olivLaw · US equity research
Core Laboratories Inc. CLB
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
Core Laboratories Inc. (CLB) is a global provider of reservoir description and production enhancement services for the oil and gas industry, with over 70 offices and about 3,300 employees. In the second quarter of 2026 it reported revenue of $124.6 million, but activity in the Middle East and disruptions to crude oil shipping weighed on its Reservoir Description segment.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Core Laboratories Inc. (CLB) stock was 9.65 USD (−1.23% on the day), with market capitalisation 442.2 m USD, P/E 28.6 on diluted EPS of 0.34 USD over the last 12 months, dividend yield 0.41%, beta 1.34, 52-week range 9.40–19.67 USD. Latest reported quarter (Q3 2026): revenue of 132.1 m USD (−1.8% YoY), net income of 5.4 m USD (−61.8% YoY), diluted EPS 0.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.9
- weak (30–45)
- Bollinger (20, 2)
- 9.49 – 10.64
- in the lower half of the band · %B 0.14 · band width 11.5%
- SMA 50 / 200
- 10.85 / 13.73
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.2% | −1.1% | −7.1 pp | — |
| 3 months | −11.9% | −0.5% | −11.4 pp | — |
| 6 months | −29.4% | +4.4% | −33.8 pp | — |
| Year to date | −39.8% | +12.3% | −52.1 pp | — |
| 1 year | −39.0% | +13.5% | −52.6 pp | +10.9% |
| 3 years | −54.3% | +76.4% | −130.7 pp | −29.5% |
| 5 years | −65.2% | +63.7% | −128.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 129.2 m | 123.6 m | 130.2 m | 134.5 m | 138.3 m | 121.8 m | 124.6 m | 132.1 m |
| Cost of revenue | 106.2 m | 99.5 m | 103.7 m | 104.9 m | 109.5 m | 102.1 m | 101.4 m | 105.1 m |
| Operating income | 14.2 m | 4.4 m | 15.3 m | 20.9 m | 15.8 m | 1.9 m | 9.2 m | 12.1 m |
| Depreciation & amortisation | 3.7 m | 3.7 m | 3.7 m | 3.6 m | 3.7 m | 3.8 m | 3.8 m | 3.7 m |
| Interest expense | 2.6 m | 2.6 m | 2.7 m | 2.7 m | 2.6 m | 2.9 m | 2.8 m | 2.8 m |
| Pre-tax income | 11.5 m | 1.8 m | 12.6 m | 18.3 m | 13.2 m | -1.0 m | 6.3 m | 9.3 m |
| Income tax | 4.1 m | 1.7 m | 1.9 m | 3.8 m | 8.1 m | -251.0 k | 507.0 k | 3.8 m |
| Net income | 7.4 m | -154.0 k | 10.6 m | 14.2 m | 4.9 m | -789.0 k | 6.0 m | 5.4 m |
| Diluted EPS | 0.16 ≈ | 0.00 | 0.22 | 0.30 | 0.11 ≈ | -0.02 | 0.13 | 0.12 |
| Operating cash flow | 20.6 m | 6.7 m | 13.9 m ≈ | 8.5 m ≈ | 7.9 m | 4.0 m | 7.8 m ≈ | 5.0 m ≈ |
| Capex | 3.2 m | 2.8 m | 3.5 m ≈ | 2.0 m ≈ | 2.9 m | 3.4 m | 4.7 m ≈ | 3.2 m ≈ |
| Dividends paid | 469.0 k | 469.0 k | 469.0 k ≈ | 465.0 k ≈ | 466.0 k | 460.0 k | 460.0 k ≈ | 459.0 k ≈ |
| Share repurchases | 4.9 m | 2.0 m | 2.7 m ≈ | 5.0 m ≈ | 2.7 m | 4.0 m | 2.7 m ≈ | 1.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 73 percentile of its own 15-quarter history (min 18.3, median 26.0, max 43.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 470.3 m | 489.7 m | 509.8 m | 523.8 m | 526.5 m |
| Revenue YoY | unavailable | +4.1% | +4.1% | +2.8% | +0.5% |
