Expro
XPRO on NYSE. Oil & gas field services, nec. Market value $1.9bn.
Price checks use the past 12 months to March 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Figures come from the company before its recent reorganization.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.88 of spare cash in the past 12 months. A savings account pays about $4.
You pay 23.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 56 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$16.23 a share, 36% above its 1-year low
Over the past year the price has ranged from $11.92 to $19.23.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $826m | $1.3bn | $1.5bn | $1.7bn | $1.6bn |
| Operating margin | |||||
| Operating margin | -15.4% | 0.2% | 0.7% | 5.5% | 5.0% |
| Debt to equity | |||||
| Debt to equity | n/a | 0.01 | 0.03 | 0.09 | 0.06 |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.11bn | 0.12bn | 0.11bn | 0.11bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.06× equity
- Revenue growth, five yearsStrong, 18.9% a year
- Buying back its own sharesRoughly flat
The quarter to March 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $368 million last quarter, down 6% on a year ago.
- A loss of $1 million, after a profit of $14 million a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, down from 6 cents a year earlier.
- Spare cash over the past 12 months: $89 million, up from $35 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $77 million more cash than debt, up from $42 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| June 2024 | $470m |
| September 2024 | $423m |
| December 2024 | $437m |
| March 2025 | $391m |
| June 2025 | $423m |
| September 2025 | $411m |
| December 2025 | $382m |
| March 2026 | $368m |
| Quarter to | Amount |
|---|---|
| June 2024 | $15m |
| September 2024 | $16m |
| December 2024 | $23m |
| March 2025 | $14m |
| June 2025 | $18m |
| September 2025 | $14m |
| December 2025 | $6m |
| March 2026 | -$1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- n/a
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 180 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $19m | <0.1% | Cut |
| Boston PartnersBoston Partners team | $1m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $583,000 | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $402,438 | <0.1% | Cut |
Largest holders overall
- Price T Rowe Associates$209mAdded
- OAK Hill Advisors LP$171mCut
- American Century Companies$119mAdded
- BlackRock$118mAdded
- FMR$98mCut
- Dimensional Fund Advisors LP$91mAdded
- Earnest Partners$90mCut
- T. Rowe Price Investment Management$83mCut
- Vanguard Portfolio Management$79m
- Vanguard Capital Management$67m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- T. Rowe Price Associates, Inc.Passive investor12.5%+1.8 ptsSince 30 June 2026
- Oak Hill Advisors, L.P.Passive investor10.5%Since 17 April 2026
What they said
Item 4 is hereby amended and supplemented as follows: In connection with the proposed redomicile of the Issuer disclosed by the Issuer in the Current Report on Form 8-K filed by the Issuer with the Securities and Exchange Commission on April 1, 2026, on April 17, 2026, the Oak…
Read the filing - American Century Investment Management, Inc.Passive investorat least 7.1%(filed with 2 related holders)Since 30 June 2026
- EARNEST PARTNERS LLCPassive investor6.2%Since 31 March 2025
- Dimensional Fund Advisors LPPassive investor5.2%Since 31 March 2026
- T. Rowe Price Investment Management, Inc.Passive investor5.0%−1.1 ptsSince 30 June 2026
- FMR LLCPassive investorSold down below 5%Since 31 July 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
T. Rowe Price Associates, Inc. Passive investor | 12.5%+1.8 pts | 30 June 2026 | |
Oak Hill Advisors, L.P. Passive investor | 10.5% | 17 April 2026 | What they saidItem 4 is hereby amended and supplemented as follows: In connection with the proposed redomicile of the Issuer disclosed by the Issuer in the Current Report on Form 8-K filed by the Issuer with the Securities and Exchange Commission on April 1, 2026, on April 17, 2026, the Oak… Read the filing |
American Century Investment Management, Inc. Passive investor | at least 7.1% (filed with 2 related holders) | 30 June 2026 | |
EARNEST PARTNERS LLC Passive investor | 6.2% | 31 March 2025 | |
Dimensional Fund Advisors LP Passive investor | 5.2% | 31 March 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | 5.0%−1.1 pts | 30 June 2026 | |
FMR LLC Passive investor | Sold down below 5% | 31 July 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.