# Oil & Gas Equipment & Services — company-by-company sector analysis > Oil & Gas Equipment & Services: Baker Hughes Company owns the largest revenue base; Solaris Energy Infrastructure, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Oil & Gas Equipment & Services has outperformed S&P 500 by 38.8% over 52 weeks and 15% over 13 weeks. 17 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 28 beat the sector itself. Baker Hughes Company leads with revenue of $27,893 million, based on 22 of 30 comparable companies through Mar 2026. ### Is the Oil & Gas Equipment & Services sector outperforming S&P 500? Oil & Gas Equipment & Services has outperformed S&P 500 by 38.8% over 52 weeks and 15% over 13 weeks. 17 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 28 beat the sector itself. ### Which Oil & Gas Equipment & Services company is largest by revenue? Baker Hughes Company leads with revenue of $27,893 million, based on 22 of 30 comparable companies through Mar 2026. ### Which Oil & Gas Equipment & Services company is growing fastest? Solaris Energy Infrastructure, Inc. has the fastest current revenue growth at 86.5%, across 22 of 30 comparable companies. ### Which Oil & Gas Equipment & Services company has the strongest 4-Factor Sector Score? TechnipFMC plc ranks first at 68.6/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Oil & Gas Equipment & Services company reports the most CAPEX? NextDecade Corporation reports the largest latest CAPEX at $1,177 million, with 30 of 30 companies comparable. ### Which Oil & Gas Equipment & Services company has the least gross debt? Cactus, Inc. has the lowest comparable gross debt at $55 million. Baker Hughes Company has the highest at $16,164 million. ### Which Oil & Gas Equipment & Services company has the lowest comparable PEG? Innovex International, Inc. has the lowest comparable Guarded PEG at 0.1, among 13 of 30 companies that pass the metric’s comparability rules. ### How much history does this Oil & Gas Equipment & Services comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Oil & Gas Equipment & Services has outperformed S&P 500 by 38.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 15%. 17 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Oceaneering International, Inc. is the strongest against the sector itself at +35.7%. 13-week sector return versus NIFTY 500: -15% 52-week sector return versus NIFTY 500: 39% Stocks leading NIFTY: 17/28 Stocks leading sector: 11/28 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹3.0 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. TechnipFMC plc (FTI): 69/100 — Favorable setup; evidence 82% - Growth & earnings 23.5/35 | Capital efficiency 14.5/25 | Valuation 13.1/20 | Relative strength 17.5/20 - Exact sum: 23.5 + 14.5 + 13.1 + 17.5 = 68.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Archrock, Inc. (AROC): 65/100 — Favorable setup; evidence 82% - Growth & earnings 22.1/35 | Capital efficiency 13.1/25 | Valuation 15.1/20 | Relative strength 14.8/20 - Exact sum: 22.1 + 13.1 + 15.1 + 14.8 = 65.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Tenaris S.A. (TS): 64/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 18.7/35 | Capital efficiency 17.5/25 | Valuation 13.0/20 | Relative strength 15.1/20 - Exact sum: 18.7 + 17.5 + 13 + 15.1 = 64.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. National Energy Services Reunited Corp. (NESR): 63/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 20.1/35 | Capital efficiency 13.0/25 | Valuation 13.9/20 | Relative strength 15.6/20 - Exact sum: 20.1 + 13 + 13.9 + 15.6 = 62.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. Oceaneering International, Inc. (OII): 61/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 16.2/35 | Capital efficiency 13.1/25 | Valuation 11.5/20 | Relative strength 20.0/20 - Exact sum: 16.2 + 13.1 + 11.5 + 20 = 60.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 6. Halliburton Company (HAL): 57/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 24.8/35 | Capital efficiency 17.8/25 | Valuation 10.8/20 | Relative strength 3.3/20 - Exact sum: 24.8 + 17.8 + 10.8 + 3.3 = 56.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. LandBridge Company LLC (LB): 56/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 17.6/35 | Capital efficiency 12.1/25 | Valuation 9.4/20 | Relative strength 17.1/20 - Exact sum: 17.6 + 12.1 + 9.4 + 17.1 = 56.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. USA Compression Partners, LP (USAC): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 23.6/35 | Capital efficiency 11.6/25 | Valuation 13.3/20 | Relative strength 7.5/20 - Exact sum: 23.6 + 11.6 + 13.3 + 7.5 = 56 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. Tidewater Inc. (TDW): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 15.0/35 | Capital efficiency 13.3/25 | Valuation 14.9/20 | Relative strength 10.9/20 - Exact sum: 15 + 13.3 + 14.9 + 10.9 = 54.1 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 10. Select Water Solutions, Inc. (WTTR): 53/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 15.5/35 | Capital efficiency 9.5/25 | Valuation 9.3/20 | Relative strength 19.0/20 - Exact sum: 15.5 + 9.5 + 9.3 + 19 = 53.3 - Decision use: Price leads the evidence: RS versus the benchmark is 25.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 11. Solaris Energy Infrastructure, Inc. (SEI): 53/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 27.3/35 | Capital efficiency 11.5/25 | Valuation 12.8/20 | Relative strength 1.4/20 - Exact sum: 27.3 + 11.5 + 12.8 + 1.4 = 53 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.1% and the one-year return is 57.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 12. SLB N.V. (SLB): 53/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 16.7/35 | Capital efficiency 13.4/25 | Valuation 10.5/20 | Relative strength 12.2/20 - Exact sum: 16.7 + 13.4 + 10.5 + 12.2 = 52.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. Kodiak Gas Services, Inc. (KGS): 51/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 22.2/35 | Capital efficiency 9.4/25 | Valuation 6.7/20 | Relative strength 12.3/20 - Exact sum: 22.2 + 9.4 + 6.7 + 12.3 = 50.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Enerflex Ltd. (EFXT): 50/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 17.4/35 | Capital efficiency 12.3/25 | Valuation 6.9/20 | Relative strength 13.0/20 - Exact sum: 17.4 + 12.3 + 6.9 + 13 = 49.6 - Decision use: Price leads the evidence: RS versus the benchmark is 13.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 15. Baker Hughes Company (BKR): 49/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 21.2/35 | Capital efficiency 13.9/25 | Valuation 5.9/20 | Relative strength 7.6/20 - Exact sum: 21.2 + 13.9 + 5.9 + 7.6 = 48.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Flowco Holdings Inc. (FLOC): 48/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 19.7/35 | Capital efficiency 14.1/25 | Valuation 10.9/20 | Relative strength 3.3/20 - Exact sum: 19.7 + 14.1 + 10.9 + 3.3 = 48 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. Bristow Group Inc. (VTOL): 48/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 15.3/35 | Capital efficiency 8.1/25 | Valuation 16.1/20 | Relative strength 8.2/20 - Exact sum: 15.3 + 8.1 + 16.1 + 8.2 = 47.7 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 18. Cactus, Inc. (WHD): 47/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 10.7/35 | Capital efficiency 15.2/25 | Valuation 9.7/20 | Relative strength 11.0/20 - Exact sum: 10.7 + 15.2 + 9.7 + 11 = 46.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Innovex International, Inc. (INVX): 44/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 10.3/35 | Capital efficiency 8.9/25 | Valuation 15.1/20 | Relative strength 9.5/20 - Exact sum: 10.3 + 8.9 + 15.1 + 9.5 = 43.8 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 20. NOV Inc. (NOV): 43/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 8.3/35 | Capital efficiency 10.1/25 | Valuation 9.2/20 | Relative strength 15.1/20 - Exact sum: 8.3 + 10.1 + 9.2 + 15.1 = 42.7 - Decision use: Price leads the evidence: RS versus the benchmark is 8.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 21. RPC, Inc. (RES): 40/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 14.9/35 | Capital efficiency 11.5/25 | Valuation 9.1/20 | Relative strength 4.1/20 - Exact sum: 14.9 + 11.5 + 9.1 + 4.1 = 39.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. Weatherford International plc (WFRD): 39/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 13.4/35 | Capital efficiency 11.0/25 | Valuation 11.1/20 | Relative strength 3.4/20 - Exact sum: 13.4 + 11 + 11.1 + 3.4 = 38.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Liberty Energy Inc. (LBRT): 35/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.2/35 | Capital efficiency 8.3/25 | Valuation 9.8/20 | Relative strength 0.0/20 - Exact sum: 17.2 + 8.3 + 9.8 + 0 = 35.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. Expro Group Holdings N.V. (XPRO): 35/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 9.6/35 | Capital efficiency 9.2/25 | Valuation 9.6/20 | Relative strength 6.8/20 - Exact sum: 9.6 + 9.2 + 9.6 + 6.8 = 35.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Helix Energy Solutions Group, Inc. (HLX): 35/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 6.9/35 | Capital efficiency 7.3/25 | Valuation 8.7/20 | Relative strength 12.1/20 - Exact sum: 6.9 + 7.3 + 8.7 + 12.1 = 35 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. ProPetro Holding Corp. (PUMP): 32/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 9.0/35 | Capital efficiency 8.2/25 | Valuation 8.6/20 | Relative strength 5.7/20 - Exact sum: 9 + 8.2 + 8.6 + 5.7 = 31.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. Atlas Energy Solutions Inc. (AESI): 22/100 — Adverse evidence; evidence 72% - Growth & earnings 5.0/35 | Capital efficiency 6.8/25 | Valuation 8.8/20 | Relative strength 1.2/20 - Exact sum: 5 + 6.8 + 8.8 + 1.2 = 21.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. EagleRock Land, LLC (EROK): 52/100 — Thin evidence · provisional; evidence 17% - Growth & earnings 18.1/35 | Capital efficiency 13.8/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 18.1 + 13.8 + 10 + 10 = 51.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. WaterBridge Infrastructure LLC (WBI): 47/100 — Thin evidence · provisional; evidence 37% - Growth & earnings 18.1/35 | Capital efficiency 10.2/25 | Valuation 8.5/20 | Relative strength 10.0/20 - Exact sum: 18.1 + 10.2 + 8.5 + 10 = 46.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. NextDecade Corporation (NEXT): 38/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 18.1/35 | Capital efficiency 4.8/25 | Valuation 10.0/20 | Relative strength 5.0/20 - Exact sum: 18.1 + 4.8 + 10 + 5 = 37.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: Baker Hughes Company is the scale leader at $27,893 million, 129.4% ahead of Tenaris S.A.. Solaris Energy Infrastructure, Inc.'s growth is 86.5% from a $692 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Baker Hughes Company is the scale benchmark; Solaris Energy Infrastructure, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Baker Hughes Company's growth falls below Solaris Energy Infrastructure, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Baker Hughes Company · $27,893 million | 129.4% versus #2 · Tenaris S.A. | 7/8 recent comparable periods | 22/30 companies · 496 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Baker Hughes Company (BKR): ₹27.9K Cr 2. Tenaris S.A. (TS): ₹12.2K Cr 3. TechnipFMC plc (FTI): ₹10.2K Cr 4. NOV Inc. (NOV): ₹8.7K Cr 5. Enerflex Ltd. (EFXT): ₹2.6K Cr ### Revenue growth — fastest growers 1. Solaris Energy Infrastructure, Inc. (SEI): 87% 2. LandBridge Company LLC (LB): 55% 3. RPC, Inc. (RES): 28% 4. Innovex International, Inc. (INVX): 26% 5. Archrock, Inc. (AROC): 23% ### 20-quarter Revenue history - SLB: Sep 2021 ₹5.8K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹7.7K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.3K Cr | Dec 2023 ₹9.0K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹9.2K Cr | Dec 2024 ₹9.3K Cr | Mar 2025 ₹8.5K Cr | Jun 2025 ₹8.5K Cr | Sep 2025 ₹8.9K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹8.7K Cr | Jun 2026 — - BKR: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹7.0K Cr | Dec 2025 ₹7.4K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 — - FTI: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - TS: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 — - HAL: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 — - NOV: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - AROC: Sep 2021 ₹195 Cr | Dec 2021 ₹195 Cr | Mar 2022 ₹197 Cr | Jun 2022 ₹216 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹219 Cr | Mar 2023 ₹230 Cr | Jun 2023 ₹248 Cr | Sep 2023 ₹253 Cr | Dec 2023 ₹260 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹271 Cr | Sep 2024 ₹292 Cr | Dec 2024 ₹326 Cr | Mar 2025 ₹347 Cr | Jun 2025 ₹383 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹374 Cr | Jun 2026 — - WFRD: Sep 2021 ₹945 Cr | Dec 2021 ₹965 Cr | Mar 2022 ₹938 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹16 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹51 Cr | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹168 Cr | Jun 2022 ₹177 Cr | Sep 2022 ₹183 Cr | Dec 2022 ₹180 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹203 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹215 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹325 Cr | Dec 2024 ₹310 Cr | Mar 2025 ₹330 Cr | Jun 2025 ₹323 Cr | Sep 2025 ₹323 Cr | Dec 2025 ₹333 Cr | Mar 2026 ₹346 Cr | Jun 2026 — - OII: Sep 2021 ₹467 Cr | Dec 2021 ₹467 Cr | Mar 2022 ₹446 Cr | Jun 2022 ₹524 Cr | Sep 2022 ₹560 Cr | Dec 2022 ₹536 Cr | Mar 2023 ₹537 Cr | Jun 2023 ₹598 Cr | Sep 2023 ₹635 Cr | Dec 2023 ₹655 Cr | Mar 2024 ₹599 Cr | Jun 2024 ₹669 Cr | Sep 2024 ₹680 Cr | Dec 2024 ₹713 Cr | Mar 2025 ₹675 Cr | Jun 2025 ₹698 Cr | Sep 2025 ₹743 Cr | Dec 2025 ₹669 Cr | Mar 2026 ₹692 Cr | Jun 2026 — - WHD: Sep 2021 ₹115 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹188 Cr | Mar 2023 ₹228 Cr | Jun 2023 ₹306 Cr | Sep 2023 ₹288 Cr | Dec 2023 ₹275 Cr | Mar 2024 ₹274 Cr | Jun 2024 ₹290 Cr | Sep 2024 ₹293 Cr | Dec 2024 ₹272 Cr | Mar 2025 ₹280 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹261 Cr | Mar 2026 ₹388 Cr | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹90 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹98 Cr | Jun 2025 — | Sep 2025 ₹123 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹201 Cr | Jun 2026 — - USAC: Sep 2021 ₹159 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹171 Cr | Sep 2022 ₹180 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹197 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹225 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹235 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹246 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹250 Cr | Sep 2025 ₹250 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹331 Cr | Jun 2026 — - TDW: Sep 2021 ₹92 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹163 Cr | Sep 2022 ₹192 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹321 Cr | Jun 2024 ₹339 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹345 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹341 Cr | Sep 2025 ₹341 Cr | Dec 2025 ₹337 Cr | Mar 2026 ₹326 Cr | Jun 2026 — - SEI: Sep 2021 ₹49 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹196 Cr | Jun 2026 — - LBRT: Sep 2021 ₹654 Cr | Dec 2021 ₹684 Cr | Mar 2022 ₹793 Cr | Jun 2022 ₹943 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹944 Cr | Mar 2025 ₹977 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹947 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹23 Cr | Jun 2026 — - EFXT: Sep 2021 ₹182 Cr | Dec 2021 ₹256 Cr | Mar 2022 ₹258 Cr | Jun 2022 ₹289 Cr | Sep 2022 ₹284 Cr | Dec 2022 ₹524 Cr | Mar 2023 ₹610 Cr | Jun 2023 ₹579 Cr | Sep 2023 ₹580 Cr | Dec 2023 ₹574 Cr | Mar 2024 ₹638 Cr | Jun 2024 ₹614 Cr | Sep 2024 ₹601 Cr | Dec 2024 ₹561 Cr | Mar 2025 ₹552 Cr | Jun 2025 ₹615 Cr | Sep 2025 ₹777 Cr | Dec 2025 ₹627 Cr | Mar 2026 ₹584 Cr | Jun 2026 — - NESR: Sep 2021 ₹218 Cr | Dec 2021 ₹211 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹258 Cr | Jun 2023 ₹280 Cr | Sep 2023 ₹300 Cr | Dec 2023 ₹308 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹325 Cr | Sep 2024 ₹336 Cr | Dec 2024 ₹344 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹327 Cr | Sep 2025 ₹295 Cr | Dec 2025 ₹398 Cr | Mar 2026 ₹405 Cr | Jun 2026 — - WTTR: Sep 2021 ₹205 Cr | Dec 2021 ₹255 Cr | Mar 2022 ₹295 Cr | Jun 2022 ₹336 Cr | Sep 2022 ₹375 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹417 Cr | Jun 2023 ₹405 Cr | Sep 2023 ₹389 Cr | Dec 2023 ₹375 Cr | Mar 2024 ₹367 Cr | Jun 2024 ₹365 Cr | Sep 2024 ₹371 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹374 Cr | Jun 2025 ₹364 Cr | Sep 2025 ₹322 Cr | Dec 2025 ₹347 Cr | Mar 2026 ₹366 Cr | Jun 2026 — - INVX: Sep 2021 ₹83 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹251 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹239 Cr | Jun 2026 — - XPRO: Sep 2021 ₹198 Cr | Dec 2021 ₹296 Cr | Mar 2022 ₹280 Cr | Jun 2022 ₹314 Cr | Sep 2022 ₹334 Cr | Dec 2022 ₹351 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹370 Cr | Dec 2023 ₹407 Cr | Mar 2024 ₹383 Cr | Jun 2024 ₹470 Cr | Sep 2024 ₹423 Cr | Dec 2024 ₹437 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹423 Cr | Sep 2025 ₹411 Cr | Dec 2025 ₹382 Cr | Mar 2026 ₹368 Cr | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹67 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹177 