Ensign Energy Services

ESI.TO

Oil & Gas Drilling · Energy

Exchange

Toronto Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

Ensign Energy Services is a Canadian company that drills oil and gas wells for energy producers. It operates large drilling rigs that bore deep into the ground so that oil and gas companies can extract fossil fuels. Its main customers are exploration and production companies in Canada, the United States, and international markets including Australia and the Middle East.

Ensign makes money by charging customers a daily rate to use its drilling rigs and crews. It is one of the larger contract drillers in North America, with a fleet of over 200 rigs. The company carries a significant debt load, which makes it vulnerable when oil prices fall and customers cut drilling budgets. Its thin margins — as shown by a gross margin below 6% — reflect how competitive and capital-intensive the contract drilling business is. The key risk going forward is that prolonged low oil prices or an energy transition away from fossil fuels could reduce demand for its services.

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

-4.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-402.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

27.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

C$18M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Ensign Energy Services has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

5.9%

Thin — 5.9% gross margin

Profit after running costs

Operating Margin

0.2%

Thin — 0.2% operating margin

Return on the money invested

ROCE

0.9%

Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-4.1%

Shrinking sales (-4.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

3.9%

Thin free cash flow (3.9%)

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

0.73

Moderate — manageable debt (0.73)

Covers its interest

Interest Cover

0.29x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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