olivLaw · US equity research
KLX Energy Services Holdings, Inc. KLXE
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
KLX Energy Services provides diversified oilfield services, from directional drilling and coiled tubing to fishing and pressure control, to independent E&P companies in North America. Its activity depends directly on customer capital spending, which remains cautious. In the second quarter of 2026 revenue reached 167.3 million USD, and the company is rebuilding margins as activity rises.
At the close of 04 Nov 2026, KLX Energy Services Holdings, Inc. (KLXE) stock was 1.01 USD (−2.88% on the day), with market capitalisation 21.5 m USD, beta 1.44, 52-week range 1.01–4.27 USD. Latest reported quarter (Q2 2026): revenue of 167.3 m USD (+5.2% YoY), net income of -8.4 m USD, diluted EPS -0.41 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)
- 30.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.97 – 1.40
- in the lower half of the band · %B 0.10 · band width 37.0%
- SMA 50 / 200
- 1.37 / 2.31
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.10
- MACD below 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 | −26.3% | −1.1% | −25.2 pp | — |
| 3 months | −50.7% | −0.5% | −50.3 pp | — |
| 6 months | −70.6% | +4.4% | −74.9 pp | — |
| Year to date | −46.6% | +12.3% | −58.9 pp | — |
| 1 year | −42.3% | +13.5% | −55.8 pp | +10.9% |
| 3 years | −90.3% | +76.4% | −166.7 pp | −29.5% |
| 5 years | −79.3% | +63.7% | −142.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188.9 m | 165.5 m | 154.0 m | 159.0 m | 166.7 m | 156.9 m | 144.7 m | 167.3 m |
| Cost of revenue | 142.3 m | 127.4 m | 123.8 m | 125.6 m | 130.5 m | 121.6 m | 119.1 m | 130.9 m |
| Research & development | 400.0 k | 400.0 k | 400.0 k | 400.0 k | 400.0 k | 500.0 k | 400.0 k | 500.0 k |
| SG&A | 21.2 m | 17.5 m | 21.6 m | 18.0 m | 15.6 m | 13.3 m | 15.4 m | 19.0 m |
| Operating income | 1.1 m | -4.9 m | -16.5 m | -8.7 m | -3.0 m | -2.1 m | -12.1 m | 2.1 m |
| Depreciation & amortisation | 23.9 m | 25.1 m | 24.7 m | 23.7 m | 23.2 m | 23.6 m | 21.9 m | 20.8 m |
| Interest expense | 9.8 m | 10.2 m | 10.3 m | 11.0 m | 11.1 m | 12.8 m | 11.7 m | 12.5 m |
| Pre-tax income | -8.0 m | -14.6 m | -27.7 m | -19.7 m | -14.1 m | -14.8 m | -23.8 m | -10.1 m |
| Income tax | 200.0 k | 0 | 200.0 k | 200.0 k | 200.0 k | 200.0 k | 200.0 k | -1.7 m |
| Net income | -8.2 m | -14.6 m | -27.9 m | -19.9 m | -14.3 m | -15.0 m | -24.0 m | -8.4 m |
| Diluted EPS | -0.51 | -0.90 ≈ | -1.62 | -1.04 | -0.74 | -0.78 ≈ | -1.23 | -0.41 |
| Operating cash flow | 16.8 m ≈ | 26.0 m | -37.6 m | 19.1 m ≈ | 13.5 m ≈ | 12.5 m | 300.0 k | 10.5 m ≈ |
| Capex | 21.0 m | 15.3 m | 15.0 m | 12.7 m | 12.0 m | 9.4 m | 8.7 m | 8.6 m |
| Share repurchases | -100.0 k ≈ | — | — | — | — | — | — | — |
≈ 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.
Fiscal years
| Fiscal year | 2017 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 152.2 m | 495.3 m | 544.0 m | 276.8 m | 781.6 m | 888.4 m | 709.3 m | 636.6 m |
| Revenue YoY | unavailable | unavailable | +9.8% | −49.1% | — | +13.7% | −20.2% | −10.2% |
| Net income | -89.6 m | 14.4 m | -96.4 m | -332.2 m | -3.1 m | 19.2 m | -53.0 m | -77.1 m |
| Net income YoY | unavailable | unavailable | −769.4% | unavailable | — | unavailable | −376.0% | unavailable |
| Diluted EPS | -4.46 | 0.71 | -21,610,000.00 | -50.86 | -0.27 | 1.22 | -3.27 | -4.12 |
| Diluted EPS YoY | unavailable | unavailable | −3,043,662,071.8% | unavailable | — | unavailable | −368.0% | unavailable |
| net % | -58.9% | 2.9% | -17.7% | -120.0% | -0.4% | 2.2% | -7.5% | -12.1% |
| Free cash flow | -66.5 m | -22.0 m | -12.7 m | -77.1 m | -19.9 m | 58.5 m | -10.9 m | -41.6 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.7 m USD
- Financial debt
- 255.8 m USD
- Net debt
- 250.1 m USD
- Equity
- -74.2 m USD
- Total assets
- 340.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.19x
- ROE
- unavailable
- ROA
- -19.4%
- FCF margin
- -6.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 544.0 m | 276.8 m | 781.6 m | 888.4 m | 709.3 m | 636.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 470.0 m | 314.8 m | 621.3 m | 672.5 m | 549.7 m | 501.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 74.0 m ≈ | -38.0 m ≈ | 160.3 m ≈ | 215.9 m ≈ | 159.6 m ≈ | 135.1 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Research & development | 2.7 m | 700.0 k | 600.0 k | 1.4 m | 1.4 m | 1.7 m | SEC (XBRL)· 12 Mar 2026verified |
| SG&A | 100.0 m | 88.8 m | 70.4 m | 86.7 m | 79.6 m | 68.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | -75.7 m | -301.1 m | 32.5 m | 56.9 m | -15.5 m | -30.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 64.1 m | 61.7 m | 56.8 m | 72.8 m | 94.0 m | 95.2 m | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | -11.6 m ≈ | -239.4 m ≈ | 89.3 m ≈ | 129.7 m ≈ | 78.5 m ≈ | 64.9 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | 30.4 m | — | 35.0 m | 36.5 m | 39.4 m | 45.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | -104.9 m | -331.8 m | -2.5 m | 22.2 m | -52.4 m | -76.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | -8.5 m | 400.0 k | 600.0 k | 3.0 m | 600.0 k | 800.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Net income | -96.4 m | -332.2 m | -3.1 m | 19.2 m | -53.0 m | -77.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | -21,610,000.00 | -50.86 | -0.27 | 1.22 | -3.27 | -4.12 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 4.5 m | 6.5 m | 11.3 m | 15.7 m | 16.2 m | 18.7 m | SEC (XBRL)· 12 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 123.5 m | 47.1 m | 57.4 m | 112.5 m | 91.6 m | 5.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 79.2 m | 67.0 m | 154.3 m | 127.0 m | 96.9 m | 102.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | 12.0 m | 20.8 m | 25.7 m | 33.5 m | 31.0 m | 30.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 228.5 m | 150.7 m | 254.7 m | 290.3 m | 233.0 m | 149.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 306.8 m | 203.7 m | — | — | — | — | SEC (XBRL)· 28 Apr 2021verified |
| Goodwill | 28.3 m | 0 | 0 | — | — | — | SEC (XBRL)· 09 Mar 2023verified |
| Intangibles (excl. goodwill) | 45.8 m | 2.5 m | 2.1 m | 1.8 m | 1.5 m | 1.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 623.4 m | 362.7 m | 465.9 m | 539.8 m | 456.3 m | 340.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 31.4 m | 39.4 m | 84.2 m | 87.9 m | 74.4 m | 68.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Short-term debt | 0 | 1.9 m | — | 0 | 1.9 m | 1.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Long-term debt | 243.0 m | 243.9 m | 283.4 m | 284.3 m | 285.1 m | 253.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | 64.8 m | 77.7 m | 154.4 m | 164.1 m | 140.1 m | 126.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 312.2 m † | 32.1 m † | -15.8 m † | 38.8 m † | -10.5 m † | -74.2 m † | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 58.1 m | -64.9 m | 15.7 m | 115.6 m | 54.2 m | 7.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 70.8 m | 12.2 m | 35.6 m | 57.1 m | 65.1 m | 49.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | -12.7 m ≈ | -77.1 m ≈ | -19.9 m ≈ | 58.5 m ≈ | -10.9 m ≈ | -41.6 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -97.7 m | -11.9 m | -18.7 m | -39.7 m | -51.1 m | -32.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | -700.0 k | 400.0 k | 32.4 m | -20.8 m | -24.0 m | -60.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Share repurchases | 1.2 m | 400.0 k | 300.0 k | — | — | — | SEC (XBRL)· 09 Mar 2023verified |