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹210 Cr | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹142 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹153 Cr | Jun 2023 ₹162 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹288 Cr | Sep 2024 ₹304 Cr | Dec 2024 ₹271 Cr | Mar 2025 ₹298 Cr | Jun 2025 ₹289 Cr | Sep 2025 ₹260 Cr | Dec 2025 ₹249 Cr | Mar 2026 ₹266 Cr | Jun 2026 — - HLX: Sep 2021 ₹181 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹150 Cr | Jun 2022 ₹163 Cr | Sep 2022 ₹273 Cr | Dec 2022 ₹288 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹309 Cr | Sep 2023 ₹396 Cr | Dec 2023 ₹335 Cr | Mar 2024 ₹296 Cr | Jun 2024 ₹365 Cr | Sep 2024 ₹342 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹302 Cr | Sep 2025 ₹377 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹288 Cr | Jun 2026 — - VTOL: Sep 2021 ₹592 Cr | Dec 2021 ₹581 Cr | Mar 2022 ₹563 Cr | Jun 2022 ₹596 Cr | Sep 2022 ₹607 Cr | Dec 2022 ₹572 Cr | Mar 2023 ₹595 Cr | Jun 2023 ₹631 Cr | Sep 2023 ₹668 Cr | Dec 2023 ₹363 Cr | Mar 2024 ₹337 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹365 Cr | Dec 2024 ₹354 Cr | Mar 2025 ₹351 Cr | Jun 2025 ₹376 Cr | Sep 2025 ₹386 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹389 Cr | Jun 2026 — - PUMP: Sep 2021 ₹250 Cr | Dec 2021 ₹246 Cr | Mar 2022 ₹283 Cr | Jun 2022 ₹315 Cr | Sep 2022 ₹333 Cr | Dec 2022 ₹349 Cr | Mar 2023 ₹424 Cr | Jun 2023 ₹435 Cr | Sep 2023 ₹424 Cr | Dec 2023 ₹348 Cr | Mar 2024 ₹406 Cr | Jun 2024 ₹357 Cr | Sep 2024 ₹361 Cr | Dec 2024 ₹321 Cr | Mar 2025 ₹359 Cr | Jun 2025 ₹326 Cr | Sep 2025 ₹294 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹271 Cr | Jun 2026 — - RES: Sep 2021 ₹225 Cr | Dec 2021 ₹268 Cr | Mar 2022 ₹285 Cr | Jun 2022 ₹376 Cr | Sep 2022 ₹460 Cr | Dec 2022 ₹482 Cr | Mar 2023 ₹477 Cr | Jun 2023 ₹416 Cr | Sep 2023 ₹330 Cr | Dec 2023 ₹395 Cr | Mar 2024 ₹378 Cr | Jun 2024 ₹364 Cr | Sep 2024 ₹338 Cr | Dec 2024 ₹335 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹421 Cr | Sep 2025 ₹447 Cr | Dec 2025 ₹426 Cr | Mar 2026 ₹455 Cr | Jun 2026 — ### 20-quarter Revenue growth history - SLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 28% | Dec 2022 27% | Mar 2023 30% | Jun 2023 20% | Sep 2023 11% | Dec 2023 14% | Mar 2024 13% | Jun 2024 13% | Sep 2024 10% | Dec 2024 3.3% | Mar 2025 -2.5% | Jun 2025 -6.5% | Sep 2025 -2.5% | Dec 2025 5.0% | Mar 2026 2.7% | Jun 2026 — - BKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.9% | Sep 2022 5.4% | Dec 2022 7.7% | Mar 2023 18% | Jun 2023 25% | Sep 2023 24% | Dec 2023 16% | Mar 2024 12% | Jun 2024 13% | Sep 2024 4.0% | Dec 2024 7.7% | Mar 2025 0.1% | Jun 2025 -3.2% | Sep 2025 1.5% | Dec 2025 0.3% | Mar 2026 2.5% | Jun 2026 — - FTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.9% | Sep 2022 9.8% | Dec 2022 11% | Mar 2023 10% | Jun 2023 15% | Sep 2023 19% | Dec 2023 23% | Mar 2024 19% | Jun 2024 18% | Sep 2024 14% | Dec 2024 14% | Mar 2025 9.4% | Jun 2025 9.0% | Sep 2025 13% | Dec 2025 6.3% | Mar 2026 12% | Jun 2026 — - TS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 70% | Dec 2022 76% | Mar 2023 75% | Jun 2023 46% | Sep 2023 8.8% | Dec 2023 -5.7% | Mar 2024 -17% | Jun 2024 -18% | Sep 2024 -10.0% | Dec 2024 -17% | Mar 2025 -15% | Jun 2025 -7.1% | Sep 2025 2.2% | Dec 2025 5.3% | Mar 2026 6.1% | Jun 2026 — - HAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 39% | Dec 2022 31% | Mar 2023 33% | Jun 2023 14% | Sep 2023 8.3% | Dec 2023 2.8% | Mar 2024 2.2% | Jun 2024 0.6% | Sep 2024 -1.8% | Dec 2024 -2.3% | Mar 2025 -6.7% | Jun 2025 -5.5% | Sep 2025 -1.7% | Dec 2025 0.8% | Mar 2026 -0.3% | Jun 2026 — - NOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 41% | Dec 2022 37% | Mar 2023 27% | Jun 2023 21% | Sep 2023 16% | Dec 2023 13% | Mar 2024 9.8% | Jun 2024 5.9% | Sep 2024 0.3% | Dec 2024 -1.5% | Mar 2025 -2.4% | Jun 2025 -1.3% | Sep 2025 -0.7% | Dec 2025 -1.3% | Mar 2026 -2.4% | Jun 2026 — - AROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 9.7% | Dec 2022 12% | Mar 2023 17% | Jun 2023 15% | Sep 2023 18% | Dec 2023 19% | Mar 2024 17% | Jun 2024 9.3% | Sep 2024 15% | Dec 2024 25% | Mar 2025 29% | Jun 2025 41% | Sep 2025 31% | Dec 2025 16% | Mar 2026 7.8% | Jun 2026 — - WFRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 19% | Dec 2022 25% | Mar 2023 26% | Jun 2023 20% | Sep 2023 17% | Dec 2023 13% | Mar 2024 15% | Jun 2024 10% | Sep 2024 7.3% | Dec 2024 -1.5% | Mar 2025 -12% | Jun 2025 -14% | Sep 2025 -13% | Dec 2025 -3.9% | Mar 2026 -3.4% | Jun 2026 — - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.3% | Mar 2024 19% | Jun 2024 18% | Sep 2024 56% | Dec 2024 112% | Mar 2025 132% | Jun 2025 85% | Sep 2025 82% | Dec 2025 58% | Mar 2026 16% | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 13% | Jun 2023 15% | Sep 2023 26% | Dec 2023 26% | Mar 2024 13% | Jun 2024 53% | Sep 2024 41% | Dec 2024 37% | Mar 2025 53% | Jun 2025 4.2% | Sep 2025 -0.6% | Dec 2025 7.4% | Mar 2026 4.9% | Jun 2026 — - OII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 20% | Dec 2022 15% | Mar 2023 20% | Jun 2023 14% | Sep 2023 13% | Dec 2023 22% | Mar 2024 12% | Jun 2024 12% | Sep 2024 7.1% | Dec 2024 8.9% | Mar 2025 13% | Jun 2025 4.3% | Sep 2025 9.3% | Dec 2025 -6.2% | Mar 2026 2.5% | Jun 2026 — - WHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 60% | Dec 2022 45% | Mar 2023 56% | Jun 2023 80% | Sep 2023 57% | Dec 2023 46% | Mar 2024 20% | Jun 2024 -5.2% | Sep 2024 1.7% | Dec 2024 -1.1% | Mar 2025 2.2% | Jun 2025 -5.5% | Sep 2025 -9.9% | Dec 2025 -4.0% | Mar 2026 39% | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 37% | Dec 2025 140% | Mar 2026 105% | Jun 2026 — - USAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.9% | Sep 2022 13% | Dec 2022 19% | Mar 2023 21% | Jun 2023 21% | Sep 2023 21% | Dec 2023 18% | Mar 2024 16% | Jun 2024 14% | Sep 2024 11% | Dec 2024 9.3% | Mar 2025 7.0% | Jun 2025 6.4% | Sep 2025 4.2% | Dec 2025 2.4% | Mar 2026 35% | Jun 2026 — - TDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 81% | Sep 2022 109% | Dec 2022 78% | Mar 2023 82% | Jun 2023 32% | Sep 2023 56% | Dec 2023 62% | Mar 2024 66% | Jun 2024 58% | Sep 2024 14% | Dec 2024 14% | Mar 2025 3.7% | Jun 2025 0.6% | Sep 2025 0.3% | Dec 2025 -2.3% | Mar 2026 -2.1% | Jun 2026 — - SEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 88% | Dec 2022 83% | Mar 2023 46% | Jun 2023 -11% | Sep 2023 -24% | Dec 2023 -25% | Mar 2024 -18% | Jun 2024 -3.9% | Sep 2024 7.1% | Dec 2024 52% | Mar 2025 85% | Jun 2025 101% | Sep 2025 123% | Dec 2025 88% | Mar 2026 56% | Jun 2026 — - LBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 82% | Dec 2022 79% | Mar 2023 59% | Jun 2023 27% | Sep 2023 2.4% | Dec 2023 -12% | Mar 2024 -15% | Jun 2024 -2.9% | Sep 2024 -6.3% | Dec 2024 -12% | Mar 2025 -9.0% | Jun 2025 -10% | Sep 2025 -17% | Dec 2025 10% | Mar 2026 4.5% | Jun 2026 — - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 229% | Jun 2026 — - EFXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 75% | Sep 2022 56% | Dec 2022 105% | Mar 2023 136% | Jun 2023 100% | Sep 2023 104% | Dec 2023 9.5% | Mar 2024 4.6% | Jun 2024 6.0% | Sep 2024 3.6% | Dec 2024 -2.3% | Mar 2025 -13% | Jun 2025 0.2% | Sep 2025 29% | Dec 2025 12% | Mar 2026 5.8% | Jun 2026 — - NESR: Sep 2021 0.0% | Dec 2021 -0.9% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 15% | Jun 2024 16% | Sep 2024 12% | Dec 2024 12% | Mar 2025 2.0% | Jun 2025 0.6% | Sep 2025 -12% | Dec 2025 16% | Mar 2026 34% | Jun 2026 — - WTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 109% | Sep 2022 83% | Dec 2022 50% | Mar 2023 41% | Jun 2023 21% | Sep 2023 3.7% | Dec 2023 -1.8% | Mar 2024 -12% | Jun 2024 -9.9% | Sep 2024 -4.6% | Dec 2024 -6.9% | Mar 2025 1.9% | Jun 2025 -0.3% | Sep 2025 -13% | Dec 2025 -0.6% | Mar 2026 -2.1% | Jun 2026 — - INVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 6.0% | Dec 2022 26% | Mar 2023 9.6% | Jun 2023 -4.3% | Sep 2023 58% | Dec 2023 37% | Mar 2024 41% | Jun 2024 44% | Sep 2024 9.4% | Dec 2024 89% | Mar 2025 88% | Jun 2025 72% | Sep 2025 58% | Dec 2025 9.2% | Mar 2026 -0.4% | Jun 2026 — - XPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 69% | Dec 2022 19% | Mar 2023 21% | Jun 2023 26% | Sep 2023 11% | Dec 2023 16% | Mar 2024 13% | Jun 2024 18% | Sep 2024 14% | Dec 2024 7.4% | Mar 2025 2.1% | Jun 2025 -10% | Sep 2025 -2.8% | Dec 2025 -13% | Mar 2026 -5.9% | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 187% | Jun 2025 108% | Sep 2025 -6.4% | Dec 2025 5.9% | Mar 2026 9.4% | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11% | Dec 2023 -6.0% | Mar 2024 26% | Jun 2024 78% | Sep 2024 92% | Dec 2024 92% | Mar 2025 54% | Jun 2025 0.4% | Sep 2025 -14% | Dec 2025 -8.1% | Mar 2026 -11% | Jun 2026 — - HLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.6% | Sep 2022 51% | Dec 2022 70% | Mar 2023 67% | Jun 2023 90% | Sep 2023 45% | Dec 2023 16% | Mar 2024 18% | Jun 2024 18% | Sep 2024 -14% | Dec 2024 6.0% | Mar 2025 -6.1% | Jun 2025 -17% | Sep 2025 10% | Dec 2025 -5.9% | Mar 2026 3.6% | Jun 2026 — - VTOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2% | Sep 2022 2.5% | Dec 2022 -1.6% | Mar 2023 5.7% | Jun 2023 5.9% | Sep 2023 10% | Dec 2023 -37% | Mar 2024 -43% | Jun 2024 -43% | Sep 2024 -45% | Dec 2024 -2.5% | Mar 2025 4.2% | Jun 2025 4.4% | Sep 2025 5.8% | Dec 2025 6.5% | Mar 2026 11% | Jun 2026 — - PUMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 33% | Dec 2022 42% | Mar 2023 50% | Jun 2023 38% | Sep 2023 27% | Dec 2023 -0.3% | Mar 2024 -4.3% | Jun 2024 -18% | Sep 2024 -15% | Dec 2024 -7.8% | Mar 2025 -12% | Jun 2025 -8.7% | Sep 2025 -19% | Dec 2025 -9.7% | Mar 2026 -25% | Jun 2026 — - RES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 99% | Sep 2022 104% | Dec 2022 80% | Mar 2023 67% | Jun 2023 11% | Sep 2023 -28% | Dec 2023 -18% | Mar 2024 -21% | Jun 2024 -13% | Sep 2024 2.4% | Dec 2024 -15% | Mar 2025 -12% | Jun 2025 16% | Sep 2025 32% | Dec 2025 27% | Mar 2026 37% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: LandBridge Company LLC leads opm at 57.2%; EagleRock Land, LLC leads margin change at +18.2 percentage points. Investor read: LandBridge Company LLC sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: LandBridge Company LLC · 57.2% | 39.9% versus #2 · EagleRock Land, LLC | 5/8 recent comparable periods | 29/30 companies · 496 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. LandBridge Company LLC (LB): 57% 2. EagleRock Land, LLC (EROK): 41% 3. Archrock, Inc. (AROC): 34% 4. Kodiak Gas Services, Inc. (KGS): 31% 5. USA Compression Partners, LP (USAC): 28% ### Margin change — fastest expanders 1. EagleRock Land, LLC (EROK): +18.2 pp 2. Baker Hughes Company (BKR): +11.1 pp 3. Solaris Energy Infrastructure, Inc. (SEI): +8.3 pp 4. Halliburton Company (HAL): +4.6 pp 5. Kodiak Gas Services, Inc. (KGS): +3.8 pp ### 20-quarter OPM history - SLB: Sep 2021 13% | Dec 2021 13% | Mar 2022 12% | Jun 2022 14% | Sep 2022 16% | Dec 2022 16% | Mar 2023 15% | Jun 2023 17% | Sep 2023 18% | Dec 2023 16% | Mar 2024 16% | Jun 2024 16% | Sep 2024 17% | Dec 2024 15% | Mar 2025 13% | Jun 2025 14% | Sep 2025 12% | Dec 2025 10% | Mar 2026 12% | Jun 2026 — - BKR: Sep 2021 7.4% | Dec 2021 11% | Mar 2022 5.8% | Jun 2022 -0.5% | Sep 2022 5.0% | Dec 2022 11% | Mar 2023 7.7% | Jun 2023 8.1% | Sep 2023 11% | Dec 2023 12% | Mar 2024 11% | Jun 2024 12% | Sep 2024 15% | Dec 2024 15% | Mar 2025 9.5% | Jun 2025 15% | Sep 2025 13% | Dec 2025 11% | Mar 2026 21% | Jun 2026 — - FTI: Sep 2021 2.3% | Dec 2021 -2.4% | Mar 2022 0.7% | Jun 2022 4.5% | Sep 2022 4.7% | Dec 2022 1.7% | Mar 2023 3.0% | Jun 2023 8.0% | Sep 2023 7.8% | Dec 2023 6.7% | Mar 2024 7.8% | Jun 2024 13% | Sep 2024 12% | Dec 2024 9.1% | Mar 2025 12% | Jun 2025 15% | Sep 2025 15% | Dec 2025 8.8% | Mar 2026 14% | Jun 2026 — - TS: Sep 2021 13% | Dec 2021 13% | Mar 2022 21% | Jun 2022 24% | Sep 2022 27% | Dec 2022 28% | Mar 2023 33% | Jun 2023 31% | Sep 2023 27% | Dec 2023 24% | Mar 2024 24% | Jun 2024 15% | Sep 2024 18% | Dec 2024 20% | Mar 2025 19% | Jun 2025 19% | Sep 2025 20% | Dec 2025 19% | Mar 2026 19% | Jun 2026 — - HAL: Sep 2021 12% | Dec 2021 13% | Mar 2022 12% | Jun 2022 7.4% | Sep 2022 16% | Dec 2022 18% | Mar 2023 17% | Jun 2023 17% | Sep 2023 18% | Dec 2023 18% | Mar 2024 17% | Jun 2024 18% | Sep 2024 15% | Dec 2024 17% | Mar 2025 8.0% | Jun 2025 13% | Sep 2025 6.4% | Dec 2025 13% | Mar 2026 13% | Jun 2026 — - NOV: Sep 2021 -3.2% | Dec 2021 -1.0% | Mar 2022 -1.4% | Jun 2022 3.9% | Sep 2022 2.9% | Dec 2022 7.8% | Mar 2023 6.4% | Jun 2023 8.6% | Sep 2023 8.4% | Dec 2023 6.9% | Mar 2024 7.5% | Jun 2024 14% | Sep 2024 8.9% | Dec 2024 9.0% | Mar 2025 7.2% | Jun 2025 6.5% | Sep 2025 4.9% | Dec 2025 4.0% | Mar 2026 2.3% | Jun 2026 — - AROC: Sep 2021 12% | Dec 2021 13% | Mar 2022 13% | Jun 2022 15% | Sep 2022 15% | Dec 2022 15% | Mar 2023 20% | Jun 2023 26% | Sep 2023 27% | Dec 2023 26% | Mar 2024 29% | Jun 2024 28% | Sep 2024 29% | Dec 2024 32% | Mar 2025 35% | Jun 2025 32% | Sep 2025 37% | Dec 2025 43% | Mar 2026 34% | Jun 2026 — - WFRD: Sep 2021 7.5% | Dec 2021 3.4% | Mar 2022 1.9% | Jun 2022 9.8% | Sep 2022 11% | Dec 2022 14% | Mar 2023 16% | Jun 2023 16% | Sep 2023 17% | Dec 2023 16% | Mar 2024 17% | Jun 2024 19% | Sep 2024 17% | Dec 2024 15% | Mar 2025 12% | Jun 2025 20% | Sep 2025 14% | Dec 2025 15% | Mar 2026 11% | Jun 2026 — - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 20% | Mar 2023 1.0% | Jun 2023 209% | Sep 2023 107% | Dec 2023 31% | Mar 2024 71% | Jun 2024 -197% | Sep 2024 11% | Dec 2024 49% | Mar 2025 57% | Jun 2025 60% | Sep 2025 61% | Dec 2025 60% | Mar 2026 57% | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 32% | Jun 2022 29% | Sep 2022 32% | Dec 2022 32% | Mar 2023 32% | Jun 2023 31% | Sep 2023 26% | Dec 2023 27% | Mar 2024 28% | Jun 2024 18% | Sep 2024 20% | Dec 2024 22% | Mar 2025 27% | Jun 2025 31% | Sep 2025 20% | Dec 2025 26% | Mar 2026 31% | Jun 2026 — - OII: Sep 2021 3.4% | Dec 2021 -2.7% | Mar 2022 -0.2% | Jun 2022 4.4% | Sep 2022 8.4% | Dec 2022 7.9% | Mar 2023 5.0% | Jun 2023 8.2% | Sep 2023 9.1% | Dec 2023 7.2% | Mar 2024 6.1% | Jun 2024 9.0% | Sep 2024 11% | Dec 2024 11% | Mar 2025 11% | Jun 2025 11% | Sep 2025 12% | Dec 2025 9.8% | Mar 2026 8.3% | Jun 2026 — - WHD: Sep 2021 18% | Dec 2021 20% | Mar 2022 21% | Jun 2022 26% | Sep 2022 28% | Dec 2022 26% | Mar 2023 22% | Jun 2023 16% | Sep 2023 30% | Dec 2023 29% | Mar 2024 23% | Jun 2024 28% | Sep 2024 26% | Dec 2024 26% | Mar 2025 25% | Jun 2025 22% | Sep 2025 23% | Dec 2025 23% | Mar 2026 13% | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 21% | Dec 2024 17% | Mar 2025 16% | Jun 2025 — | Sep 2025 19% | Dec 2025 11% | Mar 2026 15% | Jun 2026 — - USAC: Sep 2021 23% | Dec 2021 23% | Mar 2022 22% | Jun 2022 25% | Sep 2022 25% | Dec 2022 25% | Mar 2023 26% | Jun 2023 25% | Sep 2023 28% | Dec 2023 31% | Mar 2024 29% | Jun 2024 33% | Sep 2024 32% | Dec 2024 30% | Mar 2025 28% | Jun 2025 31% | Sep 2025 34% | Dec 2025 30% | Mar 2026 28% | Jun 2026 — - TDW: Sep 2021 -23% | Dec 2021 -26% | Mar 2022 -6.9% | Jun 2022 1.1% | Sep 2022 9.9% | Dec 2022 7.0% | Mar 2023 13% | Jun 2023 18% | Sep 2023 19% | Dec 2023 21% | Mar 2024 26% | Jun 2024 23% | Sep 2024 21% | Dec 2024 24% | Mar 2025 23% | Jun 2025 24% | Sep 2025 18% | Dec 2025 19% | Mar 2026 18% | Jun 2026 — - SEI: Sep 2021 4.1% | Dec 2021 3.8% | Mar 2022 13% | Jun 2022 12% | Sep 2022 15% | Dec 2022 12% | Mar 2023 18% | Jun 2023 20% | Sep 2023 14% | Dec 2023 15% | Mar 2024 15% | Jun 2024 16% | Sep 2024 7.0% | Dec 2024 27% | Mar 2025 18% | Jun 2025 24% | Sep 2025 23% | Dec 2025 22% | Mar 2026 26% | Jun 2026 — - LBRT: Sep 2021 -6.1% | Dec 2021 -9.3% | Mar 2022 0.5% | Jun 2022 12% | Sep 2022 15% | Dec 2022 16% | Mar 2023 18% | Jun 2023 17% | Sep 2023 17% | Dec 2023 12% | Mar 2024 11% | Jun 2024 12% | Sep 2024 9.4% | Dec 2024 2.6% | Mar 2025 1.9% | Jun 2025 3.6% | Sep 2025 -0.3% | Dec 2025 1.9% | Mar 2026 2.2% | Jun 2026 — - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 23% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 41% | Jun 2026 — - EFXT: Sep 2021 4.2% | Dec 2021 6.2% | Mar 2022 2.1% | Jun 2022 5.4% | Sep 2022 6.0% | Dec 2022 18% | Mar 2023 5.4% | Jun 2023 6.0% | Sep 2023 4.1% | Dec 2023 4.8% | Mar 2024 1.3% | Jun 2024 9.4% | Sep 2024 9.5% | Dec 2024 8.9% | Mar 2025 13% | Jun 2025 12% | Sep 2025 13% | Dec 2025 9.1% | Mar 2026 12% | Jun 2026 — - NESR: Sep 2021 3.7% | Dec 2021 -39% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.0% | Jun 2023 6.1% | Sep 2023 9.4% | Dec 2023 9.0% | Mar 2024 8.3% | Jun 2024 11% | Sep 2024 11% | Dec 2024 13% | Mar 2025 6.9% | Jun 2025 8.3% | Sep 2025 6.6% | Dec 2025 7.7% | Mar 2026 8.9% | Jun 2026 — - WTTR: Sep 2021 -6.7% | Dec 2021 -3.3% | Mar 2022 -1.5% | Jun 2022 2.5% | Sep 2022 7.6% | Dec 2022 1.8% | Mar 2023 2.9% | Jun 2023 6.4% | Sep 2023 4.3% | Dec 2023 1.8% | Mar 2024 1.9% | Jun 2024 5.6% | Sep 2024 6.6% | Dec 2024 0.7% | Mar 2025 4.2% | Jun 2025 4.2% | Sep 2025 -0.5% | Dec 2025 -0.1% | Mar 2026 4.9% | Jun 2026 — - INVX: Sep 2021 -8.4% | Dec 2021 -93% | Mar 2022 -6.7% | Jun 2022 -4.1% | Sep 2022 14% | Dec 2022 31% | Mar 2023 3.5% | Jun 2023 4.0% | Sep 2023 17% | Dec 2023 18% | Mar 2024 17% | Jun 2024 9.7% | Sep 2024 -8.9% | Dec 2024 11% | Mar 2025 9.1% | Jun 2025 9.7% | Sep 2025 -8.1% | Dec 2025 9.9% | Mar 2026 -9.1% | Jun 2026 — - XPRO: Sep 2021 -5.9% | Dec 2021 -29% | Mar 2022 -4.2% | Jun 2022 0.3% | Sep 2022 -2.3% | Dec 2022 6.0% | Mar 2023 -0.4% | Jun 2023 5.2% | Sep 2023 -0.4% | Dec 2023 -1.6% | Mar 2024 2.2% | Jun 2024 5.9% | Sep 2024 6.2% | Dec 2024 7.3% | Mar 2025 2.6% | Jun 2025 7.7% | Sep 2025 6.4% | Dec 2025 3.1% | Mar 2026 0.9% | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 33% | Jun 2024 30% | Sep 2024 17% | Dec 2024 18% | Mar 2025 18% | Jun 2025 19% | Sep 2025 