Stonegate Capital Partners has updated its coverage on Civeo Corporation (NYSE: CVEO), following the company's fourth-quarter 2025 earnings report. Civeo reported revenue of $161.6 million and adjusted EBITDA of $21.7 million, 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 adjusted EBITDA. The year-over-year EBITDA increase reflected continued strength in Australia and the benefit of cost-cutting initiatives in Canada.
Operating cash flow for the quarter totaled $19.3 million, while capital expenditures were $4.8 million, primarily related to maintenance of lodges and villages. The company ended the quarter with net debt of $168.4 million, a net leverage ratio of 1.9x, and liquidity of approximately $90.4 million. Stonegate highlighted that Australia drove results, while Canadian cost actions supported margin recovery and stronger incremental profitability.
Management provided guidance for fiscal year 2026, projecting revenue in the range of $650 million to $700 million and adjusted EBITDA between $85 million and $90 million, implying stable-to-improving fundamentals. Capital returns remain a key focus, with Phase 1 of the buyback program approximately 95% complete and Phase 2 adding an additional 10% to the repurchase authorization.
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