.38%	0.7%	1.11%	-0.04%
Net Income	-363.44M	-155.56M	-132.04M	-294.27M	6.62M	-120.14M	-177.39M	-34.29M	289.24M	111.19M
Depreciation & Amortization	486.65M	391.66M	377.75M	365.66M	333.62M	316.32M	282.33M	279.04M	297.56M	309.31M
Stock-Based Compensation	15.59M	28.31M	6.79M	17.4M	19.46M	17.77M	31.95M	60.09M	6.66M	18.89M
Deferred Taxes	-202.74M	-153.03M	-100.02M	-29.33M	-14.96M	10.95M	-5.4M	20.15M	-27.96M	43.23M
Other Non-Cash Items	421.01M	-6.01M	31.45M	251.75M	-52.08M	-54.18M	20.75M	-41.99M	-32.09M	-19.25M
Working Capital Changes	159.93M	17.13M	-67.38M	-17.88M	-4.49M	55.39M	-13.02M	-45.89M	-32.84M	18.71M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-541.1M	-213.93M	-91.15M	-100.79M	-74.5M	-40.52M	-56.61M	-144.41M	-214.78M	-202.99M
Capital Expenditures	-458.71M	-203.47M	-98M	-126.14M	-160.69M	-61.59M	-75.94M	-184.25M	-224.96M	-216.65M
CapEx % of Revenue	0.29%	0.21%	0.07%	0.08%	0.1%	0.08%	0.08%	0.11%	0.12%	0.11%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-82.39M	1.75M	6.85M	25.35M	-4.57M	-19K	22.83M	50.65M	34.15M	10.76M
Cash from Financing+	-84.04M	-218.32M	-73.78M	-169.09M	-231.81M	-145.62M	-149.91M	-113.17M	-251.97M	-261.38M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-82M	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-2.04M	-10.04M	-10.99M	-363K	-702K	-1.04M	-10.36M	9.83M	0	3.71M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	58.31M	-80.96M	18.55M	167.19M	127.47M	164.53M	63.28M	52.85M	273.82M	265.44M
FCF Margin %	0.04%	-0.09%	0.01%	0.11%	0.08%	0.22%	0.06%	0.03%	0.14%	0.14%
FCF Growth %	1.33%	-2.39%	1.23%	8.01%	-0.24%	0.29%	-0.62%	-0.16%	4.18%	-0.03%
FCF per Share	3.98	-5.52	1.27	11.39	8.58	11.99	4.75	3.90	17.91	18.65
FCF Conversion (FCF/Net Income)	-1.42x	-0.79x	-0.88x	-1.00x	43.54x	-2.40x	-0.78x	-6.91x	1.73x	4.34x
Interest Paid	0	0	0	0	0	0	0	0	0	72.24M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.93%	-7.62%	-7%	-17.47%	0.43%	-6.43%	-13.48%	-2.79%	20.61%	6.83%
Return on Invested Capital (ROIC)	-9.03%	-3.07%	-1.83%	0.21%	1.09%	-1.74%	-2.72%	1.04%	18.8%	6.35%
Gross Margin	9.3%	-5%	1.31%	6.99%	10.95%	1.07%	71.39%	13.21%	37.84%	83.74%
Net Margin	-23.36%	-16.35%	-9.99%	-19.09%	0.43%	-12.84%	-17.97%	-2.12%	14.93%	5.85%
Debt / Equity	1.03x	0.97x	0.96x	1.10x	0.98x	0.92x	0.95x	0.94x	0.63x	0.53x
Interest Coverage	-3.81x	-1.07x	-0.64x	0.07x	0.38x	-0.60x	-0.98x	0.37x	7.21x	3.10x
FCF Conversion	-1.42x	-0.79x	-0.88x	-1.00x	43.54x	-2.40x	-0.78x	-6.91x	1.73x	4.34x
Revenue Growth	-33.82%	-38.84%	38.87%	16.65%	0.01%	-52.35%	34.36%	63.87%	19.83%	-1.83%

Revenue by Segment

	2017	2024
Other Services	-	1.45M
Other Services Growth	-	-

Revenue by Geography

	2017	2024
Canada	578.82M	1.11B
Canada Growth	-	91.11%
United States	568.57M	-
United States Growth	-	-

Frequently Asked Questions

Valuation & Price

Precision Drilling Corporation (PDS) has a price-to-earnings (P/E) ratio of 9.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Precision Drilling Corporation (PDS) reported $1.83B in revenue for fiscal year 2024. This represents a 6% decrease from $1.95B in 2011.

Precision Drilling Corporation (PDS) saw revenue decline by 1.8% over the past year.

Yes, Precision Drilling Corporation (PDS) is profitable, generating $58.8M in net income for fiscal year 2024 (5.8% net margin).

Dividend & Returns

Precision Drilling Corporation (PDS) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.

Precision Drilling Corporation (PDS) generated $208.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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