20% | Dec 2025 21% | Mar 2026 17% | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 48% | Dec 2022 45% | Mar 2023 48% | Jun 2023 47% | Sep 2023 41% | Dec 2023 35% | Mar 2024 21% | Jun 2024 9.8% | Sep 2024 5.0% | Dec 2024 11% | Mar 2025 5.2% | Jun 2025 2.5% | Sep 2025 -7.1% | Dec 2025 -6.0% | Mar 2026 -12% | Jun 2026 — - HLX: Sep 2021 -5.7% | Dec 2021 -16% | Mar 2022 -23% | Jun 2022 -12% | Sep 2022 4.5% | Dec 2022 -1.8% | Mar 2023 -1.2% | Jun 2023 6.5% | Sep 2023 9.2% | Dec 2023 4.6% | Mar 2024 -0.4% | Jun 2024 15% | Sep 2024 13% | Dec 2024 8.7% | Mar 2025 2.9% | Jun 2025 -1.0% | Sep 2025 13% | Dec 2025 3.7% | Mar 2026 -4.6% | Jun 2026 — - VTOL: Sep 2021 2.1% | Dec 2021 0.8% | Mar 2022 -0.7% | Jun 2022 1.0% | Sep 2022 2.4% | Dec 2022 0.1% | Mar 2023 1.0% | Jun 2023 0.9% | Sep 2023 4.4% | Dec 2023 5.4% | Mar 2024 6.8% | Jun 2024 12% | Sep 2024 9.1% | Dec 2024 9.0% | Mar 2025 9.6% | Jun 2025 11% | Sep 2025 13% | Dec 2025 8.5% | Mar 2026 8.9% | Jun 2026 — - PUMP: Sep 2021 -2.4% | Dec 2021 -9.1% | Mar 2022 2.0% | Jun 2022 -13% | Sep 2022 4.1% | Dec 2022 5.2% | Mar 2023 9.8% | Jun 2023 12% | Sep 2023 11% | Dec 2023 -2.4% | Mar 2024 7.5% | Jun 2024 -0.1% | Sep 2024 -49% | Dec 2024 1.6% | Mar 2025 2.6% | Jun 2025 -1.0% | Sep 2025 -2.1% | Dec 2025 2.1% | Mar 2026 -3.0% | Jun 2026 — - RES: Sep 2021 3.5% | Dec 2021 7.5% | Mar 2022 8.1% | Jun 2022 16% | Sep 2022 20% | Dec 2022 23% | Mar 2023 19% | Jun 2023 20% | Sep 2023 6.9% | Dec 2023 13% | Mar 2024 8.6% | Jun 2024 9.7% | Sep 2024 5.7% | Dec 2024 3.1% | Mar 2025 3.7% | Jun 2025 3.7% | Sep 2025 4.7% | Dec 2025 -0.9% | Mar 2026 0.6% | Jun 2026 — ### 20-quarter Margin change history - SLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 +2.7 pp | Dec 2022 +3.0 pp | Mar 2023 +3.4 pp | Jun 2023 +2.3 pp | Sep 2023 +1.7 pp | Dec 2023 −0.1 pp | Mar 2024 +0.6 pp | Jun 2024 −0.4 pp | Sep 2024 −0.6 pp | Dec 2024 −1.2 pp | Mar 2025 −2.6 pp | Jun 2025 −2.4 pp | Sep 2025 −5.0 pp | Dec 2025 −4.9 pp | Mar 2026 −1.5 pp | Jun 2026 — - BKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.3 pp | Sep 2022 −2.4 pp | Dec 2022 +0.7 pp | Mar 2023 +1.9 pp | Jun 2023 +8.6 pp | Sep 2023 +5.8 pp | Dec 2023 +0.4 pp | Mar 2024 +2.9 pp | Jun 2024 +4.1 pp | Sep 2024 +4.6 pp | Dec 2024 +3.4 pp | Mar 2025 −1.1 pp | Jun 2025 +2.6 pp | Sep 2025 −2.9 pp | Dec 2025 −4.1 pp | Mar 2026 +11.1 pp | Jun 2026 — - FTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.6 pp | Sep 2022 +2.4 pp | Dec 2022 +4.1 pp | Mar 2023 +2.3 pp | Jun 2023 +3.5 pp | Sep 2023 +3.1 pp | Dec 2023 +5.0 pp | Mar 2024 +4.8 pp | Jun 2024 +5.3 pp | Sep 2024 +4.4 pp | Dec 2024 +2.4 pp | Mar 2025 +3.9 pp | Jun 2025 +2.1 pp | Sep 2025 +3.1 pp | Dec 2025 −0.3 pp | Mar 2026 +2.4 pp | Jun 2026 — - TS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.8 pp | Sep 2022 +13.8 pp | Dec 2022 +14.7 pp | Mar 2023 +12.1 pp | Jun 2023 +7.7 pp | Sep 2023 −0.2 pp | Dec 2023 −4.0 pp | Mar 2024 −9.0 pp | Jun 2024 −16.0 pp | Sep 2024 −8.4 pp | Dec 2024 −4.4 pp | Mar 2025 −4.8 pp | Jun 2025 +3.5 pp | Sep 2025 +1.6 pp | Dec 2025 −1.1 pp | Mar 2026 0.0 pp | Jun 2026 — - HAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.3 pp | Sep 2022 +4.2 pp | Dec 2022 +4.6 pp | Mar 2023 +5.3 pp | Jun 2023 +10.0 pp | Sep 2023 +2.1 pp | Dec 2023 +0.9 pp | Mar 2024 −0.2 pp | Jun 2024 +0.3 pp | Sep 2024 −2.6 pp | Dec 2024 −1.8 pp | Mar 2025 −9.0 pp | Jun 2025 −4.5 pp | Sep 2025 −8.9 pp | Dec 2025 −3.4 pp | Mar 2026 +4.6 pp | Jun 2026 — - NOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.1 pp | Sep 2022 +6.1 pp | Dec 2022 +8.8 pp | Mar 2023 +7.8 pp | Jun 2023 +4.7 pp | Sep 2023 +5.5 pp | Dec 2023 −0.9 pp | Mar 2024 +1.1 pp | Jun 2024 +5.5 pp | Sep 2024 +0.5 pp | Dec 2024 +2.1 pp | Mar 2025 −0.3 pp | Jun 2025 −7.6 pp | Sep 2025 −4.0 pp | Dec 2025 −5.0 pp | Mar 2026 −4.9 pp | Jun 2026 — - AROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.8 pp | Sep 2022 +2.7 pp | Dec 2022 +2.0 pp | Mar 2023 +7.0 pp | Jun 2023 +10.8 pp | Sep 2023 +11.7 pp | Dec 2023 +10.7 pp | Mar 2024 +9.2 pp | Jun 2024 +2.0 pp | Sep 2024 +2.2 pp | Dec 2024 +6.2 pp | Mar 2025 +5.8 pp | Jun 2025 +3.8 pp | Sep 2025 +8.1 pp | Dec 2025 +10.2 pp | Mar 2026 −1.3 pp | Jun 2026 — - WFRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.0 pp | Sep 2022 +3.3 pp | Dec 2022 +10.6 pp | Mar 2023 +13.7 pp | Jun 2023 +6.0 pp | Sep 2023 +5.8 pp | Dec 2023 +1.9 pp | Mar 2024 +1.6 pp | Jun 2024 +3.0 pp | Sep 2024 +0.6 pp | Dec 2024 −1.1 pp | Mar 2025 −5.3 pp | Jun 2025 +0.9 pp | Sep 2025 −2.8 pp | Dec 2025 +0.6 pp | Mar 2026 −1.2 pp | Jun 2026 — - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +11.3 pp | Mar 2024 +70.1 pp | Jun 2024 −406.0 pp | Sep 2024 −96.1 pp | Dec 2024 +18.3 pp | Mar 2025 −14.1 pp | Jun 2025 +257.4 pp | Sep 2025 +49.6 pp | Dec 2025 +10.6 pp | Mar 2026 +0.2 pp | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 +1.2 pp | Sep 2023 −5.5 pp | Dec 2023 −5.1 pp | Mar 2024 −3.8 pp | Jun 2024 −13.0 pp | Sep 2024 −6.0 pp | Dec 2024 −4.6 pp | Mar 2025 −0.8 pp | Jun 2025 +13.4 pp | Sep 2025 −0.5 pp | Dec 2025 +3.8 pp | Mar 2026 +3.8 pp | Jun 2026 — - OII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 +5.0 pp | Dec 2022 +10.6 pp | Mar 2023 +5.2 pp | Jun 2023 +3.8 pp | Sep 2023 +0.7 pp | Dec 2023 −0.7 pp | Mar 2024 +1.1 pp | Jun 2024 +0.8 pp | Sep 2024 +1.4 pp | Dec 2024 +3.7 pp | Mar 2025 +4.8 pp | Jun 2025 +2.3 pp | Sep 2025 +1.1 pp | Dec 2025 −1.1 pp | Mar 2026 −2.6 pp | Jun 2026 — - WHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.1 pp | Sep 2022 +9.8 pp | Dec 2022 +5.9 pp | Mar 2023 +0.6 pp | Jun 2023 −10.1 pp | Sep 2023 +2.6 pp | Dec 2023 +2.9 pp | Mar 2024 +1.0 pp | Jun 2024 +11.6 pp | Sep 2024 −4.2 pp | Dec 2024 −2.7 pp | Mar 2025 +1.7 pp | Jun 2025 −5.3 pp | Sep 2025 −3.0 pp | Dec 2025 −3.0 pp | Mar 2026 −11.8 pp | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −1.8 pp | Dec 2025 −6.6 pp | Mar 2026 −0.9 pp | Jun 2026 — - USAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.3 pp | Sep 2022 +2.0 pp | Dec 2022 +1.9 pp | Mar 2023 +4.4 pp | Jun 2023 +0.2 pp | Sep 2023 +3.0 pp | Dec 2023 +5.9 pp | Mar 2024 +3.3 pp | Jun 2024 +8.0 pp | Sep 2024 +3.4 pp | Dec 2024 −0.2 pp | Mar 2025 −0.9 pp | Jun 2025 −2.3 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 −0.7 pp | Jun 2026 — - TDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +23.5 pp | Sep 2022 +33.2 pp | Dec 2022 +32.7 pp | Mar 2023 +19.6 pp | Jun 2023 +17.0 pp | Sep 2023 +8.7 pp | Dec 2023 +13.8 pp | Mar 2024 +12.8 pp | Jun 2024 +4.9 pp | Sep 2024 +2.0 pp | Dec 2024 +2.8 pp | Mar 2025 −3.0 pp | Jun 2025 +0.7 pp | Sep 2025 −2.2 pp | Dec 2025 −4.6 pp | Mar 2026 −4.4 pp | Jun 2026 — - SEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.0 pp | Dec 2022 +8.2 pp | Mar 2023 +5.0 pp | Jun 2023 +8.5 pp | Sep 2023 −0.7 pp | Dec 2023 +2.6 pp | Mar 2024 −3.3 pp | Jun 2024 −4.4 pp | Sep 2024 −7.4 pp | Dec 2024 +12.1 pp | Mar 2025 +2.8 pp | Jun 2025 +7.8 pp | Sep 2025 +15.7 pp | Dec 2025 −4.5 pp | Mar 2026 +8.3 pp | Jun 2026 — - LBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.9 pp | Sep 2022 +21.5 pp | Dec 2022 +25.5 pp | Mar 2023 +17.3 pp | Jun 2023 +5.6 pp | Sep 2023 +1.5 pp | Dec 2023 −4.7 pp | Mar 2024 −7.0 pp | Jun 2024 −5.1 pp | Sep 2024 −7.5 pp | Dec 2024 −8.9 pp | Mar 2025 −8.9 pp | Jun 2025 −8.6 pp | Sep 2025 −9.7 pp | Dec 2025 −0.7 pp | Mar 2026 +0.3 pp | Jun 2026 — - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +18.2 pp | Jun 2026 — - EFXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.3 pp | Sep 2022 +1.8 pp | Dec 2022 +12.2 pp | Mar 2023 +3.3 pp | Jun 2023 +0.6 pp | Sep 2023 −1.9 pp | Dec 2023 −13.6 pp | Mar 2024 −4.1 pp | Jun 2024 +3.4 pp | Sep 2024 +5.4 pp | Dec 2024 +4.1 pp | Mar 2025 +11.6 pp | Jun 2025 +3.0 pp | Sep 2025 +3.6 pp | Dec 2025 +0.2 pp | Mar 2026 −1.3 pp | Jun 2026 — - NESR: Sep 2021 −5.0 pp | Dec 2021 −44.3 pp | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +5.3 pp | Jun 2024 +4.4 pp | Sep 2024 +1.1 pp | Dec 2024 +3.7 pp | Mar 2025 −1.4 pp | Jun 2025 −2.2 pp | Sep 2025 −3.9 pp | Dec 2025 −5.0 pp | Mar 2026 +2.0 pp | Jun 2026 — - WTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +13.9 pp | Sep 2022 +14.3 pp | Dec 2022 +5.1 pp | Mar 2023 +4.4 pp | Jun 2023 +3.9 pp | Sep 2023 −3.3 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 −0.8 pp | Sep 2024 +2.3 pp | Dec 2024 −1.1 pp | Mar 2025 +2.3 pp | Jun 2025 −1.4 pp | Sep 2025 −7.1 pp | Dec 2025 −0.8 pp | Mar 2026 +0.7 pp | Jun 2026 — - INVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +14.0 pp | Sep 2022 +22.5 pp | Dec 2022 +124.4 pp | Mar 2023 +10.2 pp | Jun 2023 +8.1 pp | Sep 2023 +3.1 pp | Dec 2023 −13.7 pp | Mar 2024 +13.9 pp | Jun 2024 +5.7 pp | Sep 2024 −26.1 pp | Dec 2024 −6.8 pp | Mar 2025 −8.3 pp | Jun 2025 0.0 pp | Sep 2025 +0.8 pp | Dec 2025 −0.8 pp | Mar 2026 −18.2 pp | Jun 2026 — - XPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.2 pp | Sep 2022 +3.6 pp | Dec 2022 +34.7 pp | Mar 2023 +3.8 pp | Jun 2023 +4.9 pp | Sep 2023 +1.9 pp | Dec 2023 −7.6 pp | Mar 2024 +2.6 pp | Jun 2024 +0.7 pp | Sep 2024 +6.6 pp | Dec 2024 +8.9 pp | Mar 2025 +0.4 pp | Jun 2025 +1.8 pp | Sep 2025 +0.2 pp | Dec 2025 −4.2 pp | Mar 2026 −1.7 pp | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −14.9 pp | Jun 2025 −10.5 pp | Sep 2025 +2.2 pp | Dec 2025 +3.1 pp | Mar 2026 −1.1 pp | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −7.0 pp | Dec 2023 −9.7 pp | Mar 2024 −27.5 pp | Jun 2024 −37.6 pp | Sep 2024 −36.4 pp | Dec 2024 −23.6 pp | Mar 2025 −15.4 pp | Jun 2025 −7.3 pp | Sep 2025 −12.1 pp | Dec 2025 −17.3 pp | Mar 2026 −17.4 pp | Jun 2026 — - HLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.7 pp | Sep 2022 +10.2 pp | Dec 2022 +14.1 pp | Mar 2023 +21.9 pp | Jun 2023 +18.2 pp | Sep 2023 +4.7 pp | Dec 2023 +6.4 pp | Mar 2024 +0.8 pp | Jun 2024 +8.1 pp | Sep 2024 +3.8 pp | Dec 2024 +4.1 pp | Mar 2025 +3.3 pp | Jun 2025 −15.6 pp | Sep 2025 −0.3 pp | Dec 2025 −5.0 pp | Mar 2026 −7.5 pp | Jun 2026 — - VTOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.1 pp | Sep 2022 +0.3 pp | Dec 2022 −0.7 pp | Mar 2023 +1.7 pp | Jun 2023 −0.1 pp | Sep 2023 +2.0 pp | Dec 2023 +5.3 pp | Mar 2024 +5.8 pp | Jun 2024 +11.5 pp | Sep 2024 +4.7 pp | Dec 2024 +3.6 pp | Mar 2025 +2.8 pp | Jun 2025 −1.1 pp | Sep 2025 +4.0 pp | Dec 2025 −0.5 pp | Mar 2026 −0.7 pp | Jun 2026 — - PUMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.4 pp | Sep 2022 +6.5 pp | Dec 2022 +14.3 pp | Mar 2023 +7.8 pp | Jun 2023 +24.9 pp | Sep 2023 +6.4 pp | Dec 2023 −7.6 pp | Mar 2024 −2.3 pp | Jun 2024 −12.2 pp | Sep 2024 −59.9 pp | Dec 2024 +4.0 pp | Mar 2025 −4.9 pp | Jun 2025 −0.9 pp | Sep 2025 +47.3 pp | Dec 2025 +0.5 pp | Mar 2026 −5.6 pp | Jun 2026 — - RES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +16.7 pp | Sep 2022 +16.6 pp | Dec 2022 +15.8 pp | Mar 2023 +10.9 pp | Jun 2023 +3.7 pp | Sep 2023 −13.2 pp | Dec 2023 −10.8 pp | Mar 2024 −10.4 pp | Jun 2024 −10.1 pp | Sep 2024 −1.2 pp | Dec 2024 −9.4 pp | Mar 2025 −4.9 pp | Jun 2025 −6.0 pp | Sep 2025 −1.0 pp | Dec 2025 −4.0 pp | Mar 2026 −3.1 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Baker Hughes Company leads with $3,153 million of TTM profit, 56.1% above Tenaris S.A.. Solaris Energy Infrastructure, Inc. shows ≥100% on the scoring scale (120% uncapped) growth from a $77 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Baker Hughes Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Baker Hughes Company · $3,153 million | 56.1% versus #2 · Tenaris S.A. | 5/8 recent comparable periods | 23/30 companies · 515 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Baker Hughes Company (BKR): ₹3.2K Cr 2. Tenaris S.A. (TS): ₹2.0K Cr 3. TechnipFMC plc (FTI): ₹1.0K Cr 4. Archrock, Inc. (AROC): ₹325 Cr 5. Tidewater Inc. (TDW): ₹297 Cr ### Profit growth — fastest growers 1. Solaris Energy Infrastructure, Inc. (SEI): 100% 2. Tidewater Inc. (TDW): 70% 3. Archrock, Inc. (AROC): 60% 4. Flowco Holdings Inc. (FLOC): 46% 5. USA Compression Partners, LP (USAC): 34% ### 20-quarter Net profit history - SLB: Sep 2021 ₹562 Cr | Dec 2021 ₹611 Cr | Mar 2022 ₹520 Cr | Jun 2022 ₹970 Cr | Sep 2022 ₹919 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹944 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹829 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹774 Cr | Dec 2025 ₹800 Cr | Mar 2026 ₹761 Cr | Jun 2026 — - BKR: Sep 2021 ₹16 Cr | Dec 2021 ₹336 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹-837 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹188 Cr | Mar 2023 ₹581 Cr | Jun 2023 ₹414 Cr | Sep 2023 ₹524 Cr | Dec 2023 ₹451 Cr | Mar 2024 ₹463 Cr | Jun 2024 ₹581 Cr | Sep 2024 ₹774 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹409 Cr | Jun 2025 ₹711 Cr | Sep 2025 ₹617 Cr | Dec 2025 ₹887 Cr | Mar 2026 ₹938 Cr | Jun 2026 — - FTI: Sep 2021 ₹-39 Cr | Dec 2021 ₹-134 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹-96 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹161 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹278 Cr | Dec 2024 ₹245 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹268 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹193 Cr | Mar 2026 ₹260 Cr | Jun 2026 — - TS: Sep 2021 ₹326 Cr | Dec 2021 ₹336 Cr | Mar 2022 ₹503 Cr | Jun 2022 ₹634 Cr | Sep 2022 ₹608 Cr | Dec 2022 ₹803 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹547 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹750 Cr | Jun 2024 ₹348 Cr | Sep 2024 ₹459 Cr | Dec 2024 ₹519 Cr | Mar 2025 ₹518 Cr | Jun 2025 ₹542 Cr | Sep 2025 ₹453 Cr | Dec 2025 ₹461 Cr | Mar 2026 ₹564 Cr | Jun 2026 — - HAL: Sep 2021 ₹240 Cr | Dec 2021 ₹827 Cr | Mar 2022 ₹264 Cr | Jun 2022 ₹117 Cr | Sep 2022 ₹549 Cr | Dec 2022 ₹665 Cr | Mar 2023 ₹655 Cr | Jun 2023 ₹616 Cr | Sep 2023 ₹724 Cr | Dec 2023 ₹667 Cr | Mar 2024 ₹609 Cr | Jun 2024 ₹713 Cr | Sep 2024 ₹580 Cr | Dec 2024 ₹614 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹480 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹589 Cr | Mar 2026 ₹464 Cr | Jun 2026 — - NOV: Sep 2021 ₹-65 Cr | Dec 2021 ₹-43 Cr | Mar 2022 ₹-49 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹595 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹-81 Cr | Mar 2026 ₹20 Cr | Jun 2026 — - AROC: Sep 2021 ₹9 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹74 Cr | Jun 2026 — - WFRD: Sep 2021 ₹-89 Cr | Dec 2021 ₹-157 Cr | Mar 2022 ₹-74 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹109 Cr | Jun 2026 — - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹-58 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹28 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - OII: Sep 2021 ₹-7 Cr | Dec 2021 ₹-39 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹178 Cr | Mar 2026 ₹36 Cr | Jun 2026 — - WHD: Sep 2021 ₹17 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹40 Cr | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹3 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹5 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - USAC: Sep 2021 ₹4 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹38 Cr | Jun 2026 — - TDW: Sep 2021 ₹-26 Cr | Dec 2021 ₹-38 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹219 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - SEI: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹32 Cr | Jun 2026 — - LBRT: Sep 2021 ₹-39 Cr | Dec 2021 ₹-57 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹147 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹23 Cr | Jun 2026 — - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-1 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹3 Cr | Jun 2026 — - EFXT: Sep 2021 ₹5 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-60 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-95 Cr | Mar 2024 ₹-18 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹-57 Cr | Mar 2026 ₹43 Cr | Jun 2026 — - NESR: Sep 2021 ₹2 Cr | Dec 2021 ₹-86 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-6 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹24 Cr | Jun 2026 — - WTTR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - INVX: Sep 2021 ₹-11 Cr | Dec 2021 ₹-64 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹-17 Cr | Jun 2026 — - XPRO: Sep 2021 ₹-12 Cr | Dec 2021 ₹-91 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹-1 Cr | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹27 Cr | Jun 2026 — - NEXT: Sep 2021 ₹1 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-27 Cr | Jun 2023 ₹-120 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹-256 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-393 Cr | Dec 2024 ₹481 Cr | Mar 2025 ₹-245 Cr | Jun 2025 ₹-71 Cr | Sep 2025 ₹-185 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹-195 Cr | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹65 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹-47 Cr | Jun 2026 — - HLX: Sep 2021 ₹-19 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹-13 Cr | Jun 2026 — - VTOL: Sep 2021 ₹3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - PUMP: Sep 2021 ₹-5 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹-33 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-137 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹-4 Cr | Jun 2026 — - RES: Sep 2021 ₹5 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹1 Cr | Jun 2026 — ### 20-quarter Profit growth history - SLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 119% | Sep 2022 64% | Dec 2022 77% | Mar 2023 82% | Jun 2023 7.9% | Sep 2023 24% | Dec 2023 6.1% | Mar 2024 16% | Jun 2024 9.4% | Sep 2024 7.2% | Dec 2024 -2.7% | Mar 2025 -25% | Jun 2025 -8.5% | Sep 2025 -36% | Dec 2025 -28% | Mar 2026 -8.2% | Jun 2026 — - BKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -156% | Dec 2022 -44% | Mar 2023 626% | Jun 2023 — | Sep 2023 — | Dec 2023 140% | Mar 2024 -20% | Jun 2024 40% | Sep 2024 48% | Dec 2024 164% | Mar 2025 -12% | Jun 2025 22% | Sep 2025 -20% | Dec 2025 -26% | Mar 2026 129% | Jun 2026 — - FTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -1,300% | Sep 2023 755% | Dec 2023 — | Mar 2024 1,913% | Jun 2024 — | Sep 2024 196% | Dec 2024 1,785% | Mar 2025 -11% | Jun 2025 44% | Sep 2025 12% | Dec 2025 -21% | Mar 2026 82% | Jun 2026 — - TS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 119% | Sep 2022 87% | Dec 2022 139% | Mar 2023 124% | Jun 2023 79% | Sep 2023 -10% | Dec 2023 43% | Mar 2024 -34% | Jun 2024 -69% | Sep 2024 -16% | Dec 2024 -55% | Mar 2025 -31% | Jun 2025 56% | Sep 2025 -1.3% | Dec 2025 -11% | Mar 2026 8.9% | Jun 2026 — - HAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -49% | Sep 2022 129% | Dec 2022 -20% | Mar 2023 148% | Jun 2023 427% | Sep 2023 32% | Dec 2023 0.3% | Mar 2024 -7.0% | Jun 2024 16% | Sep 2024 -20% | Dec 2024 -8.0% | Mar 2025 -67% | Jun 2025 -33% | Sep 2025 -97% | Dec 2025 -4.1% | Mar 2026 129% | Jun 2026 — - NOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 124% | Sep 2023 209% | Dec 2023 501% | Mar 2024 -3.2% | Jun 2024 42% | Sep 2024 20% | Dec 2024 -73% | Mar 2025 -39% | Jun 2025 -49% | Sep 2025 -66% | Dec 2025 -150% | Mar 2026 -73% | Jun 2026 — - AROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 89% | Sep 2022 67% | Dec 2022 67% | Mar 2023 700% | Jun 2023 47% | Sep 2023 107% | Dec 2023 230% | Mar 2024 156% | Jun 2024 36% | Sep 2024 23% | Dec 2024 82% | Mar 2025 73% | Jun 2025 85% | Sep 2025 87% | Dec 2025 95% | Mar 2026 4.2% | Jun 2026 — - WFRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 650% | Sep 2023 254% | Dec 2023 93% | Mar 2024 52% | Jun 2024 52% | Sep 2024 27% | Dec 2024 -16% | Mar 2025 -30% | Jun 2025 5.8% | Sep 2025 -48% | Dec 2025 12% | Mar 2026 27% | Jun 2026 — - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 — | Jun 2024 -229% | Sep 2024 -118% | Dec 2024 167% | Mar 2025 36% | Jun 2025 — | Sep 2025 — | Dec 2025 125% | Mar 2026 20% | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -143% | Jun 2023 100% | Sep 2023 -52% | Dec 2023 -450% | Mar 2024 — | Jun 2024 -61% | Sep 2024 -127% | Dec 2024 — | Mar 2025 3.3% | Jun 2025 471% | Sep 2025 — | Dec 2025 25% | Mar 2026 -42% | Jun 2026 — - OII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 375% | Sep 2023 67% | Dec 2023 96% | Mar 2024 275% | Jun 2024 84% | Sep 2024 37% | Dec 2024 24% | Mar 2025 233% | Jun 2025 54% | Sep 2025 73% | Dec 2025 218% | Mar 2026 -28% | Jun 2026 — - WHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 140% | Sep 2022 147% | Dec 2022 105% | Mar 2023 93% | Jun 2023 -11% | Sep 2023 62% | Dec 2023 51% | Mar 2024 -3.9% | Jun 2024 97% | Sep 2024 -8.8% | Dec 2024 -8.1% | Mar 2025 8.0% | Jun 2025 -22% | Sep 2025 -19% | Dec 2025 -16% | Mar 2026 -26% | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 67% | Dec 2025 -300% | Mar 2026 400% | Jun 2026 — - USAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 200% | Sep 2022 150% | Dec 2022 167% | Mar 2023 267% | Jun 2023 167% | Sep 2023 110% | Dec 2023 63% | Mar 2024 118% | Jun 2024 29% | Sep 2024 -9.5% | Dec 2024 92% | Mar 2025 -13% | Jun 2025 -6.5% | Sep 2025 79% | Dec 2025 12% | Mar 2026 81% | Jun 2026 — - TDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 420% | Dec 2023 270% | Mar 2024 327% | Jun 2024 127% | Sep 2024 77% | Dec 2024 0.0% | Mar 2025 -11% | Jun 2025 46% | Sep 2025 -102% | Dec 2025 492% | Mar 2026 -86% | Jun 2026 — - SEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,100% | Dec 2022 700% | Mar 2023 100% | Jun 2023 50% | Sep 2023 -33% | Dec 2023 -13% | Mar 2024 -42% | Jun 2024 -17% | Sep 2024 -125% | Dec 2024 100% | Mar 2025 86% | Jun 2025 140% | Sep 2025 — | Dec 2025 -129% | Mar 2026 146% | Jun 2026 — - LBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 46% | Sep 2023 1.4% | Dec 2023 -40% | Mar 2024 -50% | Jun 2024 -29% | Sep 2024 -50% | Dec 2024 -43% | Mar 2025 -76% | Jun 2025 -34% | Sep 2025 -42% | Dec 2025 -73% | Mar 2026 15% | Jun 2026 — - EFXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 233% | Sep 2022 -580% | Dec 2022 — | Mar 2023 — | Jun 2023 -120% | Sep 2023 — | Dec 2023 — | Mar 2024 -280% | Jun 2024 — | Sep 2024 650% | Dec 2024 — | Mar 2025 — | Jun 2025 1,100% | Sep 2025 23% | Dec 2025 -480% | Mar 2026 79% | Jun 2026 — - NESR: Sep 2021 -83% | Dec 2021 -606% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 850% | Sep 2024 40% | Dec 2024 1,250% | Mar 2025 0.0% | Jun 2025 -21% | Sep 2025 -14% | Dec 2025 -70% | Mar 2026 140% | Jun 2026 — - WTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -600% | Dec 2025 — | Mar 2026 — | Jun 2026 — - INVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 15% | Dec 2023 -72% | Mar 2024 700% | Jun 2024 233% | Sep 2024 453% | Dec 2024 78% | Mar 2025 -6.3% | Jun 2025 50% | Sep 2025 -53% | Dec 2025 -56% | Mar 2026 -213% | Jun 2026 — - XPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -192% | Mar 2024 — | Jun 2024 67% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 20% | Sep 2025 -13% | Dec 2025 -74% | Mar 2026 -107% | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 59% | Jun 2025 35% | Sep 2025 62% | Dec 2025 95% | Mar 2026 0.0% | Jun 2026 — - NEXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -2,000% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -316% | Dec 2024 — | Mar 2025 -231% | Jun 2025 -3,650% | Sep 2025 — | Dec 2025 -85% | Mar 2026 — | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -14% | Dec 2023 -43% | Mar 2024 -57% | Jun 2024 -79% | Sep 2024 -93% | Dec 2024 -61% | Mar 2025 -96% | Jun 2025 -140% | Sep 2025 -700% | Dec 2025 -257% | Mar 2026 -4,800% | Jun 2026 — - HLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,033% | Mar 2024 — | Jun 2024 357% | Sep 2024 88% | Dec 2024 — | Mar 2025 — | Jun 2025 -109% | Sep 2025 -27% | Dec 2025 -60% | Mar 2026 -533% | Jun 2026 — - VTOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 467% | Dec 2022 — | Mar 2023 — | Jun 2023 -150% | Sep 2023 -76% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 600% | Dec 2024 — | Mar 2025 286% | Jun 2025 14% | Sep 2025 86% | Dec 2025 -41% | Mar 2026 -52% | Jun 2026 — - PUMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 142% | Jun 2023 — | Sep 2023 250% | Dec 2023 -231% | Mar 2024 -31% | Jun 2024 -110% | Sep 2024 -491% | Dec 2024 — | Mar 2025 -50% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -140% | Jun 2026 — - RES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,280% | Dec 2022 625% | Mar 2023 380% | Jun 2023 38% | Sep 2023 -74% | Dec 2023 -54% | Mar 2024 -63% | Jun 2024 -51% | Sep 2024 5.6% | Dec 2024 -68% | Mar 2025 -56% | Jun 2025 -69% | Sep 2025 -32% | Dec 2025 -123% | Mar 2026 -92% | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: NextDecade Corporation reports $1,177 million of CAPEX; Solaris Energy Infrastructure, Inc. has the highest covered intensity at 175%. Coverage is only 30 of 30 companies and 509 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: NextDecade Corporation · $1,177 million | 243.1% versus #2 · Solaris Energy Infrastructure, Inc. | Not enough history | 30/30 companies · 509 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. NextDecade Corporation (NEXT): ₹1.2K Cr 2. Solaris Energy Infrastructure, Inc. (SEI): ₹343 Cr 3. SLB N.V. (SLB): ₹343 Cr 4. Baker Hughes Company (BKR): ₹336 Cr 5. Halliburton Company (HAL): ₹235 Cr ### CAPEX intensity — highest reinvestment intensity 1. Solaris Energy Infrastructure, Inc. (SEI): 175% 2. WaterBridge Infrastructure LLC (WBI): 55% 3. Kodiak Gas Services, Inc. (KGS): 34% 4. Archrock, Inc. (AROC): 30% 5. Select Water Solutions, Inc. (WTTR): 21% ### 20-quarter CAPEX history - SLB: Sep 2021 ₹273 Cr | Dec 2021 ₹447 Cr | Mar 2022 ₹304 Cr | Jun 2022 ₹360 Cr | Sep 2022 ₹382 Cr | Dec 2022 ₹572 Cr | Mar 2023 ₹410 Cr | Jun 2023 ₹471 Cr | Sep 2023 ₹464 Cr | Dec 2023 ₹594 Cr | Mar 2024 ₹399 Cr | Jun 2024 ₹463 Cr | Sep 2024 ₹460 Cr | Dec 2024 ₹609 Cr | Mar 2025 ₹398 Cr | Jun 2025 ₹371 Cr | Sep 2025 ₹409 Cr | Dec 2025 ₹516 Cr | Mar 2026 ₹343 Cr | Jun 2026 — - BKR: Sep 2021 ₹198 Cr | Dec 2021 ₹266 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹226 Cr | Dec 2022 ₹269 Cr | Mar 2023 ₹310 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹356 Cr | Mar 2024 ₹333 Cr | Jun 2024 ₹292 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹353 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹295 Cr | Dec 2025 ₹377 Cr | Mar 2026 ₹336 Cr | Jun 2026 — - FTI: Sep 2021 ₹47 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹56 Cr | Jun 2026 — - TS: Sep 2021 ₹73 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹172 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹184 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹180 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹109 Cr | Jun 2026 — - HAL: Sep 2021 ₹188 Cr | Dec 2021 ₹316 Cr | Mar 2022 ₹189 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹251 Cr | Dec 2022 ₹350 Cr | Mar 2023 ₹268 Cr | Jun 2023 ₹303 Cr | Sep 2023 ₹409 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹347 Cr | Sep 2024 ₹339 Cr | Dec 2024 ₹426 Cr | Mar 2025 ₹302 Cr | Jun 2025 ₹354 Cr | Sep 2025 ₹261 Cr | Dec 2025 ₹337 Cr | Mar 2026 ₹192 Cr | Jun 2026 ₹235 Cr - NOV: Sep 2021 ₹39 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹65 Cr | Jun 2026 — - AROC: Sep 2021 ₹32 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹113 Cr | Jun 2026 — - WFRD: Sep 2021 ₹20 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹54 Cr | Jun 2026 ₹42 Cr - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹72 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹118 Cr | Jun 2026 — - OII: Sep 2021 ₹12 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹17 Cr | Jun 2026 ₹23 Cr - WHD: Sep 2021 ₹5 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹10 Cr | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹32 Cr | Mar 2025 ₹46 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹89 Cr | Mar 2026 ₹111 Cr | Jun 2026 — - USAC: Sep 2021 ₹14 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹65 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹24 Cr | Jun 2026 — - TDW: Sep 2021 ₹1 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - SEI: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹21 Cr | Sep 2023 — | Dec 2023 ₹7 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹185 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹343 Cr | Jun 2026 — - LBRT: Sep 2021 ₹55 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹91 Cr | Jun 2022 ₹134 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹133 Cr | Jun 2023 ₹159 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹203 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹205 Cr | Mar 2026 ₹157 Cr | Jun 2026 ₹224 Cr - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹1 Cr | Jun 2026 — - EFXT: Sep 2021 ₹8 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹20 Cr | Dec 2023 — | Mar 2024 ₹17 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹16 Cr | Dec 2024 — | Mar 2025 ₹14 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹33 Cr | Dec 2025 — | Mar 2026 ₹16 Cr | Jun 2026 — - NESR: Sep 2021 ₹18 Cr | Dec 2021 ₹56 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹36 Cr | Jun 2026 — - WTTR: Sep 2021 ₹16 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹78 Cr | Jun 2026 — - INVX: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹10 Cr | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 ₹10 Cr | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - XPRO: Sep 2021 ₹16 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹26 Cr | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹15 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹26 Cr | Jun 2026 — - NEXT: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹944 Cr | Dec 2023 ₹741 Cr | Mar 2024 ₹775 Cr | Jun 2024 ₹593 Cr | Sep 2024 ₹505 Cr | Dec 2024 ₹695 Cr | Mar 2025 ₹770 Cr | Jun 2025 ₹732 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹35 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹99 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹29 Cr | Jun 2026 — - HLX: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - VTOL: Sep 2021 ₹14 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹41 Cr | Jun 2026 — - PUMP: Sep 2021 ₹36 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹43 Cr | Jun 2026 — - RES: Sep 2021 ₹19 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹32 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - SLB: Sep 2021 4.7% | Dec 2021 7.2% | Mar 2022 5.1% | Jun 2022 5.3% | Sep 2022 5.1% | Dec 2022 7.3% | Mar 2023 5.3% | Jun 2023 5.8% | Sep 2023 5.6% | Dec 2023 6.6% | Mar 2024 4.6% | Jun 2024 5.1% | Sep 2024 5.0% | Dec 2024 6.6% | Mar 2025 4.7% | Jun 2025 4.3% | Sep 2025 4.6% | Dec 2025 5.3% | Mar 2026 3.9% | Jun 2026 — - BKR: Sep 2021 3.9% | Dec 2021 4.8% | Mar 2022 5.5% | Jun 2022 4.5% | Sep 2022 4.2% | Dec 2022 4.6% | Mar 2023 5.4% | Jun 2023 4.4% | Sep 2023 4.2% | Dec 2023 5.2% | Mar 2024 5.2% | Jun 2024 4.1% | Sep 2024 4.3% | Dec 2024 4.8% | Mar 2025 4.7% | Jun 2025 4.4% | Sep 2025 4.2% | Dec 2025 5.1% | Mar 2026 5.1% | Jun 2026 — - FTI: Sep 2021 3.0% | Dec 2021 4.0% | Mar 2022 1.7% | Jun 2022 2.1% | Sep 2022 1.8% | Dec 2022 3.8% | Mar 2023 3.3% | Jun 2023 2.7% | Sep 2023 2.1% | Dec 2023 3.5% | Mar 2024 2.5% | Jun 2024 2.2% | Sep 2024 2.3% | Dec 2024 5.3% | Mar 2025 2.8% | Jun 2025 3.3% | Sep 2025 2.9% | Dec 2025 3.8% | Mar 2026 2.2% | Jun 2026 — - TS: Sep 2021 4.2% | Dec 2021 3.4% | Mar 2022 3.6% | Jun 2022 2.7% | Sep 2022 3.9% | Dec 2022 3.3% | Mar 2023 2.8% | Jun 2023 4.0% | Sep 2023 5.3% | Dec 2023 4.9% | Mar 2024 4.9% | Jun 2024 5.3% | Sep 2024 6.3% | Dec 2024 6.2% | Mar 2025 5.5% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 3.8% | Mar 2026 3.5% | Jun 2026 — - HAL: Sep 2021 4.9% | Dec 2021 7.4% | Mar 2022 4.4% | Jun 2022 4.4% | Sep 2022 4.7% | Dec 2022 6.3% | Mar 2023 4.7% | Jun 2023 5.2% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 5.7% | Jun 2024 5.9% | Sep 2024 6.0% | Dec 2024 7.6% | Mar 2025 5.6% | Jun 2025 6.4% | Sep 2025 4.7% | Dec 2025 6.0% | Mar 2026 3.6% | Jun 2026 — - NOV: Sep 2021 2.9% | Dec 2021 4.2% | Mar 2022 3.0% | Jun 2022 2.5% | Sep 2022 3.1% | Dec 2022 3.2% | Mar 2023 2.9% | Jun 2023 3.6% | Sep 2023 3.4% | Dec 2023 3.2% | Mar 2024 3.2% | Jun 2024 3.7% | Sep 2024 3.7% | Dec 2024 5.1% | Mar 2025 4.0% | Jun 2025 3.8% | Sep 2025 4.9% | Dec 2025 4.4% | Mar 2026 3.2% | Jun 2026 — - AROC: Sep 2021 16% | Dec 2021 14% | Mar 2022 23% | Jun 2022 28% | Sep 2022 30% | Dec 2022 32% | Mar 2023 37% | Jun 2023 42% | Sep 2023 30% | Dec 2023 14% | Mar 2024 37% | Jun 2024 34% | Sep 2024 24% | Dec 2024 30% | Mar 2025 48% | Jun 2025 29% | Sep 2025 35% | Dec 2025 23% | Mar 2026 30% | Jun 2026 — - WFRD: Sep 2021 2.1% | Dec 2021 4.2% | Mar 2022 2.1% | Jun 2022 2.3% | Sep 2022 3.5% | Dec 2022 4.1% | Mar 2023 5.4% | Jun 2023 2.8% | Sep 2023 3.2% | Dec 2023 4.9% | Mar 2024 4.3% | Jun 2024 4.4% | Sep 2024 5.5% | Dec 2024 4.5% | Mar 2025 6.5% | Jun 2025 4.5% | Sep 2025 3.6% | Dec 2025 4.0% | Mar 2026 4.7% | Jun 2026 — - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.3% | Mar 2023 — | Jun 2023 9.1% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 2.1% | Sep 2025 2.0% | Dec 2025 3.5% | Mar 2026 0.0% | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 43% | Jun 2022 42% | Sep 2022 30% | Dec 2022 33% | Mar 2023 26% | Jun 2023 22% | Sep 2023 23% | Dec 2023 33% | Mar 2024 28% | Jun 2024 38% | Sep 2024 27% | Dec 2024 24% | Mar 2025 24% | Jun 2025 26% | Sep 2025 32% | Dec 2025 16% | Mar 2026 34% | Jun 2026 — - OII: Sep 2021 2.6% | Dec 2021 3.0% | Mar 2022 4.3% | Jun 2022 3.1% | Sep 2022 3.4% | Dec 2022 4.9% | Mar 2023 3.4% | Jun 2023 3.7% | Sep 2023 4.1% | Dec 2023 5.2% | Mar 2024 4.3% | Jun 2024 3.4% | Sep 2024 3.7% | Dec 2024 4.8% | Mar 2025 3.9% | Jun 2025 4.3% | Sep 2025 3.2% | Dec 2025 4.5% | Mar 2026 2.5% | Jun 2026 — - WHD: Sep 2021 4.3% | Dec 2021 3.1% | Mar 2022 5.5% | Jun 2022 3.5% | Sep 2022 3.8% | Dec 2022 3.7% | Mar 2023 7.0% | Jun 2023 2.6% | Sep 2023 3.5% | Dec 2023 4.0% | Mar 2024 2.9% | Jun 2024 3.1% | Sep 2024 3.4% | Dec 2024 4.4% | Mar 2025 3.6% | Jun 2025 4.4% | Sep 2025 3.8% | Dec 2025 2.3% | Mar 2026 2.6% | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 37% | Mar 2025 47% | Jun 2025 — | Sep 2025 — | Dec 2025 43% | Mar 2026 55% | Jun 2026 — - USAC: Sep 2021 8.8% | Dec 2021 10% | Mar 2022 12% | Jun 2022 14% | Sep 2022 24% | Dec 2022 24% | Mar 2023 21% | Jun 2023 31% | Sep 2023 24% | Dec 2023 35% | Mar 2024 43% | Jun 2024 21% | Sep 2024 12% | Dec 2024 12% | Mar 2025 7.3% | Jun 2025 9.2% | Sep 2025 9.6% | Dec 2025 21% | Mar 2026 7.3% | Jun 2026 — - TDW: Sep 2021 1.1% | Dec 2021 5.7% | Mar 2022 0.9% | Jun 2022 2.5% | Sep 2022 3.1% | Dec 2022 2.7% | Mar 2023 4.7% | Jun 2023 4.2% | Sep 2023 2.0% | Dec 2023 2.6% | Mar 2024 3.4% | Jun 2024 1.8% | Sep 2024 1.8% | Dec 2024 1.4% | Mar 2025 3.0% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 1.5% | Mar 2026 4.6% | Jun 2026 — - SEI: Sep 2021 12% | Dec 2021 13% | Mar 2022 21% | Jun 2022 24% | Sep 2022 29% | Dec 2022 26% | Mar 2023 23% | Jun 2023 27% | Sep 2023 — | Dec 2023 11% | Mar 2024 4.4% | Jun 2024 1.4% | Sep 2024 77% | Dec 2024 132% | Mar 2025 114% | Jun 2025 124% | Sep 2025 38% | Dec 2025 142% | Mar 2026 175% | Jun 2026 — - LBRT: Sep 2021 8.4% | Dec 2021 11% | Mar 2022 12% | Jun 2022 14% | Sep 2022 8.6% | Dec 2022 10% | Mar 2023 11% | Jun 2023 13% | Sep 2023 14% | Dec 2023 13% | Mar 2024 14% | Jun 2024 12% | Sep 2024 15% | Dec 2024 22% | Mar 2025 14% | Jun 2025 13% | Sep 2025 13% | Dec 2025 20% | Mar 2026 15% | Jun 2026 — - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 14% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 4.3% | Jun 2026 — - EFXT: Sep 2021 4.4% | Dec 2021 0.4% | Mar 2022 1.2% | Jun 2022 3.8% | Sep 2022 7.4% | Dec 2022 9.9% | Mar 2023 7.4% | Jun 2023 4.1% | Sep 2023 3.4% | Dec 2023 — | Mar 2024 2.7% | Jun 2024 1.6% | Sep 2024 2.7% | Dec 2024 — | Mar 2025 2.5% | Jun 2025 5.5% | Sep 2025 4.2% | Dec 2025 — | Mar 2026 2.7% | Jun 2026 — - NESR: Sep 2021 8.3% | Dec 2021 27% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.4% | Jun 2023 6.8% | Sep 2023 9.3% | Dec 2023 0.6% | Mar 2024 13% | Jun 2024 4.3% | Sep 2024 8.0% | Dec 2024 7.3% | Mar 2025 9.9% | Jun 2025 9.2% | Sep 2025 14% | Dec 2025 11% | Mar 2026 8.9% | Jun 2026 — - WTTR: Sep 2021 7.8% | Dec 2021 3.9% | Mar 2022 5.1% | Jun 2022 4.8% | Sep 2022 5.3% | Dec 2022 5.5% | Mar 2023 6.7% | Jun 2023 9.6% | Sep 2023 9.0% | Dec 2023 8.8% | Mar 2024 9.3% | Jun 2024 13% | Sep 2024 9.4% | Dec 2024 16% | Mar 2025 13% | Jun 2025 22% | Sep 2025 30% | Dec 2025 21% | Mar 2026 21% | Jun 2026 — - INVX: Sep 2021 2.4% | Dec 2021 2.6% | Mar 2022 2.4% | Jun 2022 1.1% | Sep 2022 11% | Dec 2022 — | Mar 2023 5.5% | Jun 2023 11% | Sep 2023 — | Dec 2023 0.8% | Mar 2024 1.6% | Jun 2024 1.5% | Sep 2024 1.3% | Dec 2024 3.2% | Mar 2025 2.9% | Jun 2025 3.1% | Sep 2025 5.0% | Dec 2025 3.3% | Mar 2026 2.5% | Jun 2026 — - XPRO: Sep 2021 8.1% | Dec 2021 9.5% | Mar 2022 3.9% | Jun 2022 6.7% | Sep 2022 5.7% | Dec 2022 8.8% | Mar 2023 8.6% | Jun 2023 7.3% | Sep 2023 7.3% | Dec 2023 9.1% | Mar 2024 8.1% | Jun 2024 7.7% | Sep 2024 7.6% | Dec 2024 10% | Mar 2025 8.4% | Jun 2025 5.0% | Sep 2025 5.8% | Dec 2025 8.9% | Mar 2026 7.1% | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 22% | Jun 2024 14% | Sep 2024 19% | Dec 2024 15% | Mar 2025 15% | Jun 2025 19% | Sep 2025 23% | Dec 2025 12% | Mar 2026 12% | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 23% | Mar 2023 40% | Jun 2023 53% | Sep 2023 63% | Dec 2023 85% | Mar 2024 49% | Jun 2024 40% | Sep 2024 28% | Dec 2024 28% | Mar 2025 17% | Jun 2025 14% | Sep 2025 13% | Dec 2025 8.8% | Mar 2026 11% | Jun 2026 — - HLX: Sep 2021 0.6% | Dec 2021 0.6% | Mar 2022 0.7% | Jun 2022 1.2% | Sep 2022 1.1% | Dec 2022 10% | Mar 2023 2.8% | Jun 2023 0.3% | Sep 2023 2.0% | Dec 2023 0.9% | Mar 2024 1.4% | Jun 2024 1.1% | Sep 2024 0.9% | Dec 2024 3.7% | Mar 2025 1.4% | Jun 2025 1.3% | Sep 2025 0.5% | Dec 2025 1.8% | Mar 2026 1.0% | Jun 2026 — - VTOL: Sep 2021 2.4% | Dec 2021 1.0% | Mar 2022 1.4% | Jun 2022 1.5% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 5.4% | Jun 2023 1.9% | Sep 2023 2.7% | Dec 2023 5.2% | Mar 2024 19% | Jun 2024 14% | Sep 2024 16% | Dec 2024 23% | Mar 2025 15% | Jun 2025 8.5% | Sep 2025 7.5% | Dec 2025 7.7% | Mar 2026 11% | Jun 2026 — - PUMP: Sep 2021 14% | Dec 2021 23% | Mar 2022 23% | Jun 2022 25% | Sep 2022 31% | Dec 2022 21% | Mar 2023 27% | Jun 2023 25% | Sep 2023 23% | Dec 2023 14% | Mar 2024 8.6% | Jun 2024 10% | Sep 2024 11% | Dec 2024 8.7% | Mar 2025 11% | Jun 2025 11% | Sep 2025 15% | Dec 2025 22% | Mar 2026 16% | Jun 2026 — - RES: Sep 2021 8.4% | Dec 2021 8.6% | Mar 2022 6.7% | Jun 2022 8.2% | Sep 2022 8.7% | Dec 2022 10% | Mar 2023 14% | Jun 2023 9.4% | Sep 2023 13% | Dec 2023 8.1% | Mar 2024 14% | Jun 2024 21% | Sep 2024 15% | Dec 2024 12% | Mar 2025 9.6% | Jun 2025 10% | Sep 2025 9.4% | Dec 2025 7.3% | Mar 2026 7.0% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: Tenaris S.A. has the clearest covered balance-sheet capacity with $678 million net cash and gross debt of $474 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Cactus, Inc. · $55 million | 26.7% versus #2 · RPC, Inc. | 8/8 recent comparable periods | 30/30 companies · 521 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Cactus, Inc. (WHD): ₹55 Cr 2. RPC, Inc. (RES): ₹75 Cr 3. Innovex International, Inc. (INVX): ₹76 Cr 4. Expro Group Holdings N.V. (XPRO): ₹172 Cr 5. ProPetro Holding Corp. (PUMP): ₹187 Cr ### Net debt — lowest net debt 1. Tenaris S.A. (TS): ₹-678 Cr 2. Cactus, Inc. (WHD): ₹-237 Cr 3. RPC, Inc. (RES): ₹-126 Cr 4. Innovex International, Inc. (INVX): ₹-125 Cr 5. Expro Group Holdings N.V. (XPRO): ₹1 Cr ### 20-quarter Gross debt history - SLB: Sep 2021 ₹15.4K Cr | Dec 2021 ₹14.2K Cr | Mar 2022 ₹14.1K Cr | Jun 2022 ₹13.8K Cr | Sep 2022 ₹13.4K Cr | Dec 2022 ₹12.2K Cr | Mar 2023 ₹12.8K Cr | Jun 2023 ₹13.3K Cr | Sep 2023 ₹13.1K Cr | Dec 2023 ₹12.0K Cr | Mar 2024 ₹12.2K Cr | Jun 2024 ₹13.2K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹12.1K Cr | Mar 2025 ₹14.0K Cr | Jun 2025 ₹13.7K Cr | Sep 2025 ₹12.8K Cr | Dec 2025 ₹11.6K Cr | Mar 2026 ₹11.6K Cr | Jun 2026 ₹12.8K Cr - BKR: Sep 2021 ₹6.8K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹16.2K Cr | Jun 2026 — - FTI: Sep 2021 ₹3.1K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - TS: Sep 2021 ₹734 Cr | Dec 2021 ₹448 Cr | Mar 2022 ₹472 Cr | Jun 2022 ₹857 Cr | Sep 2022 ₹991 Cr | Dec 2022 ₹841 Cr | Mar 2023 ₹708 Cr | Jun 2023 ₹811 Cr | Sep 2023 ₹742 Cr | Dec 2023 ₹718 Cr | Mar 2024 ₹776 Cr | Jun 2024 ₹737 Cr | Sep 2024 ₹652 Cr | Dec 2024 ₹582 Cr | Mar 2025 ₹498 Cr | Jun 2025 ₹472 Cr | Sep 2025 ₹478 Cr | Dec 2025 ₹449 Cr | Mar 2026 ₹474 Cr | Jun 2026 — - HAL: Sep 2021 ₹10.3K Cr | Dec 2021 ₹10.2K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹9.5K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹8.9K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹8.9K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹8.8K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹8.7K Cr | Dec 2024 ₹8.6K Cr | Mar 2025 ₹8.6K Cr | Jun 2025 ₹8.6K Cr | Sep 2025 ₹8.6K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹8.1K Cr | Jun 2026 ₹8.2K Cr - NOV: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - AROC: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - WFRD: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.6K Cr - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹58 Cr | Dec 2022 ₹58 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹118 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹278 Cr | Dec 2024 ₹381 Cr | Mar 2025 ₹376 Cr | Jun 2025 ₹371 Cr | Sep 2025 ₹367 Cr | Dec 2025 ₹560 Cr | Mar 2026 ₹536 Cr | Jun 2026 — - KGS: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 — - OII: Sep 2021 ₹897 Cr | Dec 2021 ₹861 Cr | Mar 2022 ₹855 Cr | Jun 2022 ₹846 Cr | Sep 2022 ₹850 Cr | Dec 2022 ₹853 Cr | Mar 2023 ₹863 Cr | Jun 2023 ₹913 Cr | Sep 2023 ₹971 Cr | Dec 2023 ₹771 Cr | Mar 2024 ₹804 Cr | Jun 2024 ₹775 Cr | Sep 2024 ₹753 Cr | Dec 2024 ₹720 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹690 Cr | Sep 2025 ₹772 Cr | Dec 2025 ₹745 Cr | Mar 2026 ₹720 Cr | Jun 2026 ₹708 Cr - WHD: Sep 2021 ₹33 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹55 Cr | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹338 Cr | Dec 2023 ₹338 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹593 Cr | Dec 2024 ₹593 Cr | Mar 2025 ₹592 Cr | Jun 2025 — | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - USAC: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - TDW: Sep 2021 ₹155 Cr | Dec 2021 ₹168 Cr | Mar 2022 ₹168 Cr | Jun 2022 ₹168 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹169 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹744 Cr | Dec 2023 ₹734 Cr | Mar 2024 ₹723 Cr | Jun 2024 ₹711 Cr | Sep 2024 ₹650 Cr | Dec 2024 ₹637 Cr | Mar 2025 ₹636 Cr | Jun 2025 ₹625 Cr | Sep 2025 ₹656 Cr | Dec 2025 ₹655 Cr | Mar 2026 ₹654 Cr | Jun 2026 — - SEI: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹328 Cr | Jun 2025 ₹547 Cr | Sep 2025 ₹545 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - LBRT: Sep 2021 ₹265 Cr | Dec 2021 ₹244 Cr | Mar 2022 ₹333 Cr | Jun 2022 ₹380 Cr | Sep 2022 ₹380 Cr | Dec 2022 ₹348 Cr | Mar 2023 ₹337 Cr | Jun 2023 ₹429 Cr | Sep 2023 ₹447 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹447 Cr | Jun 2024 ₹468 Cr | Sep 2024 ₹471 Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹517 Cr | Jun 2025 ₹517 Cr | Sep 2025 ₹626 Cr | Dec 2025 ₹618 Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.6K Cr - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹302 Cr | Dec 2025 ₹302 Cr | Mar 2026 ₹298 Cr | Jun 2026 — - EFXT: Sep 2021 ₹319 Cr | Dec 2021 ₹307 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹310 Cr | Sep 2022 ₹305 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹995 Cr | Mar 2024 ₹927 Cr | Jun 2024 ₹960 Cr | Sep 2024 ₹859 Cr | Dec 2024 ₹777 Cr | Mar 2025 ₹707 Cr | Jun 2025 ₹753 Cr | Sep 2025 ₹721 Cr | Dec 2025 ₹654 Cr | Mar 2026 ₹621 Cr | Jun 2026 — - NESR: Sep 2021 ₹427 Cr | Dec 2021 ₹596 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹566 Cr | Dec 2022 ₹566 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹485 Cr | Dec 2023 ₹485 Cr | Mar 2024 ₹434 Cr | Jun 2024 ₹434 Cr | Sep 2024 ₹438 Cr | Dec 2024 ₹409 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹332 Cr | Mar 2026 ₹312 Cr | Jun 2026 — - WTTR: Sep 2021 ₹68 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹136 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹290 Cr | Jun 2025 ₹312 Cr | Sep 2025 ₹339 Cr | Dec 2025 ₹353 Cr | Mar 2026 ₹285 Cr | Jun 2026 — - INVX: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹83 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹76 Cr | Jun 2026 — - XPRO: Sep 2021 ₹28 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹210 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹203 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹169 Cr | Mar 2026 ₹172 Cr | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹223 Cr | Dec 2022 ₹223 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹243 Cr | Dec 2023 ₹243 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹677 Cr | Dec 2024 ₹677 Cr | Mar 2025 ₹221 Cr | Jun 2025 ₹209 Cr | Sep 2025 ₹265 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹368 Cr | Jun 2026 — - NEXT: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹8.7K Cr | Mar 2026 ₹9.5K Cr | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹147 Cr | Dec 2022 ₹147 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹173 Cr | Dec 2023 ₹178 Cr | Mar 2024 ₹481 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹496 Cr | Dec 2024 ₹530 Cr | Mar 2025 ₹549 Cr | Jun 2025 ₹552 Cr | Sep 2025 ₹584 Cr | Dec 2025 ₹622 Cr | Mar 2026 ₹693 Cr | Jun 2026 — - HLX: Sep 2021 ₹424 Cr | Dec 2021 ₹411 Cr | Mar 2022 ₹456 Cr | Jun 2022 ₹410 Cr | Sep 2022 ₹479 Cr | Dec 2022 ₹470 Cr | Mar 2023 ₹460 Cr | Jun 2023 ₹448 Cr | Sep 2023 ₹418 Cr | Dec 2023 ₹541 Cr | Mar 2024 ₹687 Cr | Jun 2024 ₹679 Cr | Sep 2024 ₹668 Cr | Dec 2024 ₹661 Cr | Mar 2025 ₹656 Cr | Jun 2025 ₹643 Cr | Sep 2025 ₹622 Cr | Dec 2025 ₹630 Cr | Mar 2026 ₹626 Cr | Jun 2026 — - VTOL: Sep 2021 ₹744 Cr | Dec 2021 ₹744 Cr | Mar 2022 ₹721 Cr | Jun 2022 ₹732 Cr | Sep 2022 ₹735 Cr | Dec 2022 ₹754 Cr | Mar 2023 ₹857 Cr | Jun 2023 ₹845 Cr | Sep 2023 ₹831 Cr | Dec 2023 ₹838 Cr | Mar 2024 ₹829 Cr | Jun 2024 ₹860 Cr | Sep 2024 ₹908 Cr | Dec 2024 ₹957 Cr | Mar 2025 ₹952 Cr | Jun 2025 ₹964 Cr | Sep 2025 ₹925 Cr | Dec 2025 ₹913 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - PUMP: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹149 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹175 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹202 Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹187 Cr | Jun 2026 — - RES: Sep 2021 ₹45 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹81 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹75 Cr | Jun 2026 — ### 20-quarter Net debt history - SLB: Sep 2021 ₹12.5K Cr | Dec 2021 ₹11.1K Cr | Mar 2022 ₹11.4K Cr | Jun 2022 ₹11.0K Cr | Sep 2022 ₹9.7K Cr | Dec 2022 ₹9.3K Cr | Mar 2023 ₹10.3K Cr | Jun 2023 ₹10.1K Cr | Sep 2023 ₹9.4K Cr | Dec 2023 ₹8.0K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹9.2K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹10.1K Cr | Jun 2025 ₹10.0K Cr | Sep 2025 ₹9.2K Cr | Dec 2025 ₹7.4K Cr | Mar 2026 ₹8.2K Cr | Jun 2026 ₹8.7K Cr - BKR: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - FTI: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹633 Cr | Mar 2025 ₹665 Cr | Jun 2025 ₹651 Cr | Sep 2025 ₹462 Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹343 Cr | Jun 2026 — - TS: Sep 2021 ₹-238 Cr | Dec 2021 ₹-268 Cr | Mar 2022 ₹-198 Cr | Jun 2022 ₹-339 Cr | Sep 2022 ₹-438 Cr | Dec 2022 ₹-689 Cr | Mar 2023 ₹-1.2K Cr | Jun 2023 ₹-1.8K Cr | Sep 2023 ₹-2.6K Cr | Dec 2023 ₹-2.9K Cr | Mar 2024 ₹-2.8K Cr | Jun 2024 ₹-2.6K Cr | Sep 2024 ₹-2.9K Cr | Dec 2024 ₹-93 Cr | Mar 2025 ₹-2.9K Cr | Jun 2025 ₹-2.6K Cr | Sep 2025 ₹-2.5K Cr | Dec 2025 ₹-124 Cr | Mar 2026 ₹-678 Cr | Jun 2026 — - HAL: Sep 2021 ₹7.7K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 ₹7.4K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹6.6K Cr | Mar 2023 ₹7.1K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.5K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 ₹6.2K Cr - NOV: Sep 2021 ₹731 Cr | Dec 2021 ₹797 Cr | Mar 2022 ₹969 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹788 Cr | Mar 2026 ₹997 Cr | Jun 2026 — - AROC: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - WFRD: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹959 Cr | Sep 2024 ₹896 Cr | Dec 2024 ₹872 Cr | Mar 2025 ₹886 Cr | Jun 2025 ₹804 Cr | Sep 2025 ₹777 Cr | Dec 2025 ₹655 Cr | Mar 2026 ₹618 Cr | Jun 2026 ₹522 Cr - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹33 Cr | Dec 2022 ₹33 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹101 Cr | Dec 2023 ₹91 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹264 Cr | Dec 2024 ₹344 Cr | Mar 2025 ₹361 Cr | Jun 2025 ₹351 Cr | Sep 2025 ₹339 Cr | Dec 2025 ₹529 Cr | Mar 2026 ₹506 Cr | Jun 2026 — - KGS: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - OII: Sep 2021 ₹449 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹417 Cr | Jun 2022 ₹478 Cr | Sep 2022 ₹422 Cr | Dec 2022 ₹284 Cr | Mar 2023 ₹358 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹415 Cr | Dec 2023 ₹309 Cr | Mar 2024 ₹449 Cr | Jun 2024 ₹392 Cr | Sep 2024 ₹301 Cr | Dec 2024 ₹222 Cr | Mar 2025 ₹320 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹266 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹113 Cr | Jun 2026 ₹79 Cr - WHD: Sep 2021 ₹-269 Cr | Dec 2021 ₹-269 Cr | Mar 2022 ₹-264 Cr | Jun 2022 ₹-278 Cr | Sep 2022 ₹-286 Cr | Dec 2022 ₹-309 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹-27 Cr | Dec 2023 ₹-94 Cr | Mar 2024 ₹-153 Cr | Jun 2024 ₹-207 Cr | Sep 2024 ₹-261 Cr | Dec 2024 ₹-301 Cr | Mar 2025 ₹-305 Cr | Jun 2025 ₹-363 Cr | Sep 2025 ₹-406 Cr | Dec 2025 ₹-86 Cr | Mar 2026 ₹-237 Cr | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹325 Cr | Dec 2023 ₹325 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹580 Cr | Dec 2024 ₹580 Cr | Mar 2025 ₹564 Cr | Jun 2025 — | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - USAC: Sep 2021 ₹2.0K Cr | Dec 2021 — | Mar 2022 ₹2.0K Cr | Jun 2022 — | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 — | Dec 2025 ₹2.5K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - TDW: Sep 2021 ₹28 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹469 Cr | Dec 2023 ₹460 Cr | Mar 2024 ₹442 Cr | Jun 2024 ₹395 Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹312 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹228 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹102 Cr | Jun 2026 — - SEI: Sep 2021 ₹-35 Cr | Dec 2021 ₹-28 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹215 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹266 Cr | Jun 2025 ₹408 Cr | Sep 2025 ₹438 Cr | Dec 2025 ₹726 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - LBRT: Sep 2021 ₹230 Cr | Dec 2021 ₹224 Cr | Mar 2022 ₹300 Cr | Jun 2022 ₹339 Cr | Sep 2022 ₹356 Cr | Dec 2022 ₹304 Cr | Mar 2023 ₹316 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹368 Cr | Mar 2024 ₹423 Cr | Jun 2024 ₹438 Cr | Sep 2024 ₹448 Cr | Dec 2024 ₹514 Cr | Mar 2025 ₹497 Cr | Jun 2025 ₹497 Cr | Sep 2025 ₹613 Cr | Dec 2025 ₹590 Cr | Mar 2026 ₹924 Cr | Jun 2026 ₹1.1K Cr - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 ₹293 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹294 Cr | Jun 2026 — - EFXT: Sep 2021 ₹238 Cr | Dec 2021 ₹170 Cr | Mar 2022 ₹208 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹161 Cr | Dec 2022 ₹906 Cr | Mar 2023 ₹954 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹985 Cr | Dec 2023 ₹889 Cr | Mar 2024 ₹817 Cr | Jun 2024 ₹834 Cr | Sep 2024 ₹764 Cr | Dec 2024 ₹685 Cr | Mar 2025 ₹627 Cr | Jun 2025 ₹679 Cr | Sep 2025 ₹657 Cr | Dec 2025 ₹573 Cr | Mar 2026 ₹574 Cr | Jun 2026 — - NESR: Sep 2021 ₹326 Cr | Dec 2021 ₹390 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹487 Cr | Dec 2022 ₹487 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹417 Cr | Dec 2023 ₹417 Cr | Mar 2024 ₹359 Cr | Jun 2024 ₹359 Cr | Sep 2024 ₹320 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹313 Cr | Jun 2025 ₹248 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹207 Cr | Mar 2026 ₹219 Cr | Jun 2026 — - WTTR: Sep 2021 ₹-39 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹261 Cr | Sep 2025 ₹321 Cr | Dec 2025 ₹335 Cr | Mar 2026 ₹229 Cr | Jun 2026 — - INVX: Sep 2021 ₹-370 Cr | Dec 2021 ₹-350 Cr | Mar 2022 ₹-333 Cr | Jun 2022 ₹-316 Cr | Sep 2022 ₹-311 Cr | Dec 2022 ₹-292 Cr | Mar 2023 ₹-248 Cr | Jun 2023 ₹-249 Cr | Sep 2023 ₹-174 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹-189 Cr | Jun 2024 ₹-172 Cr | Sep 2024 ₹-29 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹-81 Cr | Dec 2025 ₹-124 Cr | Mar 2026 ₹-125 Cr | Jun 2026 — - XPRO: Sep 2021 ₹-179 Cr | Dec 2021 ₹-130 Cr | Mar 2022 ₹-111 Cr | Jun 2022 ₹-77 Cr | Sep 2022 ₹-63 Cr | Dec 2022 ₹-123 Cr | Mar 2023 ₹-95 Cr | Jun 2023 ₹-93 Cr | Sep 2023 ₹-122 Cr | Dec 2023 ₹-42 Cr | Mar 2024 ₹-40 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-28 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹672 Cr | Dec 2024 ₹672 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹351 Cr | Jun 2026 — - NEXT: Sep 2021 ₹-36 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹-22 Cr | Jun 2022 ₹-40 Cr | Sep 2022 ₹-108 Cr | Dec 2022 ₹-61 Cr | Mar 2023 ₹-50 Cr | Jun 2023 ₹-39 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹8.0K Cr | Mar 2026 ₹9.0K Cr | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹65 Cr | Dec 2022 ₹65 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-92 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹397 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹458 Cr | Mar 2025 ₹480 Cr | Jun 2025 ₹473 Cr | Sep 2025 ₹543 Cr | Dec 2025 ₹581 Cr | Mar 2026 ₹653 Cr | Jun 2026 — - HLX: Sep 2021 ₹186 Cr | Dec 2021 ₹157 Cr | Mar 2022 ₹226 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹317 Cr | Dec 2022 ₹283 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹250 Cr | Dec 2023 ₹209 Cr | Mar 2024 ₹363 Cr | Jun 2024 ₹404 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹293 Cr | Mar 2025 ₹286 Cr | Jun 2025 ₹323 Cr | Sep 2025 ₹284 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹125 Cr | Jun 2026 — - VTOL: Sep 2021 ₹507 Cr | Dec 2021 ₹470 Cr | Mar 2022 ₹457 Cr | Jun 2022 ₹477 Cr | Sep 2022 ₹536 Cr | Dec 2022 ₹594 Cr | Mar 2023 ₹659 Cr | Jun 2023 ₹633 Cr | Sep 2023 ₹623 Cr | Dec 2023 ₹658 Cr | Mar 2024 ₹688 Cr | Jun 2024 ₹681 Cr | Sep 2024 ₹708 Cr | Dec 2024 ₹709 Cr | Mar 2025 ₹761 Cr | Jun 2025 ₹712 Cr | Sep 2025 ₹679 Cr | Dec 2025 ₹627 Cr | Mar 2026 ₹658 Cr | Jun 2026 — - PUMP: Sep 2021 ₹-84 Cr | Dec 2021 ₹-112 Cr | Mar 2022 ₹-70 Cr | Jun 2022 ₹-69 Cr | Sep 2022 ₹-51 Cr | Dec 2022 ₹-66 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹30 Cr | Jun 2026 — - RES: Sep 2021 ₹-36 Cr | Dec 2021 ₹-36 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹-32 Cr | Sep 2022 ₹-13 Cr | Dec 2022 ₹-96 Cr | Mar 2023 ₹-148 Cr | Jun 2023 ₹-72 Cr | Sep 2023 ₹-144 Cr | Dec 2023 ₹-196 Cr | Mar 2024 ₹-185 Cr | Jun 2024 ₹-234 Cr | Sep 2024 ₹-243 Cr | Dec 2024 ₹-293 Cr | Mar 2025 ₹-296 Cr | Jun 2025 ₹-81 Cr | Sep 2025 ₹-82 Cr | Dec 2025 ₹-133 Cr | Mar 2026 ₹-126 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: Halliburton Company leads ROCE at 24.2%, 17 percentage points above EagleRock Land, LLC. Halliburton Company has the strongest latest improvement at +20.