Tearsheet

Precision Drilling (PDS)

Market Price (12/28/2025): $67.97 | Market Cap: $898.0 Mil
Sector: Energy | Industry: Oil & Gas Drilling

Precision Drilling (PDS)

Market Price (12/28/2025): $67.97
Market Cap: $898.0 Mil
Sector: Energy
Industry: Oil & Gas Drilling

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 23%	Trading close to highs Dist 52W High is -2.3%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 78%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%	Weak multi-year price returns 2Y Excs Rtn is -18%, 3Y Excs Rtn is -87%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.5%, Rev Chg QQuarterly Revenue Change % is -3.1%
2	Low stock price volatility Vol 12M is 41%		Key risks PDS key risks include [1] its substantial debt obligations and aggressive long-term reduction targets.
3	Megatrend and thematic drivers Megatrends include US Energy Independence, Automation & Robotics, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 23%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2	Low stock price volatility Vol 12M is 41%
3	Megatrend and thematic drivers Megatrends include US Energy Independence, Automation & Robotics, and Energy Transition & Decarbonization. Themes include US Oilfield Technologies, Show more.
4	Trading close to highs Dist 52W High is -2.3%
5	Weak multi-year price returns 2Y Excs Rtn is -18%, 3Y Excs Rtn is -87%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 78%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.5%, Rev Chg QQuarterly Revenue Change % is -3.1%
8	Key risks PDS key risks include [1] its substantial debt obligations and aggressive long-term reduction targets.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$67.97	$61.07	$54.29	$76.70	$35.43
Market Cap CYE ($ Mil)	898.0	853.8	764.8	1,038.3	529.0
Total Debt ($ Mil)	753.9	887.6	992.2	1,153.9	1,165.8
Total Cash ($ Mil)	38.3	73.8	54.2	21.6	40.6
Enterprise Value ($ Mil)	1,613.5	1,741.4	1,757.0	2,192.2	1,694.8
Valuation Ratios
P/S TTM	0.5	0.5	0.4	0.6	0.5
P/EBIT TTM	5.0	3.9	2.2	14.7	-4.8
P/E TTM	15.3	7.8	2.6	-30.3	-2.7
P/FCF TTM	4.3	3.3	2.7	19.7	7.7
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6	1.3	1.3
P/EBIT TTM (Sector)	7.7	6.7	5.7	4.1	4.7
P/E TTM (Sector)	11.3	10.3	8.5	5.6	5.4
P/FCF TTM (Sector)	7.1	7.0	7.6	5.0	5.4

	12/28/25	2024	2023
Share Price CYE	$67.97	$61.07	$54.29
Market Cap CYE ($ Mil)	898.0	853.8	764.8
Total Debt ($ Mil)	753.9	887.6	992.2
Total Cash ($ Mil)	38.3	73.8	54.2
Enterprise Value ($ Mil)	1,613.5	1,741.4	1,757.0
Valuation Ratios
P/S TTM	0.5	0.5	0.4
P/EBIT TTM	5.0	3.9	2.2
P/E TTM	15.3	7.8	2.6
P/FCF TTM	4.3	3.3	2.7
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.6
P/EBIT TTM (Sector)	7.7	6.7	5.7
P/E TTM (Sector)	11.3	10.3	8.5
P/FCF TTM (Sector)	7.1	7.0	7.6

	PDS	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	1.8
Rev Chg Q	-3.1%	7.3%
Rev Chg LTM	-5.5%	6.1%
Rev Chg 3Y Avg	11.0%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.4
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	9.4%	18.8%
CFO/Rev LTM	24.5%	20.4%
Net Inc Mgn	3.2%	13.1%
VALUATION	LOW
P/S	0.5	3.3
P/CFO	2.0	15.8
P/FCF	4.3	20.7
P/E	15.3	23.7
STABILITY	POOR
Debt/Equity	0.84	0.21
Cash/Assets	0.01	0.07

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Metric	Value	Date	Source
Drilling Rig Fleet	214	12312024	Link
Active Drilling Rigs - Canada	80	11072025	Link
Active Drilling Rigs - USA	80	11072025	Link
Active Drilling Rigs - International	8	3072025	Link
Rigs Under Term Contract	38	3072025	Link
AlphaAutomation Equipped Rigs	70	1052023	Link
EverGreen Battery Energy Storage Systems Deployed	7	1052023	Link
EverGreen Integrated Power and Emissions Monitoring Systems Deployed	15	1052023	Link
Canadian Revenue per Utilization Day	35675 CAD	12312024	Link
U.S. Revenue per Utilization Day	30991 USD	12312024	Link
International Revenue per Utilization Day	49636 USD	12312024	Link
Well Servicing Rig Operating Hours	59834	12312024	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -
4/21/2026	Earnings Release	Rev: - EPS: -

PDS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Precision Drilling (PDS) experienced a notable stock movement of 19.8% during the approximate period from August 31, 2025, to December 28, 2025, driven by several key factors:

1. Positive Analyst Ratings and Raised Price Targets: Throughout the latter half of 2025, multiple analysts maintained "Buy" ratings for Precision Drilling and incrementally increased their price targets. For instance, Piper Sandler raised its price target from $72 to $74 in August, then to $79 in October, and further to $81 in December 2025. Similarly, RBC Capital increased its target from $89 to $100 in July and from $110 to $117 in October 2025, while Freedom Capital Markets initiated coverage with a "Buy" rating and a $106 price target in October. This consistent analyst confidence indicated a strong positive outlook for the company's future performance.

