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Manufactures natural gas compression and processing equipment and provides related energy infrastructure services globally.
Manufactures natural gas compression and processing equipment and provides related energy infrastructure services globally.
Part of the income is lumpy, from building compression and gas-processing packages to order; the rest is steadier, from rental fleets and aftermarket service on equipment it has already installed. Based in Calgary and listed in Toronto and New York, it enlarged its international rental and service base with the 2022 Exterran merger.
In one line: A natural gas compression/processing equipment maker like a smaller Archrock.
Moat: narrow (installed base, customer qualification). Engineering expertise and installed equipment base create recurring aftermarket service revenue and switching costs.
Headquarters: Calgary, Canada · Founded: 1980 · Employees: 4,400
Size Enerflex (EFX.TO) is a Canada Energy company (Industrial Machinery) with a market value of $2.39B, the 173rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$27.45 on 6 Nov 2026.
Performance Over six months the shares fell 29.1%, against -5.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 4.1% over the last twelve months (peer median +11.9%); the operating margin is 10.8% (peer median 19.9%).
Valuation It trades at 12.2× forward earnings against a peer median of 11.4× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points below its cost of capital (11.9% WACC).
Credit Enerflex has 1 bond outstanding ($400M), rated BB by the agencies and trading like BB at a weighted spread of 189 bp.
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.35B | C$3.59B | C$3.31B | C$3.16B | C$1.78B |
| Revenue growth | — | +9% | +5% | +78% | — |
| Gross profit | C$767M | C$780M | C$478M | C$555M | C$302M |
| EBITDA | C$575M | C$658M | C$497M | C$552M | C$221M |
| Net income | C$98.0M | C$89.4M | C$43.8M | -C$111M | -C$101M |
| Free cash flow | C$420M | C$321M | C$341M | C$130M | -C$93.0M |
| Capital expenditure | C$201M | C$161M | C$105M | C$149M | C$116M |
| Total debt | C$862M | C$896M | C$1.12B | C$1.32B | C$1.48B |
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 |
|---|---|---|---|---|---|---|
| Enerflex EFX.TO | $2.39B | -29% | -4% | 11% | 12.2× | 6.5% |
| Archrock AROC | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% |
| Kodiak Gas Services KGS | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% |
| USA Compression Partners LP USAC | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% |
| Natural Gas Services NGS | $356M | -29% | +15% | 23% | 12.7× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EFX.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.8% | -8.5% | 3rd lowest of 21 |
| 6-month return | -29.1% | -5.9% | 2nd lowest of 21 |
| Distance from 52-week high | -31.3% | -19.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | -4.1% | +11.9% | 3rd lowest of 21 |
| Operating margin | 10.8% | 19.9% | 3rd lowest of 21 |
| Forward P/E | 12.2× | 11.4× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.5% | 0.6% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +24.2% | +22.3% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | -17.7 pp | -24.2 pp | 6th most demanding of 15 |
| ROIC minus cost of capital | -0.1 pp | +2.0 pp | 8th lowest of 21 |
| EV / EBITDA | 6.8× | 6.6× | 10th most expensive of 21 |
| Net debt / EBITDA | 0.9× | 0.8× | 11th least indebted of 21 |
| Bond spread | 189 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Enerflex EFX.TO | Canada | $2.39B | -29% | -4% | 11% | 12.2× | 6.5% | +24.2% |
| Rockpoint Gas Storage RGSI.TO | Canada | $2.26B | -16% | +15% | 75% | 8.7× | -3.8% | +21.7% |
| International Petroleum Corp. (British Columbia) IPCO.TO | Canada | $2.85B | 0% | +11% | 19% | 11.2× | n/a | n/a |
| Headwater Exploration HWX.TO | Canada | $1.95B | -10% | +13% | 44% | 9.9× | 3.0% | +125.4% |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Topaz Energy TPZ.TO | Canada | $3.17B | -9% | +22% | 60% | 22.8× | 5.9% | +29.4% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Kelt Exploration KEL.TO | Canada | $1.45B | +4% | +30% | 17% | 12.4× | n/a | n/a |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| Greenfire Resources GFR.TO | Canada | $1.36B | +3% | -2% | 17% | n/a | n/a | n/a |
| Birchcliff Energy BIR.TO | Canada | $1.29B | +3% | +10% | 20% | 13.5× | 1.9% | +5.8% |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | n/a | n/a |
| Precision Drilling PD.TO | Canada | $1.16B | +6% | +8% | 7% | 11.4× | 11.6% | +14.5% |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
Enerflex has 1 bond outstanding with $400M face value. The agencies rate it BB; its bonds trade like BB. Weighted yield 6.60%, a spread of 189 bp over government bonds.