Is Expro Group Holdings NV overvalued or undervalued?

As of 17 October 2025, the valuation grade for Expro Group Holdings NV has moved from very attractive to expensive, indicating a shift in perception regarding its market value. The company appears to be overvalued based on its current metrics, particularly with a P/E ratio of 11, which is significantly lower than peers like Antero Resources Corp. at 17.26 and Magnolia Oil & Gas Corp. at 14.28. Additionally, the EV to EBITDA ratio of 3.35 is also less favorable compared to the industry average, suggesting a higher valuation relative to earnings before interest, taxes, depreciation, and amortization.
In terms of performance, Expro Group Holdings NV has shown a mixed return profile, with a year-to-date return of -0.24% compared to the S&P 500's 13.30%, and a one-year return of -27.17% against the S&P 500's 14.08%. This underperformance reinforces the view that the stock may be overvalued given its current price of 12.44, especially when compared to its peers and the broader market performance.