2. Significant Debt Reduction: By the third quarter of 2025, Precision Drilling successfully reduced its debt by $101 million, achieving its annual target. This substantial reduction signaled improved financial health and a disciplined approach to strengthening the company's balance sheet, which is a strong positive indicator for investors.

3. Ongoing Share Repurchase Program: The company engaged in an active share repurchase program, buying back $54 million worth of shares during the first nine months of 2025. This action demonstrated management's confidence in the company's valuation and served to return capital to shareholders, often boosting investor sentiment.

4. Increased Capital Expenditures for Rig Upgrades and Strong US Drilling Activity: Precision Drilling increased its 2025 capital budget by $20 million, allocating funds for additional rig upgrades. This investment reflected strong customer demand and a commitment to enhancing its high-performance assets. The company also reported resilient operating margins and growth in its U.S. drilling operations, outperforming overall industry activity in that region.

5. Strategic Leadership Transition: In early October 2025, Precision Drilling announced the appointment of Carey Ford as President and Chief Executive Officer, succeeding the retiring Kevin Neveu. Changes in top leadership, particularly when viewed as a strategic refresh or an injection of new vision, can positively influence investor perception regarding the company's future direction and operational efficiency.

Stock Movement Drivers

Fundamental Drivers

The 17.3% change in PDS stock from 9/27/2025 to 12/27/2025 was primarily driven by a 105.9% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	59.09	69.30	17.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1848.27	1833.37	-0.81%
Net Income Margin (%)	5.67%	3.21%	-43.40%
P/E Multiple	7.56	15.57	105.94%
Shares Outstanding (Mil)	13.40	13.21	1.42%
Cumulative Contribution			17.26%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
PDS	17.3%
Market (SPY)	4.3%	51.4%
Sector (XLE)	-3.9%	67.3%

Fundamental Drivers

The 46.9% change in PDS stock from 6/28/2025 to 12/27/2025 was primarily driven by a 163.4% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	47.17	69.30	46.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1870.87	1833.37	-2.00%
Net Income Margin (%)	5.84%	3.21%	-45.04%
P/E Multiple	5.91	15.57	163.35%
Shares Outstanding (Mil)	13.68	13.21	3.45%
Cumulative Contribution			46.74%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
PDS	46.9%
Market (SPY)	12.6%	37.0%
Sector (XLE)	4.5%	61.9%

Fundamental Drivers

The 20.1% change in PDS stock from 12/27/2024 to 12/27/2025 was primarily driven by a 363.9% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	57.69	69.30	20.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1941.03	1833.37	-5.55%
Net Income Margin (%)	12.53%	3.21%	-74.39%
P/E Multiple	3.36	15.57	363.89%
Shares Outstanding (Mil)	14.14	13.21	6.58%
Cumulative Contribution			19.60%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
PDS	20.1%
Market (SPY)	17.0%	59.9%
Sector (XLE)	7.1%	74.9%

Fundamental Drivers

The -6.8% change in PDS stock from 12/28/2022 to 12/27/2025 was primarily driven by a -30.7% change in the company's P/S Multiple.

	12282022	12272025	Change
Stock Price ($)	74.34	69.30	-6.78%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1401.89	1833.37	30.78%
P/S Multiple	0.72	0.50	-30.66%
Shares Outstanding (Mil)	13.58	13.21	2.72%
Cumulative Contribution			-6.85%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
PDS	27.6%
Market (SPY)	48.0%	50.6%
Sector (XLE)	11.4%	70.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PDS Return	-41%	115%	116%	-29%	12%	14%	149%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
PDS Win Rate	50%	67%	58%	33%	50%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
PDS Max Drawdown	-80%	0%	0%	-45%	-4%	-38%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	PDS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-50.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	103.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-82.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	464.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	435 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-83.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	500.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-92.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	1280.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Precision Drilling's stock fell -50.8% during the 2022 Inflation Shock from a high on 1/20/2023. A -50.8% loss requires a 103.2% gain to breakeven.

