Stonegate Capital Partners Updates Coverage on Civeo Corporation (CVEO) 2025 Q4

Rhea-AI Summary

Civeo (NYSE: CVEO) reported Q4 revenue of $161.6M and adjusted EBITDA of $21.7M, roughly in line with Stonegate/consensus EBITDA while revenue trailed estimates. Operating cash flow was $19.3M, capex $4.8M, net debt $168.4M, net leverage 1.9x, and liquidity ~$90.4M. Management guided FY26 revenue of $650–$700M and EBITDA of $85–$90M. Australia drove performance; Canadian cost actions supported margin recovery. Capital returns continue with Phase 1 buyback ~95% complete and Phase 2 adding ~10% more.

Positive

• Adj EBITDA of $21.7M matched or slightly beat consensus
• Operating cash flow of $19.3M supports cash generation
• FY26 guidance of $650–$700M revenue and $85–$90M EBITDA implies stable-to-improving fundamentals
• Buyback progress: Phase 1 ~95% complete; Phase 2 adds ~10% more

Negative

• Q4 revenue of $161.6M missed estimates (~$169M consensus)
• Net debt of $168.4M and net leverage of 1.9x may limit financial flexibility

Key Figures

Q4 2025 revenue: $161.6M Q4 2025 adj EBITDA: $21.7M Revenue estimates: $168.9M / $170.2M +5 more

8 metrics

Q4 2025 revenue $161.6M Reported vs Stonegate/consensus estimates

Q4 2025 adj EBITDA $21.7M Reported vs Stonegate/consensus estimates

Revenue estimates $168.9M / $170.2M Stonegate / consensus Q4 2025 revenue estimates

Adj EBITDA estimates $21.6M / $21.2M Stonegate / consensus Q4 2025 adj EBITDA estimates

Operating cash flow $19.3M Quarterly operating cash flow

Capital expenditures $4.8M Quarterly capex, mainly maintenance

Net debt $168.4M Quarter-end net debt balance

FY26 guidance $650–$700M revenue; $85–$90M EBITDA Management outlook implying stable-to-improving fundamentals

Market Reality Check

Price: $29.01 Vol: Volume 141,493 is 1.67x t...

high vol

$29.01 Last Close

Volume Volume 141,493 is 1.67x the 20-day average of 84,901, indicating elevated trading interest. high

Technical Price at $29.11 is trading above the 200-day MA of $23.43 and within 2% of the 52-week high of $29.68.

Peers on Argus

CVEO gained 7.7% while peers showed mixed moves: GHG up 0.74%, UOKA up 5.22%, SH...

1 Down

CVEO gained 7.7% while peers showed mixed moves: GHG up 0.74%, UOKA up 5.22%, SHCO slightly down and SOND down 23.96%. Only UOKA appeared on the momentum scanner and it was flagged moving down there, reinforcing a stock-specific reaction for CVEO.

Historical Context

5 past events · Latest: Mar 03 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 03	Q4/FY25 earnings	Neutral	-2.8%	Reported Q4 and full-year 2025 results with higher Adjusted EBITDA but net loss.
Feb 24	Earnings call notice	Neutral	-0.0%	Announced timing and access details for Q4 2025 earnings conference call.
Feb 04	Services contract win	Positive	+1.6%	Won four-year contract to supply ~20,000 meals daily to Ontario facilities.
Nov 26	Board changes	Positive	+2.0%	Added two directors under cooperation agreement, expanding board and committees.
Oct 31	Q3 2025 update	Positive	+11.6%	Q3 beat on Adjusted EBITDA, improved leverage and tightened FY25 guidance.

Pattern Detected

Across the last five news events, all observed price moves broadly aligned with the underlying news tone, with positive/constructive updates tending to see positive or modestly negative follow-through rather than sharp contrarian reactions.

Recent Company History

Over recent months, Civeo has reported multiple operational and strategic updates. Q3 and Q4 2025 results highlighted $170.5M and $161.6M revenue with rising Adjusted EBITDA and ongoing cost discipline, especially in Australia and Canada. The company secured a four-year Ontario services contract expected to generate about C$24M in first-year revenue and tightened FY25 guidance to $640–$655M revenue and $86–$91M Adjusted EBITDA. Board refreshment and active share repurchases, including ~8% of shares in Q3 2025, underscored capital allocation focus, providing context for today’s coverage update on recent performance and FY26 guidance.

Market Pulse Summary

This announcement underscores Stonegate’s updated view on Civeo after Q4 results showing $161.6M rev...

Analysis

This announcement underscores Stonegate’s updated view on Civeo after Q4 results showing $161.6M revenue and $21.7M Adjusted EBITDA versus its $168.9M and $21.6M estimates. The note highlights support from Australian strength, Canadian cost cuts, and FY26 guidance of $650–$700M revenue and $85–$90M EBITDA. Investors may track execution against this outlook, net debt of $168.4M, liquidity of about $90.4M, and ongoing share repurchase phases.

Key Terms

net leverage ratio

1 terms

net leverage ratio financial

"The Company ended the quarter with net debt of $168.4M, a net leverage ratio of 1.9x..."

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

AI-generated analysis. Not financial advice.

Dallas, Texas--(Newsfile Corp. - March 4, 2026) - Civeo Corporation (NYSE: CVEO): Stonegate Capital Partners Updates Coverage on Civeo Corporation (NYSE: CVEO). CVEO reported revenue and adj EBITDA of $161.6M and $21.7M, respectively. This compares to our/consensus estimates of $168.9M/$170.2M and $21.6M/$21.2M, respectively. The year-over-year EBITDA increase reflected continued strength in Australia and the benefit of cost-cutting initiatives in Canada. Operating cash flow in the quarter totaled $19.3M, while capital expenditures were $4.8M, primarily related to maintenance of lodges and villages. The Company ended the quarter with net debt of $168.4M, a net leverage ratio of 1.9x, and liquidity of ~$90.4M.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Australia drove results, while Canadian cost actions supported margin recovery and stronger incremental profitability.
• Management guided FY26 to $650-$700M revenue and $85-$90M EBITDA, implying stable-to-improving fundamentals.
• Capital returns remain central: Phase 1 buyback is ~95% complete, and Phase 2 adds 10% more.

Click image above to view full announcement.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/286285

FAQ

How did Civeo (CVEO) perform in Q4 2025 in revenue and EBITDA?

Civeo reported Q4 revenue of $161.6M and adjusted EBITDA of $21.7M. According to the company, EBITDA reflected strength in Australia and Canadian cost reductions supporting margin recovery.

What guidance did Civeo (CVEO) give for fiscal 2026 on March 4, 2026?

Civeo guided FY26 revenue of $650–$700M and EBITDA of $85–$90M. According to the company, this range implies stable-to-improving fundamentals versus current trends.

What was Civeo's cash flow, capex, and liquidity in Q4 2025?

Civeo reported operating cash flow of $19.3M, capex of $4.8M, and liquidity of ~$90.4M. According to the company, capex was primarily maintenance spending on lodges and villages.

How much net debt and leverage did Civeo (CVEO) have at quarter end?

Civeo ended the quarter with net debt of $168.4M and a net leverage ratio of 1.9x. According to the company, this reflects current balance sheet position and ongoing capital return activity.

What drove Civeo's Q4 results and margin recovery for CVEO?

Australia drove revenue growth while Canadian cost-cutting supported margin recovery and incremental profitability. According to the company, these factors underpinned the year-over-year EBITDA increase.

What is the status and scope of Civeo's share buyback program (CVEO)?

Phase 1 of the buyback is approximately 95% complete, and Phase 2 adds about 10% more. According to the company, capital returns remain central to shareholder strategy.