Is Expro Group Holdings NV overvalued or undervalued?

As of 26 September 2025, Expro Group Holdings NV's valuation grade has moved from fair to expensive, indicating a shift towards overvaluation. The company appears overvalued based on its P/E ratio of 11, which is significantly lower than its peers, such as Antero Resources Corp. with a P/E of 17.26 and Magnolia Oil & Gas Corp. at 14.28. Additionally, Expro's EV to EBITDA ratio of 3.35 and EV to Sales ratio of 0.58 further suggest that the company may not be able to justify its current price relative to its earnings and sales compared to industry standards.
In terms of recent performance, Expro Group has shown mixed results against the S&P 500, with a year-to-date return of 1.52% compared to the S&P 500's 12.96%, and a one-year return of -23.27% versus the S&P 500's 15.64%. This underperformance reinforces the notion that the stock may be overvalued in the current market context.