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About Precision Drilling (PDS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates in two segments, Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry. This segment's services include land and turnkey drilling; and procurement and distribution of oilfield supplies, as well as manufacture and refurbishment of drilling and service rig equipment. As of December 31, 2021, it operated 227 land drilling rigs, including 109 in Canada; 105 in the United States; 6 in Kuwait; 4 in Saudi Arabia; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia. As of December 31, 2021, this segment also operated 47 AlphaTM rigs with commercial AlphaAutomation; 18 AlphaApps; 4 grid power capable rigs; and 60 natural gas or bi-fuel rigs. The Completion and Production Services segment provides service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation services; wellsite accommodations; oilfield surface equipment rentals; and camp and catering services to oil and natural gas exploration and production companies. As of December 31, 2021, it operated 123 well completion and workover service rigs, including 113 in Canada and 10 in the United States; 1,900 oilfield rental items, including surface storage, small-flow wastewater treatment, power generation, and solids control equipment; 109 wellsite accommodation units; 943 drill camp beds; 822 base camp beds; and three kitchen diners in Canada. Precision Drilling Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.

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Here are a few brief analogies for Precision Drilling:

Like Ryder System, but for operating specialized oil and gas drilling rigs.
A specialized general contractor for oil and gas wells.

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Contract Drilling Services: Providing land-based drilling rigs, equipment, and personnel to drill oil and natural gas wells for exploration and production companies.
Drilling Technology & Optimization Services: Offering specialized technologies and software to improve drilling efficiency, well placement, and safety, often integrated with their drilling services.
Rental Services: Supplying rental equipment for drilling, completion, and production operations, including power generation, solids control, and accommodation units.

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Precision Drilling (PDS) primarily provides contract drilling services and drilling rigs to other companies within the oil and natural gas industry. According to the company's 2022 annual report (10-K), no single customer accounted for more than 10% of its contract drilling services revenue, and its five largest customers collectively represented approximately 35% of this revenue. Due to this diversified customer base, Precision Drilling does not publicly disclose the names of its individual major customers.

However, Precision Drilling serves a broad range of oil and natural gas exploration and production (E&P) companies. These can generally be categorized as follows:

Major Oil & Gas Companies (Integrated Majors or Supermajors): These are large, multinational energy companies involved in all aspects of the oil and gas value chain, from exploration and production to refining and marketing. Examples of such companies include:
- ExxonMobil (XOM)
- Chevron (CVX)
- Shell plc (SHEL)
- BP p.l.c. (BP)
- TotalEnergies SE (TTE)
- ConocoPhillips (COP)
Large Independent Oil & Gas Companies: These companies typically focus primarily on upstream activities (exploration and production) and can have significant operations, often specializing in particular basins or types of resources. Examples of such companies in regions where Precision Drilling operates (e.g., North America) include:
- EOG Resources, Inc. (EOG)
- Pioneer Natural Resources Company (PXD)
- Occidental Petroleum Corporation (OXY)
- Marathon Oil Corporation (MRO)
- Cenovus Energy Inc. (CVE)
- Canadian Natural Resources Limited (CNQ)
Smaller Independent Oil & Gas Companies: This diverse group includes numerous smaller public and privately held companies focused on exploration and production, often with more localized operations. Given their large number and varying sizes, specific examples are not comprehensively listed here.

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Carey T. Ford, President and Chief Executive Officer

Carey T. Ford was appointed President and Chief Executive Officer of Precision Drilling Corporation in October 2025 and also serves as a member of the Board of Directors. He joined Precision Drilling in 2011 and previously served as Chief Financial Officer from 2016 until his appointment as CEO. During his time as CFO, Mr. Ford guided the company's financial strategy, strengthened investor confidence, and led finance, capital markets, corporate development activities, and various operational support functions. Prior to joining Precision, he worked as an investment banker at Simmons & Company International, focusing on the oilfield service sector. He also served as a Financial Analyst at Arthur Andersen and an Associate at The Sterling Group, a private equity firm.

Dustin Honing, Chief Financial Officer

Dustin Honing was named Chief Financial Officer in October 2025. He has been with Precision Drilling for nearly 15 years, advancing through various roles in accounting, finance, operational support, and investor relations. Most recently, he held the position of Vice President, Operations Finance.

Gene C. Stahl, Chief Operating Officer

Gene C. Stahl was appointed Chief Operating Officer of Precision Drilling in October 2025. He brings nearly three decades of experience with the company, having held leadership roles across operations, engineering, manufacturing, marketing, and health and safety. Before becoming COO, Mr. Stahl served as President, North American Drilling from 2023 to 2025, overseeing Canadian and U.S. operations, and as Chief Marketing Officer from 2019 to 2023.

Shuja U. Goraya, Chief Technology Officer

Shuja U. Goraya has served as Chief Technology Officer since joining Precision Drilling in July 2018. He possesses over 24 years of experience in the oil and gas industry, working in technology management and drilling operations roles with Schlumberger Ltd. across the United States, Canada, the Middle East, Africa, and Asia. Prior to his current role, Mr. Goraya was the Vice President of the North American Drilling Group.

