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Provides onshore drilling rigs, pressure pumping (hydraulic fracturing) and directional drilling services to oil & gas producers.
Provides onshore drilling rigs, pressure pumping (hydraulic fracturing) and directional drilling services to oil & gas producers.
Rents rigs and crews at a daily rate under contracts of varying length and charges pumping crews by the job, so rig counts and producers' completion activity set volumes. The 2023 all-stock merger with NexTier made it one of the largest US pressure pumpers as well as a drilling contractor.
Moat: narrow (scale, installed base). Large fleet of modern, high-spec rigs and pumping equipment, but a highly cyclical, price-competitive service.
Headquarters: Houston, Texas, United States · Founded: 1978 · Employees: 7,900
Size Patterson-UTI Energy (PTEN) is a United States Energy company (Oil & Gas Production) with a market value of $3.76B, the 1386th largest of 3,117 United States companies the cockpit tracks. Shares closed at $9.92 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -8.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue was unchanged over the last twelve months (peer median +11.3%); the operating margin is 0.4% (peer median 29.6%).
Valuation It trades at 26.0× forward earnings against a peer median of 7.9× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +34%, so the hurdle is +9 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 7.6 points below its cost of capital (8.0% WACC).
Backlog Backlog (remaining performance obligations) was $424M at 30 Sep 2026, up 66% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Patterson-UTI Energy has 3 bonds outstanding ($1.24B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 139 bp.
Short interest Short interest is 7.1% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.84B | $4.83B | $5.38B | $4.15B | $2.65B |
| Revenue growth | — | -10% | +30% | +57% | — |
| Gross profit | $286M | $230M | $286M | $604M | $317M |
| EBITDA | $896M | $915M | $1.19B | $1.16B | $684M |
| Net income | -$25.0M | -$93.6M | -$968M | $246M | $155M |
| Free cash flow | $266M | $372M | $497M | $390M | $129M |
| Capital expenditure | $552M | $589M | $678M | $616M | $437M |
| Total debt | $1.29B | $1.28B | $1.30B | $1.35B | $856M |
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 |
|---|---|---|---|---|---|---|
| Patterson-UTI Energy PTEN | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% |
| Helmerich & Payne HP | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% |
| ProPetro PUMP | $785M | -59% | -6% | 0% | 35.1× | n/a |
| Liberty Energy LBRT | $1.95B | -64% | +14% | 2% | n/a | n/a |
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 | PTEN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.6% | -8.1% | 5th lowest of 21 |
| 6-month return | -13.1% | -8.3% | 7th lowest of 21 |
| Distance from 52-week high | -25.9% | -27.0% | 9th highest of 21 |
| Revenue growth (TTM) | 0.0% | +11.3% | 6th lowest of 20 |
| Operating margin | 0.4% | 29.6% | lowest of 20 |
| Forward P/E | 26.0× | 7.9× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 42.6% | -3.7% | most demanding of 13 |
| Growth delivered (Del g) | +33.8% | +18.6% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | +8.8 pp | -23.7 pp | most demanding of 13 |
| ROIC minus cost of capital | -7.6 pp | +3.0 pp | lowest of 21 |
| EV / EBITDA | 5.3× | 4.5× | 7th most expensive of 19 |
| Net debt / EBITDA | 1.1× | 1.1× | 10th least indebted of 19 |
| Bond spread | 139 bp | 213 bp | 2nd tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Patterson-UTI Energy PTEN | United States | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% | +33.8% |
| Comstock Resources CRK | United States | $3.94B | -5% | +17% | 19% | 43.4× | n/a | n/a |
| Topaz Energy TPZ.TO | Canada | $3.17B | -9% | +22% | 60% | 22.8× | 5.9% | +29.4% |
| Jiangxi Jovo Energy 605090.SS | China | $3.02B | -37% | -7% | 9% | 11.8× | -0.6% | +17.9% |
| International Petroleum Corp. (British Columbia) IPCO.TO | Canada | $2.85B | 0% | +11% | 19% | 11.2× | n/a | n/a |
| CNX Resources CNX | United States | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% | +14.6% |
| Murphy Oil MUR | United States | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% | +9.0% |
| Gulfport Energy GPOR | United States | $2.65B | -16% | +27% | 42% | 6.3× | -13.4% | +10.6% |
| Talos Energy TALO | United States | $2.48B | -1% | +13% | 14% | 7.9× | -5.0% | +25.3% |
| Northern Oil and Gas NOG | United States | $2.43B | -2% | -3% | 30% | 4.9× | n/a | n/a |
| Harbour Energy HBR.L | United Kingdom | $6.17B | -8% | +17% | 40% | 5.1× | n/a | n/a |
| Magnolia Oil & Gas MGY | United States | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% | +19.4% |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | n/a | n/a |
| Vista Energy SAB de CV Sponsored ADR VIST | United States | $6.91B | -12% | +84% | 40% | 4.6× | -13.4% | +55.3% |
| Seplat Energy SEPL.L | United Kingdom | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% | +38.0% |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Etablissements Maurel & Prom MAU.PA | France | $1.57B | -29% | -11% | 31% | 5.4× | n/a | n/a |
| NextDecade NEXT | United States | $1.56B | -23% | n/a | n/a | n/a | n/a | n/a |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
Patterson-UTI Energy has 3 bonds outstanding with $1.24B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.09%, a spread of 139 bp over government bonds.
Patterson-UTI Energy reported $424M of remaining performance obligations at 30 Sep 2026, up 66% from a year earlier and up 16% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.04.