≈ 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 weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 21.5 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
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: 10.62 – 100.31 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)22.85 – 100.31 (Mid 41.06)WACC 5.3% · starting FCFF 38.5 m USD · terminal value share of EV 87%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA10.62 – 24.21 (Mid 15.03)8 companies used · median multiple 8.2x · quartiles 6.9x – 10.8xACDC, CLB, HAL, HOS, NESR, OII, PUMP, WTTR
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -9.7% | 11 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -6.6% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.9x | 27 (vs peers) | 19% |
| Interest coverage · Balance sheet | -0.3x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 4.2x | 88 (vs peers) | 19% |
| FCF yield · Valuation | -8.8% | 0 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial11/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KLX Energy Services Holdings, Inc. (KLXE). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 636.6 m USD in 2025; YoY growth -10.2%; net margin -9.7%; net debt/EBITDA 3.9x.
The estimated value range is 16.73–62.26 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 28.05 USD, the price of 1.01 USD leaves a potential of 2,677.0% (value / price − 1) and a margin of safety of 96.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 4.2x
- The price is below the estimated value range
What contradicts it
- Net margin: -9.7%
- Revenue CAGR 3Y: -6.6%
- Net debt / EBITDA: 3.9x
- Interest coverage: -0.3x
- FCF yield: -8.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
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% | −36% / −46% |
| 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% | −42% / −90% |
| 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 KLXE 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
In brief
KLX Energy Services provides diversified oilfield services, from directional drilling and coiled tubing to fishing and pressure control, to independent E&P companies in North America. Its activity depends directly on customer capital spending, which remains cautious. In the second quarter of 2026 revenue reached 1 167.3 million USD, and the company is rebuilding margins as activity rises.
SWOT
Strengths
- The company has an extensive network of facilities in the main U.S. shale basins, enabling quick response to customer needs.
- Its proprietary tool portfolio and patents support specialized services and differentiate it from regional competitors.
- An asset-light operating model and efficient cost structure could support better margins as activity increases.
Weaknesses
- The company has reported net losses in recent quarters, and its total liquidity is limited relative to the size of its operations.
- Reliance on a small number of large customers makes revenue sensitive to budget decisions by a few operators.
- Its share of the onshore drilling market declined in 2025, suggesting lost activity to competitors.
Opportunities
- A rise in activity in the basins where the company operates could bring higher volumes and better absorption of fixed costs.
- Strategic acquisitions and integration of assets such as Wolf Pack could add revenue and synergies if integration succeeds.
- Developing new tools and services for complex wells could open new contracts with large operators.
Threats
- Falling oil and gas prices could lead to abrupt cuts in customer budgets and loss of contracts.
- Consolidation among large customers could reduce demand or the company's bargaining power.
- Inflationary pressure and high labor costs could hurt margins if prices cannot be adjusted.
Risks
- Dependence on customer capital budgetshigh
Demand depends on capital spending by oil and gas producers, and a sudden cut in that spending could materially affect revenue 1.
- Commodity price volatilityhigh
Oil and gas prices are volatile, and a prolonged decline could reduce activity and asset utilization 1.
- Limited liquidityhigh
Available cash is low, and the company relies on its ABL facility and a rights offering, which could limit financial flexibility 3.
- Customer concentrationmedium
A small number of customers generate a significant part of revenue, and losing one could affect results 1.
- Acquisition integrationmedium
Integrating the Wolf Pack assets and other acquisitions could face operational or financial difficulties if synergies do not materialize 23.
