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Provides contract mineral-exploration and production drilling services to mining companies worldwide.
Provides contract mineral-exploration and production drilling services to mining companies worldwide.
Charges miners by the metre drilled or by day rate, so revenue follows how many rigs are working and how fast they bore, and it swings with miners' exploration budgets, which junior explorers cut first. Work ranges from exploration drilling to underground production drilling for operating mines.
In one line: A global mineral exploration drilling contractor.
Moat: narrow (installed base, customer qualification). Large global drill-rig fleet and long-standing miner relationships give scale over smaller regional drillers.
Headquarters: Moncton, Canada · Founded: 1980 · Employees: 5,879
Size Major Drilling Group International (MDI.TO) is a Canada Energy company (Contract Drilling) with a market value of $893M, the 260th largest of 420 Canada companies the cockpit tracks. Shares closed at C$15.21 on 6 Nov 2026.
Performance Over six months the shares fell 4.7%, against -9.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 5th highest of 12 in its peer set.
Growth Revenue grew 23.0% over the last twelve months (peer median +8.5%); the operating margin is 5.8% (peer median 10.0%).
Valuation It trades at 23.1× forward earnings against a peer median of 11.4× (3rd most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.4 points below its cost of capital (10.5% WACC).
Next results Next results expected around 3 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$940M | C$889M | C$728M | C$707M | C$736M |
| Revenue growth | — | +22% | +3% | -4% | — |
| Gross profit | C$138M | C$129M | C$123M | C$152M | C$176M |
| EBITDA | C$124M | C$117M | C$111M | C$135M | C$159M |
| Net income | C$25.8M | C$21.4M | C$26.0M | C$53.1M | C$74.9M |
| Free cash flow | C$18.5M | C$20.8M | C$28.4M | C$38.5M | C$54.5M |
| Capital expenditure | C$60.1M | C$61.0M | C$72.5M | C$73.5M | C$58.7M |
| Total debt | C$39.5M | C$35.1M | C$37.1M | C$4.72M | C$25.6M |
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.
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 | MDI.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | -7.5% | 6th highest of 12 |
| 6-month return | -4.7% | -9.2% | 5th highest of 12 |
| Distance from 52-week high | -18.7% | -26.2% | 4th highest of 12 |
| Revenue growth (TTM) | +23.0% | +8.5% | 3rd highest of 12 |
| Operating margin | 5.8% | 10.0% | 4th lowest of 12 |
| Forward P/E | 23.1× | 11.4× | 3rd most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 21.7% | 11.6% | 2nd most demanding of 8 |
| Growth delivered (Del g) | +15.5% | +11.8% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | +6.2 pp | +3.7 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -3.4 pp | -3.4 pp | 6th lowest of 12 |
| EV / EBITDA | 10.0× | 6.2× | 2nd most expensive of 12 |
| Net debt / EBITDA | -0.2× | 1.4× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Major Drilling Group International MDI.TO | Canada | $893M | -5% | +23% | 6% | 23.1× | 21.7% | +15.5% |
| Borr Drilling BORR | United States | $1,000M | -45% | +3% | 21% | n/a | n/a | n/a |
| Nabors Industries NBR | United States | $1.11B | -25% | +5% | 8% | 19.1× | 4.0% | +8.3% |
| Precision Drilling PD.TO | Canada | $1.16B | +6% | +8% | 7% | 11.4× | 11.6% | +14.5% |
| Sed Energy ENH.OL | Norway | $520M | -25% | +91% | 36% | 5.7× | -10.9% | +38.2% |
| Ensign Energy Services ESI.TO | Canada | $517M | +6% | -1% | 1% | 34.7× | 41.1% | +11.8% |
| Ventura Offshore VTURA.OL | Norway | $371M | +3% | -2% | 34% | n/a | 3.6% | -2.5% |
| PHX Energy Services PHX.TO | Canada | $342M | -9% | +7% | 4% | 8.9× | n/a | n/a |
| Akastor AKAST.OL | Norway | $316M | -31% | +67% | 34% | 9.9× | n/a | n/a |
| Odfjell Drilling ODL.OL | Norway | $2.57B | +4% | +11% | 23% | 10.0× | n/a | n/a |
| Seadrill SDRL | United States | $2.63B | -13% | +17% | 10% | 15.8× | 16.0% | +6.3% |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |