MeritValue

EXPRO GROUP HOLDINGS N.V.

XPROdata completeness 100%15 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

EXPRO GROUP HOLDINGS N.V. earns about 0% on invested capital, but has diluted owners by 44% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$825.8M1$1.28B2$1.51B3$1.71B3$1.61B3
Net income−$131.9M4−$20.1M5−$23.4M6$51.9M6$51.7M6
Operating cash flow$16.1M7$80.2M8$138.3M9$169.5M9$210.2M9
Capital expenditure$81.5M10$81.9M11$122.1M12$143.6M12$112.4M12
Free cash flow (derived)−$65.4M7−$1.74M8$16.2M9$25.9M9$97.8M9
Total debt—$013$20M14$121.1M15$79.1M15
Cash & equivalents$235.4M16$214.8M17$151.7M18$183M19$196.1M19
Diluted shares80.5M109.1M109.2M115.8M115.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$132.54
your share of equity
Profit it earned you last year
$4.47
Free cash flow it threw off
$8.45
Debt you’d be carrying
$6.83

10 shares is a claim on $132.54 of net worth that earned you $4.47 and generated $8.45 of cash last year, against $6.83 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY21 -9%FY22 1%FY23 1%FY24 4%FY25 4%

It earned an average 0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+44% shares · 5y

Share count is up 44% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-24-005041 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-005059 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-004727 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-005041 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-005059 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-004727 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-005041 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-005059 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-004727 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-005041 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-005059 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-26-004727 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001437749-24-005041 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-005059 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-004727 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001437749-23-004408 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001437749-24-005041 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001437749-25-005059 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-004727 (CashAndCashEquivalentsAtCarryingValue)