Darren J. Ruhr, Chief Administrative Officer

Darren J. Ruhr has been the Chief Administrative Officer of Precision Drilling since 2018, having joined the company in 1997. Before his current appointment, he served as Senior Vice President, Corporate Services from 2005 to 2018. Mr. Ruhr also held the position of Corporate Secretary from 2005 to 2008.

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Key Risks to Precision Drilling (PDS)

Precision Drilling (PDS), a leading land drilling service provider, faces several key risks primarily tied to the cyclical nature of the energy industry and financial commitments. The most significant risks include:

Volatility in Commodity Prices and Customer Demand: Precision Drilling's business performance is highly sensitive to the fluctuating prices of oil and natural gas, which directly influence the exploration and development activities of its customers. Consequently, demand for contract drilling, well servicing, and ancillary oilfield services can be highly volatile. This market uncertainty has led Precision Drilling to trim its capital spending forecasts.
Market Uncertainty and Customer Capital Discipline: Beyond commodity price fluctuations, the broader market uncertainty, coupled with the capital discipline exercised by oil and natural gas producers, poses a significant risk. Drilling activity has shown weakening trends due to factors like lower natural gas prices, oil price volatility, drilling and completion efficiencies, and consolidation among producers. This environment directly impacts the demand for Precision Drilling's services and its operational planning.
Debt Obligations and Financial Commitments: Precision Drilling maintains substantial debt obligations and has set aggressive long-term debt reduction targets. While the company has been actively reducing debt and has plans for further reductions, these financial commitments are a key risk that could affect its financial flexibility and profitability. The company aims to achieve a sustained Net Debt to Adjusted EBITDA leverage ratio of below 1.0 times by the end of 2025.

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The accelerating global energy transition and decarbonization efforts pose a clear emerging threat to Precision Drilling. As nations, corporations, and consumers increasingly shift towards renewable energy sources and away from fossil fuels to combat climate change, the long-term demand for new oil and natural gas exploration and production is projected to decline. This systemic shift in energy consumption patterns directly impacts the demand for contract drilling services, threatening to shrink Precision Drilling's addressable market over time. This is analogous to how new technologies and business models, like streaming services, disrupted demand for traditional entertainment distribution (e.g., Blockbuster and cable companies), fundamentally altering the industries they served.

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Precision Drilling Corporation (PDS) primarily provides contract drilling and completion and production services to oil and natural gas exploration and production companies. Their main services include land drilling rigs, procurement and distribution of oilfield supplies, manufacturing and repair of drilling equipment, service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation, as well as oilfield equipment rental, and camp and catering services. Precision Drilling operates in Canada, the United States, and certain international locations, including Kuwait, Saudi Arabia, Iraqi Kurdistan, and Georgia.

The addressable markets for Precision Drilling's main products and services can be broadly categorized within the larger Oilfield Services and Contract Drilling markets, with a particular focus on the onshore segments where the company primarily operates.

Addressable Markets:

Global Oilfield Services Market:
- The global oilfield services market was estimated at USD 133.1 billion in 2023 and is projected to reach USD 166.4 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 3.4% from 2024 to 2030.
- Another estimate values the global oilfield services market at USD 191.86 billion in 2024, expected to grow to USD 204.53 billion in 2025 with a CAGR of 6.6%.
- The onshore segment dominated the global oilfield services market in 2024, commanding approximately 60% of the total market share.
North America Oilfield Services Market:
- The North American oilfield services market was estimated at USD 46.27 billion in 2024 and is anticipated to reach USD 61.03 billion by 2033, from USD 47.72 billion in 2025, growing at a CAGR of 3.12%.
- The North American market dominated the global oilfield services market with a revenue share of 31.95% in 2023.
- The U.S. oilfield services market dominated the North American market with a 75.07% share in 2023.
- The onshore segment dominated the North America oilfield services market share in 2024.
Global Contract Drilling Market:
- The global contract drilling market size was valued at USD 12.53 billion in 2023 and is expected to grow to nearly USD 22.32 billion by 2030, with a CAGR of 8.6% from 2024 to 2030.

