# Secure Energy Services Inc. (SES.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Energy / Energy Equipment & Services. Price C$24.62, market value C$5.4 billion.

## Valuation
- **P/E (trailing): 41.7×** (5-yr avg 15.7×, 3-yr avg 17.4×). Secure Energy Services Inc. trades at 41.7× trailing earnings, well above its own five-year average of 15.7×: investors are paying up relative to the company's past. The Energy median in the September 2026 study was 16.8×. Forward P/E is 23.4×, lower than trailing, so analysts expect earnings to grow.
- **Price / book: 6.9×**. The shares trade at 6.9× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 13.1×**. Enterprise value is 13.1× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 3.6%** (5-yr avg 7.4%). Free cash flow equals 3.6% of the market value, below its five-year average of 7.4%, so the shares are pricier on cash than usual.
- **Earnings yield: 2.4%**. The inverse of the P/E: 2.4% of the price is earned each year.

## Profitability
- **Gross margin: -15.0%**. Secure Energy Services Inc. keeps -15.0% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: -9.9%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: 8.4%**. 8.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 15.5%**. 15.5% on shareholders' equity is solid.
- **Return on invested capital: 11.2%**. Return on all capital, debt included, is 11.2%.
- **Return on assets: 5.2%**. Each dollar of assets produces 5.2% of profit.

## Growth
- **Revenue growth (1 yr): -86.2%** (3-yr -43.1%/yr, 5-yr -4.2%/yr). Revenue fell 86.2% over the last year, against -4.2% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -76.0%** (3-yr -2.9%/yr). Earnings per share fell 76.0%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): -46.6%/yr**. Free cash flow has compounded at -46.6% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.45**. Debt is 1.45 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 2.3×**. It would take 2.3 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 4.3×**. Operating profit covers interest 4.3× over, a safe margin.
- **Current ratio: 1.21** (quick 0.92). Current assets cover the next year's liabilities 1.21 times.
- **Altman Z-score: 3.29**. A Z-score of 3.29 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 1.71%** (C$0.41 per share, trailing). Secure Energy Services Inc. yields 1.71%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 72%** (47% of free cash flow). 72% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): 34.5%/yr** (1-yr 0.0%). The dividend has compounded at 34.5% a year over five years, doubling roughly every 2 years at that pace.

## Analyst view
- **Analyst consensus: hold** (4 analysts). 4 analysts cover Secure Energy Services Inc.; the consensus is hold, with an average price target of C$24.38 (-1% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 52.8%** (YTD 43.9%, 3-mo 16.0%). The shares are up 52.8% over twelve months including dividends.
- **From 52-week high: -1.8%** (59.5% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 58**. An RSI of 58 is neutral.
- **Beta (1 yr): 0.32** (volatility 29%). Beta of 0.32 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=SES.TO · Page: https://foliofundamentals.com/stocks/ses.to

Not investment advice.