KLX Energy Services Holdings, Inc.

KLXE

EnergyOil & Gas Equipment & ServicesNASDAQ

$4.27

Market Cap: $83.99M

KLX Energy Services Holdings, Inc. (KLXE) Valuation Summary

Updated Apr 9, 2026 22:17

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.01 – $54.79	$14.54	+557.7%
Revenue DCF 10Y	$0.88 – $75.47	$27.96	+1164.9%
▸ Trading Multiples
EV/Revenue	-$6.62 – $133.98	$73.30	+3216.6%

Valuation History

DCF Analysis

KLX Energy Services Holdings, Inc. (KLXE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$27.96

Market Price

$4.27

Upside / Downside

+554.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -4.8% to a target of 15.8% over 5 years, discounted at a WACC of 11.8%, KLX Energy Services Holdings, Inc. (KLXE) has an intrinsic value of $27.96 per share (range: $0.88 – $75.47).

Key Assumptions

Current Operating Margin

-4.8%

Target Operating Margin

15.8%

WACC

11.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.1%

Target CapEx/Rev

16.8%

D&A/Revenue

11.2%

Tax Rate

13.5%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	648	1.9%	-0.7%	-4	-4	73	(46)	1	21	20
2027	681	5.0%	3.4%	23	20	76	(56)	3	37	32
2028	748	9.9%	7.5%	56	49	84	(70)	7	56	43
2029	822	9.9%	11.7%	96	83	92	(85)	7	82	56
2030	904	9.9%	15.8%	142	123	101	(103)	8	113	68
2031	983	8.8%	15.8%	155	134	110	(123)	8	113	61
2032	1,058	7.6%	15.8%	167	144	119	(144)	8	111	54
2033	1,126	6.5%	15.8%	177	153	126	(165)	7	108	47
2034	1,186	5.3%	15.8%	187	162	133	(187)	6	102	39
2035	1,235	4.2%	15.8%	195	168	138	(208)	5	94	33

Enterprise Value Bridge

Sum of PV(FCFF)452

Terminal Value (Gordon Growth at 3.0%)1,103

PV of Terminal Value383

Enterprise Value835

(–) Net Debt313

Equity Value523

(÷) Shares Outstanding19

Fair Value per Share$27.96

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
9.8%	$7	$24	$41	$58	$75
10.8%	$5	$19	$34	$48	$63
11.8%	$3	$15	$28	$41	$53
12.8%	$1	$12	$23	$34	$46
13.8%	$-1	$9	$19	$29	$39

Current price: $4.27. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

KLX Energy Services Holdings, Inc. (KLXE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$14.54

Market Price

$4.27

Upside / Downside

+240.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-4.8%

Target Operating Margin

15.8%

WACC

11.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.1%

Target CapEx/Rev

16.8%

D&A/Revenue

11.2%

Tax Rate

13.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	648	1.9%	-0.7%	-4	-4	73	(53)	1	14	14
2027	681	5.0%	3.4%	23	20	76	(71)	3	23	19
2028	748	9.9%	7.5%	56	49	84	(94)	7	32	24
2029	822	9.9%	11.7%	96	83	92	(121)	7	47	32
2030	904	9.9%	15.8%	142	123	101	(152)	8	64	39

Enterprise Value Bridge

Sum of PV(FCFF)128

Terminal Value (Gordon Growth at 3.0%)754

PV of Terminal Value456

Enterprise Value584

(–) Net Debt313

Equity Value272

(÷) Shares Outstanding19

Fair Value per Share$14.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
9.8%	$-5	$10	$25	$40	$55
10.8%	$-7	$6	$19	$32	$45
11.8%	$-8	$3	$15	$26	$37
12.8%	$-9	$1	$11	$21	$31
13.8%	$-10	$-1	$8	$17	$26

Current price: $4.27. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$73.30

Market Price

$4.27

Upside / Downside

+1616.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), KLX Energy Services Holdings, Inc. (KLXE) has a fair value of $73.30 based on 7 comparable companies in the Oil & Gas Equipment & Services industry.

