Civeo Corp

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 4✗ 31▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)3/15 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)-112.9%

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)5/15 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-1.5%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)0.6% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$32.4M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-5.3%

  ✗Lynch> 15%

  EBIT / Enterprise Value3.8%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=3.8%, ROC=8.1%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-4.20%

  ✗PiotroskiROA > 0

  ROA Change YoY-4.21% -> -4.20% (delta: +0.01%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=4.68%, ROA=-4.20%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY21.9% -> 23.7%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue0.8%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-5.3%

  ✗Dreman> 12%

  Margin of SafetyP/B=2.3x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-3.1% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency5/14 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue3.0%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-5.3%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend5.6% (2023) -> 0.6% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 24.3% -> 23.7%, operating margin 5.6% -> 0.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-2.06%; #3563/6340 (top 56.2%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+33.34%; #1256/3702 (top 33.9%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-5.28%; #3223/5226 (top 61.7%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0362; #2146/5884 (top 36.5%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years1/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Debt & Leverage0% pass✓ 2✗ 13▾

  No clean pass — all 12 investors flag at least one debt & leverage criterion

  LT Debt vs Net Current AssetsLT Debt $213.0M vs NCA $74.6M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.48, IC: 1.3x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.48

  ✗Lynch< 0.33

  Cash - Long-term Debt$-188.7M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change10.69% -> 38.30%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.71

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.48

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.48

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=1.3x, D/EBITDA=2.4x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.48

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.4765; #3577/4210 (top 85.0%)

  ✗AsnessTop 30% of eligible cross-section
• Growth0% pass✗ 13▾

  All 8 investors flag CVEO's growth

  EPS Growth (3-yr avg, 10-yr window)-112.9%

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 19.3% vs Rev: 12.6%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction$2.29 (2012) -> $-1.59 (2025)

  ✗DremanPositive over recent years

  EPS CAGR-1.2% CAGR over 11 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency5/14 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-2.7%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency2/5 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 24.3% -> 23.7%, operating margin 5.6% -> 0.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR3.8%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Valuation models0% pass✗ 5▾

  CVEO overvalued: all 5 models price fair value below $35.70 (median $10.35)

  Buffett fair value$33.44

  ✗Buffett-6.8% margin vs $35.70

  Greenblatt fair value$10.35

  ✗Greenblatt-244.9% margin vs $35.70

  Munger fair value$1.95

  ✗Munger-1730.8% margin vs $35.70

  Pabrai fair value$21.58

  ✗Pabrai-65.4% margin vs $35.70

  Ackman fair value$1.83

  ✗Ackman-1850.8% margin vs $35.70
• Valuation8% pass✓ 1✗ 27▾

  12 of 13 flag CVEO's valuation — Graham, Lynch, Greenblatt +9 more

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio2.3x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value3.8%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=3.8%, ROC=8.1%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)18.3x

  ✗Dreman< 8x

  Price / Book Value per Share2.3x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=7.9%

  ✓MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=0.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=2.3x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share190.1x

  ✗Ackman<= 25

  Price vs. Trailing Low188% of trailing low ($18.99)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-2.06%; #3563/6340 (top 56.2%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.3909; #3316/6449 (top 51.4%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share4.23x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-42.1%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+1.9170; #1127/5247 (top 21.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+8.00%; #1007/4519 (top 22.3%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+25.75%; #1145/6202 (top 18.5%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Efficiency13% pass✓ 2✗ 9▾

  7 of 8 flag CVEO's efficiency — Graham, Buffett, Greenblatt +4 more

  Current Ratio1.71

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)2.7%

  ✗Buffett> 10%

  ROIC - WACC-7.3%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)8.1%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.19 -> 1.54

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY1.68x -> 1.34x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities1.71

  ✓Dreman> 1.5

  Return on Invested Capital4.7%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=8.1%; FY2024: ROIC=0.4%; FY2025: ROIC=0.9%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 0.9%)

  ✗SleepROIC > 12% in a majority of years
• Verdicts19% pass✓ 3✗ 13▾

  Split decision: 12 FAIL · 2 PASS · 1 NEUTRAL · 1 BUY

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #1578•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (1/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)✗TempletonFAIL (1/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1439/2370 (Top 60.7%))✗NeffFAIL (3/6)✗SchlossFAIL (2/7)✓OshaughnessyBUY (Rank #16/963 (Top 1.7%))
• Cash Flow50% pass✓ 7✗ 5▾

  5 of 10 pass — Buffett, Dreman, Pabrai +2 more object

  Free Cash Flow Proxy$32.4M

  ✗BuffettPositive and growing

  FCF Positive and Growing$29.5M

  ✓LynchPositive and growing

  Operating Cash Flow$22.3M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=4.68%, ROA=-4.20%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)18.3x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=0.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive14/14 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap7.2%

  ✓Ackman>= 4%

  Price / FCF per Share190.1x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency14/14 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$29.5M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+8.00%; #1007/4519 (top 22.3%)

  ✗OshaughnessyTop 10% of eligible cross-section