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Precision Drilling (PDS) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

Increased Drilling Activity and Enhanced Rig Utilization: Precision Drilling anticipates stable to increased rig counts, particularly in the Canadian winter drilling season and U.S. gas-weighted basins. This growth is supported by strong demand for the company's high-performance Super Series rigs and favorable market conditions in natural gas. The company noted full utilization on its Canadian Super Series rigs and increased year-over-year activity in international drilling, Canadian drilling, and well servicing in 2024, with optimism for future gas drilling activities in 2025.
Adoption of Advanced Drilling Technologies and Customer-Funded Rig Upgrades: A significant driver is Precision Drilling's continued leadership in drilling technology and innovation, including its Alpha and Evergreen platforms and real-time monitoring systems, which enhance rig performance. The company has also strategically expanded its capital budget to support customer-funded rig upgrades, with $109 million allocated for upgrades and expansion in 2025 due to additional contract-backed upgrades. This focus on high-value technology and specialized upgrades is expected to command better day rates and service value.
Growth in Well Servicing and Rental Services: The differentiated size and capabilities of Precision's well service fleet, which has expanded through consolidation, along with the performance of its Precision Rentals fleet, are contributing to year-over-year revenue growth. The company expects results from its Completion and Production Services (C&P) segment to improve with increased rates, activity, and rental performance.

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Share Repurchases

Precision Drilling repurchased $54 million of common shares year-to-date as of the third quarter of 2025.
For 2024, the company returned $75 million to shareholders through share repurchases.
Precision has a Normal Course Issuer Bid (NCIB) authorized to repurchase up to 1,251,850 common shares, representing approximately 10% of its public float, from September 2025 through September 2026. The company targets share repurchases of 35-45% of free cash flow.

Share Issuance

In October 2020, Precision Drilling completed a 20:1 share consolidation, which reduced the number of outstanding common shares from approximately 274.5 million to 13.7 million.
The number of shares outstanding as of October 2025 was 13,401,000.

Outbound Investments

As of Q3 2025, Precision Drilling noted that current market conditions and commodity price volatility have made acquisitions less attractive in the near term.

Capital Expenditures

Precision Drilling's planned capital expenditures for 2025 were revised upwards to $260 million, from an initial $200 million and then $240 million. This budget includes $151 million for sustaining and infrastructure and $109 million for upgrades and expansion.
Capital expenditures for the first nine months of 2025 totaled $182 million. The primary focus of these expenditures is on upgrading 27 drilling rigs, particularly Super Series rigs, backed by customer contracts to meet demand for high-spec rigs and drive revenue growth.
In 2024, capital expenditures were $217 million, allocated with $52 million for expansion and upgrades and $165 million for the maintenance of existing assets, infrastructure, and intangible assets.

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Patterson-UTI Energy

HP (23.8%)

Helmerich & Payne

RIG (14.6%)

Transocean

SDRL (13.9%)

Seadrill

Higher Op Mgn LTM (Value for PDS: 9.4%)

BORR (34.7%)

Borr Drilling

VAL (22.7%)

Valaris

NE (18.5%)

Noble

RIG (15.5%)

Transocean

Higher CFO/Rev LTM (Value for PDS: 24.5%)

NE (26.1%)

Noble

VAL (24.8%)

Valaris

Higher FCF/Rev LTM (Value for PDS: 11.4%)

RIG (12.4%)

Transocean

Higher Total Yield (Value for PDS: 6.4%)

NBR (30.0%)

Nabors Industries

VAL (11.4%)

Valaris

NE (8.7%)

Noble

BORR (7.5%)

Borr Drilling

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for PDS: 11.0% | 0.5x)

PTEN (33.5% | 0.5x)

Patterson-UTI Energy

NOA (22.0% | 0.3x)

North American Construction

SND (17.5% | 0.4x)

Smart Sand

VIVK (175.7% | 0.0x)

Vivakor

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PDS: 11.0% | 5.3x)

PR (48.7% | 4.8x)

Permian Resources

BTE (13.2% | 3.9x)

Baytex Energy

CIVI (14.4% | 2.3x)

Civitas Resources

BORR (45.4% | 3.1x)

Borr Drilling

TK (26.9% | 2.4x)

Teekay

Higher Rev Chg LTM (Value for PDS: -5.5%)

ENB (32.3%)

Enbridge

WMB (9.0%)

Williams Companies

COP (8.2%)

ConocoPhillips

CVX (-3.6%)

Chevron

XOM (-4.4%)

Exxon Mobil

Higher Rev Chg 3Y Avg (Value for PDS: 11.0%)

PR (48.7%)

Permian Resources

CCJ (24.2%)

Cameco

FANG (20.8%)

Diamondback Energy

OKE (16.4%)

ONEOK

FTI (14.5%)

TechnipFMC

Higher Op Mgn LTM (Value for PDS: 9.4%)

WMB (34.3%)

Williams Companies

COP (21.0%)

ConocoPhillips

CNQ (20.3%)

Canadian Natural Resources

ENB (17.4%)

Enbridge

XOM (11.0%)

Exxon Mobil

Higher CFO/Rev LTM (Value for PDS: 24.5%)

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

KMI (34.9%)

Kinder Morgan

COP (33.3%)

ConocoPhillips

CNQ (33.2%)

Canadian Natural Resources

Higher FCF/Rev LTM (Value for PDS: 11.4%)

CNQ (18.2%)

Canadian Natural Resources

KMI (16.8%)

Kinder Morgan

WMB (15.0%)

