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    Oil & Gas Equipment & Services
STEP Energy Services Ltd.

STEP Energy Services Ltd.

STEP.TO
STEP Energy Services Ltd.CA flagToronto Stock Exchange
5.49
CAD
-0.01
- -
400.15MMarket Cap
STEP Energy Services Ltd.
STEP.TO
(Toronto Stock Exchange)

Recent

price

5.49

P/E

ratio

- -

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
TTM
FRC
1.32
2.19
1.92
2.81
9.79
12.02
10.03
5.48
7.89
14.25
13.14
13.32
12.58
Revenue per Share
0.1
0.22
-0.09
-0.33
1.02
-0.6
-2.16
-1.77
-0.41
1.37
0.7
0.02
-0.11
Basic EPS, GAAP
-0.14
-0.11
-1.52
-1.86
-0.92
-0.07
0.31
0.43
0.32
0.57
0.92
0.72
0.46
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
- -
1.5
3.03
3.99
7.23
6.56
4.28
2.5
2.12
3.7
4.3
4.23
4.7
Book Value per Share
- -
1.5
3.21
4.31
7.62
5.46
4.83
3.03
2.6
4.41
4.94
5.15
5.54
Tangible Book Value per Share
60
60
60
60
57
65
67
67
68
69
72
72
72
Basic Weighted Avg Shares
80
132
115
169
553
782
668
369
536
989
946
955
910
Sales/Revenue/Turnover
11.94
14.78
-4.06
-15.06
14.94
2.76
-5.2
-16.71
-3.19
9.11
8.23
6.96
4.88
Operating Margin (%)
9
12
16
23
34
89
107
89
73
88
85
94
80
Depreciation Expense
6
13
-6
-20
58
-39
-144
-119
-28
95
50
2
-8
Net Income, GAAP
23.88
27.08
- -
- -
28.32
- -
- -
- -
- -
21.44
25.24
92.61
161.03
Effective Tax Rate (%)
7.33
9.89
-4.86
-11.8
10.43
-5.03
-21.53
-32.35
-5.24
9.58
5.33
0.18
-0.86
Profit Margin (%)
- -
8
12
30
121
67
72
45
4
67
42
35
78
Working Capital
- -
22
7
34
8
260
247
214
171
155
105
75
53
LT Debt
- -
98
194
260
431
479
323
205
177
306
356
371
402
Total Equity
- -
22.92
- -
- -
15.86
- -
- -
- -
- -
16.47
12.21
1.05
-5.58
Return on Invested Capital (%)
- -
24.43
- -
- -
16.76
- -
- -
- -
- -
27.04
13.75
0.62
-2.97
Return on Capital (%)
- -
28.99
-4.13
-9.46
17.8
-9.41
-40.46
-52.68
-17.99
47.25
17.81
0.58
-2.27
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
ST Debt
9
9
8
LT Borrowings
87
46
39
LT Finance Leases
17
14
14
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
72
73
73
Market Capitalization
316
307
390

Working Capital

FRC

•

in mil. unless spec.
Mar'25
Jun'25
Sep'25
Total Current Assets
293
213
194
Cash, Cash Equivalents & STI
2
3
3
Accounts Receivable, Net
223
143
134
Inventories
43
43
41
Total Current Liabilities
189
136
116
Payables & Accruals
176
123
105
ST Debt
9
9
8
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
21.85%
8.59%
4.21%
Free Cash Flow
79.73%
28.45%
-22.14%
Net Income, GAAP
-85.26%
-134.75%
-96.51%
Sales/Revenue/Turnover
36.95%
16.32%
0.98%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
263
232
255
195
946
2024
320
231
256
147
955
2025
308
228
227
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.27
0.21
0.29
- -
0.7
2024
0.58
0.15
-0.08
- -
0.02
2025
0.34
0.08
0.09
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
- -
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
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Business
STEP Energy Services Ltd. is a North American energy services company that provides coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions to oil and natural gas producers. STEP offers deep-capacity coiled tubing for completion and intervention services; fluid and nitrogen pumping for well stimulation and industrial applications; hydraulic fracturing with dual-fuel and total horsepower fleets averaging 490,000 horsepower across eight crews; and complementary nitrogen services and technologies focused on extended-reach wellbores, deeper wells, longer laterals, and higher pressures. The company operates in key basins including the Montney, Duvernay, and Deep Basin in Western Canada, as well as the Permian Basin and Eagle Ford Shale in Texas, Bakken Shale in North Dakota, Uinta-Piceance in Utah, and Niobrara-DJ in Colorado. Founded in 2011 and headquartered in Calgary, Alberta, STEP delivers services through a fleet of 35 coiled tubing units with 23 active, emphasizing safety, execution, and client experience for exploration and production companies. In October 2025, STEP entered a definitive arrangement agreement with 2659160 Alberta Ltd. and ARC Energy Fund 8, advised by ARC Financial Corp., to be taken private in an all-cash transaction at $5.50 per share, a 29% premium to recent trading prices, subject to minority shareholder approval and expected to close in December 2025; the deal follows a September 2025 non-binding offer and includes lock-up agreements from major shareholders like MMCAP International and company insiders. During 2025, STEP reported steady fracturing activity with 377 operating days and 638,000 tonnes of proppant pumped in Q2, while adjusting coiled tubing operations by deactivating one spread amid market softness, maintaining 21 active spreads.