NYSE:XPRO
EXPRO GROUP HOLDINGS N.V.
A diversified offshore engineering leader delivering critical subsea solutions and vessel services to the global energy transition market.
Key Metrics
Investment Thesis
Bull Case
XPRO offers an attractive turnaround story with a path to sustained profitability following years of loss, supported by a diverse service portfolio that reduces reliance on any single energy source. The company's substantial cash balance of $196.1M and positive operating cash flow provide flexibility for strategic acquisitions or share repurchases to enhance shareholder value. As the industry shifts toward renewable energy integration, XPRO's adaptable engineering capabilities position it well to serve emerging green hydrogen and carbon capture projects.
Bear Case
Revenue declined in 2025 compared to 2024, suggesting potential saturation in current offshore markets or reduced client spending due to economic headwinds. The company carries a significant retained earnings deficit of $475.5M which could limit financial maneuverability during periods of low profitability. High levels of long-term liabilities relative to equity may constrain future growth initiatives and increase sensitivity to interest rate hikes.
About EXPRO GROUP HOLDINGS N.V.
EXPRO Group N.V. (XPRO) is a leading global provider of offshore engineering solutions serving the oil, gas, and renewable energy sectors worldwide. The company specializes in complex subsea equipment, marine vessel operations, and specialized rig services to support upstream exploration and midstream production. Key revenue drivers include its diverse portfolio of engineering vessels, subsea systems, and modular facilities designed for harsh offshore environments.
Analysis
Management Discussion
In 2025, the company reported a net profit of $51.7M with revenue totaling $1.61B, reflecting a slight contraction from the prior year's $1.71B but maintaining profitability after years of losses. Strong operating cash flow of $210.2M demonstrates robust liquidity management despite significant capital expenditures of $112.4M for asset maintenance and expansion. The return on invested capital improved significantly in 2024 and 2025, indicating effective operational efficiency gains.
Industry Overview
The offshore engineering industry is cyclical and heavily influenced by global energy demand, with a transition underway from traditional fossil fuels toward renewable sources requiring new types of subsea infrastructure. Competition remains intense among specialized providers who must maintain high safety standards and offer reliable service in remote locations. Market consolidation is expected as smaller players struggle with margin pressures, potentially benefiting established firms like XPRO.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.28B | $1.51B | $1.71B | $1.61B |
| Cost of Revenue | $1.06B | $1.24B | $1.33B | $1.22B |
| Gross Profit | $222.1M | $271.5M | $379.4M | $383.9M |
| Operating Expenses | $219.6M | $260.7M | $285.3M | $302.8M |
| Operating Income | $2.5M | $10.8M | $94.2M | $81.1M |
| R&D | $7.3M | $11.4M | $17.2M | $13.4M |
| G&A | $58.4M | $64.3M | $88.4M | $76.0M |
| Stock-Based Comp | $18.5M | $19.6M | $26.4M | $29.2M |
| D&A | $139.8M | $172.3M | $163.5M | $192.1M |
| Amortization | $37.4M | $38.5M | $48.0M | $51.4M |
| Other OpEx | $153.9M | $185.0M | $179.7M | $213.4M |
| Non-Operating Income | $18.6M | $10.1M | $3.8M | $5.2M |
| Pre-Tax Income | $21.1M | $20.9M | $98.0M | $86.3M |
| Income Tax | $41.2M | $44.3M | $46.0M | $34.7M |
| Continuing Ops | $-20.1M | $-23.4M | $51.9M | $51.7M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-20.1M | $-23.4M | $51.9M | $51.7M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-20.1M | $-23.4M | $51.9M | $51.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $865.5M | $851.6M | $964.0M | $960.3M |