Williams Companies

TRP (13.3%)

TC Energy

COP (11.9%)

ConocoPhillips

Higher Total Yield (Value for PDS: 6.4%)

ENB (13.7%)

Enbridge

COP (11.1%)

ConocoPhillips

XOM (9.2%)

Exxon Mobil

CVX (8.6%)

Chevron

WMB (6.6%)

Williams Companies

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PDS: 11.0% | 0.5x)

MCK (12.6% | 0.3x)

McKesson

CI (13.6% | 0.3x)

Cigna

HUM (11.4% | 0.2x)

Humana

MOH (12.8% | 0.2x)

Molina Healthcare

GXO (13.7% | 0.5x)

GXO Logistics

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PDS: 11.0% | 5.3x)

IBKR (48.1% | 3.5x)

Interactive Brokers

RCI (11.8% | 4.1x)

Rogers Communications

JEF (14.6% | 2.9x)

Jefferies Financial

BIPC (30.2% | 2.5x)

Brookfield Infrastructure

GPI (13.0% | 5.3x)

Group 1 Automotive

Higher Rev Chg LTM (Value for PDS: -5.5%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for PDS: 11.0%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for PDS: 9.4%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for PDS: 24.5%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for PDS: 11.4%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for PDS: 6.4%)

WFC (8.7%)

Wells Fargo

JNJ (7.5%)

Johnson & Johnson

KO (7.2%)

Coca-Cola

BAC (7.1%)

Bank of America

HD (6.8%)

Home Depot

		Best Bets In Energy Sector
	PDS	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	15.6	41.6	17.9	11.7	11.0	30.4	12.0	18.3	18.9	30.7	10.1
P/EBIT	5.1	33.9	10.1	8.7	9.4	17.0	8.8	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	-3.1%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	-5.5%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	11.0%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	13.0%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

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Trade Ideas

Select ideas related to PDS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.1%	12.1%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.4%	6.4%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.4%	5.4%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.1%	28.1%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.9%	-4.9%	-7.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Precision Drilling

Peers to compare with:

Financials

	PDS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Precisio.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	69.30	23.26	24.49	305.09	78.16	273.40	73.73
Mkt Cap	0.9	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	1,833	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	172	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	209	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	249	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	450	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	476	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	PDS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Precisio.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-5.5%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	11.0%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	-3.1%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-0.8%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	9.4%	6.6%	4.8%	17.7%	22.5%	31.9%	13.5%
Op Mgn 3Y Avg	11.7%	7.4%	7.2%	16.4%	24.2%	30.8%	14.0%
QoQ Delta Op Mgn LTM	-1.5%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	24.5%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	25.0%	6.8%	12.7%	21.4%	26.1%	28.4%	23.2%
FCF/Rev LTM	11.4%	5.1%	1.8%	18.1%	22.1%	23.5%	14.8%
FCF/Rev 3Y Avg	13.0%	5.5%	4.6%	18.6%	24.6%	25.6%	15.8%

Valuation

	PDS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Precisio.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.9	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.5	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	5.1	6.8	19.9	25.1	22.5	31.3	21.2
P/E	15.6	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	2.0	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	6.4%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	29.4%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.8	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	0.8	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	PDS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Precisio.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	15.2%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	17.3%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	46.9%	-4.0%	34.5%	6.6%	15.2%	36.3%	24.9%
12M Rtn	20.1%	-27.0%	16.2%	40.5%	34.5%	7.5%	18.1%
3Y Rtn	-6.8%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	14.3%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	13.0%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	34.7%	-16.3%	22.3%	-5.7%	3.0%	24.0%	12.6%
12M Excs Rtn	3.5%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	1.4%
3Y Excs Rtn	-87.2%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/23/2025	3/10/2025	3/4/2024	3/6/2023	3/7/2022	3/15/2021	3/9/2020
Key Financials
Total Revenue	1,833	1,902	1,938	1,617	987	936	1,541
EBITDA	492	532	644	350	181	309	439
Operating Income	172	212	304	33	-90	-35	44
Net Income	59	111	289	-34	-177	-120	7
EPS	4.28	7.81	21.03	-2.53	-13.32	-8.76	0.46
Growth Rates
Total Revenue Growth	-5.5%	-1.8%	19.8%	63.9%	5.5%	-39.3%	0.0%
EBITDA Growth	-16.3%	-17.4%	84.2%	93.0%	-41.4%	-29.6%	150.2%
Operating Income Growth	-27.2%	-30.3%	833.3%	136.4%	-156.9%	-178.4%	6036.4%
Net Income Growth	-75.8%	-61.6%	943.4%	80.7%	-47.7%	-1915.3%	102.2%
Margins
EBITDA Margin	26.8%	28.0%	33.3%	21.6%	18.4%	33.0%	28.5%
Operating Income Margin	9.4%	11.1%	15.7%	2.0%	-9.1%	-3.7%	2.9%
Net Income Margin	3.2%	5.8%	14.9%	-2.1%	-18.0%	-12.8%	0.4%
Cash & Debt
Total Cash	38	74	54	22	41	109	75
Total Debt	754	888	992	1,154	1,166	1,297	1,495
Net Debt / (Cash)	716	814	938	1,132	1,125	1,189	1,420
Cash Flows
Net Cash from Operations	450	482	501	237	139	226	288
Free Cash from Operations	209	265	274	53	63	165	127
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	79	75	30	10	4	11	26

