# Oil & Gas Equipment & Services — company-by-company sector analysis > Oil & Gas Equipment & Services: Tenaris S.A. owns the largest revenue base; Solaris Energy Infrastructure, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice. ## Bottom line Oil & Gas Equipment & Services has outperformed S&P 500 by 44.9% over 52 weeks and 6.9% over 13 weeks. 18 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 28 beat the sector itself. Tenaris S.A. leads with revenue of $12,159 million, based on 15 of 30 comparable companies through Mar 2026. ## Sector relative strength Oil & Gas Equipment & Services has outperformed S&P 500 by 44.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.9%. 18 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 +32.6%. 13-week sector return versus NIFTY 500: -6.9% 52-week sector return versus NIFTY 500: 45% Stocks leading NIFTY: 18/28 Stocks leading sector: 10/28 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: ₹3.1 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. Archrock, Inc. (AROC): 63/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 21.4/35 | Capital efficiency 15.9/25 | Valuation 14.7/20 | Relative strength 11.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 21.4 + 15.9 + 14.7 + 11.3 = 63.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. National Energy Services Reunited Corp. (NESR): 62/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 19.5/35 | Capital efficiency 10.9/25 | Valuation 13.6/20 | Relative strength 18.4/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 19.5 + 10.9 + 13.6 + 18.4 = 62.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Cactus, Inc. (WHD): 62/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 18.0/35 | Capital efficiency 15.3/25 | Valuation 9.7/20 | Relative strength 18.8/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 18 + 15.3 + 9.7 + 18.8 = 61.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. TechnipFMC plc (FTI): 62/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 22.1/35 | Capital efficiency 14.7/25 | Valuation 10.4/20 | Relative strength 14.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 22.1 + 14.7 + 10.4 + 14.3 = 61.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. Oceaneering International, Inc. (OII): 61/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 15.8/35 | Capital efficiency 13.3/25 | Valuation 11.5/20 | Relative strength 20.0/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 15.8 + 13.3 + 11.5 + 20 = 60.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 6. Tidewater Inc. (TDW): 59/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 14.2/35 | Capital efficiency 12.8/25 | Valuation 14.5/20 | Relative strength 17.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 14.2 + 12.8 + 14.5 + 17.2 = 58.7 - Decision use: Price leads the evidence: RS versus the benchmark is 13.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 7. Tenaris S.A. (TS): 58/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 17.5/35 | Capital efficiency 15.4/25 | Valuation 12.5/20 | Relative strength 12.7/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 17.5 + 15.4 + 12.5 + 12.7 = 58.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. USA Compression Partners, LP (USAC): 57/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 22.8/35 | Capital efficiency 15.0/25 | Valuation 12.6/20 | Relative strength 6.1/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 22.8 + 15 + 12.6 + 6.1 = 56.5 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -16.7% and the one-year return is 8.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 9. Solaris Energy Infrastructure, Inc. (SEI): 56/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 26.8/35 | Capital efficiency 13.3/25 | Valuation 12.4/20 | Relative strength 3.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 26.8 + 13.3 + 12.4 + 3.8 = 56.3 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11% and the one-year return is 93.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 10. Baker Hughes Company (BKR): 52/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 19.0/35 | Capital efficiency 14.1/25 | Valuation 10.7/20 | Relative strength 8.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 19 + 14.1 + 10.7 + 8.5 = 52.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. LandBridge Company LLC (LB): 51/100 — Mixed-positive evidence; evidence 64% - Growth & earnings 17.5/35 | Capital efficiency 12.0/25 | Valuation 9.4/20 | Relative strength 12.1/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 17.5 + 12 + 9.4 + 12.1 = 51 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Halliburton Company (HAL): 51/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 22.3/35 | Capital efficiency 14.9/25 | Valuation 10.8/20 | Relative strength 2.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 22.3 + 14.9 + 10.8 + 2.8 = 50.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. Kodiak Gas Services, Inc. (KGS): 50/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 21.0/35 | Capital efficiency 11.8/25 | Valuation 6.6/20 | Relative strength 10.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 21 + 11.8 + 6.6 + 10.8 = 50.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Select Water Solutions, Inc. (WTTR): 48/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 14.9/35 | Capital efficiency 5.9/25 | Valuation 9.2/20 | Relative strength 18.4/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks - Exact sum: 14.9 + 5.9 + 9.2 + 18.4 = 48.4 - Decision use: Price leads the evidence: RS versus the benchmark is 22.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 15. SLB N.V. (SLB): 48/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.3/35 | Capital efficiency 12.4/25 | Valuation 10.5/20 | Relative strength 8.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 16.3 + 12.4 + 10.5 + 8.9 = 48.