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Halliburton Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Halliburton Company · 24.2% | 236.1% versus #2 · EagleRock Land, LLC | 2/8 recent comparable periods | 30/30 companies · 520 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Halliburton Company (HAL): 24% 2. EagleRock Land, LLC (EROK): 7.2% 3. TechnipFMC plc (FTI): 7.0% 4. Oceaneering International, Inc. (OII): 4.9% 5. Baker Hughes Company (BKR): 4.3% ### ROCE change — fastest improvers 1. Halliburton Company (HAL): +20.5 pp 2. Baker Hughes Company (BKR): +1.8 pp 3. TechnipFMC plc (FTI): +1.7 pp 4. National Energy Services Reunited Corp. (NESR): +1.1 pp 5. NextDecade Corporation (NEXT): +0.4 pp ### 20-quarter ROCE history - SLB: Sep 2021 2.4% | Dec 2021 2.6% | Mar 2022 2.2% | Jun 2022 3.0% | Sep 2022 3.7% | Dec 2022 4.2% | Mar 2023 3.8% | Jun 2023 4.1% | Sep 2023 4.4% | Dec 2023 4.5% | Mar 2024 4.2% | Jun 2024 4.2% | Sep 2024 4.4% | Dec 2024 4.0% | Mar 2025 3.3% | Jun 2025 3.3% | Sep 2025 2.7% | Dec 2025 2.6% | Mar 2026 2.8% | Jun 2026 2.8% - BKR: Sep 2021 1.4% | Dec 2021 2.1% | Mar 2022 1.1% | Jun 2022 -0.1% | Sep 2022 1.1% | Dec 2022 2.7% | Mar 2023 1.8% | Jun 2023 2.1% | Sep 2023 3.0% | Dec 2023 3.4% | Mar 2024 2.9% | Jun 2024 3.6% | Sep 2024 4.4% | Dec 2024 4.5% | Mar 2025 2.5% | Jun 2025 4.1% | Sep 2025 3.4% | Dec 2025 3.1% | Mar 2026 4.3% | Jun 2026 — - FTI: Sep 2021 0.5% | Dec 2021 -0.5% | Mar 2022 0.2% | Jun 2022 1.2% | Sep 2022 1.4% | Dec 2022 0.5% | Mar 2023 0.9% | Jun 2023 2.9% | Sep 2023 3.1% | Dec 2023 2.6% | Mar 2024 3.1% | Jun 2024 6.2% | Sep 2024 5.6% | Dec 2024 4.2% | Mar 2025 5.3% | Jun 2025 8.0% | Sep 2025 7.8% | Dec 2025 4.4% | Mar 2026 7.0% | Jun 2026 — - TS: Sep 2021 1.8% | Dec 2021 2.1% | Mar 2022 3.7% | Jun 2022 5.0% | Sep 2022 6.0% | Dec 2022 7.3% | Mar 2023 9.2% | Jun 2023 8.5% | Sep 2023 5.5% | Dec 2023 5.0% | Mar 2024 4.7% | Jun 2024 3.0% | Sep 2024 3.0% | Dec 2024 3.1% | Mar 2025 3.0% | Jun 2025 3.3% | Sep 2025 3.3% | Dec 2025 3.1% | Mar 2026 3.2% | Jun 2026 — - HAL: Sep 2021 2.6% | Dec 2021 3.2% | Mar 2022 3.0% | Jun 2022 2.2% | Sep 2022 4.9% | Dec 2022 5.4% | Mar 2023 5.4% | Jun 2023 5.6% | Sep 2023 5.7% | Dec 2023 5.7% | Mar 2024 5.2% | Jun 2024 5.4% | Sep 2024 4.5% | Dec 2024 4.8% | Mar 2025 2.2% | Jun 2025 3.7% | Sep 2025 1.8% | Dec 2025 3.8% | Mar 2026 3.5% | Jun 2026 24% - NOV: Sep 2021 -0.5% | Dec 2021 -0.2% | Mar 2022 -0.3% | Jun 2022 0.9% | Sep 2022 0.7% | Dec 2022 2.1% | Mar 2023 1.6% | Jun 2023 2.3% | Sep 2023 2.3% | Dec 2023 1.9% | Mar 2024 1.9% | Jun 2024 3.7% | Sep 2024 2.2% | Dec 2024 2.3% | Mar 2025 1.7% | Jun 2025 1.6% | Sep 2025 1.2% | Dec 2025 1.0% | Mar 2026 0.5% | Jun 2026 — - AROC: Sep 2021 0.9% | Dec 2021 1.0% | Mar 2022 1.0% | Jun 2022 1.3% | Sep 2022 1.3% | Dec 2022 1.4% | Mar 2023 1.9% | Jun 2023 2.5% | Sep 2023 2.7% | Dec 2023 2.7% | Mar 2024 3.2% | Jun 2024 2.9% | Sep 2024 2.7% | Dec 2024 3.4% | Mar 2025 3.9% | Jun 2025 3.5% | Sep 2025 3.6% | Dec 2025 4.1% | Mar 2026 3.2% | Jun 2026 — - WFRD: Sep 2021 1.8% | Dec 2021 0.9% | Mar 2022 0.5% | Jun 2022 2.9% | Sep 2022 3.5% | Dec 2022 5.1% | Mar 2023 5.6% | Jun 2023 6.2% | Sep 2023 6.7% | Dec 2023 6.7% | Mar 2024 7.2% | Jun 2024 8.0% | Sep 2024 7.3% | Dec 2024 5.9% | Mar 2025 4.2% | Jun 2025 6.7% | Sep 2025 5.0% | Dec 2025 5.6% | Mar 2026 3.4% | Jun 2026 2.9% - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 1.2% | Mar 2023 — | Jun 2023 — | Sep 2023 7.6% | Dec 2023 2.1% | Mar 2024 — | Jun 2024 — | Sep 2024 0.7% | Dec 2024 2.8% | Mar 2025 5.0% | Jun 2025 5.4% | Sep 2025 3.6% | Dec 2025 2.9% | Mar 2026 2.5% | Jun 2026 — - KGS: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 2.0% | Dec 2022 2.0% | Mar 2023 4.0% | Jun 2023 4.1% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 2.0% | Jun 2024 1.5% | Sep 2024 1.8% | Dec 2024 1.9% | Mar 2025 2.5% | Jun 2025 2.4% | Sep 2025 1.6% | Dec 2025 2.2% | Mar 2026 2.6% | Jun 2026 — - OII: Sep 2021 1.0% | Dec 2021 -0.8% | Mar 2022 -0.1% | Jun 2022 1.5% | Sep 2022 3.2% | Dec 2022 2.9% | Mar 2023 1.8% | Jun 2023 3.3% | Sep 2023 4.0% | Dec 2023 3.2% | Mar 2024 2.5% | Jun 2024 3.9% | Sep 2024 4.6% | Dec 2024 5.1% | Mar 2025 4.7% | Jun 2025 5.0% | Sep 2025 5.2% | Dec 2025 3.8% | Mar 2026 3.3% | Jun 2026 4.9% - WHD: Sep 2021 2.5% | Dec 2021 3.1% | Mar 2022 3.5% | Jun 2022 4.8% | Sep 2022 5.6% | Dec 2022 5.1% | Mar 2023 4.4% | Jun 2023 4.3% | Sep 2023 7.8% | Dec 2023 6.7% | Mar 2024 4.6% | Jun 2024 5.8% | Sep 2024 5.5% | Dec 2024 4.8% | Mar 2025 4.6% | Jun 2025 3.9% | Sep 2025 3.9% | Dec 2025 3.7% | Mar 2026 2.7% | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 1.7% | Dec 2024 1.3% | Mar 2025 1.2% | Jun 2025 — | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 1.3% | Jun 2026 — - USAC: Sep 2021 1.3% | Dec 2021 1.4% | Mar 2022 1.3% | Jun 2022 1.6% | Sep 2022 1.8% | Dec 2022 1.8% | Mar 2023 2.0% | Jun 2023 2.1% | Sep 2023 2.4% | Dec 2023 2.7% | Mar 2024 2.6% | Jun 2024 3.0% | Sep 2024 2.9% | Dec 2024 2.9% | Mar 2025 2.7% | Jun 2025 3.0% | Sep 2025 3.3% | Dec 2025 3.1% | Mar 2026 3.0% | Jun 2026 — - TDW: Sep 2021 -2.1% | Dec 2021 -2.7% | Mar 2022 -0.8% | Jun 2022 0.2% | Sep 2022 2.0% | Dec 2022 1.3% | Mar 2023 2.4% | Jun 2023 3.5% | Sep 2023 3.9% | Dec 2023 4.4% | Mar 2024 5.7% | Jun 2024 5.4% | Sep 2024 4.0% | Dec 2024 4.7% | Mar 2025 4.3% | Jun 2025 4.6% | Sep 2025 3.5% | Dec 2025 3.4% | Mar 2026 3.1% | Jun 2026 — - SEI: Sep 2021 0.5% | Dec 2021 0.4% | Mar 2022 1.9% | Jun 2022 2.7% | Sep 2022 3.6% | Dec 2022 2.6% | Mar 2023 3.7% | Jun 2023 3.9% | Sep 2023 2.4% | Dec 2023 2.2% | Mar 2024 2.4% | Jun 2024 2.9% | Sep 2024 0.8% | Dec 2024 3.4% | Mar 2025 3.0% | Jun 2025 4.0% | Sep 2025 3.2% | Dec 2025 2.6% | Mar 2026 2.8% | Jun 2026 — - LBRT: Sep 2021 -3.4% | Dec 2021 -4.2% | Mar 2022 0.2% | Jun 2022 6.9% | Sep 2022 11% | Dec 2022 12% | Mar 2023 13% | Jun 2023 11% | Sep 2023 10% | Dec 2023 5.7% | Mar 2024 5.2% | Jun 2024 6.1% | Sep 2024 4.5% | Dec 2024 1.0% | Mar 2025 0.7% | Jun 2025 1.4% | Sep 2025 -0.1% | Dec 2025 0.7% | Mar 2026 0.7% | Jun 2026 0.4% - EROK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 7.2% | Jun 2026 — - EFXT: Sep 2021 0.5% | Dec 2021 1.1% | Mar 2022 0.4% | Jun 2022 1.1% | Sep 2022 1.2% | Dec 2022 5.1% | Mar 2023 1.7% | Jun 2023 1.9% | Sep 2023 1.3% | Dec 2023 1.3% | Mar 2024 0.4% | Jun 2024 2.6% | Sep 2024 2.7% | Dec 2024 2.5% | Mar 2025 3.7% | Jun 2025 3.8% | Sep 2025 5.2% | Dec 2025 3.1% | Mar 2026 3.7% | Jun 2026 — - NESR: Sep 2021 0.6% | Dec 2021 -6.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 2.2% | Dec 2023 2.2% | Mar 2024 3.9% | Jun 2024 5.4% | Sep 2024 2.8% | Dec 2024 3.4% | Mar 2025 1.7% | Jun 2025 2.1% | Sep 2025 1.5% | Dec 2025 2.4% | Mar 2026 2.8% | Jun 2026 — - WTTR: Sep 2021 -1.8% | Dec 2021 -1.1% | Mar 2022 -0.5% | Jun 2022 1.1% | Sep 2022 3.5% | Dec 2022 0.8% | Mar 2023 1.3% | Jun 2023 2.8% | Sep 2023 1.8% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 1.9% | Sep 2024 2.4% | Dec 2024 0.2% | Mar 2025 1.3% | Jun 2025 1.3% | Sep 2025 -0.1% | Dec 2025 0.0% | Mar 2026 1.3% | Jun 2026 — - INVX: Sep 2021 -0.7% | Dec 2021 -7.3% | Mar 2022 -0.6% | Jun 2022 -0.4% | Sep 2022 1.3% | Dec 2022 3.4% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 2.7% | Dec 2023 3.6% | Mar 2024 2.5% | Jun 2024 1.4% | Sep 2024 -1.5% | Dec 2024 3.7% | Mar 2025 2.3% | Jun 2025 2.2% | Sep 2025 -1.9% | Dec 2025 2.5% | Mar 2026 -2.0% | Jun 2026 — - XPRO: Sep 2021 -1.7% | Dec 2021 -7.3% | Mar 2022 -1.1% | Jun 2022 0.1% | Sep 2022 -0.7% | Dec 2022 1.4% | Mar 2023 -0.1% | Jun 2023 1.4% | Sep 2023 -0.1% | Dec 2023 -0.4% | Mar 2024 0.6% | Jun 2024 1.7% | Sep 2024 1.5% | Dec 2024 1.9% | Mar 2025 0.6% | Jun 2025 1.8% | Sep 2025 1.4% | Dec 2025 0.6% | Mar 2026 0.2% | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 3.5% | Dec 2024 3.6% | Mar 2025 4.6% | Jun 2025 4.9% | Sep 2025 2.2% | Dec 2025 2.7% | Mar 2026 2.2% | Jun 2026 — - NEXT: Sep 2021 -1.5% | Dec 2021 -3.8% | Mar 2022 -2.4% | Jun 2022 -5.7% | Sep 2022 -6.1% | Dec 2022 -8.2% | Mar 2023 -11% | Jun 2023 -10% | Sep 2023 -2.7% | Dec 2023 -2.1% | Mar 2024 -1.9% | Jun 2024 -1.7% | Sep 2024 -1.4% | Dec 2024 -1.0% | Mar 2025 -1.0% | Jun 2025 -1.0% | Sep 2025 -1.1% | Dec 2025 -0.5% | Mar 2026 -0.6% | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 20% | Mar 2023 — | Jun 2023 — | Sep 2023 7.3% | Dec 2023 5.4% | Mar 2024 4.5% | Jun 2024 3.2% | Sep 2024 1.1% | Dec 2024 2.1% | Mar 2025 0.8% | Jun 2025 0.4% | Sep 2025 -1.0% | Dec 2025 -0.8% | Mar 2026 -1.6% | Jun 2026 — - HLX: Sep 2021 -0.5% | Dec 2021 -1.3% | Mar 2022 -1.6% | Jun 2022 -0.9% | Sep 2022 0.6% | Dec 2022 -0.2% | Mar 2023 -0.1% | Jun 2023 1.0% | Sep 2023 1.8% | Dec 2023 0.7% | Mar 2024 -0.1% | Jun 2024 2.5% | Sep 2024 2.0% | Dec 2024 1.4% | Mar 2025 0.4% | Jun 2025 -0.1% | Sep 2025 2.0% | Dec 2025 0.5% | Mar 2026 -0.6% | Jun 2026 — - VTOL: Sep 2021 0.7% | Dec 2021 0.3% | Mar 2022 -0.2% | Jun 2022 0.4% | Sep 2022 1.0% | Dec 2022 0.0% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 2.0% | Dec 2023 1.2% | Mar 2024 1.4% | Jun 2024 2.7% | Sep 2024 2.0% | Dec 2024 1.9% | Mar 2025 1.9% | Jun 2025 2.4% | Sep 2025 2.7% | Dec 2025 1.7% | Mar 2026 1.8% | Jun 2026 — - PUMP: Sep 2021 -0.6% | Dec 2021 -2.4% | Mar 2022 0.6% | Jun 2022 -4.5% | Sep 2022 1.5% | Dec 2022 1.9% | Mar 2023 4.1% | Jun 2023 5.2% | Sep 2023 4.3% | Dec 2023 -0.7% | Mar 2024 2.6% | Jun 2024 0.0% | Sep 2024 -16% | Dec 2024 0.5% | Mar 2025 0.8% | Jun 2025 -0.3% | Sep 2025 -0.6% | Dec 2025 0.6% | Mar 2026 -0.7% | Jun 2026 — - RES: Sep 2021 1.1% | Dec 2021 2.8% | Mar 2022 3.2% | Jun 2022 8.1% | Sep 2022 12% | Dec 2022 13% | Mar 2023 10% | Jun 2023 8.7% | Sep 2023 2.3% | Dec 2023 4.7% | Mar 2024 3.0% | Jun 2024 3.1% | Sep 2024 1.7% | Dec 2024 0.9% | Mar 2025 1.1% | Jun 2025 1.3% | Sep 2025 1.7% | Dec 2025 -0.3% | Mar 2026 0.2% | Jun 2026 — ### 20-quarter ROCE change history - SLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +1.6 pp | Mar 2023 +1.6 pp | Jun 2023 +1.1 pp | Sep 2023 +0.7 pp | Dec 2023 +0.3 pp | Mar 2024 +0.4 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 −0.5 pp | Mar 2025 −0.9 pp | Jun 2025 −0.9 pp | Sep 2025 −1.7 pp | Dec 2025 −1.4 pp | Mar 2026 −0.5 pp | Jun 2026 −0.5 pp - BKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +0.6 pp | Mar 2023 +0.7 pp | Jun 2023 +2.2 pp | Sep 2023 +1.9 pp | Dec 2023 +0.7 pp | Mar 2024 +1.1 pp | Jun 2024 +1.5 pp | Sep 2024 +1.4 pp | Dec 2024 +1.1 pp | Mar 2025 −0.4 pp | Jun 2025 +0.5 pp | Sep 2025 −1.0 pp | Dec 2025 −1.4 pp | Mar 2026 +1.8 pp | Jun 2026 — - FTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.0 pp | Mar 2023 +0.7 pp | Jun 2023 +1.7 pp | Sep 2023 +1.7 pp | Dec 2023 +2.1 pp | Mar 2024 +2.2 pp | Jun 2024 +3.3 pp | Sep 2024 +2.5 pp | Dec 2024 +1.6 pp | Mar 2025 +2.2 pp | Jun 2025 +1.8 pp | Sep 2025 +2.2 pp | Dec 2025 +0.2 pp | Mar 2026 +1.7 pp | Jun 2026 — - TS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.2 pp | Dec 2022 +5.2 pp | Mar 2023 +5.5 pp | Jun 2023 +3.5 pp | Sep 2023 −0.5 pp | Dec 2023 −2.3 pp | Mar 2024 −4.5 pp | Jun 2024 −5.5 pp | Sep 2024 −2.5 pp | Dec 2024 −1.9 pp | Mar 2025 −1.7 pp | Jun 2025 +0.3 pp | Sep 2025 +0.3 pp | Dec 2025 0.0 pp | Mar 2026 +0.2 pp | Jun 2026 — - HAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.3 pp | Dec 2022 +2.2 pp | Mar 2023 +2.4 pp | Jun 2023 +3.4 pp | Sep 2023 +0.8 pp | Dec 2023 +0.3 pp | Mar 2024 −0.2 pp | Jun 2024 −0.2 pp | Sep 2024 −1.2 pp | Dec 2024 −0.9 pp | Mar 2025 −3.0 pp | Jun 2025 −1.7 pp | Sep 2025 −2.7 pp | Dec 2025 −1.0 pp | Mar 2026 +1.3 pp | Jun 2026 +20.5 pp - NOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +2.3 pp | Mar 2023 +1.9 pp | Jun 2023 +1.4 pp | Sep 2023 +1.6 pp | Dec 2023 −0.2 pp | Mar 2024 +0.3 pp | Jun 2024 +1.4 pp | Sep 2024 −0.1 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −2.1 pp | Sep 2025 −1.0 pp | Dec 2025 −1.3 pp | Mar 2026 −1.2 pp | Jun 2026 — - AROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.4 pp | Mar 2023 +0.9 pp | Jun 2023 +1.2 pp | Sep 2023 +1.4 pp | Dec 2023 +1.3 pp | Mar 2024 +1.3 pp | Jun 2024 +0.4 pp | Sep 2024 0.0 pp | Dec 2024 +0.7 pp | Mar 2025 +0.7 pp | Jun 2025 +0.6 pp | Sep 2025 +0.9 pp | Dec 2025 +0.7 pp | Mar 2026 −0.7 pp | Jun 2026 — - WFRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +4.2 pp | Mar 2023 +5.1 pp | Jun 2023 +3.3 pp | Sep 2023 +3.2 pp | Dec 2023 +1.6 pp | Mar 2024 +1.6 pp | Jun 2024 +1.8 pp | Sep 2024 +0.6 pp | Dec 2024 −0.8 pp | Mar 2025 −3.0 pp | Jun 2025 −1.3 pp | Sep 2025 −2.3 pp | Dec 2025 −0.3 pp | Mar 2026 −0.8 pp | Jun 2026 −3.8 pp - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +7.6 pp | Dec 2023 +0.9 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −6.9 pp | Dec 2024 +0.7 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +2.9 pp | Dec 2025 +0.1 pp | Mar 2026 −2.5 pp | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +2.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 −2.6 pp | Sep 2024 −0.2 pp | Dec 2024 −0.1 pp | Mar 2025 +0.5 pp | Jun 2025 +0.9 pp | Sep 2025 −0.2 pp | Dec 2025 +0.3 pp | Mar 2026 +0.1 pp | Jun 2026 — - OII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +3.7 pp | Mar 2023 +1.9 pp | Jun 2023 +1.8 pp | Sep 2023 +0.8 pp | Dec 2023 +0.3 pp | Mar 2024 +0.7 pp | Jun 2024 +0.6 pp | Sep 2024 +0.6 pp | Dec 2024 +1.9 pp | Mar 2025 +2.2 pp | Jun 2025 +1.1 pp | Sep 2025 +0.6 pp | Dec 2025 −1.3 pp | Mar 2026 −1.4 pp | Jun 2026 −0.1 pp - WHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 +2.0 pp | Mar 2023 +0.9 pp | Jun 2023 −0.5 pp | Sep 2023 +2.2 pp | Dec 2023 +1.6 pp | Mar 2024 +0.2 pp | Jun 2024 +1.5 pp | Sep 2024 −2.3 pp | Dec 2024 −1.9 pp | Mar 2025 0.0 pp | Jun 2025 −1.9 pp | Sep 2025 −1.6 pp | Dec 2025 −1.1 pp | Mar 2026 −1.9 pp | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +1.7 pp | Dec 2024 +1.3 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.8 pp | Dec 2025 −0.4 pp | Mar 2026 +0.1 pp | Jun 2026 — - USAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.4 pp | Mar 2023 +0.7 pp | Jun 2023 +0.5 pp | Sep 2023 +0.6 pp | Dec 2023 +0.9 pp | Mar 2024 +0.6 pp | Jun 2024 +0.9 pp | Sep 2024 +0.5 pp | Dec 2024 +0.2 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.4 pp | Dec 2025 +0.2 pp | Mar 2026 +0.3 pp | Jun 2026 — - TDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.1 pp | Dec 2022 +4.0 pp | Mar 2023 +3.2 pp | Jun 2023 +3.3 pp | Sep 2023 +1.9 pp | Dec 2023 +3.1 pp | Mar 2024 +3.3 pp | Jun 2024 +1.9 pp | Sep 2024 +0.1 pp | Dec 2024 +0.3 pp | Mar 2025 −1.4 pp | Jun 2025 −0.8 pp | Sep 2025 −0.5 pp | Dec 2025 −1.3 pp | Mar 2026 −1.2 pp | Jun 2026 — - SEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 +2.2 pp | Mar 2023 +1.8 pp | Jun 2023 +1.2 pp | Sep 2023 −1.2 pp | Dec 2023 −0.4 pp | Mar 2024 −1.3 pp | Jun 2024 −1.0 pp | Sep 2024 −1.6 pp | Dec 2024 +1.2 pp | Mar 2025 +0.6 pp | Jun 2025 +1.1 pp | Sep 2025 +2.4 pp | Dec 2025 −0.8 pp | Mar 2026 −0.2 pp | Jun 2026 — - LBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.6 pp | Dec 2022 +15.9 pp | Mar 2023 +12.4 pp | Jun 2023 +3.7 pp | Sep 2023 −1.2 pp | Dec 2023 −6.0 pp | Mar 2024 −7.4 pp | Jun 2024 −4.5 pp | Sep 2024 −5.5 pp | Dec 2024 −4.7 pp | Mar 2025 −4.5 pp | Jun 2025 −4.7 pp | Sep 2025 −4.6 pp | Dec 2025 −0.3 pp | Mar 2026 0.0 pp | Jun 2026 −1.0 pp - EFXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +4.0 pp | Mar 2023 +1.3 pp | Jun 2023 +0.8 pp | Sep 2023 +0.1 pp | Dec 2023 −3.8 pp | Mar 2024 −1.3 pp | Jun 2024 +0.7 pp | Sep 2024 +1.4 pp | Dec 2024 +1.2 pp | Mar 2025 +3.3 pp | Jun 2025 +1.2 pp | Sep 2025 +2.5 pp | Dec 2025 +0.6 pp | Mar 2026 0.0 pp | Jun 2026 — - NESR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 +6.