Enerflex Ltd.
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Range $27.5 – $32
Price Chart
About the company
Enerflex Ltd. , founded in Calgary, Canada in 1980, is a global provider of critical infrastructure and services for the oil and natural gas sector. The company specializes in gas compression technology, hydrocarbon processing, sophisticated refrigeration systems, energy transition solutions, and electrical power generation equipment.
- CEO
- Paul E. Mahoney
- IPO
- 2011
- Employees
- 4,400
- HQ
- Calgary, AB, CA
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- Market Cap
- $2.43B
- P/E
- 36.89
- Fwd P/E
- 10.26
- PEG
- -0.76
- P/S
- 0.93
- P/B
- 2.08
- EV/EBITDA
- 6.78
- Div Yield
- 0.62%
- Gross Margin
- 22.24%
- Op Margin
- 12.50%
- Net Margin
- 2.53%
- ROE
- 5.26%
- ROIC
- 6.55%
Latest fiscal year · YoY change
- Revenue
- $2.62B+13.8%
- Gross Profit
- $567.77M+70.9%
- Op Income
- $315.43M
- Net Income
- $65.12M+113.8%
- EPS
- $0.53+103.8%
- OCF Growth
- +8.3%
- FCF Growth
- -23.6%
- 52W High
- $29.15
- 52W Low
- $9.48
- 50D MA
- $23.10
- 200D MA
- $20.49
- Beta
- 2.08
- RSI (14)
- 36
- Avg Volume
- 571.71K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Enerflex reported solid Q2 execution with record Engineered Systems backlog, improving cash flow, and continued deleveraging, while raising 2026 organic growth capex to support contract compression expansion.· August 6, 2026
- Q2 revenue was $582 million, down from $615 million a year ago, while gross margin before D&A was $173 million, or 30% of revenue.
- Adjusted EBITDA was $128 million versus $130 million in Q2 2025; net earnings were $30 million, or $0.25 per share.
- Engineered Systems bookings were $488 million, driving record backlog of $1.5 billion and first-half book-to-bill of 1.5x.
- Energy infrastructure and aftermarket services remained steady, with the contract compression fleet at 93% utilization and approximately $1.2 billion of contracted revenue remaining.
- Management raised 2026 organic growth capex to $185 million-$195 million, mainly reflecting confidence in contract compression growth and not inflation.
- The company ended Q2 with net debt of $455 million and an adjusted net debt-to-EBITDA ratio of approximately 0.8x.
Enerflex reported Q2 2026 revenue of $582 million, down from $615 million in Q2 2025 and $584 million in Q1 2026. Gross margin before depreciation and amortization was $173 million, or 30% of revenue, versus $175 million, or 29%, a year ago. Adjusted EBITDA was $128 million, compared with $130 million in Q2 2025. Net earnings were $30 million, or $0.25 per share, versus $60 million, or $0.49 per share in Q2 2025. Free cash flow was $32 million, and the company exited the quarter with net debt of $455 million, cash and cash equivalents of $74 million, and an adjusted net debt-to-EBITDA ratio of approximately 0.8x. For 2026, Enerflex refined organic growth capex guidance to $185 million-$195 million, with approximately $100 million for organic growth, $70 million-$80 million for maintenance, and about $15 million for PP&E and infrastructure investments.
Paul Mahoney said the quarter reflected disciplined execution and operational excellence, with results supported by energy infrastructure and aftermarket services and strong commercial momentum in Engineered Systems. He emphasized that Enerflex is focusing on markets where it can win, improving efficiency, and pursuing disciplined growth, while building out ReliCore and digital service capabilities. He sounded constructive on the outlook, pointing to strong bookings, a growing power-generation pipeline, and early progress on company-wide transformation initiatives.
Preet Dhindsa highlighted the key financial drivers: revenue of $582 million, gross margin before D&A of $173 million, adjusted EBITDA of $128 million, and free cash flow of $32 million. He said SG&A was $81 million, with core SG&A at $58 million, and that higher stock-based compensation and growth investments lifted costs. He also noted $53 million of Q2 investment spending, the refinancing of the revolving credit facility to June 30, 2029 with $800 million of availability, and the updated 2026 organic growth capex range of $185 million-$195 million.
On capital spending, management said the higher end of the organic growth capex range reflects confidence in filling contract compression demand, not inflation, and that the company already has its 2026 book filled with portions of 2027 also booked. On bookings, Paul Mahoney said Q2 was a “watermark” quarter, that the $488 million of bookings did not include any data center orders, and that he expects continued strength into Q3. He also said the energy infrastructure backlog decline is mainly due to footprint optimization in Latin America, and that the company sees its 7-gigawatt power pipeline increasingly concentrated in hyperscaler and prime power relationships.
The bull case from this call is that Enerflex is seeing strong demand where it wants to compete: Engineered Systems bookings were very strong, backlog hit a record $1.5 billion, and management said visibility for ES revenue rose to $1.5 billion. Cash generation improved, leverage fell to about 0.8x, and the contract compression fleet remained highly utilized at 93%, giving the company room to keep investing while maintaining financial flexibility.
The main risks discussed were sequencing-related revenue pressure in Engineered Systems, with Q2 revenue lower year over year despite strong bookings. The company also acknowledged that Middle East operations remain under close monitoring, and that the power/data center opportunity is still mostly pipeline rather than booked revenue. SG&A rose year over year, and the energy infrastructure backlog was trending lower due to footprint optimization, which could limit near-term growth in that segment.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.5%
- Shares Outstanding
- 122.07M
- Float Shares
- 121.51M
of shares held by institutions
165 13F filers
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Connor, Clark & Lunn Investment Management Ltd. | 13.47M | ▲ 2.28M |
| Royal Bank Of Canada | 8.53M | ▲ 641.49K |
| Canoe Financial LP | 4.70M | ▲ 72.31K |
| Mackenzie Financial Corp | 3.82M | ▼ 1.47M |
| Hillsdale Investment Management Inc. | 3.62M | ▼ 216.28K |
| Bank Of Montreal /Can/ | 3.56M | ▲ 425.72K |
| Vanguard Capital Management LLC | 3.52M | ▲ 32.61K |
| Morgan Stanley | 2.88M | ▼ 541.89K |
| Td Asset Management Inc | 2.76M | ▼ 38.24K |
| American Century Companies Inc | 2.26M | ▲ 490.13K |
| Letko, Brosseau & Associates Inc | 2.00M | ▼ 582.42K |
| 1832 Asset Management L.P. | 1.55M | ▼ 471.80K |
Held by 13 ETFs
Biggest fund positions in EFXT by dollar value.
Our EFXT coverage
Recent articles, reports, and earnings notes.
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Generate EFXT report →OMS Energy Technologies (NASDAQ:OMSE) versus Enerflex (NYSE:EFXT) Critical Analysis
defenseworld.net · Aug 17
Enerflex Q2 Earnings Call Highlights
marketbeat.com · Aug 8
Enerflex Ltd. Announces Second Quarter 2026 Financial and Operational Results
globenewswire.com · Aug 6
Enerflex Ltd. Announces Director Resignation
globenewswire.com · Jul 13
Enerflex Ltd. Announces Director Resignation
globenewswire.com · Jul 13
Best Value Stocks to Buy for June 30th
zacks.com · Jun 30
Enerflex Ltd. Announces Extension of Revolving Credit Facility and Timing of Second Quarter Financial and Operational Results
globenewswire.com · Jun 24
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zacks.com · Jun 24
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