| Net income | 19.7 m | 19.5 m | 36.7 m | 31.4 m | 29.7 m |
| Net income YoY | unavailable | −1.4% | +88.5% | −14.4% | −5.5% |
| Diluted EPS | 0.42 | 0.42 | 0.77 | 0.66 | 0.63 |
| Diluted EPS YoY | unavailable | 0.0% | +83.3% | −14.3% | −4.5% |
| net % | 4.2% | 4.0% | 7.2% | 6.0% | 5.6% |
| Free cash flow | 23.0 m | 14.7 m | 14.2 m | 44.5 m | 25.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.7 m USD
- Financial debt
- 110.3 m USD
- Net debt
- 87.6 m USD
- Equity
- 272.2 m USD
- Total assets
- 584.0 m USD
- Debt / equity
- 0.41x
- Current ratio
- 2.02x
- ROE
- 11.3%
- ROA
- 5.1%
- FCF margin
- 4.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 470.3 m | 489.7 m | 509.8 m | 523.8 m | 526.5 m | SEC (XBRL)· 23 Mar 2026verified |
| Cost of revenue | — | 393.7 m | 400.0 m | 420.5 m | 417.6 m | SEC (XBRL)· 23 Mar 2026verified |
| Gross profit | — | 96.1 m ≈ | 109.8 m ≈ | 103.3 m ≈ | 108.9 m ≈ | SEC (XBRL)· 23 Mar 2026derived |
| Operating income | 45.3 m | 41.5 m | 54.6 m | 58.6 m | 56.5 m | SEC (XBRL)· 23 Mar 2026verified |
| Depreciation & amortisation | 18.5 m | 17.2 m | 15.8 m | 15.0 m | 14.6 m | SEC (XBRL)· 23 Mar 2026verified |
| EBITDA | 63.8 m ≈ | 58.7 m ≈ | 70.4 m ≈ | 73.5 m ≈ | 71.1 m ≈ | SEC (XBRL)· 23 Mar 2026derived |
| Interest expense | 9.2 m | 11.6 m | 13.4 m | 12.4 m | 10.6 m | SEC (XBRL)· 23 Mar 2026verified |
| Pre-tax income | 36.1 m | 30.0 m | 41.2 m | 46.2 m | 45.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Income tax | 15.9 m | 10.3 m | 4.2 m | 14.0 m | 15.5 m | SEC (XBRL)· 23 Mar 2026verified |
| Net income | 19.7 m | 19.5 m | 36.7 m | 31.4 m | 29.7 m | SEC (XBRL)· 23 Mar 2026verified |
| Diluted EPS | 0.42 | 0.42 | 0.77 | 0.66 | 0.63 | SEC (XBRL)· 23 Mar 2026verified |
| Weighted average diluted shares | 46.7 m | 46.8 m | 47.5 m | 47.7 m | 47.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Dividend per share | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | SEC (XBRL)· 23 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 17.7 m | 15.4 m | 15.1 m | 19.2 m | 22.7 m | SEC (XBRL)· 23 Mar 2026verified |
| Receivables | — | 106.9 m | 109.4 m | 111.8 m | 113.5 m | SEC (XBRL)· 23 Mar 2026verified |
| Inventories | — | 60.4 m | 71.7 m | 59.4 m | 54.5 m | SEC (XBRL)· 23 Mar 2026verified |
| Current assets | — | 211.7 m | 223.1 m | 221.3 m | 214.7 m | SEC (XBRL)· 23 Mar 2026verified |
| Property, plant & equipment, net | 111.0 m | 105.0 m | 99.6 m | 97.1 m | 99.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Goodwill | — | 99.4 m | 99.4 m | 99.4 m | 105.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 7.5 m | 6.9 m | 6.4 m | 7.1 m | SEC (XBRL)· 23 Mar 2026verified |
