Enerflex

EFXT

Oil & Gas Equipment & Services · Energy

Price

$20.34

+0.25 (+1.24%)

Market Cap

$2.48B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Good

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Share count rising — dilution

+37.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 89.7M (2021) → 123.1M (2025)

Winston Score History

The full picture

Enerflex Ltd. is a Canadian company that builds and services equipment used to process and move natural gas. Its core products include natural gas compression systems, processing facilities, and power generation equipment. The company serves oil and gas producers around the world who need to handle gas after it comes out of the ground.

Enerflex makes money in two main ways: selling engineered equipment to customers and providing long-term services and rentals that generate recurring revenue. It operates across North America, Latin America, the Middle East, and Asia-Pacific, giving it a broad geographic footprint. The company's rental and after-market service business creates some stickiness, since customers rely on Enerflex to maintain critical equipment over many years. The main risk is that its revenue depends heavily on oil and gas producers' willingness to spend, which tends to fall sharply when energy prices drop.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-7.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-30.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$74M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Enerflex's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

23.9%

Thin — 23.9% gross margin

Profit after running costs

Operating Margin

10.0%

Modest — 10.0% operating margin

Return on the money invested

ROCE

16.7%

Strong — 16.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+10.1%

Steady sales growth (+10.1% YoY)

Profit growth

EPS YoY

-54.3%

Earnings shrinking (-54.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

691%

Turns 691% of profit into real cash

Spare cash per sale

FCF Margin

9.6%

Modest free cash flow (9.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.45

Conservative — low debt load (0.45)

Covers its interest

Interest Cover

4.59x

Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

48.4x

Expensive — P/E 48.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+41.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (48.4 → 7.3)

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Dividends

Dividend

Dividend Yield

0.55%

Small dividend — 0.55% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+14.9%

Dividend growing fast (14.9% YoY)

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