EV/Revenue Valuation — Oil & Gas Equipment & Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
KLX Energy Services Holdings, Inc.KLXE	80	0.6x	0.5x
SunPower Inc.SPWR	92	0.3x	0.9x
Battalion Oil CorporationBATL	67	2.8x	1.4x
Indonesia Energy Corporation LimitedINDO	46	15.7x	8.9x
EON Resources Inc.EONR	35	3.7x	3.5x
U.S. Energy Corp.USEG	25	3.7x	1.1x
CKX Lands, Inc.CKX	22	4.4x	—
CBL International LimitedBANL	14	0.0x	—
Industry Median		3.7x	1.4x
(*) Revenue		637	770
= Enterprise Value		2,364	1,002
(-) Net Debt		313	313
Equity Value		2,051	690
(/) Outstanding shares		19	19
Fair Price		$110	$37

Selected Fair Value (avg of trailing + forward)

$73.30

+1616.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.01 – $54.79

$14.54

+557.7%

Revenue DCF 10Y

$0.88 – $75.47

$27.96

+1164.9%

▸ Trading Multiples

EV/Revenue

-$6.62 – $133.98

$73.30

+3216.6%

DCF Analysis

KLX Energy Services Holdings, Inc. (KLXE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$27.96

Market Price

$4.27

Upside / Downside

+554.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-4.8%

Target Operating Margin

15.8%

WACC

11.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.1%

Target CapEx/Rev

16.8%

D&A/Revenue

11.2%

Tax Rate

13.5%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	648	1.9%	-0.7%	-4	-4	73	(46)	1	21	20
2027	681	5.0%	3.4%	23	20	76	(56)	3	37	32
2028	748	9.9%	7.5%	56	49	84	(70)	7	56	43
2029	822	9.9%	11.7%	96	83	92	(85)	7	82	56
2030	904	9.9%	15.8%	142	123	101	(103)	8	113	68
2031	983	8.8%	15.8%	155	134	110	(123)	8	113	61
2032	1,058	7.6%	15.8%	167	144	119	(144)	8	111	54
2033	1,126	6.5%	15.8%	177	153	126	(165)	7	108	47
2034	1,186	5.3%	15.8%	187	162	133	(187)	6	102	39
2035	1,235	4.2%	15.8%	195	168	138	(208)	5	94	33

Enterprise Value Bridge

Sum of PV(FCFF)452

Terminal Value (Gordon Growth at 3.0%)1,103

PV of Terminal Value383

Enterprise Value835

(–) Net Debt313

Equity Value523

(÷) Shares Outstanding19

Fair Value per Share$27.96

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
9.8%	$7	$24	$41	$58	$75
10.8%	$5	$19	$34	$48	$63
11.8%	$3	$15	$28	$41	$53
12.8%	$1	$12	$23	$34	$46
13.8%	$-1	$9	$19	$29	$39

Current price: $4.27. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$73.30

Market Price

$4.27

Upside / Downside

+1616.5%

Verdict

Undervalued

EV/Revenue Valuation — Oil & Gas Equipment & Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
KLX Energy Services Holdings, Inc.KLXE	80	0.6x	0.5x
SunPower Inc.SPWR	92	0.3x	0.9x
Battalion Oil CorporationBATL	67	2.8x	1.4x
Indonesia Energy Corporation LimitedINDO	46	15.7x	8.9x
EON Resources Inc.EONR	35	3.7x	3.5x
U.S. Energy Corp.USEG	25	3.7x	1.1x
CKX Lands, Inc.CKX	22	4.4x	—
CBL International LimitedBANL	14	0.0x	—
Industry Median		3.7x	1.4x
(*) Revenue		637	770
= Enterprise Value		2,364	1,002
(-) Net Debt		313	313
Equity Value		2,051	690
(/) Outstanding shares		19	19
Fair Price		$110	$37

Selected Fair Value (avg of trailing + forward)

$73.30

+1616.5%