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Provides consumable specialty chemicals (drilling fluids, production chemicals) used in oil and gas drilling and production across North America.
Provides consumable specialty chemicals (drilling fluids, production chemicals) used in oil and gas drilling and production across North America.
Production chemicals are applied to wells over their producing life, giving steadier income than drilling fluids, which depend on how many wells are being drilled. It operates in Canada and the US.
In one line: A North American oilfield chemicals supplier.
Moat: narrow (distribution, customer qualification, installed base). Well-site logistics network and long-standing operator relationships create switching costs versus new entrants.
Headquarters: Calgary, Canada · Founded: 1996 · Employees: 2,707
Size CES Energy Solutions (CEU.TO) is a Canada Materials company (Chemicals: Major Diversified) with a market value of $2.82B, the 165th largest of 420 Canada companies the cockpit tracks. Shares closed at C$18.75 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against -2.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 11.0% over the last twelve months (peer median +5.0%); the operating margin is 10.3% (peer median 8.0%).
Valuation It trades at 14.1× forward earnings against a peer median of 16.2× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.0 points above its cost of capital (8.9% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.68B | C$2.49B | C$2.35B | C$2.16B | C$1.92B |
| Revenue growth | — | +6% | +9% | +13% | — |
| Gross profit | C$627M | C$573M | C$565M | C$465M | C$373M |
| EBITDA | C$388M | C$374M | C$352M | C$296M | C$242M |
| Net income | C$198M | C$205M | C$191M | C$155M | C$95.2M |
| Free cash flow | C$201M | C$199M | C$217M | C$230M | -C$55.1M |
| Capital expenditure | C$99.8M | C$99.1M | C$93.1M | C$81.5M | C$53.2M |
| Total debt | C$489M | C$482M | C$437M | C$464M | C$551M |
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 |
|---|---|---|---|---|---|---|
| CES Energy Solutions CEU.TO | $2.82B | +4% | +11% | 10% | 14.1× | 9.2% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| Baker Hughes BKR | $47.5B | -25% | +4% | 12% | 17.4× | 10.0% |
| DNOW DNOW | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% |
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 | CEU.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | -12.2% | 2nd highest of 21 |
| 6-month return | +4.2% | -2.9% | 9th highest of 20 |
| Distance from 52-week high | -12.1% | -24.5% | 4th highest of 21 |
| Revenue growth (TTM) | +11.0% | +5.0% | 9th highest of 21 |
| Operating margin | 10.3% | 8.0% | 8th highest of 21 |
| Forward P/E | 14.1× | 16.2× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 9.2% | 3.0% | 4th most demanding of 11 |
| Growth delivered (Del g) | +22.9% | +6.7% | highest of 11 |
| Hurdle (Req g minus delivered) | -13.8 pp | -3.8 pp | least demanding of 11 |
| ROIC minus cost of capital | +6.0 pp | -1.8 pp | 3rd highest of 21 |
| EV / EBITDA | 11.5× | 9.1× | 5th most expensive of 12 |
| Net debt / EBITDA | 1.3× | 1.7× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CES Energy Solutions CEU.TO | Canada | $2.82B | +4% | +11% | 10% | 14.1× | 9.2% | +22.9% |
| Grandit 688549.SS | China | $2.89B | +36% | +40% | -1% | n/a | n/a | n/a |
| Nippon Shokubai 4114.T | Japan | $2.27B | +11% | +4% | 6% | 16.2× | 4.1% | +7.9% |
| Kuraray 3405.T | Japan | $3.52B | +14% | +3% | 7% | 15.0× | -0.2% | +8.3% |
| Hubei Sinophorus Electronic Materials 688545.SS | China | $2.24B | +11% | +75% | 11% | 68.3× | n/a | n/a |
| Aether Industries AETHER.NS | India | $2.20B | +29% | +31% | 25% | 72.6× | n/a | n/a |
| Ingevity NGVT | United States | $2.07B | -21% | -12% | 25% | 10.4× | -0.9% | -0.8% |
| Eternal Materials 1717.TW | Taiwan | $2.06B | -27% | -2% | 5% | 17.2× | 19.9% | +1.2% |
| Zhejiang Yongtai Technology 002326.SZ | China | $2.04B | -40% | +38% | 11% | n/a | n/a | n/a |
| Qingdao Huicheng Environmental Technology 300779.SZ | China | $2.02B | -9% | -13% | 5% | 129.3× | n/a | n/a |
| Johnson Matthey JMAT.L | United Kingdom | $4.01B | +14% | +8% | 3% | 13.3× | 9.6% | -4.0% |
| Mitsui Chemicals 4183.T | Japan | $4.08B | -9% | -3% | 6% | 10.7× | 1.9% | +6.6% |
| Innospec IOSP | United States | $1.93B | -3% | +5% | 8% | 13.4× | 4.4% | +8.3% |
| Avient AVNT | United States | $4.17B | +23% | +5% | 11% | 13.0× | 9.9% | +0.1% |
| Hubei Xingfa Chemicals 600141.SS | China | $4.19B | -27% | +4% | 8% | 15.3× | n/a | n/a |
| Wacker Chemie WCH.DE | Germany | $4.42B | -24% | -5% | -1% | 33.0× | n/a | n/a |
| Advanced Echem Materials 4749.TWO | Taiwan | $1.72B | -39% | +19% | 25% | 33.1× | n/a | n/a |
| AARTI Industries AARTIIND.NS | India | $1.71B | -9% | +40% | 9% | 29.1× | n/a | n/a |
| Borregaard BRG.OL | Norway | $1.68B | +7% | +3% | 17% | 24.4× | -1.0% | +7.7% |
| Nippon Kayaku 4272.T | Japan | $1.66B | +3% | +14% | 10% | 10.1× | -4.8% | +6.9% |
| Metis TechBio 7666.HK | Hong Kong | $1.66B | n/a | +6,987% | -367% | n/a | n/a | n/a |