CVEO Civeo Corp

Overview and Growth

In fiscal 2025, Civeo Corp recorded $638.85M of revenue, net loss of $20.07M, and an operating cash inflow of $22.34M. The $638.85M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 6.3% from $682.12M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$1.59, adding a shareholder-level measure to the absolute income figures considered below. The company employed $477.41M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 1.34x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $151.09M as gross profit before recognizing operating expenses and other items. Gross profit represented 23.7% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $4.12M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 0.6%, showing how efficiently sales converted into operating profit. After all below-operating-line items, the company recorded a net loss of $20.07M for the fiscal year. The net loss equaled 3.1% of revenue, showing the bottom-line deficit relative to the company’s sales base. The pretax result was a loss of $6.46M, establishing the deficit before tax effects. The pretax loss equaled 1.0% of revenue, measuring the pre-tax deficit against sales. The reported income-tax provision was $13.62M, the amount recognized between pretax income and the final net-income result. Relative to period-end equity, the net loss represented 11.5%. Relative to total assets, the net loss represented 4.2%.

Liquidity and Capital Structure

At period end, the $477.41M asset base was financed through $303.03M of liabilities and $174.38M of equity. Current assets were $131.21M against $84.94M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.54x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $14.44M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 17.0% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $182.84M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 1.05x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 38.3%, showing how much of the asset base was matched by borrowing. Liabilities represented 63.5% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 3.0%, comparing reported cash and equivalents with the full positive asset balance. Compared with $405.07M in fiscal 2024, the current asset base moved 17.9% and finished higher. Reported equity changed 26.4% from $237.00M in fiscal 2024, placing the current capital base lower year over year.

Cash Flow and Earnings Quality

The company reported $22.34M of operating cash flow, a cash inflow that shows the cash generated by operations. The cash-flow statement records $20.19M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 90.4% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $2.15M, leaving a positive amount after capital expenditures. Free cash flow represented 0.3% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 0.4%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.