| Total assets | 580.9 m | 578.4 m | 586.4 m | 585.1 m | 584.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Accounts payable | — | 45.8 m | 33.5 m | 34.5 m | 37.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Long-term debt | — | 172.4 m | 163.1 m | 126.1 m | 110.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Current liabilities | — | 103.1 m | 88.1 m | 102.4 m | 106.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Equity | 161.0 m | 183.5 m | 224.4 m | 252.3 m | 272.2 m | SEC (XBRL)· 23 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 36.6 m | 25.0 m | 24.8 m | 56.4 m | 37.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Capex | 13.5 m | 10.2 m | 10.6 m | 11.9 m | 11.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Free cash flow | 23.0 m ≈ | 14.7 m ≈ | 14.2 m ≈ | 44.5 m ≈ | 25.8 m ≈ | SEC (XBRL)· 23 Mar 2026derived |
| Investing cash flow | -10.2 m | -3.9 m | -6.7 m | -6.4 m | -2.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Financing cash flow | -22.5 m | -23.4 m | -18.4 m | -46.0 m | -31.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Dividends paid | 1.8 m | 1.9 m | 1.9 m | 1.9 m | 1.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Share repurchases | 8.3 m | 3.9 m | 2.2 m | 5.3 m | 12.4 m | SEC (XBRL)· 23 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 442.2 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation24
- Returns64
- Quality61
- Balance sheet52
- Growth58
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.33 – 9.24 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)3.33 – 6.91 (Mid 4.65)WACC 8.1% · starting FCFF 16.6 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 28.8%
- Peers: EV/EBITDA3.60 – 9.24 (Mid 7.26)8 companies used · median multiple 7.9x · quartiles 4.8x – 9.5xACDC, HAL, HOS, KLXE, NESR, OII, PUMP, WTTR
- Peers: P/E4.66 – 7.77 (Mid 7.20)9 companies used · median multiple 21.3x · quartiles 13.8x – 23.0xHAL, HOS, NESR, NGS, OII, RNGR, SLB, TUSK, WTTR
- Dividend discount (DDM)outside the aggregate0.53 – 0.71 (Mid 0.60)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 67 (vs peers) | 10% |
| Net margin · Quality | 3.0% | 61 (vs peers) | 6% |
| FCF conversion · Quality | 66.6% | 52 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 2.4% | 20 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 14.5% | 96 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.7x | 45 (vs peers) | 10% |
| Interest coverage · Balance sheet | 3.5x | 31 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 28.6x | 18 (vs peers) | 10% |
| EV/EBITDA · Valuation | 9.9x | 25 (vs peers) | 10% |
| FCF yield · Valuation | 2.3% | 29 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 2.8% | 40 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 17.8% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet52/100 · 3/3 factors with a value
- Growth58/100 · 2/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns64/100 · 2/2 factors with a value
- Valuation24/100 · 3/3 factors with a value
Memo
CORE LABORATORIES INC. (CLB). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 526.5 m USD in 2025; YoY growth 0.5%; net margin 3.0%; ROE 5.7%; net debt/EBITDA 1.7x.
