Trican Well Service: Strong Execution Leads To Strong Cash Flows

Trican Well Service delivered solid FY2025 results, with 12% revenue growth and stable margins despite rising SG&A expenses. TOLWF generated C$125M in free cash flow, supporting both an increased dividend and ongoing share buybacks, enhancing shareholder value. The Iron Horse Coiled Tubing acquisition positions TCW for potential 2026 activity acceleration, with consensus EBITDA at C$297M and sustaining FCFPS near C$0.74.