Trican Well Service

TCW.TO

Oil & Gas Equipment & Services · Energy

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

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

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Trican Well Service Ltd. is a Canadian company that helps oil and gas producers drill and complete their wells. Its main service is hydraulic fracturing — a process that cracks underground rock to release oil and natural gas — along with cementing and other well-completion services. Trican is one of the largest pressure pumping companies in Canada, serving energy producers primarily in Alberta and the Western Canadian Sedimentary Basin.

Trican makes money by charging oil and gas companies for the equipment and crews needed to complete their wells. It operates almost entirely in Canada, which makes it heavily tied to Canadian energy activity and commodity prices. The company has built a strong position through its large fleet of modern fracturing equipment and long-standing customer relationships, but its biggest risk is that when oil and gas prices fall, producers cut spending quickly, which directly reduces demand for Trican's 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

+0.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-109.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

13.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$15M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Trican Well Service is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

6.3%

Thin — 6.3% gross margin

Profit after running costs

Operating Margin

-1.2%

Losing money on operations — -1.2%

Return on the money invested

ROCE

20.5%

Exceptional — 20.5% 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

+20.4%

Fast-growing sales (+20.4% YoY)

Profit growth

EPS YoY

-20.4%

Earnings shrinking (-20.4% YoY)

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

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

263%

Turns 263% of profit into real cash

Spare cash per sale

FCF Margin

13.7%

Converts sales into free cash efficiently (13.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

27.30x

Comfortably covers interest (27.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.3x

no trend

Attractive valuation — P/E 14.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.3 → 8.9)

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Dividends

Dividend

Dividend Yield

3.52%

no trend

Moderate income — 3.52% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+10.0%

no trend

Dividend growing modestly (10.0% YoY)

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