The estimated value range is 3.60–7.77 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 7.20 USD, the price of 9.65 USD leaves a potential of -25.4% (value / price − 1) and a margin of safety of -34.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 14.5%
- Current ratio: 2.2x
- Payout ratio (FCF): 17.8%
What contradicts it
- Revenue CAGR 3Y: 2.4%
- P/E (TTM): 28.6x
- EV/EBITDA: 9.9x
- FCF yield: 2.3%
- The price is above the estimated value range
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.6 bn | 11.0 | 31.1% | 11.4% | +4.6% | +49% / +76% |
| NESRNational Energy Services Reunited Corp. | 2.2 bn | 23.2 | 9.4% | 5.8% | +1.7% | +54% / unavailable |
| RESRpc, Inc. | 1.3 bn | — | -3.0% | -1.8% | +15.0% | +11% / −19% |
| HOSHornbeck Offshore Services, Inc. | 904.9 m | 23.0 | 2.5% | 3.0% | −4.9% | −8% / −34% |
| PUMPProPetro Holding Corp. | 788.8 m | — | 0.2% | 0.2% | −12.1% | −33% / −30% |
| ACDCProFrac Holding Corp. | 723.0 m | — | -57.4% | -22.8% | −11.4% | +12% / −51% |
| WTTRSelect Water Solutions, Inc. | 681.6 m | 21.3 | 3.5% | 2.2% | −3.1% | +67% / +127% |
| CLBCore Laboratories Inc. | 442.2 m | 28.6 | 5.7% | 3.0% | +0.5% | −39% / −54% |
| NGSNatural Gas Services Group, Inc. | 373.4 m | 18.0 | 7.3% | 10.8% | +9.9% | −7% / +89% |
| TUSKMammoth Energy Services, Inc. | 145.3 m | 10.3 | 5.3% | 17.1% | −2.9% | +64% / −32% |
| NINENine Energy Service, Inc. | 101.3 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 21.5 m | — | — | -9.7% | −10.2% | −39% / −89% |
| RCONRecon Technology, Ltd | 8.9 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| WBIWaterBridge Infrastructure LLC | — | 434.0 | 0.5% | 0.5% | +66.2% | +14% / unavailable |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −20% / −45% |
| LBRTLiberty Energy Inc. | — | 54.2 | 2.0% | 0.9% | −7.2% | −26% / −34% |
| RNGRRanger Energy Services, Inc. | — | 21.6 | 5.1% | 2.6% | −4.2% | +0% / +39% |
1- and 3-year price returns: for CLB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.62 Total return -41% · Per year -41% | 9.94 Total return 3% · Per year 3% | 14.99 Total return 56% · Per year 56% |
| 3 years | 5.23 Total return -45% · Per year -18% | 10.43 Total return 9% · Per year 3% | 17.30 Total return 81% · Per year 22% |
| 5 years | 4.87 Total return -48% · Per year -12% | 10.95 Total return 16% · Per year 3% | 19.98 Total return 110% · Per year 16% |
- Exit P/E± 2.61
- Net margin± 1.83
- Annual revenue growth± 1.53
- Annual dilution± 0.15
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Core Laboratories Inc. (CLB) is a global provider of reservoir description and production enhancement services for the oil and gas industry, with over 70 offices and about 3,300 employees 1. In the second quarter of 2026 it reported revenue of $124.6 million, but activity in the Middle East and disruptions to crude oil shipping weighed on its Reservoir Description segment 3.
SWOT
Strengths
Weaknesses
- Revenue is sensitive to the cycles of the oil industry and to clients' capital spending levels 1.
- Margins declined in the second quarter of 2026, mainly in the Reservoir Description segment, due to regional disruptions 3.
- A relatively fixed cost structure means revenue declines translate quickly into lower operating income 1.
Opportunities
- Growth in international and offshore project activity in Africa, Asia-Pacific and South America could support the Reservoir Description segment 3.
- Regulatory approvals in the United Arab Emirates for diagnostic technologies could open new service opportunities in the region 3.
- Carbon capture and storage and energy transition projects could broaden the client base beyond oil and gas 12.
Threats
- Escalation of the Middle East conflict and disruption in the Strait of Hormuz could reduce activity in the region and demand for crude analysis 23.
- Changing sanctions related to Russia and Ukraine complicate operations and raise the risk of compliance errors 1.
- A possible oversupply from OPEC+ could lead to lower oil prices and reduced client spending 1.
Risks
- Dependence on the oil industry cyclehigh
Demand for the company's services depends on clients' capital spending, which falls when oil and gas prices are volatile or low 1.
- Exposure to Middle East conflictshigh
Laboratories in the region can be directly affected by attacks, airspace closures and transport disruptions, which could reduce revenue and raise operating costs 12.
- Complex international sanctionsmedium
Sanctions regimes imposed by the US, EU and UK change rapidly and apply differently across jurisdictions, increasing the risk of unintended violations 1.
- Inventory and demand forecastingmedium
If estimates of client demand are wrong, the company could hold excess inventory or miss sales opportunities, affecting margins 1.