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. NOV Inc. (NOV): 47/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 17.3/35 | Capital efficiency 8.5/25 | Valuation 9.3/20 | Relative strength 12.2/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.3 + 8.5 + 9.3 + 12.2 = 47.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Bristow Group Inc. (VTOL): 46/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 14.0/35 | Capital efficiency 7.9/25 | Valuation 15.9/20 | Relative strength 8.5/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 14 + 7.9 + 15.9 + 8.5 = 46.3 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 18. Enerflex Ltd. (EFXT): 46/100 — Mixed-negative evidence; evidence 81% - Growth & earnings 16.1/35 | Capital efficiency 11.6/25 | Valuation 6.6/20 | Relative strength 11.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 16.1 + 11.6 + 6.6 + 11.5 = 45.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Innovex International, Inc. (INVX): 45/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 10.0/35 | Capital efficiency 4.6/25 | Valuation 15.1/20 | Relative strength 15.7/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 10 + 4.6 + 15.1 + 15.7 = 45.4 - Decision use: Price leads the evidence: RS versus the benchmark is 20.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 20. Flowco Holdings Inc. (FLOC): 45/100 — Mixed-negative evidence; evidence 71% - Growth & earnings 19.1/35 | Capital efficiency 12.3/25 | Valuation 10.9/20 | Relative strength 2.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 19.1 + 12.3 + 10.9 + 2.9 = 45.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. Weatherford International plc (WFRD): 40/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 13.4/35 | Capital efficiency 11.5/25 | Valuation 11.1/20 | Relative strength 3.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 13.4 + 11.5 + 11.1 + 3.6 = 39.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. RPC, Inc. (RES): 38/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 16.1/35 | Capital efficiency 8.2/25 | Valuation 9.5/20 | Relative strength 4.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 16.1 + 8.2 + 9.5 + 4 = 37.8 - 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 58% - Growth & earnings 17.0/35 | Capital efficiency 7.2/25 | Valuation 9.8/20 | Relative strength 0.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 17 + 7.2 + 9.8 + 0.6 = 34.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. Expro Group Holdings N.V. (XPRO): 34/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 12.7/35 | Capital efficiency 5.2/25 | Valuation 8.9/20 | Relative strength 7.5/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 12.7 + 5.2 + 8.9 + 7.5 = 34.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. ProPetro Holding Corp. (PUMP): 34/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 14.8/35 | Capital efficiency 4.5/25 | Valuation 8.6/20 | Relative strength 5.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 14.8 + 4.5 + 8.6 + 5.6 = 33.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. Helix Energy Solutions Group, Inc. (HLX): 31/100 — Adverse evidence; evidence 65% - Growth & earnings 6.7/35 | Capital efficiency 4.0/25 | Valuation 8.7/20 | Relative strength 11.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 6.7 + 4 + 8.7 + 11.6 = 31 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Atlas Energy Solutions Inc. (AESI): 19/100 — Adverse evidence; evidence 71% - Growth & earnings 4.8/35 | Capital efficiency 4.5/25 | Valuation 8.8/20 | Relative strength 0.4/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 4.8 + 4.5 + 8.8 + 0.4 = 18.5 - 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 21% - Growth & earnings 18.1/35 | Capital efficiency 14.3/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 18.1 + 14.3 + 10 + 10 = 52.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. WaterBridge Infrastructure LLC (WBI): 46/100 — Thin evidence · provisional; evidence 36% - Growth & earnings 17.9/35 | Capital efficiency 9.8/25 | Valuation 8.5/20 | Relative strength 10.0/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 17.9 + 9.8 + 8.5 + 10 = 46.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. NextDecade Corporation (NEXT): 39/100 — Thin evidence · provisional; evidence 47% - Growth & earnings 18.1/35 | Capital efficiency 5.8/25 | Valuation 10.0/20 | Relative strength 5.3/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 18.1 + 5.8 + 10 + 5.3 = 39.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action National Energy Services Reunited Corp. has the strongest one-year price move in Oil & Gas Equipment & Services at +332.6%. Oceaneering International, Inc. leads on Mansfield relative strength against the S&P 500 at +43.3%. 18 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. National Energy Services Reunited Corp. (NESR): 333% 2. Enerflex Ltd. (EFXT): 144% 3. ProPetro Holding Corp. (PUMP): 136% 4. Oceaneering International, Inc. (OII): 136% 5. Select Water Solutions, Inc. (WTTR): 121% ### Strongest relative strength versus NIFTY 500 1. Oceaneering International, Inc. (OII): 43% 2. National Energy Services Reunited Corp. (NESR): 38% 3. Select Water Solutions, Inc. (WTTR): 23% 4. Cactus, Inc. (WHD): 22% 5. Innovex International, Inc. (INVX): 21% ## Revenue Scale & Growth Durability What the numbers say: Tenaris S.A. is the scale leader at $12,159 million, 367.1% ahead of Enerflex Ltd.. 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: Tenaris S.A. 