Civeo Corp. (CVEO) intrinsic value & 10-year financials
Civeo Corp. (CVEO) has a Graham intrinsic value of $33.54 per share. At $29.33 on Oct 17, 2026, the stock trades 13% below that value. Over the last 10 fiscal years revenue grew 5.4% a year to $638.8M, with an average return on invested capital of -4.0%.
- Graham intrinsic value
- $33.54
- Share price (Oct 17, 2026)
- $29.33
- Price vs Graham value
- 13% below
- Market cap
- $370.9M
- Revenue (FY2025)
- $638.8M
- Revenue growth (10-yr CAGR)
- 5.4%
- ROIC (10-yr avg)
- -4.0%
- Free cash flow (FY2025)
- $2.1M
CVEO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $638.8M | -$20.1M | -$1.59 | $2.1M | 0.6% | 1.3% |
| FY2024 | $682.1M | -$17.1M | -$1.19 | $57.4M | 0.2% | 0.4% |
| FY2023 | $700.8M | $30.2M | $2.01 | $64.9M | 5.6% | 7.1% |
| FY2022 | $697.1M | $4.0M | -$0.21 | $66.4M | 2.4% | 1.7% |
| FY2021 | $594.5M | $1.4M | -$0.04 | $73.0M | 1.0% | 0.5% |
| FY2020 | $529.7M | -$134.2M | -$9.64 | $107.3M | -27.8% | -18.2% |
| FY2019 | $527.6M | -$58.5M | -$0.36 | $44.7M | -9.3% | -4.7% |
| FY2018 | $466.7M | -$82.2M | -$0.84 | $37.3M | -18.9% | -7.8% |
| FY2017 | $382.3M | -$105.7M | -$0.82 | $45.6M | -25.6% | -11.1% |
| FY2016 | $397.2M | -$96.4M | -$0.90 | $42.4M | -24.1% | -9.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Civeo Corp has demonstrated mature, steady growth, with revenue compounding at 5.4% annually over the past decade.
Civeo Corp has historically struggled to out-earn its cost of capital, averaging just -4.0% ROIC.
Over the decade, Civeo Corp shows that management has aggressively returned capital to shareholders by retiring 88.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Civeo Corp is modeled at 5.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $33.54 per share.