debt_leverage_profile
0.06x Total Debt / Equity (Conservative)
High
SEC-XBRL
interest_rate_sensitivity
~$4M annual interest cost increase per 100bps rise; net debt ~$300M at ~SOFR+margin floating rate, moderate sensitivity
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; OPEC+ supply decisions and Russia-Ukraine conflict drive price volatility.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Middle East (Iraq/Saudi Arabia operational access) and West Africa (Nigeria/Angola port logistics and export controls)
Inferred
Agent_Inference
international_expansion_readiness
High devaluation exposure in Egypt (EGP), Nigeria (NGN), and Angola (AOA); all three have recent significant devaluation histories
Inferred
Agent_Inference
geographic_footprint
Operations in 60+ countries; top revenue markets include Middle East, North Sea, and West Africa with meaningful FX translation risk
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Crude Oil, Natural Gas, Coal, Refined Petroleum Products, Uranium, Steel (equipment); geopolitical: OPEC+ supply decisions and Russia-Ukraine conflict drive price volatility.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
No single vendor exceeds 30% of input costs; specialized downhole tool components have limited qualified suppliers but substitutable over 6-12 months
Inferred
Agent_Inference
business_model_type_primary
Minimal cloud dependency; primarily field-operations and equipment-based business; cloud disruption would affect back-office, not revenue generation
Inferred
Agent_Inference
business_model_type_secondary
Asset-light software/data analytics segment would face 30-day disruption but represents minor revenue share; core well intervention services unaffected
Inferred
Agent_Inference
switching_cost_profile
Low API coupling risk; operational technology is proprietary hardware/software stack not deeply integrated with third-party APIs
Inferred
Agent_Inference
howey_test_risk_index
Fails Howey Test; revenue model is fee-for-service oilfield services, not an investment contract; negligible securities classification risk
Inferred
Agent_Inference
regulatory_burden_tier
High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Moderate GDPR exposure from North Sea/European operations; CCPA exposure minimal; operational data in sanctioned-country jurisdictions poses higher compliance risk
Inferred
Agent_Inference
antitrust_exposure_flag
Low; oilfield services market is competitive with SLB, Halliburton, Baker Hughes; Expro holds sub-5% global share, no dominant market position
Inferred
Agent_Inference
regulatory_exposure_profile
High burden; regimes: EPA, FERC, DOE, CFTC, OSHA, SEC; Accelerating emissions mandates and methane rules threaten capex economics.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
Approximately 70% recurring via multi-year well intervention/production contracts; 30% transactional project-based work
Inferred
Agent_Inference
monetization_vector
Day-rate and lump-sum contracts for well flow management, intervention, and subsea services; equipment rental plus crew deployment
Inferred
Agent_Inference
pricing_architecture
Day-rate model tied to rig activity; vulnerable to oil price collapse below ~$50/bbl triggering contract renegotiations; limited CPI escalation clauses
Inferred
Agent_Inference
pricing_power_rating
Moderate (6/10); differentiated in subsea well intervention but faces pricing pressure from larger integrated competitors in commoditized segments
Inferred
Agent_Inference
target_gross_margin_bracket
0.9% Gross Margin (Thin (<20%))
High
SEC-XBRL
churn_vulnerability_index
No free-rider problem; services are contracted and billable; churn risk tied to E&P capex cycles and operator consolidation activity
Inferred
Agent_Inference
headcount_cost_structure
Headcount-linear; doubling revenue requires proportional field technician and engineering staff expansion; limited operating leverage below corporate overhead line
Inferred
Agent_Inference
marginal_cost_of_growth
High marginal cost; each incremental revenue dollar requires additional specialized labor, equipment deployment, and mobilization costs
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; not a franchise model
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, day-rate margins compress as labor markets tighten; global addressable market limits organic 10x growth; acquisition-dependent scaling likely required
Inferred
Agent_Inference
network_effect_present
No meaningful network effects; proprietary well data provides marginal advantage but does not compound; value proposition is equipment and expertise, not network
Inferred
Agent_Inference
asset_efficiency_ratio
3.8% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 3 (cyclical); revenue highly correlated with E&P capex, which falls 20-40% in recessions; 2020 revenues declined ~15% YoY
Inferred
Agent_Inference
customer_segment_primary
National oil companies (NOCs) and major integrated oil companies (IOCs) representing ~60% of revenue; top 10 customers likely >50% of revenue
Inferred
Agent_Inference
customer_segment_secondary
Independent E&P operators and smaller NOCs in frontier/emerging markets representing remaining ~40% of revenue
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "19-0000 Life, Physical, and Social Science Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations", "53-0000 Transportation and Material Moving Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.33 (HIL — ~33% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
7.0% CapEx / Revenue (Moderate-CapEx)
High
SEC-XBRL
sec_cik
0001575828
High
SEC-EDGAR
ticker
XPRO
High
SEC-EDGAR