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/23/2025	7/30/2025	4/24/2025	3/10/2025	10/29/2024	8/1/2024	4/25/2024	3/4/2024	10/27/2023	7/28/2023	4/27/2023	3/6/2023
Key Financials Quarterly
Total Revenue	462	407	496	468	477	429	528	507	447	426	559	511
Ebitda	120	114	140	118	145	123	146	174	120	140	209	107
Operating Income	38	33	62	38	67	41	65	63	41	68	132	20
Net Income	-7	16	35	15	39	21	37	147	20	27	96	3
EPS	-0.51	1.21	2.52	1.06	2.77	1.44	2.53	10.42	1.45	1.97	7.02	0.27
Key Financials TTM
Total Revenue TTM	1,833	1,848	1,871	1,902	1,941	1,911	1,907	1,938	1,941	1,924	1,824	1,617
Ebitda TTM	492	517	525	532	588	563	581	644	577	584	513	350
Operating Income TTM	172	201	209	212	236	211	237	304	261	270	196	33
Net Income TTM	59	105	109	111	243	224	230	289	146	157	105	-34
Growth Rates Quarterly
Total Revenue Growth	-3.1%	-5.3%	-6.0%	-7.6%	6.8%	0.8%	-5.5%	-0.7%	4.1%	30.6%	59.0%	72.9%
EBITDA Growth	-17.0%	-7.2%	-4.2%	-32.4%	20.4%	-12.5%	-30.1%	62.5%	-6.1%	102.7%	361.5%	66.4%
Operating Income Growth	-43.4%	-19.5%	-3.8%	-39.1%	62.8%	-39.3%	-50.7%	219.0%	-17.4%	1301.9%	516.7%	370.2%
Net Income Growth	-117.3%	-21.4%	-5.5%	-89.9%	98.0%	-23.0%	-61.9%	4112.5%	-35.5%	209.3%	318.6%	112.7%
Margins Quarterly
EBITDA Margin	26.1%	28.0%	28.2%	25.1%	30.4%	28.6%	27.7%	34.3%	27.0%	33.0%	37.4%	21.0%
Operating Income Margin	8.3%	8.2%	12.6%	8.2%	14.1%	9.6%	12.3%	12.4%	9.3%	16.0%	23.6%	3.9%
Net Income Margin	-1.5%	4.0%	7.0%	3.2%	8.2%	4.8%	6.9%	28.9%	4.4%	6.3%	17.2%	0.7%
Cash & Debt
Total Cash	38	47	28	74	24	48	31	54	49	23	42	22
Total Debt	754	750	869	888	861	920	1,014	992	1,035	1,033	1,229	1,154
Net Debt / (Cash)	716	703	841	814	837	872	983	938	986	1,010	1,188	1,132
Cash Flows Quarterly
FCF from Operations	76	147	63	163	80	174	66	170	88	213	28	159
Cash Flows TTM
FCF from Operations TTM	450	453	480	482	490	498	538	501	489	409	331	237
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	9	14	31	25	17	23	10	17	-0	8	5	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	4.7%	2.8%	5.2%	3.3%	5.8%	3.2%	5.3%	7.1%	3.4%	4.5%	11.8%	0.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	2.6%	4.5%	4.4%	4.5%	6.9%	6.1%	6.6%	8.6%	5.4%	5.7%	3.9%	0.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Contract Drilling Services	1,704	1,436	878	861	1,399
Completion and Production Services	241	187	113	77	148
Corporate and Other	0	0
Inter-Segment Eliminations	-7	-6	-5	-3	-6
Total	1,938	1,617	987	936	1,541

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Contract Drilling Services	352	142	-25	22	161
Completion and Production Services	37	24	8	-4	10
Inter-Segment Eliminations	0	0	0
Corporate and Other	-85	-134	-73	-60	-76
Total	304	33	-90	-41	95

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Contract Drilling Services	2,565	2,575	2,392	2,571	2,963
Completion and Production Services	272	179	127	133	153
Corporate and Other	182	122	142	195	154
Inter-Segment Eliminations	0	0
Total	3,019	2,876	2,662	2,899	3,270

