Enerflex Reports Q1 Revenue of $584M, Adjusted EBITDA of $137M and 17.3% ROCE
Enerflex generated revenue of $584M in Q1/26, up from $552M in Q1/25, with adjusted EBITDA of $137M and record return on capital employed of 17.3%. The company reduced bank-adjusted net debt-to-EBITDA to 0.9x while building an ES backlog of $1.3B with a book-to-bill ratio of 1.5x, supporting future revenue visibility.
1. Q1/26 Financial Performance
Enerflex posted Q1 revenue of $584 million, up from $552 million in Q1/25, and achieved a gross margin before depreciation and amortization of $179 million, or 31% of revenue. Adjusted EBITDA reached $137 million, and net earnings were $43 million, or $0.35 per share.
2. Operational Backlog and Bookings
Engineered Systems bookings totaled $483 million in Q1/26, lifting ES backlog to $1.3 billion and delivering a book-to-bill ratio of 1.5x. ES gross margin before depreciation and amortization improved to 19% from 18% in both Q1/25 and Q4/25.
3. Balance Sheet and Capital Efficiency
Bank-adjusted net debt-to-EBITDA fell to 0.9x at quarter end, with net debt reduced to $505 million. Return on capital employed reached a record 17.3%, up from 14.2% a year earlier, reflecting higher EBIT and lower average capital employed.
4. Strategic Initiatives and Market Presence
The U.S. contract compression fleet saw stable utilization at 94% across 486,000 horsepower, with fleet capacity up 13% in 2025. Enerflex also secured data center power projects using reciprocating engine generator sets and maintains uninterrupted operations across 17 Middle East projects.