Stonegate Capital Partners has issued an updated research report on Civeo Corporation (NYSE: CVEO), covering the company's fourth-quarter 2025 results. The report highlights key financial metrics and strategic developments that underscore Civeo's operational performance and outlook. For the quarter, Civeo reported revenue of $161.6 million and adjusted EBITDA of $21.7 million. These figures compared to Stonegate's estimates of $168.9 million and $21.6 million, respectively, and consensus estimates of $170.2 million in revenue and $21.2 million in EBITDA. The year-over-year EBITDA increase was driven by continued strength in Australia and the benefits of cost-cutting initiatives in Canada.
Operating cash flow for the quarter totaled $19.3 million, while capital expenditures were $4.8 million, primarily for maintenance of lodges and villages. The company ended the quarter with net debt of $168.4 million, representing a net leverage ratio of 1.9 times, and liquidity of approximately $90.4 million. These metrics indicate a solid financial position, with ample liquidity to support ongoing operations and shareholder returns.
Key takeaways from the report include that Australia drove results, while Canadian cost actions supported margin recovery and stronger incremental profitability. Management provided fiscal year 2026 guidance of $650 million to $700 million in revenue and $85 million to $90 million in EBITDA, implying stable-to-improving fundamentals. Capital returns remain a central focus: Phase 1 of the buyback program is approximately 95% complete, and Phase 2 adds an additional 10% of share repurchase authorization. For further details, the full announcement is available here.
Stonegate Capital Partners is a capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. This update reflects Stonegate's ongoing coverage of Civeo Corporation and its commitment to providing insightful analysis to investors. The report underscores the importance of Civeo's strategic initiatives in Australia and Canada, which are expected to drive sustained performance in the coming fiscal year.