- Effectiveness of cost reductionslow
Cost-cutting measures could delay new product launches or affect employee retention, and their results are not assured 1.
Investment thesis
What would need to be true (bull case)
- If US activity continues to recover, the Production Enhancement segment could support revenue growth, as the sequential increase in the second quarter of 2026 suggests 3.
- Patented technologies and the proprietary database could maintain the company's differentiation and a competitive return on invested capital, which it tracks as a main metric 13.
- If carbon capture and offshore exploration projects expand, the company could benefit from a more diversified client base 12.
What would break the thesis
- If disruptions in the Middle East persist, Reservoir Description revenue could stay below earlier levels and margins could decline further 3.
- A relatively fixed cost structure means a fall in activity could quickly reduce operating profit 1.
- If Russia-related sanctions widen, operations in the region could become more costly or harder to sustain 13.
What to watch
- Development of Middle East activity and crude oil shipping through the Strait of HormuzQ3 2026
- Results of the Reservoir Description segment and operating marginsQ3 2026
- Changes in net debt and the leverage ratioQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
The business
The company, established in 1936 and incorporated in Delaware, offers proprietary and patented services and products for reservoir description and for increasing oil and gas recovery, mainly through relationships with major, national and independent oil companies 1. Its activity has two complementary parts: analysis of reservoir rock and fluid samples, and services for carbon capture and storage projects 1. The company says it maintains an asset-light business model focused on return on invested capital 3.
Services accounted for 76% of revenue in fiscal 2025, while product sales, mainly perforating systems manufactured in four facilities, made up the rest 1. Core Lab says its digital innovations, the RAPID database and AI-based analysis tools help clients lower operating costs 1. The company also focuses on free cash flow and reducing net debt 3.
The declared strategy combines developing proprietary technologies, expanding services through its global office network and acquiring complementary technologies 1. The company announced a quarterly dividend of $0.01 per share for the third quarter of 2026 3.
Market context
Trends
- Middle East conflictheadwind
Attacks and airspace closures in the region have interrupted client activity and crude-related laboratory testing, and the company cited weaker Reservoir Description activity 13. If the situation stabilizes, activity in the region could gradually recover, as the company expects 3.
- Recovery in US onshore activitytailwind
The company observes a modest improvement in US completion activity and higher product sales in the second quarter of 2026, which could support the following quarter if the trend continues 23.
- Russia-related sanctionsheadwind
Expanded US, EU and UK sanctions restrict certain analytical and engineering services to Russia and complicate the company's operations, raising compliance costs 13.
- Carbon capture and energy transitionmixed
Demand for reservoir studies tied to carbon dioxide sequestration, gas storage and lithium extraction is growing as oil companies invest in such projects 12. This could diversify long-term revenue, although its current contribution is not detailed in the available sources 2.
Competitive position
The analyzed sources do not explicitly name the company's competitors, but they describe a market of oilfield service providers, and the company compares its return on invested capital with the Bloomberg comparison group of oilfield services companies 3. Its stated advantages are patented technologies, a proprietary database and a global laboratory network 1.
The company benchmarks its return on invested capital against oilfield services companies in its comparison group, an internal metric it considers correlated with total shareholder return 3. Relative ROIC performance could therefore be an important yardstick for judging its position.
- Companies in the Bloomberg oilfield services comparison group
The companies are referred to generically in the quarterly report without names, so they cannot be identified from the sources provided 3.
- Hydraulic fracturing and completion service providers
The company states it is not a hydraulic fracturing company but serves operators who optimize such projects, so there is indirect competition 1.
- Regional crude oil assay laboratories
The sources mention the company's international crude assay laboratory network without naming direct competitors 3.
- Perforating equipment suppliers
The sources describe the perforating systems market as competitive without identifying the rival companies 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report13 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report29 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement31 Mar 2026
- Current report23 Mar 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Core Laboratories Inc. · 23 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Core Laboratories Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Core Laboratories Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.