| Cash & Equivalents | $214.8M | $151.7M | $183.0M | $196.1M |
| Accounts Receivable | $419.2M | $469.1M | $517.6M | $477.0M |
| Inventory | $153.7M | $143.3M | $159.0M | $167.9M |
| Other Current Assets | $77.8M | $87.4M | $104.4M | $119.3M |
| Long-Term Assets | $1.07B | $1.16B | $1.37B | $1.30B |
| PP&E (Net) | $462.3M | $513.2M | — | — |
| Intangibles | $229.5M | $239.7M | $298.9M | $251.3M |
| Goodwill | $221.0M | $247.7M | $348.9M | $348.6M |
| Operating Leases | $74.9M | $72.3M | $66.6M | $72.8M |
| Other LT Assets | $18.0M | $22.1M | $582.1M | $547.7M |
| Total Assets | $1.94B | $2.01B | $2.33B | $2.26B |
| Current Liabilities | $437.7M | $488.9M | $484.4M | $443.7M |
| Current Leases | $19.1M | $17.5M | $17.3M | $18.2M |
| Taxes Payable | $37.2M | $45.1M | $52.4M | $51.1M |
| Other Current Liab | $381.5M | $426.2M | $414.7M | $374.3M |
| Long-Term Liabilities | $213.5M | $228.3M | $357.6M | $281.6M |
| LT Operating Leases | $60.8M | $55.0M | $48.5M | $56.1M |
| Other LT Liab | $94.7M | $173.3M | $309.1M | $225.5M |
| Total Liabilities | $651.3M | $717.1M | $842.1M | $725.3M |
| Shareholders' Equity | $1.29B | $1.30B | $1.49B | $1.53B |
| Paid-In Capital | $1.85B | $1.91B | $2.08B | $2.11B |
| Retained Earnings | $-555.8M | $-579.1M | $-527.2M | $-475.5M |
| AOCI | $27.5M | $22.3M | $14.5M | $18.1M |
| Treasury Stock | $40.9M | — | — | — |
| Total L&E | $1.94B | $2.01B | $2.33B | $2.26B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-20.1M | $-23.4M | $51.9M | $51.7M |
| Non-Cash Adjustments | $-96.3M | $95.5M | $111.8M | $210.1M |
| Working Capital Changes | $196.6M | $66.2M | $5.8M | $-51.6M |
| Cash from Operations | $80.2M | $138.3M | $169.5M | $210.2M |
| Capital Expenditures | $81.9M | $122.1M | $143.6M | $112.4M |
| Cash from Investing | $-71.2M | $-148.2M | $-165.1M | $-107.4M |
| Debt Issuances | — | $50.0M | $117.3M | $0 |
| Debt Repayments | — | $65.1M | $44.4M | $42.0M |
| Share Buybacks | $13.0M | $20.0M | $14.2M | $40.1M |
| Cash from Financing | $-25.6M | $-49.3M | $29.6M | $-96.7M |
| FX Effect | $-4.7M | $-6.0M | $-2.4M | $6.7M |
| Net Change in Cash | $-21.4M | $-65.3M | $31.5M | $12.8M |
| Beginning Cash | $239.8M | $218.5M | $153.2M | $184.7M |
| Ending Cash | $218.5M | $153.2M | $184.7M | $197.5M |
Frequently Asked Questions
How does EXPRO GROUP HOLDINGS N.V. make money?
The company's revenue is primarily generated through three core segments: Offshore Engineering Vessels providing specialized support ships, Subsea Equipment manufacturing high-value systems for well intervention, and Marine Operations offering towing, salvage, and construction services across various ocean basins.
What are the main risks for XPRO?
Investors should monitor potential volatility in oil and gas commodity prices which directly impact client capital expenditure budgets. Regulatory changes related to offshore safety standards and environmental compliance could increase operating costs. The company faces exposure to foreign exchange fluctuations given its international operations and revenue streams. Rising labor costs and supply chain constraints for specialized equipment may compress profit margins.
What is XPRO's competitive advantage?
XPRO leverages a robust portfolio of proprietary vessels and subsea technologies that create high barriers to entry in the offshore market. The company benefits from long-term contracts with major energy clients that provide stable cash flows and predictable project pipelines. Its global operational footprint allows it to capture opportunities across different geographic regions, mitigating localized supply chain disruptions.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.