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: Tenaris S.A.'s growth falls below Solaris Energy Infrastructure, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Tenaris S.A. · $12,159 million | 367.1% versus #2 · Enerflex Ltd. | 3/8 recent comparable periods | 15/30 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. Tenaris S.A. (TS): ₹12.2K Cr 2. Enerflex Ltd. (EFXT): ₹2.6K Cr 3. Bristow Group Inc. (VTOL): ₹1.5K Cr 4. Archrock, Inc. (AROC): ₹1.5K Cr 5. National Energy Services Reunited Corp. (NESR): ₹1.4K Cr ### Revenue growth — fastest growers 1. Solaris Energy Infrastructure, Inc. (SEI): 87% 2. LandBridge Company LLC (LB): 55% 3. Innovex International, Inc. (INVX): 26% 4. Archrock, Inc. (AROC): 23% 5. Flowco Holdings Inc. (FLOC): 18% ### 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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: Tenaris S.A. leads with $2,020 million of TTM profit, 521.5% above Archrock, Inc.. 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: Tenaris S.A. 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: Tenaris S.A. · $2,020 million | 521.5% versus #2 · Archrock, Inc. | 2/8 recent comparable periods | 15/30 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. Tenaris S.A. (TS): ₹2.0K Cr 2. Archrock, Inc. (AROC): ₹325 Cr 3. Tidewater Inc. (TDW): ₹297 Cr 4. Flowco Holdings Inc. (FLOC): ₹131 Cr 5. USA Compression Partners, LP (USAC): ₹129 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — ## Return On Capital Employed What the numbers say: TechnipFMC plc leads ROCE at 9.8%, 2.6 percentage points above EagleRock Land, LLC. TechnipFMC plc has the strongest latest improvement at +1.8 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: TechnipFMC plc 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: TechnipFMC plc · 9.8% | 36.1% versus #2 · EagleRock Land, LLC | 8/8 recent comparable periods | 30/30 companies · 528 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. TechnipFMC plc (FTI): 9.8% 2. EagleRock Land, LLC (EROK): 7.2% 3. Oceaneering International, Inc. (OII): 4.9% 4. Cactus, Inc. (WHD): 4.5% 5. Halliburton Company (HAL): 3.9% ### ROCE change — fastest improvers 1. TechnipFMC plc (FTI): +1.8 pp 2. National Energy Services Reunited Corp. (NESR): +1.1 pp 3. NOV Inc. (NOV): +0.6 pp 4. Cactus, Inc. (WHD): +0.6 pp 5. NextDecade Corporation (NEXT): +0.5 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 3.0% - 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 — - 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 9.8% - 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 3.9% - 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 2.2% - 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% - 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 — - 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 — - 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 — - 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 4.5% - 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% - 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 — - 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 — - 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 — - 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% - 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 — - 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 — - 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 0.6% - 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 -0.5% - 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 -0.2% - 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 — - 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 1.2% ### 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 −1.1 pp - 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 — - 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 +1.8 pp - 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 +0.2 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 +0.6 pp - 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 - 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 — - 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 — - 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 — - 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 +0.6 pp - 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 - 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 — - 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 — - 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 — - 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 - 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 — - 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 — - 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 −1.2 pp - 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 +0.5 pp - 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 +0.1 pp - 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 — - 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 −0.1 pp ## Valuation Against Growth & Quality What the numbers say: Innovex International, Inc. has the lowest comparable PEG at 0.1×, 58.3% below Bristow Group Inc.. Only 10 of 30 companies have earnings and growth steady enough for the ratio to mean anything, 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 | 10/30 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### 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 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 145.1 | 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 17.9 - 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 — - 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 23.0 - 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 71.4 - 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 - 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 — - 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 — - 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 — - 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 43.8 - 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 - 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 — - 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 — - 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 — - 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 - 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 — - 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 — - 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 82.1 - 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 — - 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 — - 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 — - 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 64.8 ## 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 ₹75.4K Cr; latest fundamentals Jun 2026 - Baker Hughes Company (BKR) — market value ₹61.3K Cr; latest fundamentals Jun 2026 - Tenaris S.A. (TS) — market value ₹29.2K Cr; latest fundamentals Mar 2026 - TechnipFMC plc (FTI) — market value ₹27.5K Cr; latest fundamentals Jun 2026 - Halliburton Company (HAL) — market value ₹27.0K Cr; latest fundamentals Jun 2026 - NOV Inc. (NOV) — market value ₹7.1K Cr; latest fundamentals Jun 2026 - Weatherford International plc (WFRD) — market value ₹6.4K Cr; latest fundamentals Jun 2026 - Archrock, Inc. (AROC) — market value ₹6.3K Cr; latest fundamentals Mar 2026 - Kodiak Gas Services, Inc. (KGS) — market value ₹5.9K Cr; latest fundamentals Mar 2026 - LandBridge Company LLC (LB) — market value ₹5.7K Cr; latest fundamentals Mar 2026 - Cactus, Inc. (WHD) — market value ₹5.4K Cr; latest fundamentals Jun 2026 - Oceaneering International, Inc. (OII) — market value ₹5.0K Cr; latest fundamentals Jun 2026 - Solaris Energy Infrastructure, Inc. (SEI) — market value ₹4.4K Cr; latest fundamentals Mar 2026 - Tidewater Inc. (TDW) — market value ₹4.2K Cr; latest fundamentals Mar 2026 - WaterBridge Infrastructure LLC (WBI) — market value ₹4.1K Cr; latest fundamentals Mar 2026 - USA Compression Partners, LP (USAC) — market value ₹3.8K Cr; latest fundamentals Mar 2026 - Liberty Energy Inc. (LBRT) — market value ₹3.2K Cr; latest fundamentals Jun 2026 - National Energy Services Reunited Corp. (NESR) — market value ₹2.9K Cr; latest fundamentals Mar 2026 - EagleRock Land, LLC (EROK) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - Enerflex Ltd. (EFXT) — market value ₹2.7K Cr; latest fundamentals Mar 2026 - Select Water Solutions, Inc. (WTTR) — market value ₹2.6K Cr; latest fundamentals Mar 2026 - Innovex International, Inc. (INVX) — market value ₹2.2K Cr; latest fundamentals Mar 2026 - Expro Group Holdings N.V. (XPRO) — market value ₹1.9K Cr; latest fundamentals Jun 2026 - Flowco Holdings Inc. (FLOC) — market value ₹1.8K Cr; latest fundamentals Mar 2026 - NextDecade Corporation (NEXT) — market value ₹1.7K Cr; latest fundamentals Jun 2026 - Helix Energy Solutions Group, Inc. (HLX) — market value ₹1.4K Cr; latest fundamentals Mar 2026 - Bristow Group Inc. (VTOL) — market value ₹1.4K Cr; latest fundamentals Mar 2026 - ProPetro Holding Corp. (PUMP) — market value ₹1.4K Cr; latest fundamentals Jun 2026 - Atlas Energy Solutions Inc. (AESI) — market value ₹1.4K Cr; latest fundamentals Mar 2026 - RPC, Inc. (RES) — market value ₹1.3K Cr; latest fundamentals Jun 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-04. 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 ### Is the Oil & Gas Equipment & Services sector outperforming S&P 500? Oil & Gas Equipment & Services has outperformed S&P 500 by 44.9% over 52 weeks and 6.9% over 13 weeks. 18 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 28 beat the sector itself. ### Which Oil & Gas Equipment & Services company is largest by revenue? Tenaris S.A. leads with revenue of $12,159 million, based on 15 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 15 of 30 comparable companies. ### Which Oil & Gas Equipment & Services company has the strongest 4-Factor Sector Score? Archrock, Inc. ranks first at 63.3/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Oil & Gas Equipment & Services company has the lowest comparable PEG? Innovex International, Inc. has the lowest comparable PEG at 0.1, among 10 of 30 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Oil & Gas Equipment & Services comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns 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. ### Which Oil & Gas Equipment & Services company is the biggest? Tenaris S.A. is the largest, with trailing-twelve-month revenue of $12,159 million, ahead of Enerflex Ltd. at $2,603 million. That covers 15 of 30 companies with comparable reporting through Mar 2026. ### 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? Tenaris S.A. earns the most, at $2,020 million of trailing-twelve-month net profit, from 15 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? TechnipFMC plc leads on return on capital employed at 9.8%, 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 PEG — where a LOWER number is cheaper — Innovex International, Inc. screens cheapest at 0.1×. Only 10 of 30 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Oil & Gas Equipment & Services sector beating the market? Oil & Gas Equipment & Services has outperformed S&P 500 by 44.9% over the last 52 weeks and 6.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 18 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? Archrock, Inc. scores 63.3 out of 100 with 81.1% evidence confidence, from 21.4 points on growth and earnings, 15.9 on capital efficiency, 14.7 on valuation and 11.3 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, 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 $307,450 million of combined market value. SLB N.V. is the largest at $75,409 million, about 25% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### 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 2026-08-04. ### How is the Oil & Gas Equipment & Services sector performing? 18 of the 28 covered Oil & Gas Equipment & Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 44.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### 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.