Civeo Corp key statistics and ratios

In fiscal 2025, Civeo Corp had return on equity of -9.8%, an operating margin of 0.6%, debt equal to 104.9% of equity and a current ratio of 1.54. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Civeo Corp: financial ratios, annual
Fiscal year	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	—	—	—	—	—	—	—	—	—	25.8%	24.3%	21.9%	23.6%	23.3%
Operating margin	31.8%	24.9%	−15.2%	−28.0%	−24.1%	−25.6%	−18.9%	−9.3%	−27.8%	1.0%	2.4%	5.6%	0.2%	0.6%	3.0%
Net margin	22.1%	17.5%	−20.0%	−25.4%	−24.3%	−27.7%	−17.6%	−11.1%	−25.3%	0.2%	0.6%	4.3%	−2.5%	−3.1%	−1.1%
Free-cash-flow margin	10.7%	4.4%	4.2%	23.9%	10.7%	11.9%	8.0%	8.5%	20.3%	12.3%	9.5%	9.3%	8.4%	0.3%	4.2%
Return on equity	17.3%	12.1%	−15.4%	−18.5%	−18.6%	−22.2%	−16.3%	−11.4%	−31.0%	0.4%	1.2%	9.7%	−6.1%	−9.8%	−4.8%
Return on assets	11.5%	8.5%	−9.6%	−9.1%	−9.8%	−12.0%	−8.9%	−5.9%	−15.7%	0.2%	0.6%	5.4%	−3.6%	−4.5%	−1.6%
Asset turnover	0.52	0.49	0.48	0.36	0.40	0.43	0.50	0.54	0.62	0.84	1.13	1.26	1.43	1.45	1.46
Current ratio	—	4.53	3.92	1.36	1.37	1.75	1.24	1.19	1.02	1.15	1.20	1.53	1.19	1.54	1.71
Debt to equity	0.0%	21.1%	90.3%	71.3%	75.1%	62.5%	70.8%	73.3%	67.0%	48.4%	44.0%	20.5%	18.3%	104.9%	147.7%
Interest cover (operating income ÷ interest)	47.6x	43.0x	n/m	n/m	n/m	n/m	n/m	n/m	n/m	0.5x	1.5x	3.0x	0.2x	0.4x	1.3x
Effective tax rate	25.5%	23.4%	—	—	—	—	—	—	—	57.5%	41.0%	26.3%	—	—	—
SG&A as % of revenue	5.8%	6.7%	7.5%	13.2%	13.9%	16.6%	14.4%	11.3%	10.1%	10.2%	10.0%	10.4%	10.8%	11.8%	11.0%
Capital spending as % of revenue	28.3%	28.0%	26.6%	12.1%	5.0%	2.9%	3.7%	5.7%	1.9%	2.6%	3.6%	4.5%	3.8%	3.2%	2.6%
Free cash flow ÷ net income	48.5%	25.1%	—	—	—	—	—	—	—	>999%	>999%	215.3%	—	—	—
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	0.0%	0.0%	24.6%	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	69.7%	—	—	—	—	0.0%	0.0%	6.4%	21.4%	29.3%	76.8%	>999%	140.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Civeo Corp: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	18.6%	20.4%	25.3%	25.7%	22.7%	23.3%	23.0%	24.0%
Operating margin	−6.7%	−3.8%	1.7%	4.1%	−0.1%	1.8%	2.8%	6.9%
Net margin	−10.0%	−6.8%	−2.0%	−0.3%	−4.0%	−2.2%	−1.4%	2.7%
Free-cash-flow margin	1.2%	−9.5%	−4.2%	4.8%	8.9%	−8.0%	4.4%	10.9%
Current ratio	1.19	1.66	1.51	1.64	1.54	1.89	1.89	1.71
Debt to equity	18.3%	39.6%	80.5%	103.0%	104.9%	132.1%	130.9%	147.7%
SG&A as % of revenue	11.7%	12.6%	12.6%	10.6%	11.5%	11.6%	11.3%	9.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · September 30, 2026

What it owns · $494m

Short-term assets $179mLonger-term assets $314m

What it owes, and who funded it · $494m

Short-term liabilities $105mLonger-term liabilities $245mShareholders' equity $144m

Short-term assets cover short-term liabilities $179m of assets due within a year against $105m of liabilities due within a year.
Short-term assets cover long-term liabilities $179m short-term assets against $245m of longer-dated liabilities.
More cash than debt $24m of cash against $213m of debt.
Debt below 40% of shareholders' equity Debt is 148% of equity.
Debt burden no higher than five years ago Debt to equity moved from 39% to 148% over five years.
A year's operating cash flow covers at least 20% of debt $48m of operating cash flow against $213m of debt.
Operating profit covers interest at least five times over Operating income of $21m against $16m of interest.

From Civeo Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

65 /100

Moderate moat

How hard Civeo's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 15 / 20

Cash operating profit has been a median 11.9% of total assets over 9 years.
Pricing power 6 / 20

Gross margin has been a median 31.6%, moving by 7.4 percentage points (standard deviation) across 10 years.
Durability 10 / 20

Operating margin has been a median -0.9%; its worst year was -30.4%.
Cash conversion 13 / 20

Free cash flow was positive in 9 of 10 years, at a median 8.7% of revenue.
Discipline 20 / 20

The diluted share count fell 23.0% over five years; stock-based pay has been a median 1.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CVEO vs LIND CVEO vs MMYT ATAT vs CVEO CVEO vs TH

More: Hotels, Resorts & Cruise Lines stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Civeo Corp's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Civeo Corp.