Western Energy Services Corp. (WRG) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Western Energy Services Corp. stock C$4.31, price C$3.84, upside +12.2%, quality 42 out of 100. Rating: undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range C$2.01 – C$60.00 · fair‑value band C$2.62 – C$6.52 · the C$3.84 price screens below the C$4.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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Western Energy Services Corp. operates as an oilfield service company in Canada and the United States. It operates through Contract Drilling and Production Services segments. The Contract Drilling segment provides contract drilling services using drilling rigs and auxiliary equipment.
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Its Production Services segment offers well servicing and related equipment, as well as rental equipment services. The company serves oil and natural gas exploration companies. Western Energy Services Corp. is headquartered in Calgary, Canada.
Stock analysis
Western Energy Services Corp. (WRG) currently trades at C$3.84, while our model-based Fair Value estimate is C$4.31, implying the stock looks roughly 11% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of C$4.72 per share, and 6 of the 10 models we run sit above the C$3.84 price.
Bear case: the Growth DCF group reads lowest at C$3.13, and 4 of the 10 models stay below the price. Data coverage for this calculation is medium.
Scenario range: C$2.62 (bear) to C$6.52 (bull), the price of C$3.84 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 42/100 (below-average quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Western Energy Services Corp. reported revenue of C$218M in FY2025 versus C$132M in FY2021, a compound +13.4%/yr. Reported net income was −C$26.0M in FY2025.
Key figures
Market cap C$135M (≈ $94.6M) Micro · P/S ratio 0.69 · EPS (TTM) C$−0.6000 · Net margin −12.8% · Return on equity −9.3% · Return on assets (EBIT) −0.4% (5-year average) · Operating margin −9.4% · Revenue (TTM) C$202M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 87% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −41% fair-value upside, at 12%, WRG screens cheaper than that median.
Fair Value models
BearC$2.62Fair Value C$4.31BullC$6.52
Price C$3.84 · Upside +12.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.56/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.0%
Start year 2020 (pandemic). Over 10 years: −0.4% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.3%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−27.8% (2020) → 3.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +10.5% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Drilling · 34 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score42 · Below median
Fair Value upside+12.2% · Above median
Profitability
Return on assets−6.9% · Bottom 25%
Net margin (12 months)−12.8% · Bottom 25%
Operating margin (12 months)−9.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−3.6% · Below median
Balance sheet
Debt / equity0.31× · Below median
Valuation Multiplesvs Oil & Gas Drilling median · lower = cheaper
P/B0.51× · Cheapest 25%
P/S (12 months)0.67× · Cheaper than median
Price / free cash flow (fiscal year)13.1× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Western Energy Services Corp. Fair Value". https://www.fairvalue-calculator.com/stock/WRG
Frequently asked questions
Is Western Energy Services Corp. (WRG) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of C$4.31 versus a price of C$3.84, about +12% upside (undervalued).
What is the fair value of WRG?
Our model-based fair value for Western Energy Services Corp. is C$4.31 (as of Nov 13, 2026), built from audited fundamentals. The current price: C$3.84.
What is the quality score of WRG?
Western Energy Services Corp. has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Western Energy Services Corp. (WRG)?
Our model-based price target is the fair value of C$4.31 (as of Nov 13, 2026) from 11 valuation models. Cautious scenario C$2.62, optimistic scenario C$6.52. It is a calculation from audited fundamentals, not an analyst target.
What is the Western Energy Services Corp. stock forecast for 2026?
Our models put fair value at C$4.31, about +12% upside versus a price of C$3.84 (undervalued). Cautious scenario C$2.62, optimistic scenario C$6.52. The calculation is refreshed regularly with new filings.
What is the revenue of Western Energy Services Corp. (WRG)?
Western Energy Services Corp. reported trailing-twelve-month revenue of about C$202M (latest available figure, as of Nov 13, 2026).
What growth is priced into Western Energy Services Corp. (WRG)?
For today's price to be fair in a discounted-cash-flow model, Western Energy Services Corp. would have to grow free cash flow by +12.9 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.0 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of WRG use?
