Civeo Corporation
CVEO Consumer Cyclical Lodging
Civeo Corporation’s revenue for fiscal 2025 (year ended December 2025) was $638.8 million, down 6.34% from fiscal 2024. In the quarter to June 2026, revenue grew 10.7%, EPS grew 8.00%, free cash flow grew 233.4% and total debt rose 23.7%, each against the same quarter a year earlier.
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Civeo Corporation (CVEO) Altman Z-score
Civeo Corporation's Altman Z-score for fiscal 2025 is −1.05, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.05 | (0.57) |
| FY2024 | −0.48 | (0.69) |
| FY2023 | 0.21 | 0.13 |
| FY2022 | 0.08 | 0.50 |
| FY2021 | −0.42 | 0.91 |
| FY2020 | −1.33 | (0.89) |
| FY2019 | −0.44 | 0.06 |
| FY2018 | −0.50 | (0.26) |
| FY2017 | −0.24 | 0.04 |
| FY2016 | −0.28 | (0.03) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | (2.22) | — | −3.11 | |
| EBIT / total assets | 0.01 | — | 0.03 | |
| Market value of equity / total liabilities | 0.95 | — | 0.57 | |
| Sales / total assets | 1.34 | — | 1.34 | |
| Altman Z-score | Distress zone | −1.05 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −5.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ATAT Atour Lifestyle Holdings Limited Sponsored ADR compare | 6.8× |
| CHH Choice Hotels International, Inc. compare | 3.1× |
| HTHT H World Group Limited Sponsored ADR compare | 2.0× |
| H Hyatt Hotels Corporation compare | 1.8× |
| WH Wyndham Hotels & Resorts compare | 1.7× |
| UOKAF MDJM Ltd. compare | 1.6× |
| GHG GreenTree Hospitality Group Ltd. Sponsored ADR compare | 0.6× |
| INTG The Intergroup Corporation compare | 0.5× |
| CVEO Civeo Corporation | −1.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets