Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 27 Oct, 25 | XPRO | Buy | USD 13.71 | USD 14.5 | USD 15.4 | 2 days | Closed |
5.76%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Expro Group Holdings N.V. engages in the provision of energy services in North and Latin America, Europe and Sub-Saharan Africa, the Middle East and North Africa, and the Asia-Pacific. The company provides well construction services, such as technology solutions in drilling, tubular running services, and cementing and tubulars; and well management services, including well flow management, subsea well access, and well intervention and integrity services. It serves exploration and production companies in onshore and offshore environments in approximately 60 countries. The company was founded in 1938 and is based in Houston, Texas.
EBITDA Margin Strength and Operational Efficiency: The company recorded Adjusted EBITDA of USD 94 million in Q3 FY2025, up from USD 73 million in Q3 FY2024, marking a 29% year-over-year increase. This resulted in an Adjusted EBITDA margin of 22.8%, compared to approximately 19.7% in the same quarter of the previous year
Revenue Expansion Driven by Increased Project Activity: Expro delivered a solid year-on-year revenue increase in the third quarter ended September 30, 2025 (Q3 FY2025), reporting USD 411 million compared to USD 370 million in Q3 FY2024, representing an 11% growth
Lower Activity in Europe and Sub-Saharan Africa: Expro experienced a decline in revenue within its Europe and Sub-Saharan Africa (ESSA) segment, with figures falling from USD 135 million in Q3 FY2024 to USD 126 million in Q3 FY2025, representing a 7% contraction
Earnings Pressure from Regional Mix and Cost Headwinds: Despite stronger top-line and EBITDA performance, Expro’s net income declined from USD 18 million in Q3 FY2024 to USD 14 million in Q3 FY2025, reflecting a 22% year-over-year decrease
Expro’s performance remains vulnerable to fluctuations in global offshore drilling activity, pricing pressure, and regional demand volatility—particularly across MENA and APAC markets—which could constrain margin growth and cash generation despite strong operational execution
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 13.71 | 12.5 | 14.5 | 15.4 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Solid Financial Performance and Margin Expansion: Expro Group Holdings N.V. reported revenue of USD 411 million for the third quarter ended September 30, 2025 (Q3 FY2025), reflecting stable performance amid softer market conditions. The company achieved net income of USD 14 million, translating to a net margin of 3%, and delivered Adjusted EBITDA of USD 94 million, representing a robust margin of 22.8%, one of the highest among peers. These results underscore Expro’s continued operational discipline and margin expansion initiatives, reinforcing its position as a leading energy services provider with strong profitability metrics.
Strong Cash Generation and Shareholder Returns: During Q3 FY2025, Expro generated USD 63 million in cash flow from operations, equivalent to 15% of revenues, and produced free cash flow of USD 39 million, representing a 9% margin. Adjusted free cash flow totaled USD 46 million, or 11% of revenue, highlighting improved cash conversion efficiency. The company also continued its capital return program, repurchasing approximately 2 million shares for USD 25 million, completing USD 40 million in repurchases year to date—ahead of its annual target. Liquidity remained strong at USD 532 million, supported by disciplined working capital management and reduced capital intensity.
Revised 2025 Financial Guidance: Reflecting strong year-to-date performance, Expro increased its full-year 2025 guidance for both Adjusted EBITDA and Adjusted Free Cash Flow. The company now expects Adjusted EBITDA between USD 350 million and USD 360 million (previously “above USD 350 million”) and Adjusted Free Cash Flow between USD 110 million and USD 120 million (previously “around USD 110 million”). Revenue is projected between USD 1.6 billion and USD 1.65 billion, slightly below earlier expectations of approximately USD 1.7 billion, reflecting a recalibration amid softer activity levels. Capital expenditures are now anticipated between USD 110 million and USD 120 million, underscoring continued capital discipline.
Operational and Technological Achievements: Expro achieved several operational and technological milestones during Q3 FY2025, including setting an offshore world record for the heaviest casing string deployment using its Blackhawk® Gen III Wireless Top Drive Cement Head with SKYHOOK® technology. The company introduced award-winning technologies such as QPulse™ and ELITE Composition™, both recognized at the OTC Brasil and Gulf Energy Awards. Additionally, its VIGILANCE™ Intelligent Safety and Surveillance Solution won “Best Health, Safety or Environmental Contribution – Upstream.” These developments highlight Expro’s leadership in innovation, safety, and sustainability within the oilfield services industry.
Regional Performance Overview: Regionally, Expro reported mixed performance across its operating segments. In North and Latin America (NLA), revenue increased 6% sequentially to USD 151 million in Q3 FY2025, driven by higher well construction and flow management activity, while segment EBITDA rose 9% to USD 37 million, maintaining a 24% margin. In contrast, Europe and Sub-Saharan Africa (ESSA) recorded a 5% decline in revenue to USD 126 million, though segment EBITDA improved to USD 41 million (32% margin) due to a favorable project mix. The MENA region saw revenues decline 5% to USD 86 million, and EBITDA decreased 8% to USD 30 million, reflecting lower activity in the UAE, KSA, and Qatar. The Asia Pacific (APAC) segment faced the steepest decline, with revenue down 14% to USD 49 million and EBITDA down 33% to USD 10 million, impacted by reduced operations in Australia and Malaysia.
Commitment to Financial Discipline and Sustainability: Expro continued to enhance capital efficiency and sustainability through disciplined cost management and technology-driven solutions. The company generated USD 39 million in free cash flow during Q3 FY2025 and USD 74.6 million year-to-date, maintaining a 9% quarterly free cash flow margin and 6% year-to-date margin. Capital expenditures for the quarter stood at USD 24 million, approximately 90% directed toward customer-related equipment. With strong liquidity, low net leverage, and a balanced capital allocation framework, Expro remains well-positioned to pursue growth opportunities while maintaining financial flexibility and shareholder returns.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Expro Group Holdings N.V. (NYSE: XPRO) at the closing market price of USD 13.71, as on Oct 24, 2025
Data Powered by EOD Historical Data (“EODHD”).
Sector: Energy Industry: Oil & Gas Equipment & Services
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| XPRO Expro Group Holdings NV |
0.07 0.40% | 16.16 | 818.00 | 10.80 | 1.23 | 1.40 | 1.15 | 8.37 |
| SLB Schlumberger NV |
1.62 3.38% | 49.67 | 14.01 | 12.05 | 1.70 | 2.86 | 1.94 | 8.58 |
| BKR Baker Hughes Co |
1.52 2.70% | 57.98 | 12.90 | 15.72 | 1.34 | 2.20 | 1.44 | 8.87 |
| HAL Halliburton Company |
1.07 3.27% | 33.91 | 12.44 | 10.36 | 1.42 | 3.54 | 1.72 | 8.38 |
| TS Tenaris SA ADR |
1.63 3.65% | 46.30 | 5.88 | 7.97 | 1.37 | 1.24 | 1.19 | 3.33 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on October 27, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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