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China's largest integrated oilfield-services provider, offering drilling and well services mainly for parent Sinopec.
China's largest integrated oilfield-services provider, offering drilling and well services mainly for parent Sinopec.
Is paid through drilling and well-service contracts, mostly from Sinopec's own exploration and production arms, so activity follows the parent's upstream budget more than the open market, with overseas jobs for other oil companies a smaller outlet. Its shares trade in both Shanghai and Hong Kong.
In one line: A China-focused Halliburton/Schlumberger.
Moat: narrow (scale, installed base, customer qualification). Largest domestic oilfield-services fleet, with a captive relationship to parent Sinopec's E&P spending.
Headquarters: Beijing, China · Employees: 57,076
Size Sinopec Oilfield Service (600871.SS) is a China Energy company (Contract Drilling) with a market value of $4.69B, the 543rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.09 on 6 Nov 2026.
Performance Over six months the shares fell 23.2%, against -15.6% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 8 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +4.0%); the operating margin is 2.4% (peer median 11.3%).
Valuation It trades at 52.2× forward earnings against a peer median of 15.8× (most expensive of 8).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥82.7B | CN¥80.6B | CN¥81.0B | CN¥79.9B | CN¥73.7B |
| Revenue growth | — | 0% | +1% | +8% | — |
| Gross profit | CN¥11.8B | CN¥6.26B | CN¥6.06B | CN¥5.52B | CN¥5.51B |
| EBITDA | n/a | CN¥8.87B | CN¥9.01B | CN¥7.32B | CN¥6.61B |
| Net income | CN¥701M | CN¥659M | CN¥632M | CN¥589M | CN¥476M |
| Free cash flow | CN¥7.14B | CN¥3.90B | -CN¥575M | CN¥1.43B | CN¥310M |
| Capital expenditure | CN¥2.15B | CN¥2.76B | CN¥3.68B | CN¥4.15B | CN¥3.89B |
| Total debt | CN¥34.2B | CN¥31.9B | CN¥26.8B | CN¥29.8B | CN¥28.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sinopec Oilfield Service 600871.SS | $4.69B | -23% | +2% | 2% | 52.2× | -10.7% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
| China Oilfield Services 2883.HK | $7.31B | -18% | +7% | 12% | 6.7× | -10.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600871.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.2% | -5.0% | 4th highest of 8 |
| 6-month return | -23.2% | -15.6% | lowest of 8 |
| Distance from 52-week high | -52.7% | -26.9% | lowest of 8 |
| Revenue growth (TTM) | +1.6% | +4.0% | 3rd lowest of 8 |
| Operating margin | 2.4% | 11.3% | lowest of 8 |
| Forward P/E | 52.2× | 15.8× | most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | -10.7% | 16.0% | 2nd least demanding of 6 |
| Growth delivered (Del g) | +3.5% | +11.7% | lowest of 6 |
| Hurdle (Req g minus delivered) | -14.2 pp | -0.9 pp | 2nd least demanding of 6 |
| ROIC minus cost of capital | +8.6 pp | -4.5 pp | 2nd highest of 8 |
| Net debt / EBITDA | 3.7× | 1.7× | most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sinopec Oilfield Service 600871.SS | China | $4.69B | -23% | +2% | 2% | 52.2× | -10.7% | +3.5% |
| Valaris VAL | United States | $5.54B | -16% | -12% | 11% | 11.1× | n/a | n/a |
| Transocean RIG | United States | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% | +4.7% |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |
| Noble NE | United States | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% | +27.8% |
| China Oilfield Services 601808.SS | China | $7.30B | -16% | +3% | 12% | 14.1× | -16.5% | +11.7% |
| Seadrill SDRL | United States | $2.63B | -13% | +17% | 10% | 15.8× | 16.0% | +6.3% |
| Odfjell Drilling ODL.OL | Norway | $2.57B | +4% | +11% | 23% | 10.0× | n/a | n/a |