Western Energy Services

WRG.TO

Oil & Gas Drilling · Energy

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Western Energy Services Corp. is a Canadian company that helps oil and gas producers drill for oil and natural gas. It provides contract drilling services using its fleet of drilling rigs, along with oilfield services like well servicing and fluid management. Its main customers are oil and gas exploration and production companies operating in Western Canada.

The company earns money by charging customers day rates to use its drilling rigs and crews. It operates almost entirely in Western Canada, particularly in Alberta and Saskatchewan, making it heavily tied to activity levels in the Canadian energy patch. With a market cap of around $100 million, it is a small player in a fragmented industry with limited pricing power. The biggest risk the company faces is that drilling activity drops when oil and gas prices fall, which can quickly squeeze its thin operating margins and make it difficult to cover fixed costs.

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

-3.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+14.3% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

33.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$11M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Western Energy Services'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

76.0%

Premium pricing power — 76.0% gross margin

Profit after running costs

Operating Margin

-9.4%

Losing money on operations — -9.4%

Return on the money invested

ROCE

1.9%

Weak — 1.9% 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

-10.9%

Shrinking sales (-10.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

12.4%

Converts sales into free cash efficiently (12.4%)

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

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

0.76x

Dangerous — barely covers interest (0.8x)

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

Dividend

Dividend Yield

6.06%

no trend

Healthy income — 6.06% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-8.3%

no trend

Dividend cut (-8.3% YoY) — warning sign

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