Our models discount Western Energy Services Corp. at 11.0 %: a base by market capitalisation (micro), damped by beta 0.41, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Western Energy Services Corp. that is +12.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Western Energy Services Corp. (WRG) delivered so far?
Over the past 5 years revenue at Western Energy Services Corp. grew +16.0 % a year. The price currently implies free-cash-flow growth of +12.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Western Energy Services Corp. (WRG) growing?
The median revenue growth in the sector is +13.3 % a year. That is the yardstick for the growth priced into Western Energy Services Corp. (+12.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Western Energy Services Corp. (WRG)?
The free-cash-flow yield on the price is 7.94 %: that much free cash flow Western Energy Services Corp. produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Western Energy Services Corp. (WRG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Western Energy Services Corp. it is C$4.31 per share (as of Nov 13, 2026), against a price of C$3.84. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Western Energy Services Corp. stock overvalued or undervalued in 2026?
As of Nov 13, 2026, WRG trades below its calculated fair value: price C$3.84, fair value C$4.31, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WRG?
No. The price is what the market pays today (C$3.84); the fair value is what the company's own numbers justify (C$4.31). For Western Energy Services Corp. the two are C$0.4700 per share apart. That gap is exactly why we show both numbers side by side.
How much is Western Energy Services Corp. worth?
The market values Western Energy Services Corp. at about C$135M (market capitalisation, as of Nov 13, 2026). Per share that is C$3.84; our models calculate a fair value of C$4.31 per share.
What do the bullish and bearish scenarios say about WRG?
Our models span a range for Western Energy Services Corp.: cautious scenario C$2.62, base C$4.31, optimistic C$6.52 per share (as of Nov 13, 2026, price C$3.84). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of WRG?
The PEG ratio of Western Energy Services Corp. is 0.19 (P/E divided by earnings growth, as of Nov 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Western Energy Services Corp. (WRG)?
Balance-sheet figures for Western Energy Services Corp. (as of Nov 13, 2026): return on equity −9.3%, debt of 0.31 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is WRG from its 52-week high?
Western Energy Services Corp. trades at C$3.84, about 7% below its 52-week high of C$4.15 and 87% above the low of C$2.05 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of C$4.31 is for.
Which stocks are comparable to Western Energy Services Corp.?
From the same area (Energy) we also value Noble Corporation, Transocean Ltd, Valaris Limited, Sinopec Oilfield Service Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Western Energy Services Corp. stock attractive at the current price?
The data as of Nov 13, 2026: price C$3.84, calculated fair value C$4.31 (+12%), Quality Score 42/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WRG calculated?
We run Western Energy Services Corp. through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of C$4.31 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Western Energy Services Corp. currently trades 11% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Western Energy Services Corp. (WRG)?
The closing price on Nov 12, 2026 was C$3.84. Our model-based fair value is C$4.31, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Western Energy Services Corp. right now?
A fairly wide model range (C$2.62 to C$6.52) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Western Energy Services Corp.
How large is the market capitalisation of Western Energy Services Corp. (WRG)?
The market capitalisation of Western Energy Services Corp. is C$135M (≈ $94.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Western Energy Services Corp. (WRG)?
The price-to-sales ratio of Western Energy Services Corp. is 0.69 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Western Energy Services Corp. (WRG)?
Earnings per share at Western Energy Services Corp. are C$−0.6000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Western Energy Services Corp. (WRG)?
The net margin of Western Energy Services Corp. is −12.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Western Energy Services Corp. (WRG)?
The return on equity (ROE) of Western Energy Services Corp. is −9.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Western Energy Services Corp. (WRG)?
On an EBIT basis the return on assets of Western Energy Services Corp. is −0.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Western Energy Services Corp. (WRG)?
The operating margin of Western Energy Services Corp. is −9.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Western Energy Services Corp. (WRG)?
Revenue at Western Energy Services Corp. is growing −3.6% versus a year earlier (3y avg +2.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Western Energy Services Corp. (WRG)?
Earnings per share at Western Energy Services Corp. are growing −22.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Western Energy Services Corp. (WRG) carry?
The net debt of Western Energy Services Corp. is C$92.4M (fiscal year 2025, ≈ 8.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 13, 2026