EFXT 6-K SEC Filing Analysis

Latest settled — T+20d

EFXT ▼ -8.74% at T+20d

LONG call ✗ call lost -8.74% · α vs SPY -11.87% · entry $28.39 → $25.91

Next anchor: T+60d in 8w

Currently $24.71 · -12.96% from $28.39 entry

Entry anchored
May 7, 11:29 AM ET
via Databento tick

T+1d

-4.44%

call -4.44% · α -5.27%

$27.13

settled 5w ago

T+5d

-3.52%

call -3.52% · α -5.03%

$27.39

settled 27d ago

T+20d

-8.74%

call -8.74% · α -11.87%

$25.91

settled 5d ago

T+60d

—

call — · α —

—

in 8w

Price Chart

Loading chart...

Executive Summary

Enerflex reported strong Q1 2026 results with revenue up 5.8% YoY to $584M, net earnings nearly doubling to $43M, and record ROCE of 17.3%. Adjusted EBITDA rose 21% to $137M, driven by higher gross margins and cost savings. The ES backlog reached $1.3B with a book-to-bill ratio of 1.5x, while leverage improved to 0.9x net debt-to-EBITDA. Free cash flow fell to $15M due to working capital investment, but operating cash flow before working capital rose to $95M. The company continues to see steady demand across its core markets and is advancing power generation opportunities for data centers.

Actionable Insight

Strong operational momentum with improving margins and record ROCE supports a bullish view. The ES backlog provides 12-month revenue visibility. Monitor free cash flow recovery in coming quarters and the resolution of the arbitration risk. Investor update scheduled for May 27, 2026 may provide further catalysts.

Key Facts

Revenue $584M vs $552M in Q1/25 (+5.8%)
Net earnings $43M vs $24M in Q1/25 (+79%)
Adjusted EBITDA $137M vs $113M in Q1/25 (+21%)
Gross margin before D&A $179M (30.7% of revenue) vs $161M (29.2%)
Record ROCE of 17.3% vs 14.2% in Q1/25
ES backlog $1.3B with bookings of $483M (book-to-bill 1.5x)
Bank-adjusted net debt-to-EBITDA improved to 0.9x from 1.3x
Net debt reduced to $505M; repaid ~$550M since early 2023
Free cash flow $15M vs $85M in Q1/25 due to working capital investment
Ongoing arbitration with a customer with $161M in assets at risk (management disputes claims)

Financial Impact

Revenue up $32M, net earnings up $19M, adjusted EBITDA up $24M, net debt down $59M YoY

revenuenet earningsadjusted EBITDAgross marginleverage

Risk Factors

Arbitration with customer could result in material loss ($161M assets at risk)
Working capital build impacted free cash flow; may persist
Geopolitical risks in Middle East operations
Trade tariffs and commodity price volatility could affect ES business

Market Snapshot

Exchange

NYSE

Sector

General Industrial Machinery & Equipment

Analyst Consensus

80% bullish (10 analysts)

Documents Analyzed

This report is based on 11 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001193125-26-210962
Document: efxt-ex99_3.htm	0001193125-26-210962
Document: efxt-ex99_1.htm	0001193125-26-210962
Document: efxt-ex99_4.htm	0001193125-26-210962
Document: enerflex_6-k_q1_2026.htm	0001193125-26-210962
Document: efxt-ex99_5.htm	0001193125-26-210962
Document: efxt-ex99_7.htm	0001193125-26-210962
Document: efxt-ex99_6.htm	0001193125-26-210962
Document: 0001193125-26-210962-index-headers.html	0001193125-26-210962
Document: 0001193125-26-210962-index.html	0001193125-26-210962
Document: 0001193125-26-210962.txt	0001193125-26-210962

2 reports for EFXT

T+1T+5T+20T+60

Filters

Reports for EFXT — sortable, filterable
	Type				Now
May 27, 2026 13d ago	6-K NEUTRAL ★ 4/10	$25.32 $26.24	▲ +3.63%	▲ +2.43%	$24.71 (−2.41%)
May 7, 2026 4w ago	6-K BULLISH ★ 7/10	$28.39 $27.39	▼ −3.52%	▼ −5.03%	$24.71 (−12.96%)

US Market Status

Market Closed — Opens Thu (10h 31m)

Get Real-Time SEC Filing Intelligence

Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.

Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access