Latest Ratios: P/E Ratio 36.2x · EV/EBITDA 6.0x · ROE 3.4%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.5B | $1.4B | $1.7B | $2.0B | $1.2B | $1.2B | $1.2B | $7.0B | $8.9B | $12.7B |
| Enterprise Value | $1.9B | $1.6B | $1.5B | $1.7B | $1.9B | $1.0B | $1.1B | $1.0B | $6.8B | $8.7B | $12.4B |
| P/E Ratio → | 36.22 | 29.67 | 27.71 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.14 | 0.96 | 0.84 | 1.15 | 1.55 | 1.40 | 1.73 | 2.01 | 13.43 | 19.59 | 26.06 |
| P/B Ratio | 1.23 | 1.01 | 0.97 | 1.34 | 1.54 | 0.89 | 1.90 | 1.44 | 6.78 | 7.98 | 9.69 |
| P/FCF | 18.73 | 15.80 | 55.76 | 107.28 | — | — | — | — | — | 3104.85 | — |
| P/OCF | 8.71 | 7.35 | 8.52 | 12.56 | 24.67 | 71.58 | 16.56 | 43.33 | — | 359.56 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.98 | 0.85 | 1.12 | 1.45 | 1.24 | 1.68 | 1.72 | 13.09 | 19.13 | 25.40 |
| EV / EBITDA | 6.04 | 5.11 | 5.03 | 8.18 | 11.33 | 20.23 | 13.46 | 23.54 | 407.21 | — | — |
| EV / EBIT | 16.05 | 15.63 | 13.24 | 68.12 | 86.86 | — | — | — | — | — | — |
| EV / FCF | — | 16.08 | 56.47 | 104.67 | — | — | — | — | — | 3032.25 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.8% | 12.8% | 13.6% | 7.3% | 6.4% | 0.1% | -0.8% | 12.1% | 11.7% | 4.9% | 23.2% |
| Operating Margin | 7.2% | 7.2% | 7.4% | 2.3% | 1.9% | -8.9% | -4.3% | -8.7% | -18.1% | -31.1% | -23.8% |
| Net Profit Margin | 3.2% | 3.2% | 3.0% | -1.5% | -1.6% | -16.0% | -45.5% | -40.6% | -17.4% | -35.1% | -27.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.4% | 3.4% | 3.7% | -1.8% | -1.6% | -13.8% | -43.2% | -25.5% | -8.4% | -13.1% | -9.8% |
| ROA | 2.2% | 2.2% | 2.3% | -1.2% | -1.0% | -8.8% | -29.8% | -21.5% | -7.4% | -11.2% | -8.2% |
| ROIC | 5.7% | 5.7% | 6.9% | 2.2% | 1.5% | -6.3% | -3.6% | -5.0% | -8.0% | -11.2% | -9.4% |
| ROCE | 6.1% | 6.1% | 7.3% | 2.3% | 1.5% | -6.0% | -3.4% | -5.2% | -8.6% | -10.7% | -7.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.14 | 0.09 | 0.07 | 0.09 | 0.15 | 0.04 | 0.01 | 0.00 | 0.00 |
| Debt / EBITDA | 0.73 | 0.73 | 0.70 | 0.54 | 0.58 | 2.17 | 1.08 | 0.77 | 0.34 | — | — |
| Net Debt / Equity | — | 0.02 | 0.01 | -0.03 | -0.10 | -0.10 | -0.05 | -0.20 | -0.17 | -0.19 | -0.24 |
| Net Debt / EBITDA | 0.09 | 0.09 | 0.06 | -0.20 | -0.76 | -2.55 | -0.35 | -3.86 | -10.75 | — | — |
| Debt / FCF | — | 0.28 | 0.71 | -2.61 | — | — | — | — | — | -72.60 | — |
| Interest Coverage | 7.05 | 7.05 | 8.83 | 6.31 | 88.56 | -12.15 | -53.89 | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.16 | 2.16 | 1.99 | 1.74 | 1.98 | 2.31 | 1.91 | 3.62 | 3.79 | 4.33 | 6.44 |
| Quick Ratio | 1.79 | 1.79 | 1.66 | 1.45 | 1.63 | 1.93 | 1.67 | 3.01 | 3.26 | 3.68 | 5.04 |
| Cash Ratio | 0.45 | 0.45 | 0.38 | 0.31 | 0.50 | 0.72 | 0.54 | 1.53 | 1.64 | 2.49 | 3.22 |
| Asset Turnover | — | 0.68 | 0.71 | 0.73 | 0.65 | 0.43 | 0.63 | 0.58 | 0.44 | 0.36 | 0.31 |
| Inventory Turnover | 8.35 | 8.35 | 9.30 | 9.78 | 7.79 | 6.59 | 12.75 | 6.47 | 6.65 | 5.66 | 2.69 |
| Days Sales Outstanding | — | 115.53 | 116.40 | 119.84 | 127.29 | 150.22 | 115.67 | 104.92 | 132.32 | 102.09 | 125.34 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | 0.6% | 0.6% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 3.4% | 3.6% | — | — | — | — | — | — | — | — |
| FCF Yield | 5.3% | 6.3% | 1.8% | 0.9% | — | — | — | — | — | 0.0% | — |
| Buyback Yield | 2.2% | 2.6% | 1.0% | 1.2% | 0.7% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 2.6% | 1.0% | 1.2% | 0.7% | 0.0% | 0.0% | 0.2% | 0.0% | 0.6% | 0.7% |
| Shares Outstanding | — | $116M | $116M | $109M | $109M | $81M | $71M | $38M | $224M | $223M | $177M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying XPRO stock.