Price Behavior

Price Behavior

Market Price	$69.30
Market Cap ($ Bil)	0.9
First Trading Date	11/15/1996
Distance from 52W High	-2.3%
	50 Days	200 Days
DMA Price	$61.94	$52.80
DMA Trend	up	up
Distance from DMA	11.9%	31.2%
	3M	1YR
Volatility	30.4%	41.4%
Downside Capture	52.12	65.27
Upside Capture	118.19	73.17
Correlation (SPY)	49.1%	59.8%

PDS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.27	1.30	1.13	0.90	1.25	1.19
Up Beta	1.17	1.43	1.71	1.17	1.49	1.25
Down Beta	3.73	2.35	2.09	1.99	1.77	1.63
Up Capture	136%	115%	62%	75%	47%	50%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	12	24	36	68	124	373
Down Capture	72%	66%	46%	-17%	79%	102%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	17	26	56	123	374

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of PDS With Other Asset Classes (Last 1Y)
	PDS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	22.5%	8.6%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	41.2%	24.4%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.59	0.29	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		74.9%	59.9%	2.6%	64.0%	36.3%	28.4%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of PDS With Other Asset Classes (Last 5Y)
	PDS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	29.5%	21.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	51.5%	26.7%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.69	0.75	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		70.4%	37.8%	14.4%	54.4%	25.4%	19.7%

Based On 10-Year Data

		Comparison of PDS With Other Asset Classes (Last 10Y)
	PDS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-0.4%	8.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	60.9%	29.8%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.26	0.33	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		68.7%	42.0%	6.5%	55.0%	28.6%	11.8%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	150,439
Short Interest: % Change Since 11302025	-29.5%
Average Daily Volume	93,471
Days-to-Cover Short Interest	1.61
Basic Shares Quantity	13,211,000
Short % of Basic Shares	1.1%

Returns Analyses

null

SEC Filings

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Report Date	Filing Date	Filing
9302025	10232025	6-K 9/30/2025
6302025	7302025	6-K 6/30/2025
3312025	4242025	6-K 3/31/2025
12312024	3102025	40-F 12/31/2024
9302024	10292024	6-K 9/30/2024
6302024	8012024	6-K 6/30/2024
3312024	4252024	6-K 3/31/2024
12312023	3042024	40-F 12/31/2023
9302023	10272023	6-K 9/30/2023
6302023	7282023	6-K 6/30/2023
3312023	4272023	6-K 3/31/2023
12312022	3062023	40-F 12/31/2022
9302022	10282022	6-K 9/30/2022
6302022	7292022	6-K 6/30/2022
3312022	4292022	6-K 3/31/2022
12312021	3072022	40-F 12/31/2021

Insider Activity

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External Quote Links

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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Precision Drilling (PDS)

Market Price (12/28/2025): $67.97 | Market Cap: $898.0 MilSector: Energy | Industry: Oil & Gas Drilling

Precision Drilling (PDS)

Market Price (12/28/2025): $67.97Market Cap: $898.0 MilSector: EnergyIndustry: Oil & Gas Drilling

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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PDS Stock

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About Precision Drilling (PDS)

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INDUSTRY: Oil & Gas Drilling

Higher Rev Chg 3Y Avg | Lower P/S (Values for PDS: 11.0% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PDS: 11.0% | 5.3x)

Higher Rev Chg LTM (Value for PDS: -5.5%)

Higher Rev Chg 3Y Avg (Value for PDS: 11.0%)

Higher Op Mgn LTM (Value for PDS: 9.4%)

Higher CFO/Rev LTM (Value for PDS: 24.5%)

Higher FCF/Rev LTM (Value for PDS: 11.4%)

Higher Total Yield (Value for PDS: 6.4%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for PDS: 11.0% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PDS: 11.0% | 5.3x)

Higher Rev Chg LTM (Value for PDS: -5.5%)

Higher Rev Chg 3Y Avg (Value for PDS: 11.0%)

Higher Op Mgn LTM (Value for PDS: 9.4%)

Higher CFO/Rev LTM (Value for PDS: 24.5%)

Higher FCF/Rev LTM (Value for PDS: 11.4%)

Higher Total Yield (Value for PDS: 6.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PDS: 11.0% | 0.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PDS: 11.0% | 5.3x)

Higher Rev Chg LTM (Value for PDS: -5.5%)

Higher Rev Chg 3Y Avg (Value for PDS: 11.0%)

Higher Op Mgn LTM (Value for PDS: 9.4%)

Higher CFO/Rev LTM (Value for PDS: 24.5%)

Higher FCF/Rev LTM (Value for PDS: 11.4%)

Higher Total Yield (Value for PDS: 6.4%)

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Market Price (12/28/2025): $67.97 | Market Cap: $898.0 Mil
Sector: Energy | Industry: Oil & Gas Drilling

Market Price (12/28/2025): $67.97
Market Cap: $898.0 Mil
Sector: Energy
Industry: Oil & Gas Drilling