Investment thesis
What would need to be true (bull case)
- Sequential growth in revenue and Adjusted EBITDA margin in the second quarter of 2026 could show that activity is recovering and the cost structure is improving 3.
- Third-quarter 2026 guidance points to further revenue growth, and if confirmed, could support better margins through fixed-cost absorption 3.
- The Wolf Pack acquisition and estimated synergies could add recurring revenue and cross-selling opportunities if integration stays rapid 3.
What would break the thesis
- The market remains under pressure from low oil prices and a reduced rig count, which could limit demand even after a good quarter 1.
- The company continues to report net losses and has limited liquidity, which could make new financing or equity issuance necessary 3.
- Its share of the onshore drilling market fell in 2025, which could indicate contract losses to competitors 1.
What to watch
- Delivery of third-quarter 2026 revenue guidanceQ3 2026
- Trend in Adjusted EBITDA and margin as activity risesQ3 2026
- Completion of the 125 million USD rights offering and its effect on liquidity2026
- Integration of Wolf Pack and realization of estimated synergiesnext 10-K
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.
The business
KLX Energy Services is a growth-oriented provider of diversified oilfield services serving exploration and production (E&P) companies in the onshore basins of the United States, both conventional and unconventional 1. The company was formed from seven private firms acquired in 2013 and 2014, and through the 2020 merger with Quintana Energy Services it became a leader in coiled tubing and fishing services 12. It operates from over 60 service facilities, and in June 2026 it completed the acquisition of Wolf Pack Rentals assets for a purchase price of 16.9 million USD 23.
Segments
Market context
Demand for KLXE services depends on oil and natural gas prices and on producers' capital budgets, which are highly cyclical 1. At December 31, 2025, WTI closed at 57.26 USD per barrel, a 21.0% decline from the prior year, and the U.S. land rig count stood at 527, down 8.0% 1. The company expects activity to remain shaped by customer caution, but also by higher activity in the third quarter of 2026 3.
Trends
- Decline in drilling activityheadwind
The U.S. rig count fell during 2025 and stayed below pre-pandemic levels, which could limit demand for the company's core services 1.
- Activity recovery in 2026tailwind
Sequential revenue growth in the second quarter of 2026 and guidance for the third quarter suggest a seasonal recovery and better fixed-cost absorption, if activity keeps rising 3.
- Volatility of oil and gas pricesmixed
Oil and gas prices remain volatile, and price moves could influence customers' decisions to cut budgets, affecting demand 1.
- Consolidation and acquisitionstailwind
The company is pursuing strategic, accretive acquisitions such as Wolf Pack, which could strengthen its competitive position if integration proceeds as planned 23.
Competitive position
KLXE competes on performance, safety, quality, reliability, price and response time, and projects are often awarded through bids 1. Competition includes many small oilfield service companies as well as the largest integrated oilfield services providers 1.
The company argues its edge lies in its portfolio of proprietary, patented tools and specialized technical teams, which allow it to compete with larger national and regional providers 1.
- Large integrated oilfield services providers
The largest integrated oilfield services companies are named in the source as part of the competitive landscape, without individual identification.
- Regional oilfield service companies
Small and regional firms compete on bids and on certain product lines, and the company says it differentiates itself through specialization.
- National providers of drilling tools
Nationally scaled competitors are described as less focused on the company's specialized services, without being named.
- Coiled tubing and wireline companies
Competition in coiled tubing and wireline is intense, and the company cites its leadership positions in certain segments.
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
- Current report (amendment)04 Nov 2026Departure or appointment of officers
- Current report29 Oct 2026Departure or appointment of officers
- Current report30 Sept 2026Material agreement · Item 3.02 · Other events · Financial statements and exhibits
- Current report25 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Sept 2026Material agreement · Item 3.03 · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Sept 2026Other events · Financial statements and exhibits
- Current report24 Aug 2026Other events · Financial statements and exhibits
- Current report21 Aug 2026Other events · Financial statements and exhibits
- Current report (amendment)12 Aug 2026Financial statements and exhibits
- Quarterly report11 Aug 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / KLX Energy Services Holdings, Inc. · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / KLX Energy Services Holdings, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / KLX Energy Services Holdings, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.