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +2.2 pp | Dec 2023 +2.2 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +0.6 pp | Dec 2024 +1.2 pp | Mar 2025 −2.2 pp | Jun 2025 −3.3 pp | Sep 2025 −1.3 pp | Dec 2025 −1.0 pp | Mar 2026 +1.1 pp | Jun 2026 — - WTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 +1.9 pp | Mar 2023 +1.8 pp | Jun 2023 +1.7 pp | Sep 2023 −1.7 pp | Dec 2023 −0.1 pp | Mar 2024 −0.6 pp | Jun 2024 −0.9 pp | Sep 2024 +0.6 pp | Dec 2024 −0.5 pp | Mar 2025 +0.6 pp | Jun 2025 −0.6 pp | Sep 2025 −2.5 pp | Dec 2025 −0.2 pp | Mar 2026 0.0 pp | Jun 2026 — - INVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +10.7 pp | Mar 2023 +1.0 pp | Jun 2023 +0.8 pp | Sep 2023 +1.4 pp | Dec 2023 +0.2 pp | Mar 2024 +2.1 pp | Jun 2024 +1.0 pp | Sep 2024 −4.2 pp | Dec 2024 +0.1 pp | Mar 2025 −0.2 pp | Jun 2025 +0.8 pp | Sep 2025 −0.4 pp | Dec 2025 −1.2 pp | Mar 2026 −4.3 pp | Jun 2026 — - XPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +8.7 pp | Mar 2023 +1.0 pp | Jun 2023 +1.3 pp | Sep 2023 +0.6 pp | Dec 2023 −1.8 pp | Mar 2024 +0.7 pp | Jun 2024 +0.3 pp | Sep 2024 +1.6 pp | Dec 2024 +2.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −1.3 pp | Mar 2026 −0.4 pp | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +3.5 pp | Dec 2024 +3.6 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −1.3 pp | Dec 2025 −0.9 pp | Mar 2026 −2.4 pp | Jun 2026 — - NEXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.6 pp | Dec 2022 −4.4 pp | Mar 2023 −8.3 pp | Jun 2023 −4.4 pp | Sep 2023 +3.4 pp | Dec 2023 +6.1 pp | Mar 2024 +8.8 pp | Jun 2024 +8.4 pp | Sep 2024 +1.3 pp | Dec 2024 +1.1 pp | Mar 2025 +0.9 pp | Jun 2025 +0.7 pp | Sep 2025 +0.3 pp | Dec 2025 +0.5 pp | Mar 2026 +0.4 pp | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −13.4 pp | Dec 2023 −14.8 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −6.2 pp | Dec 2024 −3.3 pp | Mar 2025 −3.7 pp | Jun 2025 −2.8 pp | Sep 2025 −2.1 pp | Dec 2025 −2.9 pp | Mar 2026 −2.4 pp | Jun 2026 — - HLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +1.1 pp | Mar 2023 +1.5 pp | Jun 2023 +1.9 pp | Sep 2023 +1.2 pp | Dec 2023 +0.9 pp | Mar 2024 0.0 pp | Jun 2024 +1.5 pp | Sep 2024 +0.2 pp | Dec 2024 +0.7 pp | Mar 2025 +0.5 pp | Jun 2025 −2.6 pp | Sep 2025 0.0 pp | Dec 2025 −0.9 pp | Mar 2026 −1.0 pp | Jun 2026 — - VTOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.3 pp | Mar 2023 +0.6 pp | Jun 2023 0.0 pp | Sep 2023 +1.0 pp | Dec 2023 +1.2 pp | Mar 2024 +1.0 pp | Jun 2024 +2.3 pp | Sep 2024 0.0 pp | Dec 2024 +0.7 pp | Mar 2025 +0.5 pp | Jun 2025 −0.3 pp | Sep 2025 +0.7 pp | Dec 2025 −0.2 pp | Mar 2026 −0.1 pp | Jun 2026 — - PUMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +4.3 pp | Mar 2023 +3.5 pp | Jun 2023 +9.7 pp | Sep 2023 +2.8 pp | Dec 2023 −2.6 pp | Mar 2024 −1.5 pp | Jun 2024 −5.2 pp | Sep 2024 −20.3 pp | Dec 2024 +1.2 pp | Mar 2025 −1.8 pp | Jun 2025 −0.3 pp | Sep 2025 +15.4 pp | Dec 2025 +0.1 pp | Mar 2026 −1.5 pp | Jun 2026 — - RES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.7 pp | Dec 2022 +10.5 pp | Mar 2023 +7.0 pp | Jun 2023 +0.6 pp | Sep 2023 −9.5 pp | Dec 2023 −8.6 pp | Mar 2024 −7.2 pp | Jun 2024 −5.6 pp | Sep 2024 −0.6 pp | Dec 2024 −3.8 pp | Mar 2025 −1.9 pp | Jun 2025 −1.8 pp | Sep 2025 0.0 pp | Dec 2025 −1.2 pp | Mar 2026 −0.9 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Innovex International, Inc. has the lowest comparable Guarded PEG at 0.1×, 58.3% below Bristow Group Inc.. Only 13 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Innovex International, Inc. · 0.1× | 58.3% versus #2 · Bristow Group Inc. | 0/7 recent comparable periods | 13/30 companies · 55 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Innovex International, Inc. (INVX): 0.1 2. Bristow Group Inc. (VTOL): 0.2 3. Archrock, Inc. (AROC): 0.3 4. National Energy Services Reunited Corp. (NESR): 0.4 5. Tidewater Inc. (TDW): 0.4 ### P/E — lowest P/E 1. Oceaneering International, Inc. (OII): 11.6 2. Bristow Group Inc. (VTOL): 12.2 3. Tidewater Inc. (TDW): 14.0 4. Tenaris S.A. (TS): 15.2 5. Weatherford International plc (WFRD): 16.1 ### 20-quarter Guarded PEG history - SLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.8 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.8 | Dec 2024 1.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - BKR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 0.3 | Mar 2025 — | Jun 2025 0.2 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 2.9 | Jun 2026 — - FTI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.4 | Dec 2025 1.0 | Mar 2026 0.7 | Jun 2026 — - TS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.9 | Jun 2026 — - HAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 — | Sep 2023 0.3 | Dec 2023 — | Mar 2024 0.4 | Jun 2024 1.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AROC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 — - WFRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 0.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 2.6 | Mar 2025 — | Jun 2025 3.9 | Sep 2025 — | Dec 2025 0.9 | Mar 2026 2.0 | Jun 2026 — - OII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WHD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 1.0 | Jun 2024 0.4 | Sep 2024 1.0 | Dec 2024 2.6 | Mar 2025 1.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - USAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.4 | Sep 2025 0.7 | Dec 2025 1.8 | Mar 2026 0.7 | Jun 2026 — - TDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - EFXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.3 | Jun 2026 — - NESR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.4 | Dec 2025 — | Mar 2026 — | Jun 2026 — - WTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - INVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VTOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.2 | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - SLB: Sep 2021 25.3 | Dec 2021 22.7 | Mar 2022 28.1 | Jun 2022 19.4 | Sep 2022 17.3 | Dec 2022 22.4 | Mar 2023 18.3 | Jun 2023 17.9 | Sep 2023 20.2 | Dec 2023 17.9 | Mar 2024 18.2 | Jun 2024 15.4 | Sep 2024 13.5 | Dec 2024 12.3 | Mar 2025 14.2 | Jun 2025 11.6 | Sep 2025 13.3 | Dec 2025 16.3 | Mar 2026 22.4 | Jun 2026 22.5 - BKR: Sep 2021 107.5 | Dec 2021 — | Mar 2022 107.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 28.0 | Sep 2023 21.3 | Dec 2023 17.9 | Mar 2024 18.7 | Jun 2024 17.9 | Sep 2024 16.2 | Dec 2024 13.8 | Mar 2025 15.0 | Jun 2025 12.5 | Sep 2025 16.8 | Dec 2025 17.5 | Mar 2026 19.5 | Jun 2026 — - FTI: Sep 2021 26.9 | Dec 2021 197.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 167.8 | Mar 2024 53.4 | Jun 2024 24.0 | Sep 2024 17.3 | Dec 2024 15.2 | Mar 2025 16.7 | Jun 2025 16.3 | Sep 2025 17.6 | Dec 2025 19.4 | Mar 2026 26.4 | Jun 2026 — - TS: Sep 2021 14.9 | Dec 2021 11.2 | Mar 2022 11.8 | Jun 2022 8.2 | Sep 2022 7.2 | Dec 2022 8.1 | Mar 2023 5.3 | Jun 2023 4.8 | Sep 2023 5.2 | Dec 2023 5.2 | Mar 2024 6.5 | Jun 2024 6.5 | Sep 2024 6.9 | Dec 2024 10.4 | Mar 2025 12.0 | Jun 2025 10.2 | Sep 2025 9.6 | Dec 2025 10.5 | Mar 2026 15.2 | Jun 2026 — - HAL: Sep 2021 48.0 | Dec 2021 14.0 | Mar 2022 21.9 | Jun 2022 19.7 | Sep 2022 12.8 | Dec 2022 22.8 | Mar 2023 14.7 | Jun 2023 12.1 | Sep 2023 13.9 | Dec 2023 12.4 | Mar 2024 13.6 | Jun 2024 11.2 | Sep 2024 10.1 | Dec 2024 9.6 | Mar 2025 10.6 | Jun 2025 9.5 | Sep 2025 16.3 | Dec 2025 18.8 | Mar 2026 21.4 | Jun 2026 17.8 - NOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 539.3 | Dec 2022 53.6 | Mar 2023 22.0 | Jun 2023 15.3 | Sep 2023 16.6 | Dec 2023 8.1 | Mar 2024 7.8 | Jun 2024 7.1 | Sep 2024 5.9 | Dec 2024 9.1 | Mar 2025 10.2 | Jun 2025 10.2 | Sep 2025 13.3 | Dec 2025 40.1 | Mar 2026 78.4 | Jun 2026 — - AROC: Sep 2021 45.8 | Dec 2021 41.6 | Mar 2022 54.3 | Jun 2022 37.6 | Sep 2022 24.7 | Dec 2022 32.1 | Mar 2023 25.7 | Jun 2023 23.8 | Sep 2023 23.8 | Dec 2023 23.0 | Mar 2024 23.7 | Jun 2024 22.7 | Sep 2024 22.2 | Dec 2024 23.7 | Mar 2025 22.2 | Jun 2025 18.8 | Sep 2025 17.5 | Dec 2025 14.2 | Mar 2026 18.9 | Jun 2026 — - WFRD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 141.4 | Mar 2023 24.4 | Jun 2023 19.1 | Sep 2023 19.1 | Dec 2023 17.3 | Mar 2024 18.7 | Jun 2024 18.2 | Sep 2024 11.9 | Dec 2024 10.6 | Mar 2025 8.6 | Jun 2025 7.8 | Sep 2025 12.4 | Dec 2025 13.2 | Mar 2026 14.8 | Jun 2026 16.1 - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 966.9 | Mar 2025 475.2 | Jun 2025 265.2 | Sep 2025 164.6 | Dec 2025 52.1 | Mar 2026 71.2 | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18.0 | Sep 2023 44.7 | Dec 2023 69.2 | Mar 2024 25.8 | Jun 2024 33.2 | Sep 2024 61.7 | Dec 2024 72.9 | Mar 2025 70.4 | Jun 2025 38.1 | Sep 2025 46.2 | Dec 2025 42.0 | Mar 2026 78.8 | Jun 2026 — - OII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 67.3 | Mar 2023 36.0 | Jun 2023 29.2 | Sep 2023 34.3 | Dec 2023 22.4 | Mar 2024 22.1 | Jun 2024 19.6 | Sep 2024 18.8 | Dec 2024 18.1 | Mar 2025 12.3 | Jun 2025 10.5 | Sep 2025 10.8 | Dec 2025 6.9 | Mar 2026 10.5 | Jun 2026 11.6 - WHD: Sep 2021 58.0 | Dec 2021 45.9 | Mar 2022 57.9 | Jun 2022 32.5 | Sep 2022 25.0 | Dec 2022 27.9 | Mar 2023 19.8 | Jun 2023 21.0 | Sep 2023 21.7 | Dec 2023 17.7 | Mar 2024 20.0 | Jun 2024 18.3 | Sep 2024 21.2 | Dec 2024 21.1 | Mar 2025 16.3 | Jun 2025 16.5 | Sep 2025 15.7 | Dec 2025 19.0 | Mar 2026 44.7 | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1,040.6 | Dec 2025 — | Mar 2026 — | Jun 2026 — - USAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 238.6 | Dec 2023 114.2 | Mar 2024 65.1 | Jun 2024 44.8 | Sep 2024 40.2 | Dec 2024 32.7 | Mar 2025 39.7 | Jun 2025 36.3 | Sep 2025 30.0 | Dec 2025 27.1 | Mar 2026 28.0 | Jun 2026 — - TDW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 59.0 | Sep 2023 53.4 | Dec 2023 39.2 | Mar 2024 36.7 | Jun 2024 31.5 | Sep 2024 21.1 | Dec 2024 16.1 | Mar 2025 12.7 | Jun 2025 12.0 | Sep 2025 18.0 | Dec 2025 7.6 | Mar 2026 14.0 | Jun 2026 — - SEI: Sep 2021 — | Dec 2021 — | Mar 2022 102.6 | Jun 2022 35.1 | Sep 2022 18.7 | Dec 2022 15.5 | Mar 2023 11.2 | Jun 2023 9.9 | Sep 2023 13.7 | Dec 2023 10.2 | Mar 2024 12.8 | Jun 2024 13.4 | Sep 2024 29.0 | Dec 2024 57.6 | Mar 2025 44.4 | Jun 2025 48.0 | Sep 2025 42.5 | Dec 2025 69.7 | Mar 2026 63.5 | Jun 2026 — - LBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12.8 | Dec 2022 7.6 | Mar 2023 4.2 | Jun 2023 4.0 | Sep 2023 5.4 | Dec 2023 5.8 | Mar 2024 7.6 | Jun 2024 8.3 | Sep 2024 9.1 | Dec 2024 10.6 | Mar 2025 10.5 | Jun 2025 8.8 | Sep 2025 11.0 | Dec 2025 20.7 | Mar 2026 31.7 | Jun 2026 35.4 - EFXT: Sep 2021 15.2 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 38.4 | Mar 2025 13.1 | Jun 2025 7.6 | Sep 2025 9.8 | Dec 2025 29.7 | Mar 2026 31.3 | Jun 2026 — - NESR: Sep 2021 31.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 46.9 | Mar 2024 26.7 | Jun 2024 19.8 | Sep 2024 17.5 | Dec 2024 11.2 | Mar 2025 9.1 | Jun 2025 7.8 | Sep 2025 14.1 | Dec 2025 30.1 | Mar 2026 33.0 | Jun 2026 — - WTTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42.6 | Sep 2022 13.4 | Dec 2022 18.5 | Mar 2023 12.9 | Jun 2023 13.3 | Sep 2023 15.0 | Dec 2023 10.5 | Mar 2024 14.2 | Jun 2024 18.5 | Sep 2024 18.9 | Dec 2024 44.1 | Mar 2025 30.9 | Jun 2025 27.9 | Sep 2025 56.3 | Dec 2025 50.1 | Mar 2026 72.9 | Jun 2026 — - INVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 4.4 | Dec 2024 5.0 | Mar 2025 6.1 | Jun 2025 5.4 | Sep 2025 12.6 | Dec 2025 18.2 | Mar 2026 32.5 | Jun 2026 — - XPRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2,323.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 122.6 | Dec 2024 27.7 | Mar 2025 17.1 | Jun 2025 14.1 | Sep 2025 20.1 | Dec 2025 29.7 | Mar 2026 54.4 | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 7.3 | Jun 2025 3.8 | Sep 2025 5.0 | Dec 2025 15.1 | Mar 2026 17.6 | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.9 | Sep 2023 4.5 | Dec 2023 11.6 | Mar 2024 12.6 | Jun 2024 15.8 | Sep 2024 27.6 | Dec 2024 40.3 | Mar 2025 57.6 | Jun 2025 95.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 79.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 277.5 | Dec 2024 25.9 | Mar 2025 15.1 | Jun 2025 19.5 | Sep 2025 23.4 | Dec 2025 29.9 | Mar 2026 98.9 | Jun 2026 — - VTOL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 278.8 | Sep 2022 — | Dec 2022 84.8 | Mar 2023 53.3 | Jun 2023 130.6 | Sep 2023 — | Dec 2023 — | Mar 2024 680.0 | Jun 2024 31.6 | Sep 2024 18.7 | Dec 2024 10.7 | Mar 2025 8.1 | Jun 2025 8.2 | Sep 2025 7.6 | Dec 2025 8.5 | Mar 2026 12.2 | Jun 2026 — - PUMP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 518.5 | Mar 2023 47.9 | Jun 2023 10.2 | Sep 2023 10.4 | Dec 2023 11.0 | Mar 2024 12.1 | Jun 2024 28.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 951.0 | Mar 2026 — | Jun 2026 — - RES: Sep 2021 — | Dec 2021 151.3 | Mar 2022 71.1 | Jun 2022 18.7 | Sep 2022 10.3 | Dec 2022 8.8 | Mar 2023 6.1 | Jun 2023 5.3 | Sep 2023 8.1 | Dec 2023 8.1 | Mar 2024 11.1 | Jun 2024 11.4 | Sep 2024 11.4 | Dec 2024 13.8 | Mar 2025 15.3 | Jun 2025 18.2 | Sep 2025 20.7 | Dec 2025 36.3 | Mar 2026 78.7 | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: SLB N.V. leads ev/ebitda at 4.06×; Helix Energy Solutions Group, Inc. leads p/bv at 0.93×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: SLB N.V. · 4.06× | 11.9% versus #2 · Halliburton Company | 0/8 recent comparable periods | 28/30 companies · 450 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. SLB N.V. (SLB): 4.1 2. Halliburton Company (HAL): 4.6 3. Enerflex Ltd. (EFXT): 6.8 4. Helix Energy Solutions Group, Inc. (HLX): 6.8 5. Flowco Holdings Inc. (FLOC): 7.1 ### P/BV — lowest P/BV 1. Helix Energy Solutions Group, Inc. (HLX): 0.9 2. NOV Inc. (NOV): 1.1 3. Expro Group Holdings N.V. (XPRO): 1.3 4. Bristow Group Inc. (VTOL): 1.3 5. Atlas Energy Solutions Inc. (AESI): 1.4 ### 20-quarter EV/EBITDA history - SLB: Sep 2021 2.9 | Dec 2021 — | Mar 2022 3.6 | Jun 2022 3.0 | Sep 2022 2.7 | Dec 2022 — | Mar 2023 3.3 | Jun 2023 3.1 | Sep 2023 3.5 | Dec 2023 148.7 | Mar 2024 3.1 | Jun 2024 2.7 | Sep 2024 2.3 | Dec 2024 62.3 | Mar 2025 2.3 | Jun 2025 2.0 | Sep 2025 2.2 | Dec 2025 — | Mar 2026 3.0 | Jun 2026 4.1 - BKR: Sep 2021 13.1 | Dec 2021 11.0 | Mar 2022 15.9 | Jun 2022 14.5 | Sep 2022 11.5 | Dec 2022 15.1 | Mar 2023 14.0 | Jun 2023 12.2 | Sep 2023 11.5 | Dec 2023 9.5 | Mar 2024 8.8 | Jun 2024 11.1 | Sep 2024 7.9 | Dec 2024 8.9 | Mar 2025 11.8 | Jun 2025 10.0 | Sep 2025 10.2 | Dec 2025 10.4 | Mar 2026 14.0 | Jun 2026 — - FTI: Sep 2021 — | Dec 2021 10.0 | Mar 2022 12.2 | Jun 2022 10.2 | Sep 2022 10.4 | Dec 2022 11.6 | Mar 2023 12.9 | Jun 2023 13.0 | Sep 2023 13.5 | Dec 2023 11.0 | Mar 2024 12.1 | Jun 2024 10.8 | Sep 2024 9.7 | Dec 2024 9.6 | Mar 2025 9.6 | Jun 2025 9.5 | Sep 2025 9.6 | Dec 2025 9.5 | Mar 2026 20.4 | Jun 2026 — - TS: Sep 2021 12.3 | Dec 2021 9.4 | Mar 2022 10.2 | Jun 2022 6.7 | Sep 2022 5.3 | Dec 2022 5.7 | Mar 2023 3.5 | Jun 2023 3.2 | Sep 2023 3.2 | Dec 2023 3.6 | Mar 2024 4.6 | Jun 2024 4.1 | Sep 2024 4.5 | Dec 2024 6.8 | Mar 2025 6.6 | Jun 2025 6.1 | Sep 2025 5.6 | Dec 2025 6.8 | Mar 2026 9.9 | Jun 2026 — - HAL: Sep 2021 13.1 | Dec 2021 10.2 | Mar 2022 14.7 | Jun 2022 12.8 | Sep 2022 9.1 | Dec 2022 11.6 | Mar 2023 8.6 | Jun 2023 7.6 | Sep 2023 8.6 | Dec 2023 7.6 | Mar 2024 10.2 | Jun 2024 8.8 | Sep 2024 8.1 | Dec 2024 6.1 | Mar 2025 8.8 | Jun 2025 8.1 | Sep 2025 11.2 | Dec 2025 8.7 | Mar 2026 15.4 | Jun 2026 4.6 - NOV: Sep 2021 — | Dec 2021 36.0 | Mar 2022 37.3 | Jun 2022 27.3 | Sep 2022 20.1 | Dec 2022 16.9 | Mar 2023 12.5 | Jun 2023 9.9 | Sep 2023 10.7 | Dec 2023 10.1 | Mar 2024 9.9 | Jun 2024 8.0 | Sep 2024 6.6 | Dec 2024 5.6 | Mar 2025 5.8 | Jun 2025 5.7 | Sep 2025 6.3 | Dec 2025 7.6 | Mar 2026 10.5 | Jun 2026 — - AROC: Sep 2021 7.7 | Dec 2021 8.6 | Mar 2022 9.6 | Jun 2022 9.3 | Sep 2022 8.2 | Dec 2022 9.5 | Mar 2023 9.4 | Jun 2023 9.0 | Sep 2023 8.9 | Dec 2023 9.1 | Mar 2024 9.8 | Jun 2024 10.2 | Sep 2024 11.1 | Dec 2024 11.6 | Mar 2025 11.5 | Jun 2025 10.5 | Sep 2025 9.4 | Dec 2025 8.4 | Mar 2026 10.3 | Jun 2026 — - WFRD: Sep 2021 6.9 | Dec 2021 6.5 | Mar 2022 7.3 | Jun 2022 5.2 | Sep 2022 6.1 | Dec 2022 6.7 | Mar 2023 6.3 | Jun 2023 6.2 | Sep 2023 7.1 | Dec 2023 7.1 | Mar 2024 8.0 | Jun 2024 7.8 | Sep 2024 5.5 | Dec 2024 4.7 | Mar 2025 4.1 | Jun 2025 4.0 | Sep 2025 5.5 | Dec 2025 6.1 | Mar 2026 7.3 | Jun 2026 7.2 - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 80.0 | Sep 2025 44.2 | Dec 2025 35.9 | Mar 2026 49.5 | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11.3 | Sep 2023 8.4 | Dec 2023 6.0 | Mar 2024 10.4 | Jun 2024 12.5 | Sep 2024 12.1 | Dec 2024 8.9 | Mar 2025 14.1 | Jun 2025 14.1 | Sep 2025 15.1 | Dec 2025 8.5 | Mar 2026 18.3 | Jun 2026 — - OII: Sep 2021 8.7 | Dec 2021 8.1 | Mar 2022 12.1 | Jun 2022 10.0 | Sep 2022 6.7 | Dec 2022 8.8 | Mar 2023 8.4 | Jun 2023 8.3 | Sep 2023 10.6 | Dec 2023 8.6 | Mar 2024 9.6 | Jun 2024 9.1 | Sep 2024 8.8 | Dec 2024 8.2 | Mar 2025 6.6 | Jun 2025 5.8 | Sep 2025 6.6 | Dec 2025 6.0 | Mar 2026 9.3 | Jun 2026 10.2 - WHD: Sep 2021 21.9 | Dec 2021 18.9 | Mar 2022 25.1 | Jun 2022 14.6 | Sep 2022 11.7 | Dec 2022 13.8 | Mar 2023 12.8 | Jun 2023 11.9 | Sep 2023 11.8 | Dec 2023 9.3 | Mar 2024 9.7 | Jun 2024 9.5 | Sep 2024 11.0 | Dec 2024 11.1 | Mar 2025 8.5 | Jun 2025 8.4 | Sep 2025 7.8 | Dec 2025 10.4 | Mar 2026 11.1 | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 79.5 | Dec 2025 23.1 | Mar 2026 — | Jun 2026 — - USAC: Sep 2021 10.8 | Dec 2021 11.0 | Mar 2022 11.1 | Jun 2022 10.7 | Sep 2022 10.8 | Dec 2022 11.1 | Mar 2023 11.2 | Jun 2023 10.7 | Sep 2023 11.3 | Dec 2023 10.7 | Mar 2024 11.3 | Jun 2024 10.0 | Sep 2024 5.2 | Dec 2024 9.7 | Mar 2025 10.4 | Jun 2025 9.5 | Sep 2025 9.5 | Dec 2025 9.2 | Mar 2026 11.0 | Jun 2026 — - TDW: Sep 2021 22.3 | Dec 2021 — | Mar 2022 26.5 | Jun 2022 16.0 | Sep 2022 10.2 | Dec 2022 12.8 | Mar 2023 12.3 | Jun 2023 12.9 | Sep 2023 14.9 | Dec 2023 11.7 | Mar 2024 11.9 | Jun 2024 10.5 | Sep 2024 7.8 | Dec 2024 5.6 | Mar 2025 4.4 | Jun 2025 4.5 | Sep 2025 5.1 | Dec 2025 4.7 | Mar 2026 8.0 | Jun 2026 — - SEI: Sep 2021 15.0 | Dec 2021 10.1 | Mar 2022 11.8 | Jun 2022 8.8 | Sep 2022 6.5 | Dec 2022 5.9 | Mar 2023 5.1 | Jun 2023 4.5 | Sep 2023 5.7 | Dec 2023 4.4 | Mar 2024 4.8 | Jun 2024 5.1 | Sep 2024 11.5 | Dec 2024 15.7 | Mar 2025 11.5 | Jun 2025 12.5 | Sep 2025 13.6 | Dec 2025 15.6 | Mar 2026 22.7 | Jun 2026 — - LBRT: Sep 2021 37.1 | Dec 2021 24.8 | Mar 2022 21.8 | Jun 2022 9.1 | Sep 2022 4.9 | Dec 2022 3.9 | Mar 2023 2.4 | Jun 2023 2.3 | Sep 2023 2.9 | Dec 2023 2.9 | Mar 2024 3.5 | Jun 2024 3.7 | Sep 2024 3.6 | Dec 2024 4.2 | Mar 2025 3.8 | Jun 2025 3.4 | Sep 2025 4.4 | Dec 2025 6.3 | Mar 2026 9.9 | Jun 2026 10.2 - EFXT: Sep 2021 7.1 | Dec 2021 6.4 | Mar 2022 6.9 | Jun 2022 5.4 | Sep 2022 4.4 | Dec 2022 17.5 | Mar 2023 3.8 | Jun 2023 3.4 | Sep 2023 2.7 | Dec 2023 4.6 | Mar 2024 5.3 | Jun 2024 4.8 | Sep 2024 4.4 | Dec 2024 5.4 | Mar 2025 3.8 | Jun 2025 3.9 | Sep 2025 4.2 | Dec 2025 5.3 | Mar 2026 6.8 | Jun 2026 — - NESR: Sep 2021 8.4 | Dec 2021 15.