Expro Group Holdings N.V.'s current P/E ratio is 36.2x. The historical average is 28.7x. This places it at the 100th percentile of its historical range.
Expro Group Holdings N.V.'s current EV/EBITDA is 6.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.8x.
Expro Group Holdings N.V.'s return on equity (ROE) is 3.4%. The historical average is -38.6%.
Based on historical data, Expro Group Holdings N.V. is trading at a P/E of 36.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Expro Group Holdings N.V. has 12.8% gross margin and 7.2% operating margin.
Expro Group Holdings N.V.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue decline and margin compression
Metrics are mathematically derived from official filings.
Margin Compression Undermines Earnings Power
Gross margin fell to 9.2% in 2026Q2 from 13.3% a year earlier, while net margin dropped to 0.5%, according to recent financial statements, indicating significant operational strain.
The sequential deterioration in gross margin from 14.4% in 2025Q4 to 9.2% in 2026Q2 suggests that mobilization costs and pricing pressure are not being fully absorbed, despite a relatively stable revenue base. Operating margin halved from 8.2% in 2025Q3 to 4.2% in 2026Q2, reflecting high fixed costs and limited operating leverage. The thin net margin of 0.5% leaves little room for error, and any further revenue softness could push the company into losses, as seen in 2026Q1 when net margin was -0.3%.
Return on Capital Stalls at Cyclical Low
ROIC declined to 0.8% in 2026Q2 from 2.2% in 2024Q4, and ROE fell to 0.1%, based on reported figures, indicating that capital efficiency is deteriorating amid the offshore downturn.
The downward trend in ROIC from 2.2% in 2024Q4 to 0.8% in 2026Q2 suggests that the company is not generating adequate returns on its specialized fleet investments, which may be underutilized. ROE of 0.1% is far below the cost of equity, implying that shareholder value is being eroded. The low returns are driven by margin compression rather than asset turnover, which has remained stable around 0.17, indicating that the issue lies in profitability, not efficiency.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 131 days in 2026Q2 from 106 days in 2024Q2, driven by DSO rising to 122 days, according to financial statements, signaling slower collections and reduced supplier leverage.
The increase in DSO from 100 days in 2024Q2 to 122 days in 2026Q2 suggests that customers are taking longer to pay, possibly due to project delays or tighter client budgets. DPO has remained relatively stable around 30-34 days, indicating that XPRO is not extending its payment terms to suppliers, which could be a missed opportunity to offset the working capital drag. The lengthening CCC ties up cash and may contribute to the volatility in free cash flow, which swung from -10.5% to 12.8% over the past ten quarters.
Minimal Debt Provides Strategic Cushion
Debt-to-equity remains minimal at 0.11 in 2026Q2, with interest coverage of 6.11x, according to recent filings, indicating that XPRO's conservative capital structure buffers against offshore market volatility.
The near-zero leverage is a deliberate choice that provides financial flexibility, especially given the cyclicality of the offshore services industry. Interest coverage of 6.11x, though down from 18.97x in 2024Q4, remains comfortable, suggesting that debt service is not a near-term concern. However, the low debt levels may also indicate that management is not aggressively pursuing growth opportunities, which could be a drag on returns in a recovering market.
Liquidity Buffer Remains Solid
Current ratio improved to 2.05 in 2026Q2 from 1.85 in 2024Q1, with quick ratio at 1.69, according to balance sheet data, providing a comfortable cushion against operational shocks.
The current ratio of 2.05 indicates that XPRO has more than twice its current liabilities covered by current assets, which is a strong liquidity position for an industrial company. The quick ratio of 1.69, which excludes inventory, suggests that even if inventory becomes illiquid, the company can meet its short-term obligations. This liquidity buffer is critical given the lumpy cash flows and the potential for project delays, as evidenced by the negative FCF in some quarters.
Misapplied EV/EBITDA in Cyclical Downturn
EV/EBITDA of 6.74 appears low, but with EBITDA depressed by margin compression, this multiple may overstate value, as per reported figures, warranting a forward-looking earnings normalization.
The current EV/EBITDA of 6.74 is below the peer average, but this is misleading because EBITDA is currently depressed due to the cyclical downturn. Using a depressed denominator makes the multiple appear artificially cheap, which could lead investors to overestimate the company's value. A more appropriate metric would be EV/EBITDA based on normalized mid-cycle earnings, or EV/EBITDA adjusted for the potential recovery in deepwater activity. Additionally, the forward EV/EBITDA of 3.89 suggests the market is pricing in a significant recovery, but this may be optimistic given the sustained revenue decline and margin compression.