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 9.9 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.5 | Mar 2024 4.7 | Jun 2024 5.0 | Sep 2024 4.7 | Dec 2024 4.1 | Mar 2025 3.7 | Jun 2025 3.0 | Sep 2025 5.1 | Dec 2025 7.4 | Mar 2026 9.4 | Jun 2026 — - WTTR: Sep 2021 8.2 | Dec 2021 358.2 | Mar 2022 18.9 | Jun 2022 9.4 | Sep 2022 6.4 | Dec 2022 7.5 | Mar 2023 5.7 | Jun 2023 5.4 | Sep 2023 5.1 | Dec 2023 4.4 | Mar 2024 5.9 | Jun 2024 6.8 | Sep 2024 6.6 | Dec 2024 7.6 | Mar 2025 6.7 | Jun 2025 5.8 | Sep 2025 7.8 | Dec 2025 7.5 | Mar 2026 10.2 | Jun 2026 — - INVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 13.6 | Dec 2024 12.3 | Mar 2025 14.1 | Jun 2025 10.3 | Sep 2025 11.1 | Dec 2025 9.1 | Mar 2026 13.3 | Jun 2026 — - XPRO: Sep 2021 13.4 | Dec 2021 — | Mar 2022 148.9 | Jun 2022 36.0 | Sep 2022 28.9 | Dec 2022 13.0 | Mar 2023 12.5 | Jun 2023 10.6 | Sep 2023 13.2 | Dec 2023 9.3 | Mar 2024 10.9 | Jun 2024 13.2 | Sep 2024 8.6 | Dec 2024 5.7 | Mar 2025 4.4 | Jun 2025 3.6 | Sep 2025 — | Dec 2025 5.4 | Mar 2026 7.4 | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 10.3 | Jun 2025 6.5 | Sep 2025 5.6 | Dec 2025 6.2 | Mar 2026 7.1 | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.2 | Sep 2023 6.8 | Dec 2023 5.4 | Mar 2024 9.9 | Jun 2024 10.0 | Sep 2024 12.2 | Dec 2024 12.7 | Mar 2025 11.8 | Jun 2025 9.4 | Sep 2025 9.3 | Dec 2025 9.8 | Mar 2026 16.3 | Jun 2026 — - HLX: Sep 2021 6.5 | Dec 2021 6.8 | Mar 2022 15.3 | Jun 2022 11.4 | Sep 2022 12.7 | Dec 2022 7.0 | Mar 2023 16.3 | Jun 2023 10.3 | Sep 2023 11.9 | Dec 2023 5.1 | Mar 2024 13.2 | Jun 2024 15.1 | Sep 2024 18.2 | Dec 2024 5.6 | Mar 2025 5.0 | Jun 2025 4.9 | Sep 2025 4.7 | Dec 2025 4.4 | Mar 2026 6.8 | Jun 2026 — - VTOL: Sep 2021 — | Dec 2021 270.4 | Mar 2022 17.0 | Jun 2022 11.4 | Sep 2022 11.8 | Dec 2022 14.0 | Mar 2023 11.9 | Jun 2023 13.1 | Sep 2023 11.2 | Dec 2023 10.0 | Mar 2024 9.0 | Jun 2024 8.2 | Sep 2024 8.3 | Dec 2024 7.8 | Mar 2025 7.4 | Jun 2025 7.4 | Sep 2025 7.2 | Dec 2025 7.1 | Mar 2026 8.3 | Jun 2026 — - PUMP: Sep 2021 24.3 | Dec 2021 11.2 | Mar 2022 14.2 | Jun 2022 7.8 | Sep 2022 5.2 | Dec 2022 8.9 | Mar 2023 3.9 | Jun 2023 3.7 | Sep 2023 4.2 | Dec 2023 2.9 | Mar 2024 2.7 | Jun 2024 3.1 | Sep 2024 3.1 | Dec 2024 18.9 | Mar 2025 3.8 | Jun 2025 3.4 | Sep 2025 3.6 | Dec 2025 6.2 | Mar 2026 11.0 | Jun 2026 — - RES: Sep 2021 22.0 | Dec 2021 10.6 | Mar 2022 18.4 | Jun 2022 7.8 | Sep 2022 5.4 | Dec 2022 4.9 | Mar 2023 3.4 | Jun 2023 3.1 | Sep 2023 4.4 | Dec 2023 3.9 | Mar 2024 4.9 | Jun 2024 4.3 | Sep 2024 4.3 | Dec 2024 4.3 | Mar 2025 4.1 | Jun 2025 4.7 | Sep 2025 4.5 | Dec 2025 5.2 | Mar 2026 7.1 | Jun 2026 — ### 20-quarter P/BV history - SLB: Sep 2021 3.1 | Dec 2021 2.8 | Mar 2022 3.8 | Jun 2022 3.1 | Sep 2022 3.0 | Dec 2022 4.3 | Mar 2023 3.9 | Jun 2023 3.8 | Sep 2023 4.3 | Dec 2023 3.7 | Mar 2024 3.8 | Jun 2024 3.2 | Sep 2024 2.8 | Dec 2024 2.5 | Mar 2025 2.9 | Jun 2025 2.3 | Sep 2025 2.0 | Dec 2025 2.2 | Mar 2026 2.9 | Jun 2026 — - BKR: Sep 2021 1.5 | Dec 2021 1.5 | Mar 2022 2.3 | Jun 2022 2.0 | Sep 2022 1.5 | Dec 2022 2.1 | Mar 2023 2.0 | Jun 2023 2.1 | Sep 2023 2.3 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 2.2 | Sep 2024 2.2 | Dec 2024 2.4 | Mar 2025 2.6 | Jun 2025 2.1 | Sep 2025 2.7 | Dec 2025 2.4 | Mar 2026 3.1 | Jun 2026 — - FTI: Sep 2021 1.0 | Dec 2021 0.8 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 1.9 | Jun 2023 2.4 | Sep 2023 2.9 | Dec 2023 2.8 | Mar 2024 3.6 | Jun 2024 3.8 | Sep 2024 3.4 | Dec 2024 4.0 | Mar 2025 4.4 | Jun 2025 4.4 | Sep 2025 4.8 | Dec 2025 5.3 | Mar 2026 8.2 | Jun 2026 — - TS: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.4 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.5 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.7 | Jun 2026 — - HAL: Sep 2021 3.4 | Dec 2021 3.1 | Mar 2022 4.9 | Jun 2022 4.0 | Sep 2022 2.9 | Dec 2022 4.5 | Mar 2023 3.4 | Jun 2023 3.4 | Sep 2023 3.9 | Dec 2023 3.4 | Mar 2024 3.6 | Jun 2024 3.0 | Sep 2024 2.5 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 1.7 | Sep 2025 2.0 | Dec 2025 2.3 | Mar 2026 3.0 | Jun 2026 2.6 - NOV: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.6 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 1.2 | Sep 2023 1.5 | Dec 2023 1.3 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 1.1 | Jun 2026 — - AROC: Sep 2021 1.4 | Dec 2021 1.3 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.6 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 2.3 | Dec 2023 2.8 | Mar 2024 3.5 | Jun 2024 3.5 | Sep 2024 2.8 | Dec 2024 3.3 | Mar 2025 3.4 | Jun 2025 3.1 | Sep 2025 3.3 | Dec 2025 3.1 | Mar 2026 4.0 | Jun 2026 — - WFRD: Sep 2021 2.2 | Dec 2021 4.1 | Mar 2022 5.9 | Jun 2022 3.2 | Sep 2022 5.1 | Dec 2022 6.8 | Mar 2023 7.5 | Jun 2023 7.4 | Sep 2023 8.8 | Dec 2023 7.6 | Mar 2024 7.7 | Jun 2024 7.3 | Sep 2024 4.6 | Dec 2024 4.0 | Mar 2025 2.9 | Jun 2025 2.4 | Sep 2025 3.2 | Dec 2025 3.3 | Mar 2026 3.9 | Jun 2026 3.3 - LB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 29.4 | Dec 2024 23.3 | Mar 2025 12.5 | Jun 2025 19.4 | Sep 2025 15.0 | Dec 2025 11.1 | Mar 2026 15.4 | Jun 2026 — - KGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.0 | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 1.9 | Dec 2024 2.6 | Mar 2025 2.4 | Jun 2025 2.3 | Sep 2025 2.6 | Dec 2025 2.7 | Mar 2026 4.3 | Jun 2026 — - OII: Sep 2021 2.5 | Dec 2021 2.2 | Mar 2022 3.1 | Jun 2022 2.3 | Sep 2022 1.7 | Dec 2022 3.4 | Mar 2023 3.4 | Jun 2023 3.5 | Sep 2023 4.6 | Dec 2023 3.4 | Mar 2024 3.8 | Jun 2024 3.7 | Sep 2024 3.6 | Dec 2024 3.7 | Mar 2025 2.8 | Jun 2025 2.5 | Sep 2025 2.7 | Dec 2025 2.2 | Mar 2026 3.2 | Jun 2026 3.5 - WHD: Sep 2021 4.9 | Dec 2021 4.8 | Mar 2022 6.9 | Jun 2022 4.7 | Sep 2022 4.3 | Dec 2022 5.4 | Mar 2023 3.6 | Jun 2023 3.6 | Sep 2023 4.0 | Dec 2023 3.4 | Mar 2024 3.7 | Jun 2024 3.7 | Sep 2024 4.0 | Dec 2024 3.7 | Mar 2025 2.8 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.6 | Mar 2026 2.8 | Jun 2026 — - WBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.1 | Mar 2026 1.9 | Jun 2026 — - USAC: Sep 2021 10.2 | Dec 2021 16.8 | Mar 2022 41.2 | Jun 2022 -135.2 | Sep 2022 -26.1 | Dec 2022 -16.5 | Mar 2023 -12.3 | Jun 2023 -9.3 | Sep 2023 -9.4 | Dec 2023 -7.9 | Mar 2024 -9.4 | Jun 2024 -42.6 | Sep 2024 -25.0 | Dec 2024 -19.6 | Mar 2025 -17.5 | Jun 2025 -23.7 | Sep 2025 -19.6 | Dec 2025 -25.9 | Mar 2026 12.4 | Jun 2026 — - TDW: Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 2.2 | Mar 2023 2.6 | Jun 2023 3.2 | Sep 2023 3.6 | Dec 2023 3.6 | Mar 2024 4.6 | Jun 2024 4.6 | Sep 2024 3.4 | Dec 2024 2.5 | Mar 2025 1.9 | Jun 2025 2.0 | Sep 2025 2.3 | Dec 2025 1.8 | Mar 2026 3.0 | Jun 2026 — - SEI: Sep 2021 1.3 | Dec 2021 1.0 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.6 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.3 | Sep 2024 1.8 | Dec 2024 3.1 | Mar 2025 2.3 | Jun 2025 2.9 | Sep 2025 3.6 | Dec 2025 4.3 | Mar 2026 5.3 | Jun 2026 — - LBRT: Sep 2021 1.8 | Dec 2021 1.5 | Mar 2022 2.2 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.8 | Dec 2023 1.6 | Mar 2024 1.8 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 1.6 | Mar 2025 1.3 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 1.4 | Mar 2026 2.4 | Jun 2026 2.2 - EFXT: Sep 2021 0.6 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.6 | Dec 2023 0.5 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 1.1 | Dec 2025 1.7 | Mar 2026 2.2 | Jun 2026 — - NESR: Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 — | Jun 2022 — | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.6 | Sep 2025 1.1 | Dec 2025 1.6 | Mar 2026 2.2 | Jun 2026 — - WTTR: Sep 2021 0.8 | Dec 2021 1.0 | Mar 2022 1.4 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 1.1 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.9 | Jun 2026 — - INVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 1.3 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.4 | Mar 2026 1.6 | Jun 2026 — - XPRO: Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 1.5 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.5 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 2.0 | Dec 2023 1.4 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 1.4 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.0 | Dec 2025 1.0 | Mar 2026 1.3 | Jun 2026 — - FLOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -1.8 | Jun 2025 3.1 | Sep 2025 1.1 | Dec 2025 2.4 | Mar 2026 2.6 | Jun 2026 — - NEXT: Sep 2021 10.5 | Dec 2021 17.3 | Mar 2022 -5,934.1 | Jun 2022 30.7 | Sep 2022 11.2 | Dec 2022 12.9 | Mar 2023 13.0 | Jun 2023 -65.3 | Sep 2023 2.7 | Dec 2023 4.3 | Mar 2024 2.8 | Jun 2024 3.2 | Sep 2024 1.8 | Dec 2024 5.3 | Mar 2025 6.7 | Jun 2025 8.9 | Sep 2025 11.6 | Dec 2025 14.4 | Mar 2026 -66.1 | Jun 2026 — - AESI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -16.9 | Dec 2023 2.0 | Mar 2024 2.3 | Jun 2024 2.1 | Sep 2024 2.3 | Dec 2024 2.4 | Mar 2025 1.7 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 1.4 | Jun 2026 — - HLX: Sep 2021 0.4 | Dec 2021 0.3 | Mar 2022 0.5 | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.7 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.9 | Jun 2026 — - VTOL: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.3 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.3 | Jun 2026 — - PUMP: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.7 | Jun 2022 1.3 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 1.2 | Mar 2026 1.7 | Jun 2026 — - RES: Sep 2021 1.7 | Dec 2021 1.5 | Mar 2022 3.5 | Jun 2022 2.1 | Sep 2022 1.9 | Dec 2022 2.3 | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.9 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.1 | Mar 2026 1.4 | Jun 2026 — ## Market action National Energy Services Reunited Corp. has the strongest one-year price move in Oil & Gas Equipment & Services at +299.2%. Oceaneering International, Inc. leads on Mansfield relative strength against the S&P 500 at +43.9%. 17 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. National Energy Services Reunited Corp. (NESR): 299% 2. Enerflex Ltd. (EFXT): 178% 3. Oceaneering International, Inc. (OII): 127% 4. ProPetro Holding Corp. (PUMP): 110% 5. TechnipFMC plc (FTI): 105% ### Strongest relative strength versus NIFTY 500 1. Oceaneering International, Inc. (OII): 44% 2. National Energy Services Reunited Corp. (NESR): 30% 3. Select Water Solutions, Inc. (WTTR): 26% 4. TechnipFMC plc (FTI): 22% 5. Enerflex Ltd. (EFXT): 13% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - SLB N.V. (SLB) — market value ₹74.2K Cr; latest fundamentals Jun 2026 - Baker Hughes Company (BKR) — market value ₹58.0K Cr; latest fundamentals Mar 2026 - TechnipFMC plc (FTI) — market value ₹28.9K Cr; latest fundamentals Mar 2026 - Tenaris S.A. (TS) — market value ₹28.0K Cr; latest fundamentals Mar 2026 - Halliburton Company (HAL) — market value ₹26.0K Cr; latest fundamentals Jun 2026 - NOV Inc. (NOV) — market value ₹7.1K Cr; latest fundamentals Mar 2026 - Archrock, Inc. (AROC) — market value ₹6.2K Cr; latest fundamentals Mar 2026 - Weatherford International plc (WFRD) — market value ₹6.0K Cr; latest fundamentals Jun 2026 - LandBridge Company LLC (LB) — market value ₹5.8K Cr; latest fundamentals Mar 2026 - Kodiak Gas Services, Inc. (KGS) — market value ₹5.6K Cr; latest fundamentals Mar 2026 - Oceaneering International, Inc. (OII) — market value ₹4.8K Cr; latest fundamentals Jun 2026 - Cactus, Inc. (WHD) — market value ₹4.3K Cr; latest fundamentals Mar 2026 - WaterBridge Infrastructure LLC (WBI) — market value ₹3.9K Cr; latest fundamentals Mar 2026 - USA Compression Partners, LP (USAC) — market value ₹3.8K Cr; latest fundamentals Mar 2026 - Tidewater Inc. (TDW) — market value ₹3.7K Cr; latest fundamentals Mar 2026 - Solaris Energy Infrastructure, Inc. (SEI) — market value ₹3.6K Cr; latest fundamentals Mar 2026 - Liberty Energy Inc. (LBRT) — market value ₹2.9K Cr; latest fundamentals Jun 2026 - EagleRock Land, LLC (EROK) — market value ₹2.7K Cr; latest fundamentals Mar 2026 - Enerflex Ltd. (EFXT) — market value ₹2.7K Cr; latest fundamentals Mar 2026 - National Energy Services Reunited Corp. (NESR) — market value ₹2.6K Cr; latest fundamentals Mar 2026 - Select Water Solutions, Inc. (WTTR) — market value ₹2.5K Cr; latest fundamentals Mar 2026 - Innovex International, Inc. (INVX) — market value ₹1.8K Cr; latest fundamentals Mar 2026 - Expro Group Holdings N.V. (XPRO) — market value ₹1.7K Cr; latest fundamentals Mar 2026 - Flowco Holdings Inc. (FLOC) — market value ₹1.7K Cr; latest fundamentals Mar 2026 - NextDecade Corporation (NEXT) — market value ₹1.6K Cr; latest fundamentals Mar 2026 - Atlas Energy Solutions Inc. (AESI) — market value ₹1.4K Cr; latest fundamentals Mar 2026 - Helix Energy Solutions Group, Inc. (HLX) — market value ₹1.3K Cr; latest fundamentals Mar 2026 - Bristow Group Inc. (VTOL) — market value ₹1.3K Cr; latest fundamentals Mar 2026 - ProPetro Holding Corp. (PUMP) — market value ₹1.3K Cr; latest fundamentals Mar 2026 - RPC, Inc. (RES) — market value ₹1.1K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Oil & Gas Equipment & Services company is the biggest? Baker Hughes Company is the largest, with trailing-twelve-month revenue of $27,893 million, ahead of Tenaris S.A. at $12,159 million. That covers 22 of 30 companies with comparable reporting through Mar 2026. ### Which Oil & Gas Equipment & Services company is growing fastest? Solaris Energy Infrastructure, Inc. has the fastest revenue growth at 86.5% year on year, across 22 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Oil & Gas Equipment & Services company has the best profit margins? LandBridge Company LLC has the highest operating margin at 57.2%, from 29 of 30 comparable companies. EagleRock Land, LLC shows the biggest recent improvement, at +18.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Oil & Gas Equipment & Services company makes the most profit? Baker Hughes Company earns the most, at $3,153 million of trailing-twelve-month net profit, from 23 of 30 comparable companies. Solaris Energy Infrastructure, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Oil & Gas Equipment & Services company earns the highest return on capital? Halliburton Company leads on return on capital employed at 24.2%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Oil & Gas Equipment & Services stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Innovex International, Inc. screens cheapest at 0.1×. Only 13 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Oil & Gas Equipment & Services company has the strongest balance sheet? Cactus, Inc. carries the lowest comparable gross debt at $55 million, from 30 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Oil & Gas Equipment & Services company is investing most in new capacity? NextDecade Corporation reports the largest capital spending at $1,177 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Oil & Gas Equipment & Services sector beating the market? Oil & Gas Equipment & Services has outperformed S&P 500 by 38.8% over the last 52 weeks and 15% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 17 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Oil & Gas Equipment & Services stock has the strongest price momentum? Oceaneering International, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Oil & Gas Equipment & Services company scores highest for research priority? TechnipFMC plc scores 68.6 out of 100 with 82% evidence confidence, from 23.5 points on growth and earnings, 14.5 on capital efficiency, 13.1 on valuation and 17.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Oil & Gas Equipment & Services companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Oil & Gas Equipment & Services sector? The 30 Oil & Gas Equipment & Services companies on this page carry $296,502 million of combined market value. SLB N.V. is the largest at $74,170 million, about 25% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Oil & Gas Equipment & Services sector's P/E ratio? The median price-to-earnings ratio across the 30 Oil & Gas Equipment & Services companies on this page is 33×, measured on the 28 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Oil & Gas Equipment & Services sector performing? 17 of the 28 covered Oil & Gas Equipment & Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 38.8% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Oil & Gas Equipment & Services stocks are listed in the US? This comparison covers 30 listed Oil & Gas Equipment & Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/oil-gas-equipment-services